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- janiceyljaniceyl
  ·2021-07-11
  Good
  非常抱歉，此主贴已删除
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- janiceyljaniceyl
  ·2021-06-13
  Will it last
  Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote>
  GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the
  Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote>
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- janiceyljaniceyl
  ·2021-06-07
  About time to tax these rich coy
  非常抱歉，此主贴已删除
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- janiceyljaniceyl
  ·2021-06-05
  Long wait
  1,308 评论
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- janiceyljaniceyl
  ·2021-06-05
  Waiting
  929 评论
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- janiceyljaniceyl
  ·2021-05-17
  Not sure if this helps
  非常抱歉，此主贴已删除
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- janiceyljaniceyl
  ·2021-05-13
  Bad news
  非常抱歉，此主贴已删除
  1,256 评论
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- janiceyljaniceyl
  ·2021-05-09
  New interest
  The Week In Cannabis: The New Tilray, Jazz-GW Pharma, Earnings, M&A, And More<blockquote>大麻一周：新Tilray、Jazz-GW Pharma、收益、并购等</blockquote>
  This was an eventful week for the cannabis industry.On Monday,Tilray, Inc.(NASDAQ:TLRY) and Aphria,
  The Week In Cannabis: The New Tilray, Jazz-GW Pharma, Earnings, M&A, And More<blockquote>大麻一周：新Tilray、Jazz-GW Pharma、收益、并购等</blockquote>
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- janiceyljaniceyl
  ·2021-05-09
  Good for tesla but competitors not happy
  非常抱歉，此主贴已删除
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- janiceyljaniceyl
  ·2021-05-09
  Blood on the street
  What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>
  To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t
  What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>
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热议股票

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it last","listText":"Will it last","text":"Will it last","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/182883405","repostId":"1185020128","repostType":4,"repost":{"id":"1185020128","kind":"news","pubTimestamp":1623537503,"share":"https://www.laohu8.com/m/news/1185020128?lang=zh_CN&edition=full","pubTime":"2021-06-13 06:38","market":"us","language":"en","title":"Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185020128","media":"investors","summary":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ","content":"<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p><p><blockquote>游戏驿站可能是SPDR S&amp;P 600小型股价值中最大的持股，但这并不是该ETF击败成长型股票的唯一原因。</blockquote></p><p> The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p><p><blockquote>这只价值42亿美元的价值基金追踪S&amp;P SmallCap 600价值指数(SLYV)，该指数由根据账面价值与价格比率、市盈率和销售价格比率具有最强价值特征的股票组成。截至周四收盘，SLYV今年上涨了32%。</blockquote></p><p> That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p><p><blockquote>这是成长型股票SPDR S&amp;P 600 Small Cap Growth(SLYG)回报率的两倍多，后者上涨了15%。SLYG跟踪的指数包括基于销售增长、盈利价格变化和动量的增长特征最强的股票。</blockquote></p><p> Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p><p><blockquote>回到SLYV，金融业占资产比重最大，占资产的24%。工业股约占17%，非必需消费品股15%，房地产股10%。其次是信息技术，占8%，材料、能源和医疗保健，各占6%。消费品、公用事业和通信服务的较小头寸占其余部分。</blockquote></p><p> SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p><p><blockquote>SPDR S&amp;P 600 Small Cap Value位居IBD ETF领先者之列，但SPDR S&amp;P 600 Small Cap Growth则不然。</blockquote></p><p> <b>GameStop Stock Leads</b></p><p><blockquote><b>游戏驿站股票领先</b></blockquote></p><p> <b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p><p><blockquote><b>游戏驿站</b>（GME），<b>梅西百货</b>(M)，<b>PDC能源</b>（PDCE），<b>Resideo技术</b>（雷齐）和<b>联合银行</b>(BKU)是截至周三的前五大持股。</blockquote></p><p> <b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p><p><blockquote><b>太平洋卓越银行</b>（PPBI），<b>贝德柏士比昂公司</b>（BBBY），<b>美国银行</b>（ABCB），<b>第一夏威夷人</b>（FHB）和<b>洞察企业</b>(NSIT)跻身前十名。</blockquote></p><p> GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p><p><blockquote>游戏驿站今年经历了大幅波动。今年早些时候，在Reddit/WallStreetBets人群推动的空头挤压反弹中，该股飙升了约2,500%。GME股票随后从1月28日的高点暴跌92%至2月中旬的低点。随后在接下来的三周内飙升805%，在接下来的两周内下跌66%。</blockquote></p><p> Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p><p><blockquote>此后，股价一直相对低迷，直到周四暴跌27%。即便如此，截至周四收盘，游戏驿站股价今年迄今仍上涨了1,070%。</blockquote></p><p> Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p><p><blockquote>GME会夸大SLYV的业绩吗？当然，考虑到其四位数的增益。但看看SLYG的投资组合很有趣。游戏驿站股票也是成长型股票ETF中持股最多的股票，尽管前10名中的其他股票差异很大。</blockquote></p><p> <b>Second Meme Stock In Top 10</b></p><p><blockquote><b>前十名中的第二只模因股票</b></blockquote></p><p> PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p><p><blockquote>PDC Energy上涨130%，在前十名中涨幅第二大。这家总部位于科罗拉多州的石油和天然气勘探公司的相对强度评级为97，这意味着它在所有股票中排名前3%。其相对强弱线处于52周高点，这是一个看涨信号。</blockquote></p><p> Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p><p><blockquote>另一只模因股票Bed Bath&amp;Beyond今年上涨了78%。在一系列两位数的剧烈波动中，股价在1月份飙升了200%以上。BBBY股票随后回吐了大部分涨幅。</blockquote></p><p> But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p><p><blockquote>但这家家居用品零售商似乎又重新受到了WallStreetBets讨论组的关注。6月2日，Bed Bath&amp;Beyond股价飙升62%，随后第二个交易日暴跌28%。</blockquote></p><p> The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p><p><blockquote>其余前10只股票的表现也优于大盘。梅西百货今年迄今上涨了68%，而Resideo、Pacific Premier和Ameris的涨幅均超过40%。涨幅最低的银行控股公司First Hawaiian上涨了20%。截至周四收盘，标普500上涨了13%。</blockquote></p><p> SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p><p><blockquote>根据MarketSmithChart分析，SLYV仍处于带手柄acup的87.29入场点的潜在买入范围内。SLYV和SLYG收取0.15%的费用率。</blockquote></p><p></p>","source":"lsy1610449120050","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>Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays<blockquote>Meme股票飙升1,000%，领跑这两只顶级小盘股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-06-13 06:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p><p><blockquote>游戏驿站可能是SPDR S&amp;P 600小型股价值中最大的持股，但这并不是该ETF击败成长型股票的唯一原因。</blockquote></p><p> The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p><p><blockquote>这只价值42亿美元的价值基金追踪S&amp;P SmallCap 600价值指数(SLYV)，该指数由根据账面价值与价格比率、市盈率和销售价格比率具有最强价值特征的股票组成。截至周四收盘，SLYV今年上涨了32%。</blockquote></p><p> That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p><p><blockquote>这是成长型股票SPDR S&amp;P 600 Small Cap Growth(SLYG)回报率的两倍多，后者上涨了15%。SLYG跟踪的指数包括基于销售增长、盈利价格变化和动量的增长特征最强的股票。</blockquote></p><p> Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p><p><blockquote>回到SLYV，金融业占资产比重最大，占资产的24%。工业股约占17%，非必需消费品股15%，房地产股10%。其次是信息技术，占8%，材料、能源和医疗保健，各占6%。消费品、公用事业和通信服务的较小头寸占其余部分。</blockquote></p><p> SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p><p><blockquote>SPDR S&amp;P 600 Small Cap Value位居IBD ETF领先者之列，但SPDR S&amp;P 600 Small Cap Growth则不然。</blockquote></p><p> <b>GameStop Stock Leads</b></p><p><blockquote><b>游戏驿站股票领先</b></blockquote></p><p> <b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p><p><blockquote><b>游戏驿站</b>（GME），<b>梅西百货</b>(M)，<b>PDC能源</b>（PDCE），<b>Resideo技术</b>（雷齐）和<b>联合银行</b>(BKU)是截至周三的前五大持股。</blockquote></p><p> <b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p><p><blockquote><b>太平洋卓越银行</b>（PPBI），<b>贝德柏士比昂公司</b>（BBBY），<b>美国银行</b>（ABCB），<b>第一夏威夷人</b>（FHB）和<b>洞察企业</b>(NSIT)跻身前十名。</blockquote></p><p> GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p><p><blockquote>游戏驿站今年经历了大幅波动。今年早些时候，在Reddit/WallStreetBets人群推动的空头挤压反弹中，该股飙升了约2,500%。GME股票随后从1月28日的高点暴跌92%至2月中旬的低点。随后在接下来的三周内飙升805%，在接下来的两周内下跌66%。</blockquote></p><p> Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p><p><blockquote>此后，股价一直相对低迷，直到周四暴跌27%。即便如此，截至周四收盘，游戏驿站股价今年迄今仍上涨了1,070%。</blockquote></p><p> Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p><p><blockquote>GME会夸大SLYV的业绩吗？当然，考虑到其四位数的增益。但看看SLYG的投资组合很有趣。游戏驿站股票也是成长型股票ETF中持股最多的股票，尽管前10名中的其他股票差异很大。</blockquote></p><p> <b>Second Meme Stock In Top 10</b></p><p><blockquote><b>前十名中的第二只模因股票</b></blockquote></p><p> PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p><p><blockquote>PDC Energy上涨130%，在前十名中涨幅第二大。这家总部位于科罗拉多州的石油和天然气勘探公司的相对强度评级为97，这意味着它在所有股票中排名前3%。其相对强弱线处于52周高点，这是一个看涨信号。</blockquote></p><p> Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p><p><blockquote>另一只模因股票Bed Bath&amp;Beyond今年上涨了78%。在一系列两位数的剧烈波动中，股价在1月份飙升了200%以上。BBBY股票随后回吐了大部分涨幅。</blockquote></p><p> But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p><p><blockquote>但这家家居用品零售商似乎又重新受到了WallStreetBets讨论组的关注。6月2日，Bed Bath&amp;Beyond股价飙升62%，随后第二个交易日暴跌28%。</blockquote></p><p> The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p><p><blockquote>其余前10只股票的表现也优于大盘。梅西百货今年迄今上涨了68%，而Resideo、Pacific Premier和Ameris的涨幅均超过40%。涨幅最低的银行控股公司First Hawaiian上涨了20%。截至周四收盘，标普500上涨了13%。</blockquote></p><p> SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p><p><blockquote>根据MarketSmithChart分析，SLYV仍处于带手柄acup的87.29入场点的潜在买入范围内。SLYV和SLYG收取0.15%的费用率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220\">investors</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDCE":"PDC Energy","BBBY":"Bed Bath & Beyond Inc"},"source_url":"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185020128","content_text":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.\nThat more than doubles the return of its growth stock counterpart, SPDR S&P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.\nBack to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each. Smaller positions in consumer staples, utilities and communication services made up the rest.\nSPDR S&P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&P 600 Small Cap Growth is not.\nGameStop Stock Leads\nGameStop(GME),Macy's(M),PDC Energy(PDCE),Resideo Technologies(REZI) andBankUnited(BKU) were the top five holdings as of Wednesday.\nPacific Premier Bancorp(PPBI),Bed Bath & Beyond(BBBY),Ameris Bancorp(ABCB),First Hawaiian(FHB) andInsight Enterprises(NSIT) rounded out the top 10.\nGameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.\nAction had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.\nCould GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.\nSecond Meme Stock In Top 10\nPDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.\nBed Bath & Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.\nBut the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath & Beyond soared 62% before diving 28% the next session.\nThe rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&P 500 held a 13% gain through Thursday's close.\nSLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis. SLYV and SLYG charge a 0.15% expense ratio.","news_type":1,"symbols_score_info":{"PDCE":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":1391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114615422,"gmtCreate":1623072241266,"gmtModify":1631891518013,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578391811195027","idStr":"3578391811195027"},"themes":[],"htmlText":"About time to tax these rich coy","listText":"About time to tax these rich coy","text":"About time to tax these rich coy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/114615422","repostId":"1126396501","repostType":4,"isVote":1,"tweetType":1,"viewCount":1332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112517584,"gmtCreate":1622885757648,"gmtModify":1631891518022,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578391811195027","idStr":"3578391811195027"},"themes":[],"htmlText":"Long wait","listText":"Long wait","text":"Long 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sure if this helps","listText":"Not sure if this helps","text":"Not sure if this helps","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/195969036","repostId":"1197978343","repostType":4,"isVote":1,"tweetType":1,"viewCount":973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191410802,"gmtCreate":1620897485306,"gmtModify":1631891518060,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578391811195027","idStr":"3578391811195027"},"themes":[],"htmlText":"Bad news","listText":"Bad news","text":"Bad news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191410802","repostId":"1184813521","repostType":4,"isVote":1,"tweetType":1,"viewCount":1256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190027838,"gmtCreate":1620557194924,"gmtModify":1631884479214,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578391811195027","idStr":"3578391811195027"},"themes":[],"htmlText":"New interest","listText":"New interest","text":"New interest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190027838","repostId":"1147179681","repostType":4,"repost":{"id":"1147179681","kind":"news","pubTimestamp":1620458192,"share":"https://www.laohu8.com/m/news/1147179681?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:16","market":"us","language":"en","title":"The Week In Cannabis: The New Tilray, Jazz-GW Pharma, Earnings, M&A, And More<blockquote>大麻一周：新Tilray、Jazz-GW Pharma、收益、并购等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147179681","media":"Benzinga","summary":"This was an eventful week for the cannabis industry.On Monday,Tilray, Inc.(NASDAQ:TLRY) and Aphria, ","content":"<p><div> This was an eventful week for the cannabis industry.On Monday,Tilray, Inc.(NASDAQ:TLRY) and Aphria, Inc.(NASDAQ:APHA) closed their merger after months of negotiations, creating a company with a ...</p><p><blockquote><div>对于大麻行业来说，这是多事的一周。周一，经过数月的谈判，Tilray，Inc.（纳斯达克：TLRY）和Aphria，Inc.（纳斯达克：APHA）完成了合并，创建了一家拥有...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cannabis/21/05/21021448/the-week-in-cannabis-the-new-tilray-jazz-gw-pharma-earnings-m-a-and-more\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cannabis/21/05/21021448/the-week-in-cannabis-the-new-tilray-jazz-gw-pharma-earnings-m-a-and-more\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>The Week In Cannabis: The New Tilray, Jazz-GW Pharma, Earnings, M&A, And More<blockquote>大麻一周：新Tilray、Jazz-GW Pharma、收益、并购等</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Week In Cannabis: The New Tilray, Jazz-GW Pharma, Earnings, M&A, And More<blockquote>大麻一周：新Tilray、Jazz-GW Pharma、收益、并购等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-05-08 15:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> This was an eventful week for the cannabis industry.On Monday,Tilray, Inc.(NASDAQ:TLRY) and Aphria, Inc.(NASDAQ:APHA) closed their merger after months of negotiations, creating a company with a ...</p><p><blockquote><div>对于大麻行业来说，这是多事的一周。周一，经过数月的谈判，Tilray，Inc.（纳斯达克：TLRY）和Aphria，Inc.（纳斯达克：APHA）完成了合并，创建了一家拥有...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cannabis/21/05/21021448/the-week-in-cannabis-the-new-tilray-jazz-gw-pharma-earnings-m-a-and-more\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cannabis/21/05/21021448/the-week-in-cannabis-the-new-tilray-jazz-gw-pharma-earnings-m-a-and-more\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cannabis/21/05/21021448/the-week-in-cannabis-the-new-tilray-jazz-gw-pharma-earnings-m-a-and-more\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","CNBX":"CNBX Pharmaceuticals Inc.","SNDL":"SNDL Inc.","MSOS":"AdvisorShares Pure US Cannabis ETF","THCX":"Innovation Shares Cannabis ETF","JUSHF":"Jushi Holdings Inc.","SPY":"标普500ETF","TCNNF":"Trulieve Cannabis Corporation","MJ":"Amplify Alternative Harvest ETF","CNTMF":"FLUENT CORP","JAZZ":"爵士制药","GTBIF":"Green Thumb Industries Inc.","CNBS":"Amplify Seymour Cannabis ETF","NGD":"New Gold","GWPH":"GW Pharmaceuticals plc","MSRT":"MassRoots, Inc.","YOLO":"AdvisorShares Pure Cannabis ETF","APHA":"Aphria Inc."},"source_url":"https://www.benzinga.com/markets/cannabis/21/05/21021448/the-week-in-cannabis-the-new-tilray-jazz-gw-pharma-earnings-m-a-and-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147179681","content_text":"This was an eventful week for the cannabis industry.On Monday,Tilray, Inc.(NASDAQ:TLRY) and Aphria, Inc.(NASDAQ:APHA) closed their merger after months of negotiations, creating a company with a combined market cap of $3.3 billion.Following the merger, Jefferies upgraded the rating for Tilray from Underperform to Buy, while raising the price target from $4.77 to $23.Jazz Pharmaceuticals(NASDAQ:JAZZ) finalized its acquisition of GW Pharmaceuticals plc.(NASDAQ:GWPH), the producer of the FDA‑approved prescription cannabidiol drug Epidiolex, for $7.2 billion or $6.7 billion net of GW Pharma's cash.Meanwhile,Ascend Wellness Holdings(CSE:AAWH) started trading on the Canadian Securities exchange following a raise of approximately $80 million through an initial public offering of roughly 10 million shares of its Class A common stock at $8 per share.After two weeks of consolidating below resistance at the $1 level, shares of Reddit favorite Sundial Growers Inc. have resumed their downtrend.Credit Suisse Group AG(NYSE:CS) reportedly stopped handling transactions in shares of cannabis companies with U.S. operations and plans to refrain from holding cannabis stocks on behalf of its clients.The Swiss-based lender, which declined to give a statement, was among a handful of banks willing to buy and sell marijuana-related stocks and hold the shares as a custodian for clients in the United States. While it's not yet clear what impact this decision will have, Reuters reported the move has affected the sale of marijuana stocks in recent weeks.In fact, all major ETFs were down. Over the five trading days of this week:TheETFMG Alternative Harvest ETF(NYSE:MJ): lost 0.2%.The$AdvisorShares Pure Cannabis ETF(YOLO)$(NYSE:YOLO): tumbled 1.8%.TheAdvisorShares Pure US Cannabis ETF(NYSE:MSOS): shed 0.2% of its value.TheCannabis ETF(NYSE:THCX): dropped 3.4%.TheAmplify Seymour Cannabis ETF(NYSE:CNBS): was down 3.5%.TheSPDR S&P 500 ETF Trust(NYSE:SPY) closed the week up 1.21%.Policy, Science And DataIn New York, people gathered to celebrate cannabis legalization.“Last weekend's annual New York City cannabis parade brought out a who's who in politicians jockeying for position to be the one who wasalwayssupportive of legalizing cannabis. Ah-hem. Water under the bridge shall we say,” commented Debra Borchardt, CEO ofGreen Market Report. “With adult use cannabis sales likely to be legal by next year's parade, the people who attended were clearly in a celebratory mood. The New York market is expected to be the largest in the country and there were many small businesses working the crowd. There should be a Tinder app for social equity applicants to hook up with investors as there was a lot of talk about social equity applicants, but most have no money or very little.”In ColoradoGov. Jared Polis signed a bill that would expand access to medical cannabis for school children in need by removing obstacles to its administration.Financings And M&AJushi Holdings Inc.(CSE:JUSH) (OTC:JUSHF) finalized its purchase of a 93,000 sq. ft. facility operated by its subsidiary,Dalitso LLC, for around $22 million. The deal also includes nearly nine acres of surrounding land in Prince William County, Virginia.High Tide Inc.(TSXV:HITI) (OTCQB:HITIF) (FRA: 2LY) will acquire 80% ofFab Nutrition, LLC. (operating as FABCBD) for $20.64 million in stock and cash.MassRoots, Inc.(OTC:MSRT) is looking to acquireEmpire Services, Inc. for $14 million in a primarily stock-based transaction.Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) purchased West Virginia-basedMountaineer Holding LLCfor $6 million.Cansortium Inc.(CSE:TIUM), (OTCQB:CNTMF), doing business under the Fluent brand, exercised its right to regain up to the maximum of $5 million of convertible promissory notes, originally issued in the amount of $10 million in 2019.Green Thumb Industries Inc.(CSE:GTII) (OTCQX:GTBIF) will reach the Virginia market via its acquisition ofDharma Pharmaceuticals LLC.Earnings ReportsKiaro Holdings Corp.(TSXV:KO) reported record revenues of CA$17.1 million in 2021, representing a year-over-year increase of 230%. Same-store sales spiked 58% over the same period.Cansortium Inc.(CSE:TIUM) (OTCQB:CNTMF), which operates under the Fluent brand, announced its fourth-quarter and full-year 2020 financial results, with consolidated revenue of $14.7 million for the three months ending Dec. 31, up 54% year-over-year.Scotts Miracle-Gro (NYSE:SMG) reported that company-wide sales grew by 32% year-over-year reaching $1.83 billion in the second quarter. For the first half of fiscal 2021, the company reported sales of $2.58 billion, up by 47% from $1.75 billion in sales posted a year ago.Sales for the cannabis-focused Hawthorne segment climbed up to $363.8 million, representing a 66% year-over-year increase.Lowell Farms Inc.(CSE:LOWL) (OTCQX:LOWLF) generated $11 million in revenue during the first quarter of the 2021 fiscal year, representing an increase of 17% year-over-year.Cannabis REITInnovative Industrial Properties, Inc.(NYSE:IIPR) announced its total revenue increased by 103% year-over-year to $42.9 million in the first quarter of 2021. Net income for the same period was roughly $25.6 million, or $1.05 per diluted share, representing an annual growth of 122%.POSaBIT Systems Corporation(CSE:PBIT) (OTCQX:POSAF) reported its total revenue increased by 327% year-over-year, hitting roughly $3.06 million in the fourth quarter of 2020. Total revenue amounted to $7.82 million in 2020, representing an annual increase of 127%.Cronos Group Inc (NASDAQ: CRON) reported a Q1 adjusted EBITDA loss of $37.07 million, marginally up from $37.05 million reported a year ago. This slight increase in losses was primarily driven by the rise in sales and marketing costs due to brand development in the U.S. segment and an increase in R&D costs.Hemp cultivation and processing brandHempFlaxposted its full-year 2020 earnings report, with revenues of €14.5 million ($17.4 million), up 43% from 2019's $10.1 million. EBITDA increased 63% from 2019, totaling €1.8 million, marking the company's second profitable year. EBITDA margins increased to 12.7% from the previous year's 11.1%.Planet 13 Holdings Inc.(CSE:PLTH) (OTCQX:PLNHF) generated record sales in April of $10.7 million — almost as much as last year’s total second-quarter revenue of $10.8 million.Other NewsCanadian hospital Sunnybrook Health Sciences Centre and Avicana Inc(OTC:AVCNF) announced a partnership to provide medical cannabis products on-site through the Odette Cancer Centre Pharmacy.Orchid Ventures Inc(OTC:ORVRD) entered an exclusive licensing agreement with Gold Flora. Per the agreement, Gold Flora will be assuming all production, sales, and distribution of Orchid Essentials products throughout the state of California, and purchasing all hardware, packaging, and terpenes through PurTecDelivery Systems, a wholly-owned subsidiary of Orchid Ventures.“As one of the highest growth operators in the state, we are confident that Gold Flora's leadership and quality of their operations will accelerate Orchid's growth potential, further establishing the brand as a leader in the largest recreational cannabis market in the world, California,” Corey Mangold, CEO and chairman of Orchid Ventures, told Benzinga.Applied DNA Sciences, Inc.(NASDAQ:APDN) signed a new contract with the Defense Logistics Agency’s (DLA) Land and Maritime’s Product Test Center (PTC) with a maximal value of $1.04 million.MedMen Enterprises Inc(CSE:MMEN) (OTC:MMNFF) announced the opening of its first Miami Beach, Florida location.Tamerlane Tradinglaunched an online quality-verified marketplace for wholesale and bulk cannabis, calling the move the first and only cannabis marketplace of its kind in the world.“Our overall goal with the new online marketplace is to establish trust and transparency in the cannabis industry. By including quality verification and grading of cannabis product, wholesale buyers and suppliers will benefit,” said Jhavid Mohseni, CEO of Tamerlane Trading.Acreage Holdings, Inc.(CSE:ACRG) (OTC:ACRGF) andMedterra CBD, LLCare joining forces to develop a CBD-based collection of products.Sitka Hash Househas launched its handmade hashish-based products into the California market with manufacturing partner, Garden Society. Founded in 2012, Sitka claims 9 out of the top 10 hashish SKUs in Washington state.Sitka CEO Jeff Graham told Benzinga, “Interstate expansion offers us the opportunity to provide our original cannabis concentrates to new audiences. We are proud to enter California with the Garden Society as our manufacturer and HERBL as our distributor.”The Aster Farms team tracked their energy consumption, CO2e emissions, water use, solid waste as well as their hiring practices over the last year. The company now released its first annual Sustainability Report.“Sustainability is part of our company's DNA,” shared Aster Farms CEO and co-founder Julia Jacbonson. “From regenerative agriculture and recyclable packaging to inclusive hiring practices, we understand that sustainable farming is only part of the story.”“The cannabis industry is in a unique position to change the paradigm of what a successful company looks and feels like and what is considered most important,” she added.Newly released podcastHighly Unlikely,hosted by standup comedianAlex Gettlinand produced by Wikileaf, dives into the absurdity of the world we live in. Each episode features famed comedian guests losing their minds over some very real and strange facts while trying various new cannabis products.Canadian licensed cannabis producers and global markets will have access to time-tested, feminized, organic-certified cannabis seeds. This is thanks to a new partnership betweenHumboldt Seed CompanyandNymera,which will allow not only the production and sale of the seeds in Canada, but also the export of these genetics to other countries with legal cannabis markets around the world.This is the first time a cannabis seed is certified as organic.Calyxtannounced advancements in technology that will make it easier for scientists to bring advanced breeding into hemp. The company, an expert at improving crops like soybeans and wheat to produce more heart-healthy oil or higher fiber, announced its scientists have transformed hemp – an important step as the company can now engineer the hemp genome, unlocking capabilities to selectively breed and deliver improvements in hemp traits through advanced plant breeding like gene editing or even GM level engineering.“We were able to change the plants DNA and regenerate plants through tissue culture, thus accomplishing something that has been fairly elusive in hemp to date,\" said Travis Frey, Ph.D., chief technology officer of Calyxt. “By modernizing the hemp crop, we can now deliver traits that benefits both growers and consumers who are increasingly looking for plant-based and sustainable foods, materials, cosmeceuticals, nutraceuticals and more.\"Zelira Therapeutics Ltd(ASX:ZLD) (OTCQB:ZLDAF) launched its HOPE line of cannabis products in Washington DC. The product line, especially formulated for autism spectrum disorder (ASD) patients of all ages, is also available in Pennsylvania, Louisiana and Australia.“Since we first launched HOPE in the US, our long-term goal has been to make it accessible to ASD patients everywhere, and Washington DC's reciprocity allows us to take a huge step in that direction here in the US,” Dr. Oludare Odumosu, CEO of Zelira Therapeutics, told Benzinga. “The nation's capital is one of the most popular travel destinations, so we are thrilled to be able to offer HOPE there as a treatment option for ASD patients from around the country who travel to DC.”Cannabics Pharmaceuticals Inc.(OTCQB:CNBX), received a “Notice of Allowance” from the Mexican Patent and Trademark Office (IMPI) for a patent on a “System and method for high throughput screening of cancer cells.”Executive MovesCBD products distributor,Khode LLC., announced Tuesday it formed its first board of directors consisting of music artists, executives and CBD industry veterans, including Grammy award-winning artists and entrepreneurDJ Khaled, music executiveLenny S, CEO ofEndexx Corporation(OTC:EDXC)Todd Davis, andStephen HerronandRon CottingofCBD Unlimited, Inc.","news_type":1,"symbols_score_info":{"THCX":0.9,"CNBS":0.9,"MJ":0.9,"SNDL":0.9,"CS":0.9,"TLRY":0.9,"MSRT":0.9,"JUSHF":0.9,"SPY":0.9,"NGD":0.9,"MSOS":0.9,"TCNNF":0.9,"CNTMF":0.9,"JAZZ":0.9,"GTBIF":0.9,"APHA":0.9,"CNBX":0.9,"HITIF":0.9,"GWPH":0.9,"YOLO":0.9}},"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190027356,"gmtCreate":1620557136175,"gmtModify":1631891518070,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578391811195027","idStr":"3578391811195027"},"themes":[],"htmlText":"Good for tesla but competitors not happy&nbsp;","listText":"Good for tesla but competitors not happy&nbsp;","text":"Good for tesla but competitors not happy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190027356","repostId":"1140579879","repostType":4,"isVote":1,"tweetType":1,"viewCount":1271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190024439,"gmtCreate":1620557025521,"gmtModify":1631891518083,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578391811195027","idStr":"3578391811195027"},"themes":[],"htmlText":"Blood on the street","listText":"Blood on the street","text":"Blood on the street","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190024439","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}