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VivalaRan

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- VivalaRanVivalaRan
  ·2021-06-17
  Hmmm
  非常抱歉，此主贴已删除
  2,197 评论
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- VivalaRanVivalaRan
  ·2021-04-10
  Hmmmm
  Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com是您的Cathie Wood股票吗？</blockquote>
  This fintech has posted a roughly 300% gain since it went public. When Cathie Wood adds a stock or i
  Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com是您的Cathie Wood股票吗？</blockquote>
  1,237 1
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- VivalaRanVivalaRan
  ·2021-04-09
  Hmmmmm
  非常抱歉，此主贴已删除
  1,325 评论
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- VivalaRanVivalaRan
  ·2021-04-07
  Hmmmmm
  非常抱歉，此主贴已删除
  1,661 评论
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- VivalaRanVivalaRan
  ·2021-04-05
  Hmmmm
  非常抱歉，此主贴已删除
  1,584 评论
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- VivalaRanVivalaRan
  ·2021-04-04
  Hmmmm
  Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街放弃了这三只股票，这是一个巨大的错误</blockquote>
  It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forval
  Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街放弃了这三只股票，这是一个巨大的错误</blockquote>
  1,595 1
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- VivalaRanVivalaRan
  ·2021-04-03
  Hmmmmm
  非常抱歉，此主贴已删除
  1,447 评论
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- VivalaRanVivalaRan
  ·2021-04-02
  Hmmmmm
  非常抱歉，此主贴已删除
  2,456 评论
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- VivalaRanVivalaRan
  ·2021-03-30
  Hmmmmmm
  非常抱歉，此主贴已删除
  1,730 评论
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- VivalaRanVivalaRan
  ·2021-03-29
  Hmmmmm
  CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote>
  Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil
  CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote>
  1,435 评论
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22:45","market":"us","language":"en","title":"Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com是您的Cathie Wood股票吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106014844","media":"Motley Fool","summary":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or i","content":"<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯西·伍德(Cathie Wood)增加一只股票或增加其投资组合中的头寸时，人们会关注。伍德是ARK Invest的创始人兼首席执行官，该公司运营着一些表现最好的交易所交易基金(ETF)。她积极管理的ETF——包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>——大多专注于科技股，并且在过去五年中都取得了巨额回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>Bill.com</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们看看这只股票，看看它是否是您应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>九霄云外</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部工作的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自该公司2019年12月上市以来，其股价已翻了两番多，从开始交易时的每股36美元涨至周四收盘时的每股157美元以上。该股在2020年上涨了171%，2021年迄今上涨了15%以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务付费的订阅来赚钱，因此这是一个可靠、可重复的收入来源，随着客户的增加而增长。该公司为客户持有基金所赚取的利息收入比例也要小得多。在截至12月31日的第二财季，收入同比飙升38%至5400万美元，其中5230万美元来自订阅和交易费用。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损1720万美元，但毛利率高达75%，这是减去所售商品的生产成本后的收入。因此，虽然它可能在未来几个季度内无法盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com拥有超过10万名客户，比上年增长近30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，存在巨大的市场机会。正如我愚蠢的同事杰森·莫泽和马修·弗兰克尔在最近的播客中指出的那样，全球有2000万家中小企业和300亿美元的潜在市场，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官Rene Lacerte不仅从客户的角度看待金融科技，还从250万“会员”的角度看待金融科技，包括所有客户的用户和合作伙伴。Lacerte在最近的财报看涨期权上表示：“我们相信我们是SMB（中小型企业）领先的数字B2B支付平台，并运营着美国最大的B2B网络之一。”这是一个巨大的用户网络，可以在此基础上成长。网络越大，对其成员的潜在价值就越大。此外，这种增长使Bill.com有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com的另一个潜在竞争优势是其人工智能，它获得的客户越多，收集的数据越多，人工智能就会变得更加直观和强大。人工智能越好，服务就变得越高效、越方便、越有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，具有低费用的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只Cathie Wood股票（她将其视为金融科技创新者）将是一个不错的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com是您的Cathie Wood股票吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com是您的Cathie Wood股票吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-09 22:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯西·伍德(Cathie Wood)增加一只股票或增加其投资组合中的头寸时，人们会关注。伍德是ARK Invest的创始人兼首席执行官，该公司运营着一些表现最好的交易所交易基金(ETF)。她积极管理的ETF——包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>——大多专注于科技股，并且在过去五年中都取得了巨额回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>Bill.com</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们看看这只股票，看看它是否是您应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>九霄云外</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部工作的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自该公司2019年12月上市以来，其股价已翻了两番多，从开始交易时的每股36美元涨至周四收盘时的每股157美元以上。该股在2020年上涨了171%，2021年迄今上涨了15%以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务付费的订阅来赚钱，因此这是一个可靠、可重复的收入来源，随着客户的增加而增长。该公司为客户持有基金所赚取的利息收入比例也要小得多。在截至12月31日的第二财季，收入同比飙升38%至5400万美元，其中5230万美元来自订阅和交易费用。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损1720万美元，但毛利率高达75%，这是减去所售商品的生产成本后的收入。因此，虽然它可能在未来几个季度内无法盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com拥有超过10万名客户，比上年增长近30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，存在巨大的市场机会。正如我愚蠢的同事杰森·莫泽和马修·弗兰克尔在最近的播客中指出的那样，全球有2000万家中小企业和300亿美元的潜在市场，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官Rene Lacerte不仅从客户的角度看待金融科技，还从250万“会员”的角度看待金融科技，包括所有客户的用户和合作伙伴。Lacerte在最近的财报看涨期权上表示：“我们相信我们是SMB（中小型企业）领先的数字B2B支付平台，并运营着美国最大的B2B网络之一。”这是一个巨大的用户网络，可以在此基础上成长。网络越大，对其成员的潜在价值就越大。此外，这种增长使Bill.com有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com的另一个潜在竞争优势是其人工智能，它获得的客户越多，收集的数据越多，人工智能就会变得更加直观和强大。人工智能越好，服务就变得越高效、越方便、越有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，具有低费用的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只Cathie Wood股票（她将其视为金融科技创新者）将是一个不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BILL":"BILL HOLDINGS INC","ARKG":"ARK Genomic Revolution ETF","ARKW":"ARK Next Generation Internet ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106014844","content_text":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including ARK Innovation,ARK Genomic Revolution, and ARK Next Generation Internet -- are mostly focused on technology stocks and have all posted huge returns over the past five years.\nAt the end of March, Wood increased her investment in a company called Bill.com(NYSE:BILL)in one of her portfolios,ARK Fintech Innovation. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.\nOn cloud nine\nBill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.\nSince the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.\nThe company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.\nThe company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.\nPardon the disruption\nBill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues Jason Moser and Matthew Frankel pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.\nBut founder and CEO Rene Lacerte thinks of the fintech not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.\nBill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.\nThis is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKG":0.9,"ARKW":0.9,"BILL":0.9}},"isVote":1,"tweetType":1,"viewCount":1237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348457600,"gmtCreate":1617956608300,"gmtModify":1634295536615,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348457600","repostId":"1108224926","repostType":4,"isVote":1,"tweetType":1,"viewCount":1325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341658234,"gmtCreate":1617810497828,"gmtModify":1634296360872,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/341658234","repostId":"2125872814","repostType":4,"isVote":1,"tweetType":1,"viewCount":1661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349701674,"gmtCreate":1617635505598,"gmtModify":1634297395537,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349701674","repostId":"2125765056","repostType":4,"isVote":1,"tweetType":1,"viewCount":1584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349363302,"gmtCreate":1617545984706,"gmtModify":1634520576497,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349363302","repostId":"1121666420","repostType":4,"repost":{"id":"1121666420","kind":"news","pubTimestamp":1617365764,"share":"https://www.laohu8.com/m/news/1121666420?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:16","market":"us","language":"en","title":"Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街放弃了这三只股票，这是一个巨大的错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121666420","media":"Motley Fool","summary":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forval","content":"<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找纸面上盈利的遭受重创的股票的最佳时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务稳健的公司，并在它们下跌时买入它们。当股价回到现实时，你将是赢家。华尔街有在股票下跌时踢掉股票的习惯，因为围绕某个特定名称的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将关注三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克：GILD）在公开市场上损失了约40%的价值，并且同期的表现远远落后于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一系列针对通常难以治疗的疾病的抗病毒药物。虽然吉利德在大流行期间一直是Veklury（通常称为remdesivir）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司从根本上来说相当强大。它的市盈率为9倍，在大型生物技术行业中相对便宜。它预计2021年将表现强劲，发布的收入指引为250亿美元，每股收益在7美元左右。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，相对于其产生的收入，该公司的交易价格具有吸引力，希望患者能够开始治疗其他病毒性和慢性（非新冠）疾病，因为疫情在今年年初有所减弱。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网络</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前--<b>碟形网络</b>（纳斯达克：DISH）的股价已从每股略低于50美元跌至今天的35美元左右——有理由相信股价正在卷土重来。该股目前的市盈率为11倍，以今天的标准来看相对便宜，2020年收入增长强劲，较2019年增长约40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作；也许其中最有前途的是与DraftKings的协议，该协议旨在通过碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network已经表现出了跳出框框思考的能力，这反映在其盈利能力指标上。以目前的价格买入，并有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最崇高的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）只是经营一项可持续盈利的业务。去年的每股收益为2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额下降，但盈利销售额增长上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自2013年以来，该股的价值也损失了三分之二，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行扭亏为盈计划（特别是有关其核心业务）。目前股价仍然便宜，但事实仍然是：该公司赚钱，并且有财务数据证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到盈利的公司，而这些公司恰好在公开市场上出售。虽然单一股票投资远非一种有保证的策略，但值得关注那些看似“被遗忘”的公司，这些公司只是还没有成功。已经证明有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们很便宜的时候。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街放弃了这三只股票，这是一个巨大的错误</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街放弃了这三只股票，这是一个巨大的错误</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-02 20:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找纸面上盈利的遭受重创的股票的最佳时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务稳健的公司，并在它们下跌时买入它们。当股价回到现实时，你将是赢家。华尔街有在股票下跌时踢掉股票的习惯，因为围绕某个特定名称的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将关注三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克：GILD）在公开市场上损失了约40%的价值，并且同期的表现远远落后于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一系列针对通常难以治疗的疾病的抗病毒药物。虽然吉利德在大流行期间一直是Veklury（通常称为remdesivir）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司从根本上来说相当强大。它的市盈率为9倍，在大型生物技术行业中相对便宜。它预计2021年将表现强劲，发布的收入指引为250亿美元，每股收益在7美元左右。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，相对于其产生的收入，该公司的交易价格具有吸引力，希望患者能够开始治疗其他病毒性和慢性（非新冠）疾病，因为疫情在今年年初有所减弱。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网络</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前--<b>碟形网络</b>（纳斯达克：DISH）的股价已从每股略低于50美元跌至今天的35美元左右——有理由相信股价正在卷土重来。该股目前的市盈率为11倍，以今天的标准来看相对便宜，2020年收入增长强劲，较2019年增长约40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作；也许其中最有前途的是与DraftKings的协议，该协议旨在通过碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network已经表现出了跳出框框思考的能力，这反映在其盈利能力指标上。以目前的价格买入，并有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最崇高的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）只是经营一项可持续盈利的业务。去年的每股收益为2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额下降，但盈利销售额增长上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自2013年以来，该股的价值也损失了三分之二，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行扭亏为盈计划（特别是有关其核心业务）。目前股价仍然便宜，但事实仍然是：该公司赚钱，并且有财务数据证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到盈利的公司，而这些公司恰好在公开市场上出售。虽然单一股票投资远非一种有保证的策略，但值得关注那些看似“被遗忘”的公司，这些公司只是还没有成功。已经证明有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们很便宜的时候。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DISH":"Dish Network","GILD":"吉利德科学"},"source_url":"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121666420","content_text":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.Gilead SciencesOver the past five years,Gilead Sciences(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.DISH NetworkDespite a stagnant stock price --DISH Network(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.Tupperware BrandsWhile not the most high-flying name you've ever heard,Tupperware Brands(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.When in doubt, seek valueThe basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.","news_type":1,"symbols_score_info":{"GILD":0.9,"DISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340450298,"gmtCreate":1617459400014,"gmtModify":1634520879342,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340450298","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":1447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340948488,"gmtCreate":1617333935344,"gmtModify":1634521361612,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340948488","repostId":"1102765777","repostType":4,"isVote":1,"tweetType":1,"viewCount":2456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355764836,"gmtCreate":1617107451525,"gmtModify":1634522634794,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmmmm","listText":"Hmmmmmm","text":"Hmmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355764836","repostId":"2123296931","repostType":4,"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355955286,"gmtCreate":1617025851245,"gmtModify":1634523066033,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355955286","repostId":"1193371328","repostType":4,"repost":{"id":"1193371328","kind":"news","pubTimestamp":1617024119,"share":"https://www.laohu8.com/m/news/1193371328?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:21","market":"us","language":"en","title":"CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193371328","media":"zerohedge","summary":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil","content":"<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街大宗经纪商允许对冲基金在场外和不受监管的衍生品杠杆越来越大的同时跳舞...直到出现麻烦的第一个迹象，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五各家媒体股的血洗让股票交易业务的黑暗角落之一重见光明——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，Hwang的Archegos Capital使用的大部分杠杆是由野村证券和瑞士信贷等银行提供的——这些银行最近承认遭受了巨大损失——因为<b>在交易所进行的差价合约允许像Hwang这样的经理人积累上市公司的股份，而不必申报他们持有的股份</b>（远远超过需要监管报告的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的那样，这意味着<b>Archegos可能从未真正拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外及定制）期货合约，其中开盘价与收盘价之间的结算差额以现金结算（差价合约并无交付实物商品或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos在多家主要经纪商处持有这些差价合约头寸</b>-由于这些头寸本质上不是集中清算或汇总的，这使得主经纪商X不知道他们的客户在主经纪商Y的风险敞口...在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄禹锡获得的杠杆让他看起来像一个交易天才，因为他持有的各种头寸被抽了又抽（并得到了伽马挤压者的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至2020年6月底总市值约为2820亿美元）是定制衍生品之一，投资者可以私下交易，或在场外交易，而不是通过公共交易所。<b>这正是2008年金融危机时放大损失的那种隐性风险。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的那样，<b>监管机构近年来开始打击差价合约，因为他们担心衍生品对散户投资者来说过于复杂且风险太大，</b>欧洲证券和市场管理局在2018年限制了对个人的分配并限制了杠杆。在美国，业余交易者基本上禁止差价合约...但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需留出那么多资本即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果导致了这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就Archegos而言，Hwang的交易透明度很低，但市场参与者表示，近年来他的资产已增长至50亿至100亿美元。<b>总风险敞口超过500亿美元</b>.记住，<b>这不是传统意义上的“杠杆”</b>（即银行允许你购买相对于你资本数量X倍的股票）；这是<b>纯合成的</b>-公司没有实际的基础资产可以依靠，但在边际基础上线性面临损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能更加系统化</b>由于Archegos的保证金评级造成的损失引发了更多的保证金评级以及大宗经纪商的更多潜在损失。认为我们夸大其词，然后解释为什么瑞士信贷的交易对手风险对冲成本在过去几天激增...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃里安今天早上告诉CNBC<i><b>“这似乎是一次性的……就目前而言，它看起来得到了控制。这是一件好事。”但补充说“我们不想要的是连环相撞。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-29 21:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街大宗经纪商允许对冲基金在场外和不受监管的衍生品杠杆越来越大的同时跳舞...直到出现麻烦的第一个迹象，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五各家媒体股的血洗让股票交易业务的黑暗角落之一重见光明——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，Hwang的Archegos Capital使用的大部分杠杆是由野村证券和瑞士信贷等银行提供的——这些银行最近承认遭受了巨大损失——因为<b>在交易所进行的差价合约允许像Hwang这样的经理人积累上市公司的股份，而不必申报他们持有的股份</b>（远远超过需要监管报告的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的那样，这意味着<b>Archegos可能从未真正拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外及定制）期货合约，其中开盘价与收盘价之间的结算差额以现金结算（差价合约并无交付实物商品或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos在多家主要经纪商处持有这些差价合约头寸</b>-由于这些头寸本质上不是集中清算或汇总的，这使得主经纪商X不知道他们的客户在主经纪商Y的风险敞口...在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄禹锡获得的杠杆让他看起来像一个交易天才，因为他持有的各种头寸被抽了又抽（并得到了伽马挤压者的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至2020年6月底总市值约为2820亿美元）是定制衍生品之一，投资者可以私下交易，或在场外交易，而不是通过公共交易所。<b>这正是2008年金融危机时放大损失的那种隐性风险。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的那样，<b>监管机构近年来开始打击差价合约，因为他们担心衍生品对散户投资者来说过于复杂且风险太大，</b>欧洲证券和市场管理局在2018年限制了对个人的分配并限制了杠杆。在美国，业余交易者基本上禁止差价合约...但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需留出那么多资本即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果导致了这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就Archegos而言，Hwang的交易透明度很低，但市场参与者表示，近年来他的资产已增长至50亿至100亿美元。<b>总风险敞口超过500亿美元</b>.记住，<b>这不是传统意义上的“杠杆”</b>（即银行允许你购买相对于你资本数量X倍的股票）；这是<b>纯合成的</b>-公司没有实际的基础资产可以依靠，但在边际基础上线性面临损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能更加系统化</b>由于Archegos的保证金评级造成的损失引发了更多的保证金评级以及大宗经纪商的更多潜在损失。认为我们夸大其词，然后解释为什么瑞士信贷的交易对手风险对冲成本在过去几天激增...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃里安今天早上告诉CNBC<i><b>“这似乎是一次性的……就目前而言，它看起来得到了控制。这是一件好事。”但补充说“我们不想要的是连环相撞。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193371328","content_text":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.\nThe bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).\nAs Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).\nCrucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).\nWhat makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.\nThe leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.\nCFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.\nAsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?\nBut,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).\nIn the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.\nAnd as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...\nSource: Bloomberg\nMohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"\nWe look forward to the Congressional hearings on this.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}