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- SergiuBSergiuB
  ·2021-06-15
  Old news
  Goldman Expands Crypto-Trading Desk By Offering Ether Options
  A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman S
  Goldman Expands Crypto-Trading Desk By Offering Ether Options
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- SergiuBSergiuB
  ·2021-06-15
  Interesting
  Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse
  Fed wants to normalize relations with Congress, markets Policy makers may begin months-long talks on
  Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse
  288 评论
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- SergiuBSergiuB
  ·2021-06-15
  Interesting
  Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse
  Fed wants to normalize relations with Congress, markets Policy makers may begin months-long talks on
  Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse
  95 评论
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- SergiuBSergiuB
  ·2021-06-08
  Wait until it is added to major indexes
  非常抱歉，此主贴已删除
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- SergiuBSergiuB
  ·2021-06-07
  How is that news?
  AMC CEO Gets Caught With His Pants Down
  AMC Hits Our Top Ten Again I hadn't planned on writing about AMC Entertainment Holdings (AMC) again
  AMC CEO Gets Caught With His Pants Down
  377 评论
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- SergiuBSergiuB
  ·2021-03-19
  The #NFT are in uncharted territory, it's very hard to explain, did anyone found a simple description?
  NFT-related stocks gyrate wildly as digital asset buzz grows
  The popularity of non-fungible tokens (NFT), a type of digital asset that is authenticated by blockc
  NFT-related stocks gyrate wildly as digital asset buzz grows
  765 评论
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news","listText":"Old news","text":"Old news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187218371","repostId":"1135158450","repostType":4,"repost":{"id":"1135158450","kind":"news","pubTimestamp":1623750495,"share":"https://ttm.financial/m/news/1135158450?lang=&edition=full","pubTime":"2021-06-15 17:48","market":"us","language":"en","title":"Goldman Expands Crypto-Trading Desk By Offering Ether Options","url":"https://stock-news.laohu8.com/highlight/detail?id=1135158450","media":"zerohedge","summary":"A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman S","content":"<p>A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, with the big takeaway being that the bank saw Ethereum overtaking bitcoin as the world's most popular cryptocurrency in the not-too-distant future.</p>\n<p>After its release, we suspected that the report was a harbinger of Goldman potentially announcing an expansion of its crypto business as it scrambles to stay a step ahead of megabank rivals like JPMorgan, Citigroup and others. As it turns out, we were correct.</p>\n<p>Because on Monday, Mathew McDermott, head of digital assets at Goldman, told Bloomberg News that the bank is planning to sell options and futures for ether and bitcoinvia its newly restarted crypto trading desk.</p>\n<p>Even JP Morgan, whose CEO once famously bashed bitcoin,is expanding its own crypto business,claiming its clients demand it. The global banking regulators at the Basel Committee also gave a begrudging green light for international banks to deal in cryptocurrencies (though they need to hold plenty of capital in reserve for any crypto on their balance sheet).</p>\n<p>According to McDermott, even after the drop in crypto prices, hedge funds are still eager to trade crypto. And Goldman is looking to invest in more crypto-focused companies.</p>\n<blockquote>\n \"We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.” Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four. The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks. In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board. “We are looking at a number of different companies that fit into our strategic direction,” he said. Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.\n</blockquote>\n<p>Circling back to the report we mentioned above, Goldman and its team of analysts have clearly explored the pros and cons before deciding to expand its business.</p>\n<p>The term “cryptocurrencies”—which most people take to mean that crypto assets act as a digital medium of exchange, like fiat currency—is fundamentally misleading when it comes to assessing the value of these assets. Indeed,<b>the blockchain that underlies bitcoin was not designed to replace a fiat currency—it is a trusted peer-to-peer payments network.</b>As a cryptographic algorithm generates the proof that the payment was correctly executed, no third party is needed to verify the transaction.<b>The blockchain and its native coin were therefore designed to replace the banking system and others like insurance that require a trusted intermediary today, not the Dollar.</b>In that sense, the blockchain is differentiated from other “digital” transactional mechanisms such as PayPal, which is dependent upon the banking system to prevent fraud like double-spending.</p>\n<p>In order to be trustworthy, the system needed to create an asset that had no liabilities or contingent claims, which can only be a real asset just like a commodity. And to achieve that, blockchain technologies used scarcity in natural resources—oil, gas, coal, uranium and hydro—through ever-increasing computational-power consumption to “mine” a bit version of a natural resource.</p>\n<p>From this perspective, the intrinsic value of the network is the trustworthy information that the blockchain produces through its mining process, and the coins native to the network are required to unlock this trusted information, and make it tradeable and fungible. It’s therefore impossible to say that the network has value and a role in society without saying that the coin does too. And the value of the coin is dependent upon the value and growth of the network.</p>\n<p>That said, because the network is decentralized and anonymous,<b>legal challenges facing future growth for crypto assets loom large.</b>Coins trying to displace the Dollar run headlong into anti-money laundering laws (AML), as exemplified by the recent ransoms demanded in bitcoin from the Colonial Pipeline operator and the Irish Health service. Regulators can impede the use of crypto assets as a substitute for the Dollar or other currencies simply by making them non-convertible. An asset only has value if it can either be used or sold. And Chinese and Indian authorities have already challenged crypto uses in payments.</p>\n<p>As a result,<b>the market share of coins used for other purposes beyond currencies like “smart contracts” and “information tokens” will likely continue to rise.</b>However, even these non-currency uses will need to be recognized by courts of law to be accepted in commercial transactions—a question we leave to the lawyers.</p>\n<p><b>The network creates the value, unlike other commodities</b></p>\n<p>Unlike other commodities, coins derive their entire value from the network. A bitcoin has no value outside of its network as it is native to the Bitcoin blockchain. The value of oil is also largely derived from the transportation network that it fuels, but at least oil can be burned to create heat outside of this network.<b>At the other extreme, gold doesn’t require a network at all.</b></p>\n<p><img src=\"https://static.tigerbbs.com/aba6f2b8dd670875cb7a0942c5fd95f0\" tg-width=\"500\" tg-height=\"399\">Derived demand leaves the holder of the commodity exposed to the risk of the network becoming obsolete—a lesson that holders of oil reserves are now learning with decarbonization accelerating the decline of the transportation network, and, in turn damaging oil demand. Likewise,<b>bitcoin owners face accelerated network decay risk from a competing network, backed by a new cryptocurrency.</b></p>\n<p>As the demand for gold is not dependent on a network,<b>it will ultimately outlive oil and bitcoin—gold entropy lies at the unit, not the network, level.</b>Indeed, most stores of value that are used as defensive assets—like gold, diamonds and collectibles—don’t have derived demand and therefore only face unit-level entropy risk. This is what makes them defensive. The world can fall apart around them and they preserve their value. And while they don’t have derived demand, they do have other uses that establish their value, i.e. gold is used for jewelry and as a store of value.</p>\n<p><b>Transactions drive value, creating a risk-on asset</b></p>\n<p>Crypto doesn’t trade like gold and nor should it. Using any standard valuation method, transactions or expected transactions on the network are the key determinant of network value. The more transactions the blockchain can verify, the greater the network value. Transaction volumes and the demand for commodified information are roughly correlated with the business cycle; thus,<b>crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist.</b>Because the value of the network and hence the coin is derived from the volume of transactions, hoarding coins as stores of value reduces the coins available for transactions, which reduces the value of the network.<b>Because gold doesn’t have this property, it is the only commodity that institutional investors hold in physical inventory.</b>Nearly all other commodities are held in paper inventory in the form of futures to avoid disrupting the network.<b>This suggests that, like oil, crypto investments will need to be held in the form of futures contracts, not physically, if they are to serve as stores of value.</b></p>\n<p>Crypto assets aren’t digital oil, either, as they are not non-durable consumables and can therefore be used again. This durability makes them a store of value, provided this demand doesn’t disrupt network flows. The crypto assets that have the greatest utility are also likely to be the dominant stores of value—the high utility reduces the carry costs.</p>\n<p><img src=\"https://static.tigerbbs.com/e2873efa55fd8073c76445c1cdc110f9\" tg-width=\"500\" tg-height=\"390\"></p>\n<p><b>So what is crypto? A powerful networking effect</b></p>\n<p>The network provides crypto an extremely powerful networking externality that no other commodity possesses. The operators—miners, exchanges and developers—are all paid in the native coin, making them fully vested in its success. Similarly, users—merchants, investors and speculators—are also fully vested. This gives bitcoin holders an incentive to accommodate purchases of their own products in bitcoin, which in turn, creates more demand for the coins they already own. Similarly, ether holders have an incentive to build apps and other products on the Ethereum network to increase the value of their coins.</p>\n<p><b>Because the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.</b>After the dot-com bust, the shareholders had no commodity to promote. In crypto assets, even when prices collapse, the coin holders have a commodity to promote. They will always live for another boom, like an oil wildcatter.</p>\n<p><b>It’s all about information</b></p>\n<p>As the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed.<u><b>In our view the most valuable crypto assets will be those that help verify the most critical information in the economy.</b></u></p>\n<p>Over time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded.<b><u>A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today</u></b><b>.</b></p>\n<p><b>Crypto beyond this boom and bust cycle</b></p>\n<p>By many measures—Metcalfe’s Lawor Network Value to Transactions (NVT) ratio —crypto assets are in bubble territory. But does the demand for “commodified information” create enough economic value at a low enough cost to be scaled up in the long run? If the legal system accommodates these assets, we believe so.<b>While many overvalued networks exist, a few will likely emerge as long-term winners in the next stage of the digital economy, just as the tech titans of today emerged from the dot-com boom and bust.</b>This transformation is happening now—there are already an estimated 21.2 million owners of cryptocurrencies in the US alone. However, technological, environmental and legal challenges still loom large.</p>\n<p>Ethereum 2.0is expected to ramp upcapacity to 3,000 transactions per second (tps), while sharding—<b>which will scale Ethereum 2.0’s Proof of Stake (PoS) system through parallel verification of transactions—has the potential to raise capacity to as much as 100,000 tps.</b>For context, Visa has the capacity to process up to 65,000 tps but typically executes around 2,000 tps.<b>PoS intends to have validators stake the now scarce and valuable coins to incentivize good behavior instead of having miners expend energy to mine new blocks into existence, as under Proof of Work, making crypto assets more ESG friendly.</b>PoS also can significantly boost computational time in terms of transactions per second, which will further incentivize technological adoption. Ironically,<b>this is likely where the value of and demand for bitcoin will come from—being used as the scarce resource to make the PoS system work instead of natural resources.</b></p>\n<p>While overcoming the economic challenges will likely be manageable, the legal challenges are the largest for many crypto assets. And this past week was challenging for crypto assets with confirmation that the 75 bitcoin ransom over the Colonial Pipeline was actually paid. This is a reminder that cryptocurrencies still facilitate criminal activities that have large social costs.</p>\n<p><b>For Ethereum, new companies which aim to disrupt finance, law or medicine by integrating information stored on the platform into their algorithms are likely to run into problems with being legally recognized.</b>If crypto assets are to survive and grow to their fullest potential, they need to define some concept of “sufficiently decentralized” that will satisfy regulators; otherwise, the technologies will soon run out of uses.</p>\n<p>In summary: the talk in the crypto community lately has focused on whether ether is finally supplanting bitcoin since the former has more utility, and therefore a greater potential for a network effect.</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>Goldman Expands Crypto-Trading Desk By Offering Ether Options</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: 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\">\nGoldman Expands Crypto-Trading Desk By Offering Ether Options\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?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><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, ...</p>\n\n<a href=\"https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?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\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛","JPM":"摩根大通","GBTC":"Grayscale Bitcoin Trust ETF","COIN":"Coinbase Global, Inc."},"source_url":"https://www.zerohedge.com/crypto/goldman-expands-crypto-trading-desk-offering-ether-options?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":"1135158450","content_text":"A few weeks ago, while the prices of the biggest cryptocurrencies were careening lowering, Goldman Sachs released what we described as the closest thing to 'initiating coverage' on cryptocurrencies, with the big takeaway being that the bank saw Ethereum overtaking bitcoin as the world's most popular cryptocurrency in the not-too-distant future.\nAfter its release, we suspected that the report was a harbinger of Goldman potentially announcing an expansion of its crypto business as it scrambles to stay a step ahead of megabank rivals like JPMorgan, Citigroup and others. As it turns out, we were correct.\nBecause on Monday, Mathew McDermott, head of digital assets at Goldman, told Bloomberg News that the bank is planning to sell options and futures for ether and bitcoinvia its newly restarted crypto trading desk.\nEven JP Morgan, whose CEO once famously bashed bitcoin,is expanding its own crypto business,claiming its clients demand it. The global banking regulators at the Basel Committee also gave a begrudging green light for international banks to deal in cryptocurrencies (though they need to hold plenty of capital in reserve for any crypto on their balance sheet).\nAccording to McDermott, even after the drop in crypto prices, hedge funds are still eager to trade crypto. And Goldman is looking to invest in more crypto-focused companies.\n\n \"We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.” Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four. The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks. In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board. “We are looking at a number of different companies that fit into our strategic direction,” he said. Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.\n\nCircling back to the report we mentioned above, Goldman and its team of analysts have clearly explored the pros and cons before deciding to expand its business.\nThe term “cryptocurrencies”—which most people take to mean that crypto assets act as a digital medium of exchange, like fiat currency—is fundamentally misleading when it comes to assessing the value of these assets. Indeed,the blockchain that underlies bitcoin was not designed to replace a fiat currency—it is a trusted peer-to-peer payments network.As a cryptographic algorithm generates the proof that the payment was correctly executed, no third party is needed to verify the transaction.The blockchain and its native coin were therefore designed to replace the banking system and others like insurance that require a trusted intermediary today, not the Dollar.In that sense, the blockchain is differentiated from other “digital” transactional mechanisms such as PayPal, which is dependent upon the banking system to prevent fraud like double-spending.\nIn order to be trustworthy, the system needed to create an asset that had no liabilities or contingent claims, which can only be a real asset just like a commodity. And to achieve that, blockchain technologies used scarcity in natural resources—oil, gas, coal, uranium and hydro—through ever-increasing computational-power consumption to “mine” a bit version of a natural resource.\nFrom this perspective, the intrinsic value of the network is the trustworthy information that the blockchain produces through its mining process, and the coins native to the network are required to unlock this trusted information, and make it tradeable and fungible. It’s therefore impossible to say that the network has value and a role in society without saying that the coin does too. And the value of the coin is dependent upon the value and growth of the network.\nThat said, because the network is decentralized and anonymous,legal challenges facing future growth for crypto assets loom large.Coins trying to displace the Dollar run headlong into anti-money laundering laws (AML), as exemplified by the recent ransoms demanded in bitcoin from the Colonial Pipeline operator and the Irish Health service. Regulators can impede the use of crypto assets as a substitute for the Dollar or other currencies simply by making them non-convertible. An asset only has value if it can either be used or sold. And Chinese and Indian authorities have already challenged crypto uses in payments.\nAs a result,the market share of coins used for other purposes beyond currencies like “smart contracts” and “information tokens” will likely continue to rise.However, even these non-currency uses will need to be recognized by courts of law to be accepted in commercial transactions—a question we leave to the lawyers.\nThe network creates the value, unlike other commodities\nUnlike other commodities, coins derive their entire value from the network. A bitcoin has no value outside of its network as it is native to the Bitcoin blockchain. The value of oil is also largely derived from the transportation network that it fuels, but at least oil can be burned to create heat outside of this network.At the other extreme, gold doesn’t require a network at all.\nDerived demand leaves the holder of the commodity exposed to the risk of the network becoming obsolete—a lesson that holders of oil reserves are now learning with decarbonization accelerating the decline of the transportation network, and, in turn damaging oil demand. Likewise,bitcoin owners face accelerated network decay risk from a competing network, backed by a new cryptocurrency.\nAs the demand for gold is not dependent on a network,it will ultimately outlive oil and bitcoin—gold entropy lies at the unit, not the network, level.Indeed, most stores of value that are used as defensive assets—like gold, diamonds and collectibles—don’t have derived demand and therefore only face unit-level entropy risk. This is what makes them defensive. The world can fall apart around them and they preserve their value. And while they don’t have derived demand, they do have other uses that establish their value, i.e. gold is used for jewelry and as a store of value.\nTransactions drive value, creating a risk-on asset\nCrypto doesn’t trade like gold and nor should it. Using any standard valuation method, transactions or expected transactions on the network are the key determinant of network value. The more transactions the blockchain can verify, the greater the network value. Transaction volumes and the demand for commodified information are roughly correlated with the business cycle; thus,crypto assets should trade as pro-cyclical risk-on assets as they have for the past decade. Gold and bitcoin are therefore not competing assets as is commonly misunderstood, and can instead co-exist.Because the value of the network and hence the coin is derived from the volume of transactions, hoarding coins as stores of value reduces the coins available for transactions, which reduces the value of the network.Because gold doesn’t have this property, it is the only commodity that institutional investors hold in physical inventory.Nearly all other commodities are held in paper inventory in the form of futures to avoid disrupting the network.This suggests that, like oil, crypto investments will need to be held in the form of futures contracts, not physically, if they are to serve as stores of value.\nCrypto assets aren’t digital oil, either, as they are not non-durable consumables and can therefore be used again. This durability makes them a store of value, provided this demand doesn’t disrupt network flows. The crypto assets that have the greatest utility are also likely to be the dominant stores of value—the high utility reduces the carry costs.\n\nSo what is crypto? A powerful networking effect\nThe network provides crypto an extremely powerful networking externality that no other commodity possesses. The operators—miners, exchanges and developers—are all paid in the native coin, making them fully vested in its success. Similarly, users—merchants, investors and speculators—are also fully vested. This gives bitcoin holders an incentive to accommodate purchases of their own products in bitcoin, which in turn, creates more demand for the coins they already own. Similarly, ether holders have an incentive to build apps and other products on the Ethereum network to increase the value of their coins.\nBecause the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.After the dot-com bust, the shareholders had no commodity to promote. In crypto assets, even when prices collapse, the coin holders have a commodity to promote. They will always live for another boom, like an oil wildcatter.\nIt’s all about information\nAs the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed.In our view the most valuable crypto assets will be those that help verify the most critical information in the economy.\nOver time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded.A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today.\nCrypto beyond this boom and bust cycle\nBy many measures—Metcalfe’s Lawor Network Value to Transactions (NVT) ratio —crypto assets are in bubble territory. But does the demand for “commodified information” create enough economic value at a low enough cost to be scaled up in the long run? If the legal system accommodates these assets, we believe so.While many overvalued networks exist, a few will likely emerge as long-term winners in the next stage of the digital economy, just as the tech titans of today emerged from the dot-com boom and bust.This transformation is happening now—there are already an estimated 21.2 million owners of cryptocurrencies in the US alone. However, technological, environmental and legal challenges still loom large.\nEthereum 2.0is expected to ramp upcapacity to 3,000 transactions per second (tps), while sharding—which will scale Ethereum 2.0’s Proof of Stake (PoS) system through parallel verification of transactions—has the potential to raise capacity to as much as 100,000 tps.For context, Visa has the capacity to process up to 65,000 tps but typically executes around 2,000 tps.PoS intends to have validators stake the now scarce and valuable coins to incentivize good behavior instead of having miners expend energy to mine new blocks into existence, as under Proof of Work, making crypto assets more ESG friendly.PoS also can significantly boost computational time in terms of transactions per second, which will further incentivize technological adoption. Ironically,this is likely where the value of and demand for bitcoin will come from—being used as the scarce resource to make the PoS system work instead of natural resources.\nWhile overcoming the economic challenges will likely be manageable, the legal challenges are the largest for many crypto assets. And this past week was challenging for crypto assets with confirmation that the 75 bitcoin ransom over the Colonial Pipeline was actually paid. This is a reminder that cryptocurrencies still facilitate criminal activities that have large social costs.\nFor Ethereum, new companies which aim to disrupt finance, law or medicine by integrating information stored on the platform into their algorithms are likely to run into problems with being legally recognized.If crypto assets are to survive and grow to their fullest potential, they need to define some concept of “sufficiently decentralized” that will satisfy regulators; otherwise, the technologies will soon run out of uses.\nIn summary: the talk in the crypto community lately has focused on whether ether is finally supplanting bitcoin since the former has more utility, and therefore a greater potential for a network effect.","news_type":1,"symbols_score_info":{"COIN":0.9,"GBTC":0.9,"GS":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187219179,"gmtCreate":1623755079491,"gmtModify":1634028973303,"author":{"id":"3578313354600805","authorId":"3578313354600805","name":"SergiuB","avatar":"https://static.tigerbbs.com/f76ea08e26c429b9496172b2bb5d57bd","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578313354600805","authorIdStr":"3578313354600805"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187219179","repostId":"1142697857","repostType":4,"repost":{"id":"1142697857","kind":"news","pubTimestamp":1623752468,"share":"https://ttm.financial/m/news/1142697857?lang=&edition=full","pubTime":"2021-06-15 18:21","market":"us","language":"en","title":"Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse","url":"https://stock-news.laohu8.com/highlight/detail?id=1142697857","media":"Bloomberg","summary":"Fed wants to normalize relations with Congress, markets\nPolicy makers may begin months-long talks on","content":"<ul>\n <li>Fed wants to normalize relations with Congress, markets</li>\n <li>Policy makers may begin months-long talks on taper Tuesday</li>\n</ul>\n<p>The Federal Reserve is inching toward the start of a long road to normalizing its relationship with the rest of Washington and Wall Street.</p>\n<p>After spending the past 15 months providing unprecedented help to the federal government and investors via trillions of dollars of bond purchases, it could start preliminary discussions about scaling back that support at a pivotal two-day policy meeting that kicks off on Tuesday.</p>\n<p>Even so, actual steps in that direction by Chair Jerome Powell and his colleagues are likely still months off.</p>\n<p>Weaning Wall Street and Washington off the Fed’s extraordinary largesse won’t be easy. Since Covid-19 struck the U.S. in March 2020, the central bank has brought more than $2.5 trillion of U.S. Treasury debt, effectively covering more than half of the federal government’s red ink over that time.</p>\n<p><img src=\"https://static.tigerbbs.com/f845f5d5fa4baccad7e30207df549d71\" tg-width=\"620\" tg-height=\"348\">That buying -- together with about $870 billion in purchases of mortgage-backed securities -- has flooded the financial markets with liquidity, contributing to a doubling of the stock market from its pandemic low.</p>\n<p>“It will be like crawling along a knife-edge ridge,” former Bank of England policy maker Charles Goodhart said of the task facing the Fed. “If you do too little you’ll find inflation will just go on accelerating. If you do too much you get into a financial crisis and a recession.”</p>\n<p>Fed officials have said they want to see “substantial further progress” toward their goals of maximum employment and average 2% inflation before reducing current asset purchases of $120 billion per month. None are suggesting that they’re close to achieving that, though some have pressed for discussions to begin on a plan for tapering that buying.</p>\n<p>As Powell has pointed out more than once, payrolls are still substantially below where they were pre-pandemic -- some 7.6 million jobs short, according to the May employment report. And while inflation recently has proven surprisingly rapid -- consumer prices climbed 5% in May from a year earlier -- Powell and other Fed officials have argued that the rise is mostly transitory, the result of temporary bottlenecks as the economy reopens and low readings a year ago when it shut down.</p>\n<p><b>Price Pressures Heat Up</b></p>\n<p>U.S. core and headline inflation both increased more than forecast in May</p>\n<p><img src=\"https://static.tigerbbs.com/320b6b6419ac9bcbe999007f7786196f\" tg-width=\"643\" tg-height=\"330\">“Why would the Fed try to fix bottleneck-driven inflation by signaling earlier rate hikes and hitting demand?” Julia Coronado, president of MacroPolicy Perspectives, asked in a June 14 tweet.</p>\n<p>Instead, after years of falling short of their inflation goal, policy makers will “err on the side of patience” in scaling back stimulus, said former Fed official David Wilcox, who is now at the Peterson Institute for International Economics.</p>\n<p>Powell’s past and potential future also argue for patience. As a Fed governor in 2013, he was among those pushing then-Chairman Ben Bernanke to roll back quantitative easing, only to see the financial markets throw a “taper tantrum” at the mere suggestion such a policy shift was coming.</p>\n<p>With his own term as Fed chair up next February, Powell has an extra incentive to avoid a repeat of such turbulence.</p>\n<p>“While the Fed is an independent institution, its leadership, up for reappointment next year, could not totally ignore the dim view the administration and Democratic Congress would take toward a shift to a more pre-emptive policy stance,” Deutsche Bank chief economist David Folkerts-Landau and colleagues wrote in a June 7 report.</p>\n<p>Some three-quarters of economists surveyed by Bloomberg last week said they expect the Fed to announce between August and year-end that it will begin paring its purchases, with one-third forecasting it won’t fire the starting gun until December.</p>\n<p>It’s not just the timing of the taper that’s up for discussion. So too are its composition and pace.</p>\n<p>The Fed has faced criticism from within and outside the organization for continuing to buy $40 billion of mortgage-backed securities per month while house prices are surging. Vice Chair Randal Quarles said last month that the Fed would “certainly” look at that issue in the context of its taper discussions.</p>\n<p><b>Steady Pace</b></p>\n<p>The last time the Fed wound up a quantitative easing program, in 2014, it shrank its asset purchases at a steady pace.</p>\n<p>“Investors may be lulled into a false sense of security by that experience,” former Fed official William English told a June 8 Deutsche Bank webinar. Given all the uncertainty surrounding the post pandemic economy, “it’s not necessarily going to be the case that the Fed is going to taper in steady steps.”</p>\n<p>Much may depend on the financial markets. American Enterprise Institute resident fellow Desmond Lachman said the ultra-easy monetary policy being pursued by the Fed and other major central banks has led to an “everything asset price bubble,” with stock, credit and housing markets all frothy.</p>\n<p>“The chance of the bubble bursting is all the greater if the Fed is behind the curve,” he said.</p>\n<p>English, who is now at the Yale School of Management, said it’s going to be politically hard for the Fed to wind up its asset purchases and increase interest rates because that will boost the government’s borrowing costs.</p>\n<p>“The Fed is going to come under a lot of criticism for raising rates and making budget choices for the Congress considerably tougher,” he said, adding, “At some level, the Fed needs to both normalize policy but also normalize its relationship with the government.”</p>","source":"lsy1584095487587","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>Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse</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: 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\">\nFed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 18:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-15/fed-poised-to-crawl-onto-knife-edge-to-rein-in-record-largesse><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fed wants to normalize relations with Congress, markets\nPolicy makers may begin months-long talks on taper Tuesday\n\nThe Federal Reserve is inching toward the start of a long road to normalizing its ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-15/fed-poised-to-crawl-onto-knife-edge-to-rein-in-record-largesse\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-15/fed-poised-to-crawl-onto-knife-edge-to-rein-in-record-largesse","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142697857","content_text":"Fed wants to normalize relations with Congress, markets\nPolicy makers may begin months-long talks on taper Tuesday\n\nThe Federal Reserve is inching toward the start of a long road to normalizing its relationship with the rest of Washington and Wall Street.\nAfter spending the past 15 months providing unprecedented help to the federal government and investors via trillions of dollars of bond purchases, it could start preliminary discussions about scaling back that support at a pivotal two-day policy meeting that kicks off on Tuesday.\nEven so, actual steps in that direction by Chair Jerome Powell and his colleagues are likely still months off.\nWeaning Wall Street and Washington off the Fed’s extraordinary largesse won’t be easy. Since Covid-19 struck the U.S. in March 2020, the central bank has brought more than $2.5 trillion of U.S. Treasury debt, effectively covering more than half of the federal government’s red ink over that time.\nThat buying -- together with about $870 billion in purchases of mortgage-backed securities -- has flooded the financial markets with liquidity, contributing to a doubling of the stock market from its pandemic low.\n“It will be like crawling along a knife-edge ridge,” former Bank of England policy maker Charles Goodhart said of the task facing the Fed. “If you do too little you’ll find inflation will just go on accelerating. If you do too much you get into a financial crisis and a recession.”\nFed officials have said they want to see “substantial further progress” toward their goals of maximum employment and average 2% inflation before reducing current asset purchases of $120 billion per month. None are suggesting that they’re close to achieving that, though some have pressed for discussions to begin on a plan for tapering that buying.\nAs Powell has pointed out more than once, payrolls are still substantially below where they were pre-pandemic -- some 7.6 million jobs short, according to the May employment report. And while inflation recently has proven surprisingly rapid -- consumer prices climbed 5% in May from a year earlier -- Powell and other Fed officials have argued that the rise is mostly transitory, the result of temporary bottlenecks as the economy reopens and low readings a year ago when it shut down.\nPrice Pressures Heat Up\nU.S. core and headline inflation both increased more than forecast in May\n“Why would the Fed try to fix bottleneck-driven inflation by signaling earlier rate hikes and hitting demand?” Julia Coronado, president of MacroPolicy Perspectives, asked in a June 14 tweet.\nInstead, after years of falling short of their inflation goal, policy makers will “err on the side of patience” in scaling back stimulus, said former Fed official David Wilcox, who is now at the Peterson Institute for International Economics.\nPowell’s past and potential future also argue for patience. As a Fed governor in 2013, he was among those pushing then-Chairman Ben Bernanke to roll back quantitative easing, only to see the financial markets throw a “taper tantrum” at the mere suggestion such a policy shift was coming.\nWith his own term as Fed chair up next February, Powell has an extra incentive to avoid a repeat of such turbulence.\n“While the Fed is an independent institution, its leadership, up for reappointment next year, could not totally ignore the dim view the administration and Democratic Congress would take toward a shift to a more pre-emptive policy stance,” Deutsche Bank chief economist David Folkerts-Landau and colleagues wrote in a June 7 report.\nSome three-quarters of economists surveyed by Bloomberg last week said they expect the Fed to announce between August and year-end that it will begin paring its purchases, with one-third forecasting it won’t fire the starting gun until December.\nIt’s not just the timing of the taper that’s up for discussion. So too are its composition and pace.\nThe Fed has faced criticism from within and outside the organization for continuing to buy $40 billion of mortgage-backed securities per month while house prices are surging. Vice Chair Randal Quarles said last month that the Fed would “certainly” look at that issue in the context of its taper discussions.\nSteady Pace\nThe last time the Fed wound up a quantitative easing program, in 2014, it shrank its asset purchases at a steady pace.\n“Investors may be lulled into a false sense of security by that experience,” former Fed official William English told a June 8 Deutsche Bank webinar. Given all the uncertainty surrounding the post pandemic economy, “it’s not necessarily going to be the case that the Fed is going to taper in steady steps.”\nMuch may depend on the financial markets. American Enterprise Institute resident fellow Desmond Lachman said the ultra-easy monetary policy being pursued by the Fed and other major central banks has led to an “everything asset price bubble,” with stock, credit and housing markets all frothy.\n“The chance of the bubble bursting is all the greater if the Fed is behind the curve,” he said.\nEnglish, who is now at the Yale School of Management, said it’s going to be politically hard for the Fed to wind up its asset purchases and increase interest rates because that will boost the government’s borrowing costs.\n“The Fed is going to come under a lot of criticism for raising rates and making budget choices for the Congress considerably tougher,” he said, adding, “At some level, the Fed needs to both normalize policy but also normalize its relationship with the government.”","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187210550,"gmtCreate":1623755064670,"gmtModify":1634028974011,"author":{"id":"3578313354600805","authorId":"3578313354600805","name":"SergiuB","avatar":"https://static.tigerbbs.com/f76ea08e26c429b9496172b2bb5d57bd","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578313354600805","authorIdStr":"3578313354600805"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187210550","repostId":"1142697857","repostType":4,"repost":{"id":"1142697857","kind":"news","pubTimestamp":1623752468,"share":"https://ttm.financial/m/news/1142697857?lang=&edition=full","pubTime":"2021-06-15 18:21","market":"us","language":"en","title":"Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse","url":"https://stock-news.laohu8.com/highlight/detail?id=1142697857","media":"Bloomberg","summary":"Fed wants to normalize relations with Congress, markets\nPolicy makers may begin months-long talks on","content":"<ul>\n <li>Fed wants to normalize relations with Congress, markets</li>\n <li>Policy makers may begin months-long talks on taper Tuesday</li>\n</ul>\n<p>The Federal Reserve is inching toward the start of a long road to normalizing its relationship with the rest of Washington and Wall Street.</p>\n<p>After spending the past 15 months providing unprecedented help to the federal government and investors via trillions of dollars of bond purchases, it could start preliminary discussions about scaling back that support at a pivotal two-day policy meeting that kicks off on Tuesday.</p>\n<p>Even so, actual steps in that direction by Chair Jerome Powell and his colleagues are likely still months off.</p>\n<p>Weaning Wall Street and Washington off the Fed’s extraordinary largesse won’t be easy. Since Covid-19 struck the U.S. in March 2020, the central bank has brought more than $2.5 trillion of U.S. Treasury debt, effectively covering more than half of the federal government’s red ink over that time.</p>\n<p><img src=\"https://static.tigerbbs.com/f845f5d5fa4baccad7e30207df549d71\" tg-width=\"620\" tg-height=\"348\">That buying -- together with about $870 billion in purchases of mortgage-backed securities -- has flooded the financial markets with liquidity, contributing to a doubling of the stock market from its pandemic low.</p>\n<p>“It will be like crawling along a knife-edge ridge,” former Bank of England policy maker Charles Goodhart said of the task facing the Fed. “If you do too little you’ll find inflation will just go on accelerating. If you do too much you get into a financial crisis and a recession.”</p>\n<p>Fed officials have said they want to see “substantial further progress” toward their goals of maximum employment and average 2% inflation before reducing current asset purchases of $120 billion per month. None are suggesting that they’re close to achieving that, though some have pressed for discussions to begin on a plan for tapering that buying.</p>\n<p>As Powell has pointed out more than once, payrolls are still substantially below where they were pre-pandemic -- some 7.6 million jobs short, according to the May employment report. And while inflation recently has proven surprisingly rapid -- consumer prices climbed 5% in May from a year earlier -- Powell and other Fed officials have argued that the rise is mostly transitory, the result of temporary bottlenecks as the economy reopens and low readings a year ago when it shut down.</p>\n<p><b>Price Pressures Heat Up</b></p>\n<p>U.S. core and headline inflation both increased more than forecast in May</p>\n<p><img src=\"https://static.tigerbbs.com/320b6b6419ac9bcbe999007f7786196f\" tg-width=\"643\" tg-height=\"330\">“Why would the Fed try to fix bottleneck-driven inflation by signaling earlier rate hikes and hitting demand?” Julia Coronado, president of MacroPolicy Perspectives, asked in a June 14 tweet.</p>\n<p>Instead, after years of falling short of their inflation goal, policy makers will “err on the side of patience” in scaling back stimulus, said former Fed official David Wilcox, who is now at the Peterson Institute for International Economics.</p>\n<p>Powell’s past and potential future also argue for patience. As a Fed governor in 2013, he was among those pushing then-Chairman Ben Bernanke to roll back quantitative easing, only to see the financial markets throw a “taper tantrum” at the mere suggestion such a policy shift was coming.</p>\n<p>With his own term as Fed chair up next February, Powell has an extra incentive to avoid a repeat of such turbulence.</p>\n<p>“While the Fed is an independent institution, its leadership, up for reappointment next year, could not totally ignore the dim view the administration and Democratic Congress would take toward a shift to a more pre-emptive policy stance,” Deutsche Bank chief economist David Folkerts-Landau and colleagues wrote in a June 7 report.</p>\n<p>Some three-quarters of economists surveyed by Bloomberg last week said they expect the Fed to announce between August and year-end that it will begin paring its purchases, with one-third forecasting it won’t fire the starting gun until December.</p>\n<p>It’s not just the timing of the taper that’s up for discussion. So too are its composition and pace.</p>\n<p>The Fed has faced criticism from within and outside the organization for continuing to buy $40 billion of mortgage-backed securities per month while house prices are surging. Vice Chair Randal Quarles said last month that the Fed would “certainly” look at that issue in the context of its taper discussions.</p>\n<p><b>Steady Pace</b></p>\n<p>The last time the Fed wound up a quantitative easing program, in 2014, it shrank its asset purchases at a steady pace.</p>\n<p>“Investors may be lulled into a false sense of security by that experience,” former Fed official William English told a June 8 Deutsche Bank webinar. Given all the uncertainty surrounding the post pandemic economy, “it’s not necessarily going to be the case that the Fed is going to taper in steady steps.”</p>\n<p>Much may depend on the financial markets. American Enterprise Institute resident fellow Desmond Lachman said the ultra-easy monetary policy being pursued by the Fed and other major central banks has led to an “everything asset price bubble,” with stock, credit and housing markets all frothy.</p>\n<p>“The chance of the bubble bursting is all the greater if the Fed is behind the curve,” he said.</p>\n<p>English, who is now at the Yale School of Management, said it’s going to be politically hard for the Fed to wind up its asset purchases and increase interest rates because that will boost the government’s borrowing costs.</p>\n<p>“The Fed is going to come under a lot of criticism for raising rates and making budget choices for the Congress considerably tougher,” he said, adding, “At some level, the Fed needs to both normalize policy but also normalize its relationship with the government.”</p>","source":"lsy1584095487587","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>Fed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse</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: 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\">\nFed Poised to Crawl Onto ‘Knife Edge’ to Rein In Record Largesse\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 18:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-15/fed-poised-to-crawl-onto-knife-edge-to-rein-in-record-largesse><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fed wants to normalize relations with Congress, markets\nPolicy makers may begin months-long talks on taper Tuesday\n\nThe Federal Reserve is inching toward the start of a long road to normalizing its ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-15/fed-poised-to-crawl-onto-knife-edge-to-rein-in-record-largesse\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-15/fed-poised-to-crawl-onto-knife-edge-to-rein-in-record-largesse","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142697857","content_text":"Fed wants to normalize relations with Congress, markets\nPolicy makers may begin months-long talks on taper Tuesday\n\nThe Federal Reserve is inching toward the start of a long road to normalizing its relationship with the rest of Washington and Wall Street.\nAfter spending the past 15 months providing unprecedented help to the federal government and investors via trillions of dollars of bond purchases, it could start preliminary discussions about scaling back that support at a pivotal two-day policy meeting that kicks off on Tuesday.\nEven so, actual steps in that direction by Chair Jerome Powell and his colleagues are likely still months off.\nWeaning Wall Street and Washington off the Fed’s extraordinary largesse won’t be easy. Since Covid-19 struck the U.S. in March 2020, the central bank has brought more than $2.5 trillion of U.S. Treasury debt, effectively covering more than half of the federal government’s red ink over that time.\nThat buying -- together with about $870 billion in purchases of mortgage-backed securities -- has flooded the financial markets with liquidity, contributing to a doubling of the stock market from its pandemic low.\n“It will be like crawling along a knife-edge ridge,” former Bank of England policy maker Charles Goodhart said of the task facing the Fed. “If you do too little you’ll find inflation will just go on accelerating. If you do too much you get into a financial crisis and a recession.”\nFed officials have said they want to see “substantial further progress” toward their goals of maximum employment and average 2% inflation before reducing current asset purchases of $120 billion per month. None are suggesting that they’re close to achieving that, though some have pressed for discussions to begin on a plan for tapering that buying.\nAs Powell has pointed out more than once, payrolls are still substantially below where they were pre-pandemic -- some 7.6 million jobs short, according to the May employment report. And while inflation recently has proven surprisingly rapid -- consumer prices climbed 5% in May from a year earlier -- Powell and other Fed officials have argued that the rise is mostly transitory, the result of temporary bottlenecks as the economy reopens and low readings a year ago when it shut down.\nPrice Pressures Heat Up\nU.S. core and headline inflation both increased more than forecast in May\n“Why would the Fed try to fix bottleneck-driven inflation by signaling earlier rate hikes and hitting demand?” Julia Coronado, president of MacroPolicy Perspectives, asked in a June 14 tweet.\nInstead, after years of falling short of their inflation goal, policy makers will “err on the side of patience” in scaling back stimulus, said former Fed official David Wilcox, who is now at the Peterson Institute for International Economics.\nPowell’s past and potential future also argue for patience. As a Fed governor in 2013, he was among those pushing then-Chairman Ben Bernanke to roll back quantitative easing, only to see the financial markets throw a “taper tantrum” at the mere suggestion such a policy shift was coming.\nWith his own term as Fed chair up next February, Powell has an extra incentive to avoid a repeat of such turbulence.\n“While the Fed is an independent institution, its leadership, up for reappointment next year, could not totally ignore the dim view the administration and Democratic Congress would take toward a shift to a more pre-emptive policy stance,” Deutsche Bank chief economist David Folkerts-Landau and colleagues wrote in a June 7 report.\nSome three-quarters of economists surveyed by Bloomberg last week said they expect the Fed to announce between August and year-end that it will begin paring its purchases, with one-third forecasting it won’t fire the starting gun until December.\nIt’s not just the timing of the taper that’s up for discussion. So too are its composition and pace.\nThe Fed has faced criticism from within and outside the organization for continuing to buy $40 billion of mortgage-backed securities per month while house prices are surging. Vice Chair Randal Quarles said last month that the Fed would “certainly” look at that issue in the context of its taper discussions.\nSteady Pace\nThe last time the Fed wound up a quantitative easing program, in 2014, it shrank its asset purchases at a steady pace.\n“Investors may be lulled into a false sense of security by that experience,” former Fed official William English told a June 8 Deutsche Bank webinar. Given all the uncertainty surrounding the post pandemic economy, “it’s not necessarily going to be the case that the Fed is going to taper in steady steps.”\nMuch may depend on the financial markets. American Enterprise Institute resident fellow Desmond Lachman said the ultra-easy monetary policy being pursued by the Fed and other major central banks has led to an “everything asset price bubble,” with stock, credit and housing markets all frothy.\n“The chance of the bubble bursting is all the greater if the Fed is behind the curve,” he said.\nEnglish, who is now at the Yale School of Management, said it’s going to be politically hard for the Fed to wind up its asset purchases and increase interest rates because that will boost the government’s borrowing costs.\n“The Fed is going to come under a lot of criticism for raising rates and making budget choices for the Congress considerably tougher,” he said, adding, “At some level, the Fed needs to both normalize policy but also normalize its relationship with the government.”","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117682310,"gmtCreate":1623138218430,"gmtModify":1634036550353,"author":{"id":"3578313354600805","authorId":"3578313354600805","name":"SergiuB","avatar":"https://static.tigerbbs.com/f76ea08e26c429b9496172b2bb5d57bd","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578313354600805","authorIdStr":"3578313354600805"},"themes":[],"htmlText":"Wait until it is added to major indexes","listText":"Wait until it is added to major indexes","text":"Wait until it is added to major indexes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/117682310","repostId":"1171979447","repostType":4,"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114325427,"gmtCreate":1623052766969,"gmtModify":1634095828497,"author":{"id":"3578313354600805","authorId":"3578313354600805","name":"SergiuB","avatar":"https://static.tigerbbs.com/f76ea08e26c429b9496172b2bb5d57bd","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578313354600805","authorIdStr":"3578313354600805"},"themes":[],"htmlText":"How is that news?&nbsp;","listText":"How is that news?&nbsp;","text":"How is that news?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114325427","repostId":"1175289580","repostType":4,"repost":{"id":"1175289580","kind":"news","pubTimestamp":1623051040,"share":"https://ttm.financial/m/news/1175289580?lang=&edition=full","pubTime":"2021-06-07 15:30","market":"us","language":"en","title":"AMC CEO Gets Caught With His Pants Down","url":"https://stock-news.laohu8.com/highlight/detail?id=1175289580","media":"zerohedge","summary":"AMC Hits Our Top Ten Again\nI hadn't planned on writing about AMC Entertainment Holdings (AMC) again ","content":"<p><b>AMC Hits Our Top Ten Again</b></p>\n<p>I hadn't planned on writing about&nbsp;<b>AMC Entertainment Holdings</b>&nbsp;(AMC) again this weekend, but the stock hit our top ten names again on Friday.</p>\n<p><img src=\"https://static.tigerbbs.com/9a4e060cfdea3a4972253abfc54cd50e\" tg-width=\"621\" tg-height=\"516\" referrerpolicy=\"no-referrer\">That's the first time AMC has appeared in our top ten since April 1st, when it was trading at $9.36.</p>\n<p><img src=\"https://static.tigerbbs.com/27f13146dcc4c7bdb849d5d0da3d40ae\" tg-width=\"621\" tg-height=\"547\" referrerpolicy=\"no-referrer\">Since then, AMC is up about 412% as of Friday's close.</p>\n<p><img src=\"https://static.tigerbbs.com/57f915baa6e8eed09d4be281d6ac649c\" tg-width=\"640\" tg-height=\"314\" referrerpolicy=\"no-referrer\">But our top names cohorts are estimates about performance over the next six months. So now we have two chances to be wrong about AMC: if does poorly from April 1st to October 1st and if it does poorly from June 4th to December 4th.</p>\n<p>This is also another public test of a gauge of options market sentiment we've been using to select our top names, a factor which may have peaked in February of this year. Let's talk about that factor, why the AMC's in our top ten again now, and what might happen over the next several months.</p>\n<p><b>Why AMC Is In Our Top Ten Now</b></p>\n<p>Readers might wonder what AMC has in common with our top name on Friday,&nbsp;<b>First Majestic Silver Corp.</b>&nbsp;(AG), or&nbsp;<b>Marathon Digital Holdings, Inc.</b>&nbsp;(MARA),&nbsp;<b>Riot Blockchain, Inc.</b>&nbsp;(RIOT),&nbsp;<b>Silvergate Capital Corp.</b>&nbsp;(SI),&nbsp;<b>RH</b>&nbsp;(RH), or the rest of our June 4th top ten. Fundamentally, nothing: they were all selected based on our system's analysis of their past returns and forward-looking options market sentiment on them. We can speculate on why options market participants seem to be bullish on them though: AG is obviously an inflation play; the next three are Bitcoin names, so in a sense also inflation plays; RH, the chain formerly known as Restoration Hardware, is a beneficiary of the COVID lockdown-fueled home improvement boom we've written about before (The Lovesac: Where We Can Get Together).</p>\n<p>But what all these names have in common is they scored highly on one particular gauge of options market sentiment we call the cash substitute adjustment factor. This comes from a cash minimization strategy we use in hedged portfolios, that turned out to select for securities that generated significant alpha -- at least until earlier this year.</p>\n<p><b>Cash Substitutes In Hedged Portfolios</b></p>\n<p>The idea behind minimizing cash in hedged portfolios is this: in a portfolio where every position is hedged according to your risk tolerance, you don't need to hold cash to minimize risk, or to provide dry powder in the event of a crash -- the hedges serve those purposes. So, since cash generates practically no returns in a low interest rate environment, we seek to minimize it, while at the same time reducing the overall hedging cost of the portfolio (we have cash in these portfolios initially because we need to round down dollar amounts into round lots of underlying securities because those are cheaper to hedge). The way we minimize the leftover cash in our hedged portfolios is by putting as much as possible into a \"cash substitute\": that's a stock or exchange-traded-product that when tightly collared, generates a significantly negative hedging cost.</p>\n<p>Specifically, we test each security in our universe by attempting to collar it against a greater-than-9% decline over the next several months while capping its upside at 1% or the current money market yield, whichever is higher. For AMC, that looked like this on Friday.</p>\n<p><img src=\"https://static.tigerbbs.com/fc7a44d2a551570c5511695f691c94dd\" tg-width=\"340\" tg-height=\"460\" referrerpolicy=\"no-referrer\"><i>Screen captures via the Portfolio Armor&nbsp;iPhone app.</i></p>\n<p>That hedging cost of -7.83% of position value was one of the ten most negative hedging costs of any of the thousands of securities in our universe on Friday.</p>\n<p><b>Why This Factor Matters</b></p>\n<p>It matters because stocks and exchange traded products that generated large net credits/negative hedging costs when collared that way have dramatically outperformed our other top names in aggregate. As of Friday's close, they've outperformed by an average of about 28.9% over six months. That average takes into account the 6-month performance of every top name we've selected daily since we started tracking this signal in August of 2019. Since then, its average out/underperformance has ranged from about 32% to -6%. It's possible ~32% was the all-time peak and it will be generating underperformance again in the near future; we update the factors we use daily though, so we will adjust our security selection process accordingly.</p>\n<p><img src=\"https://static.tigerbbs.com/c367c00078e4f3dbf64c7ff5f94a3c69\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Screen capture from our site's admin panel showing how the average outperformance of the cash substitute adjustment factor has declined over the last couple of weeks. The most recent figure is the one we used in selecting our top names on June 4th.</i></p>\n<p><b>Things To Come</b></p>\n<p>The performance of AMC over the next several months will tell us something about whether the cash substitute adjustment factor has peaked or is continuing to generate outperformance. Let's think about what might happen with that stock over that time frame. Let's start with what won't happen: it won't be diluted with new issuance between now and December. According to AMC CEO Adam Aron in the interview below, the company&nbsp;only has another 46,000 shares its authorized to sell this year.</p>\n<p>As we mentioned in our previous post, if you haven't heard him speak, the interview is worth a watch. Except for the&nbsp;brief moment&nbsp;where he accidentally reveals that he's not wearing pants, Adam Aron handles himself and social media pretty well. Elon Musk could learn a thing from him.</p>\n<p>Like Musk, Aron is trying to generate some synergy from shareholders who are also customers.</p>\n<p><img src=\"https://static.tigerbbs.com/b42511d94dee5aec8962d1a412041ccf\" tg-width=\"604\" tg-height=\"443\">Whether this is enough to take AMC shares higher over the next several months remains to be seen, but the cash Aron has on hand from recent stock sales gives him the potential for some positive surprises such as acquisitions of the theaters of distressed competitors.</p>\n<p><b>Safety First</b></p>\n<p>Finally, if you're going to buy AMC at these levels, please consider hedging. You can refer to this video for the general approach, though obviously, you'll need updated hedges given the stock's run over the last week.</p>\n<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>AMC CEO Gets Caught With His Pants Down</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: 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\">\nAMC CEO Gets Caught With His Pants Down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 15:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/news/2021-06-06/amc-another-chance-be-wrong><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMC Hits Our Top Ten Again\nI hadn't planned on writing about AMC Entertainment Holdings (AMC) again this weekend, but the stock hit our top ten names again on Friday.\nThat's the first time AMC has ...</p>\n\n<a href=\"https://www.zerohedge.com/news/2021-06-06/amc-another-chance-be-wrong\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.zerohedge.com/news/2021-06-06/amc-another-chance-be-wrong","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175289580","content_text":"AMC Hits Our Top Ten Again\nI hadn't planned on writing about AMC Entertainment Holdings (AMC) again this weekend, but the stock hit our top ten names again on Friday.\nThat's the first time AMC has appeared in our top ten since April 1st, when it was trading at $9.36.\nSince then, AMC is up about 412% as of Friday's close.\nBut our top names cohorts are estimates about performance over the next six months. So now we have two chances to be wrong about AMC: if does poorly from April 1st to October 1st and if it does poorly from June 4th to December 4th.\nThis is also another public test of a gauge of options market sentiment we've been using to select our top names, a factor which may have peaked in February of this year. Let's talk about that factor, why the AMC's in our top ten again now, and what might happen over the next several months.\nWhy AMC Is In Our Top Ten Now\nReaders might wonder what AMC has in common with our top name on Friday, First Majestic Silver Corp. (AG), or Marathon Digital Holdings, Inc. (MARA), Riot Blockchain, Inc. (RIOT), Silvergate Capital Corp. (SI), RH (RH), or the rest of our June 4th top ten. Fundamentally, nothing: they were all selected based on our system's analysis of their past returns and forward-looking options market sentiment on them. We can speculate on why options market participants seem to be bullish on them though: AG is obviously an inflation play; the next three are Bitcoin names, so in a sense also inflation plays; RH, the chain formerly known as Restoration Hardware, is a beneficiary of the COVID lockdown-fueled home improvement boom we've written about before (The Lovesac: Where We Can Get Together).\nBut what all these names have in common is they scored highly on one particular gauge of options market sentiment we call the cash substitute adjustment factor. This comes from a cash minimization strategy we use in hedged portfolios, that turned out to select for securities that generated significant alpha -- at least until earlier this year.\nCash Substitutes In Hedged Portfolios\nThe idea behind minimizing cash in hedged portfolios is this: in a portfolio where every position is hedged according to your risk tolerance, you don't need to hold cash to minimize risk, or to provide dry powder in the event of a crash -- the hedges serve those purposes. So, since cash generates practically no returns in a low interest rate environment, we seek to minimize it, while at the same time reducing the overall hedging cost of the portfolio (we have cash in these portfolios initially because we need to round down dollar amounts into round lots of underlying securities because those are cheaper to hedge). The way we minimize the leftover cash in our hedged portfolios is by putting as much as possible into a \"cash substitute\": that's a stock or exchange-traded-product that when tightly collared, generates a significantly negative hedging cost.\nSpecifically, we test each security in our universe by attempting to collar it against a greater-than-9% decline over the next several months while capping its upside at 1% or the current money market yield, whichever is higher. For AMC, that looked like this on Friday.\nScreen captures via the Portfolio Armor iPhone app.\nThat hedging cost of -7.83% of position value was one of the ten most negative hedging costs of any of the thousands of securities in our universe on Friday.\nWhy This Factor Matters\nIt matters because stocks and exchange traded products that generated large net credits/negative hedging costs when collared that way have dramatically outperformed our other top names in aggregate. As of Friday's close, they've outperformed by an average of about 28.9% over six months. That average takes into account the 6-month performance of every top name we've selected daily since we started tracking this signal in August of 2019. Since then, its average out/underperformance has ranged from about 32% to -6%. It's possible ~32% was the all-time peak and it will be generating underperformance again in the near future; we update the factors we use daily though, so we will adjust our security selection process accordingly.\n\nScreen capture from our site's admin panel showing how the average outperformance of the cash substitute adjustment factor has declined over the last couple of weeks. The most recent figure is the one we used in selecting our top names on June 4th.\nThings To Come\nThe performance of AMC over the next several months will tell us something about whether the cash substitute adjustment factor has peaked or is continuing to generate outperformance. Let's think about what might happen with that stock over that time frame. Let's start with what won't happen: it won't be diluted with new issuance between now and December. According to AMC CEO Adam Aron in the interview below, the company only has another 46,000 shares its authorized to sell this year.\nAs we mentioned in our previous post, if you haven't heard him speak, the interview is worth a watch. Except for the brief moment where he accidentally reveals that he's not wearing pants, Adam Aron handles himself and social media pretty well. Elon Musk could learn a thing from him.\nLike Musk, Aron is trying to generate some synergy from shareholders who are also customers.\nWhether this is enough to take AMC shares higher over the next several months remains to be seen, but the cash Aron has on hand from recent stock sales gives him the potential for some positive surprises such as acquisitions of the theaters of distressed competitors.\nSafety First\nFinally, if you're going to buy AMC at these levels, please consider hedging. You can refer to this video for the general approach, though obviously, you'll need updated hedges given the stock's run over the last week.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327787140,"gmtCreate":1616126583880,"gmtModify":1634527099479,"author":{"id":"3578313354600805","authorId":"3578313354600805","name":"SergiuB","avatar":"https://static.tigerbbs.com/f76ea08e26c429b9496172b2bb5d57bd","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578313354600805","authorIdStr":"3578313354600805"},"themes":[],"htmlText":"The #NFT are in uncharted territory, it's very hard to explain, did anyone found a simple description?","listText":"The #NFT are in uncharted territory, it's very hard to explain, did anyone found a simple description?","text":"The #NFT are in uncharted territory, it's very hard to explain, did anyone found a simple description?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327787140","repostId":"2120166735","repostType":4,"repost":{"id":"2120166735","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1616123349,"share":"https://ttm.financial/m/news/2120166735?lang=&edition=full","pubTime":"2021-03-19 11:09","market":"us","language":"en","title":"NFT-related stocks gyrate wildly as digital asset buzz grows","url":"https://stock-news.laohu8.com/highlight/detail?id=2120166735","media":"Reuters","summary":"The popularity of non-fungible tokens (NFT), a type of digital asset that is authenticated by blockc","content":"<p>The popularity of non-fungible tokens (NFT), a type of digital asset that is authenticated by blockchain, is spreading to equities as investors turn their focus to shares of online art trading platforms and companies making NFT-related announcements, sparking outsize swings in their stocks.</p>\n<p>Excitement around NFTs has exploded during the pandemic, as enthusiasts spend enormous sums of money on artworks and other items that exist only online, with some selling for tens of millions of dollars. That appears to have fired up interest in companies that may have a connection to the NFT world.</p>\n<p>Shares of shipping and logistics company Sino-Global Shipping America Ltd have risen more than 300% this year. The company in recent weeks has said it would accept bitcoin as payment and made other announcements related to cryptocurrencies and blockchain.</p>\n<p>Sino-Global, which has a market capitalization of around $123.4 million, said on Thursday it will launch an exchange for NFTs with e-commerce public chain CyberMiles. Sino-Global shares rose by more than 33% before closing down 0.4% at $8.54.</p>\n<p>Shares of pipe maker ZK International Group finished up 0.8% at $8.77 after rising as much as 20% on Thursday. ZK announced earlier in the week that its subsidiary xSigma Corp would develop an NFT marketplace where users could buy and sell NFTs and create custom assets in a few clicks. Its stock is up almost 240% this year.</p>\n<p>Investors were also betting that art-related companies would profit from NFT, sending shares of art trading platforms Takung Artand Oriental Culture Holding gyrating.</p>\n<p>Takung U.S. shares closed up 33% at $30.06 after notching big swings. The stock is now up 1,900% year-to-date.</p>\n<p>Oriental Culture’s shares rose as much as 60% on Thursday before closing down 4.2%; they have gained 107% year-to-date.</p>\n<p>Outside of the stock market, the trend has brought big profits to some artists and collectors.</p>\n<p>Last month, musician and artist Grimes, who is the romantic partner Tesla Chief Executive Elon Musk, sold some animations she made on a website called Nifty Gateway for more than $6 million.</p>\n<p>Earlier this month, a $70 million digital-only artwork was auctioned by Christie’s to a crypto asset investor who goes by the pseudonym “Metakovan.”</p>\n<p>Some investors said the run on NFT-related shares echoes a 2017 rushhereinto the stocks of companies making blockchain or cryptocurrency announcements, including Long Island Iced Tea Corp, a beverage maker whose shares soared after it said it would rebrand itself Long Blockchain Corp.</p>\n<p>Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh, said the interest in companies involved in digital assets is “largely driven by the people that think they missed bitcoin.”</p>\n<p>“Buying the companies offering NFT would be like buying companies that have some sort of dealings with bitcoin in the early days,” Forrest said.</p>\n<p>But the money manager was skeptical about how well NFT would fare in the long run: “This is the electronic version of a Beanie Baby – remember that craze?”</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>NFT-related stocks gyrate wildly as digital asset buzz grows</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: 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\">\nNFT-related stocks gyrate wildly as digital asset buzz grows\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-19 11:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The popularity of non-fungible tokens (NFT), a type of digital asset that is authenticated by blockchain, is spreading to equities as investors turn their focus to shares of online art trading platforms and companies making NFT-related announcements, sparking outsize swings in their stocks.</p>\n<p>Excitement around NFTs has exploded during the pandemic, as enthusiasts spend enormous sums of money on artworks and other items that exist only online, with some selling for tens of millions of dollars. That appears to have fired up interest in companies that may have a connection to the NFT world.</p>\n<p>Shares of shipping and logistics company Sino-Global Shipping America Ltd have risen more than 300% this year. The company in recent weeks has said it would accept bitcoin as payment and made other announcements related to cryptocurrencies and blockchain.</p>\n<p>Sino-Global, which has a market capitalization of around $123.4 million, said on Thursday it will launch an exchange for NFTs with e-commerce public chain CyberMiles. Sino-Global shares rose by more than 33% before closing down 0.4% at $8.54.</p>\n<p>Shares of pipe maker ZK International Group finished up 0.8% at $8.77 after rising as much as 20% on Thursday. ZK announced earlier in the week that its subsidiary xSigma Corp would develop an NFT marketplace where users could buy and sell NFTs and create custom assets in a few clicks. Its stock is up almost 240% this year.</p>\n<p>Investors were also betting that art-related companies would profit from NFT, sending shares of art trading platforms Takung Artand Oriental Culture Holding gyrating.</p>\n<p>Takung U.S. shares closed up 33% at $30.06 after notching big swings. The stock is now up 1,900% year-to-date.</p>\n<p>Oriental Culture’s shares rose as much as 60% on Thursday before closing down 4.2%; they have gained 107% year-to-date.</p>\n<p>Outside of the stock market, the trend has brought big profits to some artists and collectors.</p>\n<p>Last month, musician and artist Grimes, who is the romantic partner Tesla Chief Executive Elon Musk, sold some animations she made on a website called Nifty Gateway for more than $6 million.</p>\n<p>Earlier this month, a $70 million digital-only artwork was auctioned by Christie’s to a crypto asset investor who goes by the pseudonym “Metakovan.”</p>\n<p>Some investors said the run on NFT-related shares echoes a 2017 rushhereinto the stocks of companies making blockchain or cryptocurrency announcements, including Long Island Iced Tea Corp, a beverage maker whose shares soared after it said it would rebrand itself Long Blockchain Corp.</p>\n<p>Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh, said the interest in companies involved in digital assets is “largely driven by the people that think they missed bitcoin.”</p>\n<p>“Buying the companies offering NFT would be like buying companies that have some sort of dealings with bitcoin in the early days,” Forrest said.</p>\n<p>But the money manager was skeptical about how well NFT would fare in the long run: “This is the electronic version of a Beanie Baby – remember that craze?”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OCG":"东方文化","ZKIN":"正康国际集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120166735","content_text":"The popularity of non-fungible tokens (NFT), a type of digital asset that is authenticated by blockchain, is spreading to equities as investors turn their focus to shares of online art trading platforms and companies making NFT-related announcements, sparking outsize swings in their stocks.\nExcitement around NFTs has exploded during the pandemic, as enthusiasts spend enormous sums of money on artworks and other items that exist only online, with some selling for tens of millions of dollars. That appears to have fired up interest in companies that may have a connection to the NFT world.\nShares of shipping and logistics company Sino-Global Shipping America Ltd have risen more than 300% this year. The company in recent weeks has said it would accept bitcoin as payment and made other announcements related to cryptocurrencies and blockchain.\nSino-Global, which has a market capitalization of around $123.4 million, said on Thursday it will launch an exchange for NFTs with e-commerce public chain CyberMiles. Sino-Global shares rose by more than 33% before closing down 0.4% at $8.54.\nShares of pipe maker ZK International Group finished up 0.8% at $8.77 after rising as much as 20% on Thursday. ZK announced earlier in the week that its subsidiary xSigma Corp would develop an NFT marketplace where users could buy and sell NFTs and create custom assets in a few clicks. Its stock is up almost 240% this year.\nInvestors were also betting that art-related companies would profit from NFT, sending shares of art trading platforms Takung Artand Oriental Culture Holding gyrating.\nTakung U.S. shares closed up 33% at $30.06 after notching big swings. The stock is now up 1,900% year-to-date.\nOriental Culture’s shares rose as much as 60% on Thursday before closing down 4.2%; they have gained 107% year-to-date.\nOutside of the stock market, the trend has brought big profits to some artists and collectors.\nLast month, musician and artist Grimes, who is the romantic partner Tesla Chief Executive Elon Musk, sold some animations she made on a website called Nifty Gateway for more than $6 million.\nEarlier this month, a $70 million digital-only artwork was auctioned by Christie’s to a crypto asset investor who goes by the pseudonym “Metakovan.”\nSome investors said the run on NFT-related shares echoes a 2017 rushhereinto the stocks of companies making blockchain or cryptocurrency announcements, including Long Island Iced Tea Corp, a beverage maker whose shares soared after it said it would rebrand itself Long Blockchain Corp.\nKim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh, said the interest in companies involved in digital assets is “largely driven by the people that think they missed bitcoin.”\n“Buying the companies offering NFT would be like buying companies that have some sort of dealings with bitcoin in the early days,” Forrest said.\nBut the money manager was skeptical about how well NFT would fare in the long run: “This is the electronic version of a Beanie Baby – remember that craze?”","news_type":1,"symbols_score_info":{"OCG":0.9,"SINO":0.9,"TKAT":0.9,"ZKIN":0.9}},"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}