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微尘众
微尘众
·
2021-11-26
利润和增速都还可以
拼多多三季度营收215.1亿元,市场预期264.74亿元
11月26日,拼多多发布2021年第三季度业绩。财报显示,第三季度营收215.1亿元,市场预期264.74亿元,上年同期142亿元;第三季度净利润16.4亿元,市场预期净亏损5.18亿元,去年同期净亏
拼多多三季度营收215.1亿元,市场预期264.74亿元
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微尘众
微尘众
·
2021-11-03
太好了 终于看到一个正常的公司了
媒体称腾讯正式执行965工作制:晚上7点后加班要申请
员工在7点后加班需要向公司申请,且加班时长与领导的绩效考核挂钩。
媒体称腾讯正式执行965工作制:晚上7点后加班要申请
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微尘众
微尘众
·
2021-10-17
这基金怎么买
非常抱歉,此主贴已删除
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微尘众
微尘众
·
2021-09-14
$通信系统(JCS)$
分红啦3.5一股 厉害
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微尘众
微尘众
·
2021-08-11
辉瑞把太多盈利放在分红上 股价不会涨的太高 策略不同
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微尘众
微尘众
·
2021-08-05
长期持有股
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微尘众
微尘众
·
2021-05-05
想这个的都是坏批
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微尘众
微尘众
·
2021-04-05
$Pandion Therapeutics Holdco(PAND)$
退市了怎么办呀?
@客服
看文件说是以$60每股像持有股票的人买是吗 具体怎么操作
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微尘众
微尘众
·
2021-03-10
$通信系统(JCS)$
大家看到律师对这个股票的调查了吗
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微尘众
微尘众
·
2021-03-05
那些股留到现在指多少钱啊?科技是王道啊
20年前还有一家“ARK基金”,在泡沫中被捧上了天
20年前Janus基金的火爆,可能是ARK基金的一面镜子。
20年前还有一家“ARK基金”,在泡沫中被捧上了天
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class=\"h-time\">2021-11-26 19:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>11月26日,<a href=\"https://laohu8.com/S/PDD\">拼多多</a>发布2021年第三季度业绩。财报显示,第三季度营收215.1亿元,市场预期264.74亿元,上年同期142亿元;第三季度净利润16.4亿元,市场预期净亏损5.18亿元,去年同期净亏损7.85亿元;第三季度平均月活跃用户数为7.415亿,同比增15%。</p>\n<p><img src=\"https://static.tigerbbs.com/a55aa41856e2e34baf748b575907e0e8\" tg-width=\"933\" tg-height=\"733\" referrerpolicy=\"no-referrer\"></p>\n<p>截至2021年9月30日的12个月期间,活跃买家为8.673亿人,较截至2020年9月30日的12个月期间的7.313亿人增长19%;</p>\n<p>Q3网络营销服务及其他服务收入179.465亿元,比2020年同期的124.4848亿元增长44%;</p>\n<p>Q3交易服务收入为34.771亿元人民币,比2020年同期的13.321亿元增长161%;</p>\n<p>Q3商品销售收入为8210万元,比2020年同期的3.928亿元下降79%;</p>\n<p>Q3营业利润为21.393亿元人民币,2020年同期的营业亏损为12.957亿元人民币;</p>\n<p>拼多多董事长兼CEO陈磊表示,继二季度之后,本季度的利润也将全部投入“百亿农研专项”。“我们会将发展重心更多地转向研发,并利用拼多多在技术方面的优势,进一步推动农业数字化。”</p>\n<p>今年8月,拼多多设立“百亿农研专项”,宣布将第二季度及未来几个季度可能有的利润优先投入该专项。9月底,“百亿农研专项”获得了股东大会的批准。在第二季度利润全部投入该专项之后,拼多多本季度全部利润将继续投入该专项,进一步推动农业科技普惠。</p>\n<p>公布财报后,拼多多盘前一度跌近10%,现跌超6%。</p>\n<p><img src=\"https://static.tigerbbs.com/2e55a3cec04ea5ca749022dcd34dfcf6\" tg-width=\"889\" tg-height=\"822\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153107476","content_text":"11月26日,拼多多发布2021年第三季度业绩。财报显示,第三季度营收215.1亿元,市场预期264.74亿元,上年同期142亿元;第三季度净利润16.4亿元,市场预期净亏损5.18亿元,去年同期净亏损7.85亿元;第三季度平均月活跃用户数为7.415亿,同比增15%。\n\n截至2021年9月30日的12个月期间,活跃买家为8.673亿人,较截至2020年9月30日的12个月期间的7.313亿人增长19%;\nQ3网络营销服务及其他服务收入179.465亿元,比2020年同期的124.4848亿元增长44%;\nQ3交易服务收入为34.771亿元人民币,比2020年同期的13.321亿元增长161%;\nQ3商品销售收入为8210万元,比2020年同期的3.928亿元下降79%;\nQ3营业利润为21.393亿元人民币,2020年同期的营业亏损为12.957亿元人民币;\n拼多多董事长兼CEO陈磊表示,继二季度之后,本季度的利润也将全部投入“百亿农研专项”。“我们会将发展重心更多地转向研发,并利用拼多多在技术方面的优势,进一步推动农业数字化。”\n今年8月,拼多多设立“百亿农研专项”,宣布将第二季度及未来几个季度可能有的利润优先投入该专项。9月底,“百亿农研专项”获得了股东大会的批准。在第二季度利润全部投入该专项之后,拼多多本季度全部利润将继续投入该专项,进一步推动农业科技普惠。\n公布财报后,拼多多盘前一度跌近10%,现跌超6%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841331493,"gmtCreate":1635881825131,"gmtModify":1635881825131,"author":{"id":"3576330730183739","authorId":"3576330730183739","name":"微尘众","avatar":"https://static.tigerbbs.com/d31fb898227137c76e1899c8f7c927ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576330730183739","authorIdStr":"3576330730183739"},"themes":[],"htmlText":"太好了 终于看到一个正常的公司了","listText":"太好了 终于看到一个正常的公司了","text":"太好了 终于看到一个正常的公司了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841331493","repostId":"1108534409","repostType":4,"repost":{"id":"1108534409","kind":"news","pubTimestamp":1635857116,"share":"https://www.laohu8.com/m/news/1108534409?lang=&edition=full","pubTime":"2021-11-02 20:45","market":"hk","language":"zh","title":"媒体称腾讯正式执行965工作制:晚上7点后加班要申请","url":"https://stock-news.laohu8.com/highlight/detail?id=1108534409","media":"快科技","summary":"员工在7点后加班需要向公司申请,且加班时长与领导的绩效考核挂钩。","content":"<p>前不久,有网友爆料称,字节跳动将采取10-7-5工作制,也就是早上10点上班,晚上7点下班,一周工作5天。</p>\n<p>继字节后,今日有媒体报道表示,<a href=\"https://laohu8.com/S/00700\">腾讯</a>员工在社交网站上爆料称,腾讯正式发文执行“965”工作制度,即9点上班,6点下班,工作5天。</p>\n<p>同时,员工在7点后加班需要向公司申请,且加班时长与领导的绩效考核挂钩。</p>\n<p>事实上,今年以来,包括快手、vivo等互联网大厂相继表态,宣布取消996、大小周制度。</p>\n<p>员工按需加班,公司按照相关规定向员工支付加班工资。</p>\n<p>此前,<a href=\"https://laohu8.com/S/BZ\">BOSS直聘</a>取消大小周的政策引起了网友关注,官方称从2021年9月1日起取消“大小周”,但是恢复双休后,员工薪资中的“周末加班费”仍正常发出,薪资总额不变。</p>\n<p>据了解,在BOSS直聘的薪资结构中,“周末加班费”部分约占员工年薪的20%,也就是说,BOSS直聘取消大小周相当于给员工加薪,或者说薪酬不变的情况下,一年多了将近1个月的休息时间。</p>","source":"kkj","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>媒体称腾讯正式执行965工作制:晚上7点后加班要申请</title>\n<style 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}\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: 11px; color: #7E829C; 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8bea8b224335f941f6bd882d8b14f1da","relate_stocks":{"00700":"腾讯控股"},"source_url":"https://news.mydrivers.com/1/793/793443.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108534409","content_text":"前不久,有网友爆料称,字节跳动将采取10-7-5工作制,也就是早上10点上班,晚上7点下班,一周工作5天。\n继字节后,今日有媒体报道表示,腾讯员工在社交网站上爆料称,腾讯正式发文执行“965”工作制度,即9点上班,6点下班,工作5天。\n同时,员工在7点后加班需要向公司申请,且加班时长与领导的绩效考核挂钩。\n事实上,今年以来,包括快手、vivo等互联网大厂相继表态,宣布取消996、大小周制度。\n员工按需加班,公司按照相关规定向员工支付加班工资。\n此前,BOSS直聘取消大小周的政策引起了网友关注,官方称从2021年9月1日起取消“大小周”,但是恢复双休后,员工薪资中的“周末加班费”仍正常发出,薪资总额不变。\n据了解,在BOSS直聘的薪资结构中,“周末加班费”部分约占员工年薪的20%,也就是说,BOSS直聘取消大小周相当于给员工加薪,或者说薪酬不变的情况下,一年多了将近1个月的休息时间。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827619236,"gmtCreate":1634457762462,"gmtModify":1634457762563,"author":{"id":"3576330730183739","authorId":"3576330730183739","name":"微尘众","avatar":"https://static.tigerbbs.com/d31fb898227137c76e1899c8f7c927ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576330730183739","authorIdStr":"3576330730183739"},"themes":[],"htmlText":"这基金怎么买","listText":"这基金怎么买","text":"这基金怎么买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/827619236","repostId":"1197262526","repostType":4,"isVote":1,"tweetType":1,"viewCount":1145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886112771,"gmtCreate":1631575065893,"gmtModify":1631888258879,"author":{"id":"3576330730183739","authorId":"3576330730183739","name":"微尘众","avatar":"https://static.tigerbbs.com/d31fb898227137c76e1899c8f7c927ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576330730183739","authorIdStr":"3576330730183739"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/PAND\">$Pandion Therapeutics Holdco(PAND)$</a>退市了怎么办呀?<a href=\"https://laohu8.com/U/3434083069322687\">@客服</a>看文件说是以$60每股像持有股票的人买是吗 具体怎么操作","listText":"<a href=\"https://laohu8.com/S/PAND\">$Pandion Therapeutics Holdco(PAND)$</a>退市了怎么办呀?<a href=\"https://laohu8.com/U/3434083069322687\">@客服</a>看文件说是以$60每股像持有股票的人买是吗 具体怎么操作","text":"$Pandion Therapeutics Holdco(PAND)$退市了怎么办呀?@客服看文件说是以$60每股像持有股票的人买是吗 具体怎么操作","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349236411","isVote":1,"tweetType":1,"viewCount":945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":323731301,"gmtCreate":1615373992203,"gmtModify":1703488062464,"author":{"id":"3576330730183739","authorId":"3576330730183739","name":"微尘众","avatar":"https://static.tigerbbs.com/d31fb898227137c76e1899c8f7c927ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576330730183739","authorIdStr":"3576330730183739"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/JCS\">$通信系统(JCS)$</a>大家看到律师对这个股票的调查了吗","listText":"<a href=\"https://laohu8.com/S/JCS\">$通信系统(JCS)$</a>大家看到律师对这个股票的调查了吗","text":"$通信系统(JCS)$大家看到律师对这个股票的调查了吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323731301","isVote":1,"tweetType":1,"viewCount":1491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":367061357,"gmtCreate":1614892300579,"gmtModify":1703482591781,"author":{"id":"3576330730183739","authorId":"3576330730183739","name":"微尘众","avatar":"https://static.tigerbbs.com/d31fb898227137c76e1899c8f7c927ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576330730183739","authorIdStr":"3576330730183739"},"themes":[],"htmlText":"那些股留到现在指多少钱啊?科技是王道啊","listText":"那些股留到现在指多少钱啊?科技是王道啊","text":"那些股留到现在指多少钱啊?科技是王道啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367061357","repostId":"1170578915","repostType":4,"repost":{"id":"1170578915","kind":"news","pubTimestamp":1614867038,"share":"https://www.laohu8.com/m/news/1170578915?lang=&edition=full","pubTime":"2021-03-04 22:10","market":"us","language":"zh","title":"20年前还有一家“ARK基金”,在泡沫中被捧上了天","url":"https://stock-news.laohu8.com/highlight/detail?id=1170578915","media":"华尔街见闻","summary":"20年前Janus基金的火爆,可能是ARK基金的一面镜子。","content":"<p>作者:于旭东</p><p>当21世纪20年代的“新股民”们对过去一年Catherine Wood(下文称“木头姐”)麾下的ARK基金的高光表现津津乐道时,20多年前有一只相似的基金被人们从尘封的历史中挖出,提醒着人们:历史都会重演!</p><p>与过去一年多的科技狂潮相似,上世纪末的美国也有着一场互联网科技的狂欢。PC和互联网时代的大潮席卷了硅谷,也把众多互联网企业的股价炒上了天。</p><p>在上世纪90年代,有一家名为Janus 20的共同基金,由于在时代的潮流下大举重仓互联网科技股等成长股,在10年内翻了5倍以上,成为当时最负盛名的明星基金。</p><p>听起来是不是和当今的ARK基金很像?没错,在那个年代这只基金的火爆程度,不亚于当今的<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>。</p><p><b>两面神Janus</b></p><p>说到Janus 20基金,就不得不提资产管理公司Janus。与其命运一样,Janus名字的由来源于罗马神话,意为“两面神”。</p><p>在当年,Janus的火爆程度不亚于ARK方舟投资,而Janus创始人、主席兼CEO汤姆·拜雷,其知名程度不亚于木头姐。而Janus 20之所以火爆,都是因为这家基金“太能赚钱了”。</p><p>在成立后的十年间,Janus管理的基金规模从30亿美元扩张到3000亿美元,成为美国第五大基金公司。在2000年的股市高峰期,Janus基金的新增募资额占到了全美所有共同基金新增募资额的30%!</p><p>就连美国总统克林顿本人,都把自己的个人账户亲自托付给Janus管理。</p><p>细看Janus旗下的各只基金,在1999年,其所管理的14支股票类基金中,有11支回报率至少超过50%,4支超过100%。</p><p>但正如Janus的名字一样,作为一个“两面神”,Janus也拥有另一面,而且是可怕的一面。</p><p>2000年,美国互联网泡沫破裂,重仓互联网和科技等成长股的Janus基金也随之崩盘,且基金净值的下跌速度比大盘要快许多,创下了Janus基金有史以来的最差表现——跌去了40%。</p><p>果然,因为什么上涨,就会因什么下跌。而资本市场也是残酷的,之前的高光也不能掩盖最终灰飞烟灭的事实。</p><p><b>青睐科技、小盘股</b></p><p>暴涨暴跌,背后映射的是一家基金公司在研究及风控上的功力。</p><p>如果想探究为何Janus被捧上神坛,又在高空掉落,就需要透视其背后的持仓和投资风格。</p><p>Janus喜欢在绩优股上下重注。对比其他基金经理的仔细调研和深入研究,并对一家公司的长期确定性增长产生质疑,Janus的基金经理一般很少细致调研,只要在财务上确认公司的未来前景,Janus就会重拳出击。</p><p>在分散性上,Janus也不怎么上心。比如2000年9月30日,富达基金把6083亿美元分散到6800多家企业,而Janus只把2201亿美元投入到514只股票中。</p><p>这是不是看起来很像ARK集中买入的几十家科技股?</p><p>除此之外,Janus还对小盘股情有独钟。在当时的美国,很少有投资公司像Janus那样在小公司中投入如此庞大的资金。Janus认为,持有小企业一定比例的股权后,可以名正言顺地进入企业管理层,掌控企业经营。</p><p>小盘股每天的交易量一般只有几十万股,而Janus手中却往往持有几百万股。当然,Janus并不一定会抛售这些股份,但一旦急需套现,市场需要几个星期的时间才能消化,这些股票的价格肯定一落千丈。</p><p>这是不是看起来很像目前ARK大举买入的小盘生物医药股?</p><p>在当时,Janus就像一名赌徒:赌对了,眼光独到;赌错了,满盘皆输。</p><p>其实,Janus此前的并不是一直这样的投资风格。在上世纪90年代之前,公司曾称“市盈率高于30的股票绝对不碰”。</p><p>但后来,新上任的明星基金经理克莱格改变初衷,率领Janus一头扎进科技股,并获得巨额回报。在当时,这是正确的战略,并带来1999年的高额回报,但同时也种下了2000年业绩大幅滑落的祸根。</p><p>无论怎样,我们可能无法把所有责任全部推卸到投资风格和行业选择上,毕竟,在资产管理行业,所有人还面临着一个最大的敌人——规模。</p><p>回顾过去,那些历史上曾经出现的种种事件,都是目前可借鉴的经验和警钟。毕竟在只有一百多年的资本市场里,许多历史已经重新上演过很多回。</p>","source":"highlight_wallstreetcn","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>20年前还有一家“ARK基金”,在泡沫中被捧上了天</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; 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n20年前还有一家“ARK基金”,在泡沫中被捧上了天\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-04 22:10 北京时间 <a href=https://wallstreetcn.com/articles/3622484><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者:于旭东当21世纪20年代的“新股民”们对过去一年Catherine Wood(下文称“木头姐”)麾下的ARK基金的高光表现津津乐道时,20多年前有一只相似的基金被人们从尘封的历史中挖出,提醒着人们:历史都会重演!与过去一年多的科技狂潮相似,上世纪末的美国也有着一场互联网科技的狂欢。PC和互联网时代的大潮席卷了硅谷,也把众多互联网企业的股价炒上了天。在上世纪90年代,有一家名为Janus 20...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3622484\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e0e27e493fca2a3b9511b2209552a865","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3622484","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1170578915","content_text":"作者:于旭东当21世纪20年代的“新股民”们对过去一年Catherine Wood(下文称“木头姐”)麾下的ARK基金的高光表现津津乐道时,20多年前有一只相似的基金被人们从尘封的历史中挖出,提醒着人们:历史都会重演!与过去一年多的科技狂潮相似,上世纪末的美国也有着一场互联网科技的狂欢。PC和互联网时代的大潮席卷了硅谷,也把众多互联网企业的股价炒上了天。在上世纪90年代,有一家名为Janus 20的共同基金,由于在时代的潮流下大举重仓互联网科技股等成长股,在10年内翻了5倍以上,成为当时最负盛名的明星基金。听起来是不是和当今的ARK基金很像?没错,在那个年代这只基金的火爆程度,不亚于当今的ARK Innovation ETF。两面神Janus说到Janus 20基金,就不得不提资产管理公司Janus。与其命运一样,Janus名字的由来源于罗马神话,意为“两面神”。在当年,Janus的火爆程度不亚于ARK方舟投资,而Janus创始人、主席兼CEO汤姆·拜雷,其知名程度不亚于木头姐。而Janus 20之所以火爆,都是因为这家基金“太能赚钱了”。在成立后的十年间,Janus管理的基金规模从30亿美元扩张到3000亿美元,成为美国第五大基金公司。在2000年的股市高峰期,Janus基金的新增募资额占到了全美所有共同基金新增募资额的30%!就连美国总统克林顿本人,都把自己的个人账户亲自托付给Janus管理。细看Janus旗下的各只基金,在1999年,其所管理的14支股票类基金中,有11支回报率至少超过50%,4支超过100%。但正如Janus的名字一样,作为一个“两面神”,Janus也拥有另一面,而且是可怕的一面。2000年,美国互联网泡沫破裂,重仓互联网和科技等成长股的Janus基金也随之崩盘,且基金净值的下跌速度比大盘要快许多,创下了Janus基金有史以来的最差表现——跌去了40%。果然,因为什么上涨,就会因什么下跌。而资本市场也是残酷的,之前的高光也不能掩盖最终灰飞烟灭的事实。青睐科技、小盘股暴涨暴跌,背后映射的是一家基金公司在研究及风控上的功力。如果想探究为何Janus被捧上神坛,又在高空掉落,就需要透视其背后的持仓和投资风格。Janus喜欢在绩优股上下重注。对比其他基金经理的仔细调研和深入研究,并对一家公司的长期确定性增长产生质疑,Janus的基金经理一般很少细致调研,只要在财务上确认公司的未来前景,Janus就会重拳出击。在分散性上,Janus也不怎么上心。比如2000年9月30日,富达基金把6083亿美元分散到6800多家企业,而Janus只把2201亿美元投入到514只股票中。这是不是看起来很像ARK集中买入的几十家科技股?除此之外,Janus还对小盘股情有独钟。在当时的美国,很少有投资公司像Janus那样在小公司中投入如此庞大的资金。Janus认为,持有小企业一定比例的股权后,可以名正言顺地进入企业管理层,掌控企业经营。小盘股每天的交易量一般只有几十万股,而Janus手中却往往持有几百万股。当然,Janus并不一定会抛售这些股份,但一旦急需套现,市场需要几个星期的时间才能消化,这些股票的价格肯定一落千丈。这是不是看起来很像目前ARK大举买入的小盘生物医药股?在当时,Janus就像一名赌徒:赌对了,眼光独到;赌错了,满盘皆输。其实,Janus此前的并不是一直这样的投资风格。在上世纪90年代之前,公司曾称“市盈率高于30的股票绝对不碰”。但后来,新上任的明星基金经理克莱格改变初衷,率领Janus一头扎进科技股,并获得巨额回报。在当时,这是正确的战略,并带来1999年的高额回报,但同时也种下了2000年业绩大幅滑落的祸根。无论怎样,我们可能无法把所有责任全部推卸到投资风格和行业选择上,毕竟,在资产管理行业,所有人还面临着一个最大的敌人——规模。回顾过去,那些历史上曾经出现的种种事件,都是目前可借鉴的经验和警钟。毕竟在只有一百多年的资本市场里,许多历史已经重新上演过很多回。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}