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- JunchanJunchan
  ·2021-06-29
  Like pls
  NIO Will Surpass Tesla as China's Top EV Maker, Navellier Says
  NIO (NIO) -Get Report shares rose Monday after Louis Navellier, chief investment officer of money ma
  NIO Will Surpass Tesla as China's Top EV Maker, Navellier Says
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- JunchanJunchan
  ·2021-06-28
  Like pls
  The IPO Market Has Never Been Hotter Than It Is Right Now
  Companies are racing to public markets like never before, cashing in onrecord-highstock prices. An a
  The IPO Market Has Never Been Hotter Than It Is Right Now
  912 5
  5
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- JunchanJunchan
  ·2021-06-27
  Comment and like pls
  非常抱歉，此主贴已删除
  704 3
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- JunchanJunchan
  ·2021-06-26
  Hope it breaks 700 again
  非常抱歉，此主贴已删除
  988 2
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- JunchanJunchan
  ·2021-06-25
  Comment
  Oil Set for Weekly Gain as Focus Turns to Upcoming OPEC+ Meeting
  (Bloomberg) -- Oil is heading for a fifth weekly advance, the longest winning streak since December,
  Oil Set for Weekly Gain as Focus Turns to Upcoming OPEC+ Meeting
  834 2
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- JunchanJunchan
  ·2021-06-24
  Comment and like
  Cannabis Mergers: Canopy Growth Issues 9 Million Shares To Complete Acquisition Of Supreme Cannabis Co.
  Canopy Growth Corporation(TSX:WEED) (NASDAQ:CGC) has merged withThe Supreme Cannabis Company, Inc.(T
  Cannabis Mergers: Canopy Growth Issues 9 Million Shares To Complete Acquisition Of Supreme Cannabis Co.
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- JunchanJunchan
  ·2021-06-23
  Ok
  Bubble Expert Jeremy Grantham Addresses ‘Epic’ Equities Euphoria
  It’s been just over a year since the last stock market crash, and investors are wondering if another
  Bubble Expert Jeremy Grantham Addresses ‘Epic’ Equities Euphoria
  806 评论
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- JunchanJunchan
  ·2021-06-22
  Comment and like
  HSBC Revamps U.S. Investment Bank as Four Senior Executives Exit
  (Bloomberg) -- Four of HSBC Holdings Plc’s most senior bankers in the U.S. are leaving the investmen
  HSBC Revamps U.S. Investment Bank as Four Senior Executives Exit
  1,033 1
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- JunchanJunchan
  ·2021-06-21
  Like please
  非常抱歉，此主贴已删除
  830 2
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The reality is that this company is on the verge of dominating the EV market in China and Hong Kong.”</p>\n<p>NIO American depositary receipts recently traded at $49.23, up 9.2%. They have climbed 27% in the past month amid investor enthusiasm for EVs.</p>\n<p>Tesla recently traded at $687.47, up 2.3%, and has gained 9% in the past month.</p>\n<p>As for NIO, “the company boasts that it is the ‘next-generation car company,’ as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence,” Navellier said.</p>\n<p>“The company is also partnering with cutting-edge chip companies like Nvidia&nbsp;(<b>NVDA</b>) -Get Report.”</p>\n<p>Earlier this month,NIO said that \"Gemini\" was the code namefor a new high-end electric-vehicle lineup to be launched next year. The move buried speculation that the Shanghai EV maker was looking to release a less-expensive mass-entry-level electric car.</p>\n<p>NIO supplier JAC Group last month invited bids to build a NIO production line code-named “Gemini” that would produce 60,000 units a year. That sparked speculation that it would be a new entry-level NIO model.</p>\n<p>Also in June,NIO reported a more than 95% year-over-year increasein deliveries for May. Citi analyst Jeff Chung upgraded the stock to buy from neutral while raising his price target to $58.30 from $57.60.</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>NIO Will Surpass Tesla as China's Top EV Maker, Navellier Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO Will Surpass Tesla as China's Top EV Maker, Navellier Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 10:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/nio-to-surpass-tesla-in-china-electric-vehicles-navellier-says><strong>thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NIO (NIO) -Get Report shares rose Monday after Louis Navellier, chief investment officer of money manager Navellier, said the Chinese electric-car maker will surpass Tesla (TSLA) -Get Report in China....</p>\n\n<a href=\"https://www.thestreet.com/investing/nio-to-surpass-tesla-in-china-electric-vehicles-navellier-says\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/nio-to-surpass-tesla-in-china-electric-vehicles-navellier-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195734655","content_text":"NIO (NIO) -Get Report shares rose Monday after Louis Navellier, chief investment officer of money manager Navellier, said the Chinese electric-car maker will surpass Tesla (TSLA) -Get Report in China.\n“Another electric vehicle company will eventually displace Tesla as the biggest manufacturer of EVs in China,” he wrote in a commentary.\n“I’m talking about NIO. The reality is that this company is on the verge of dominating the EV market in China and Hong Kong.”\nNIO American depositary receipts recently traded at $49.23, up 9.2%. They have climbed 27% in the past month amid investor enthusiasm for EVs.\nTesla recently traded at $687.47, up 2.3%, and has gained 9% in the past month.\nAs for NIO, “the company boasts that it is the ‘next-generation car company,’ as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence,” Navellier said.\n“The company is also partnering with cutting-edge chip companies like Nvidia (NVDA) -Get Report.”\nEarlier this month,NIO said that \"Gemini\" was the code namefor a new high-end electric-vehicle lineup to be launched next year. The move buried speculation that the Shanghai EV maker was looking to release a less-expensive mass-entry-level electric car.\nNIO supplier JAC Group last month invited bids to build a NIO production line code-named “Gemini” that would produce 60,000 units a year. That sparked speculation that it would be a new entry-level NIO model.\nAlso in June,NIO reported a more than 95% year-over-year increasein deliveries for May. Citi analyst Jeff Chung upgraded the stock to buy from neutral while raising his price target to $58.30 from $57.60.","news_type":1,"symbols_score_info":{"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127841623,"gmtCreate":1624844268862,"gmtModify":1631888649933,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/127841623","repostId":"1157825898","repostType":4,"repost":{"id":"1157825898","kind":"news","pubTimestamp":1624843887,"share":"https://ttm.financial/m/news/1157825898?lang=&edition=full","pubTime":"2021-06-28 09:31","market":"us","language":"en","title":"The IPO Market Has Never Been Hotter Than It Is Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1157825898","media":"Bloomberg","summary":"Companies are racing to public markets like never before, cashing in onrecord-highstock prices.\nAn a","content":"<p>Companies are racing to public markets like never before, cashing in onrecord-highstock prices.</p>\n<p>An all-time high of almost $350 billion has been raised in initial public offerings in the first six months of this year, according to data compiled by Bloomberg, surpassing the previous peak of $282 billion from the second half of 2020 and enriching entrepreneurs and bankers alike.</p>\n<p>When the rush for IPOs kicked off last year, stay-at-home technology dominated the scene, seizing on investor interest in anything digital, while special-purpose acquisition companies also flooded the market. This year, with stocks continuing to push skyward, the trend has broadened to include renewable-energy companies and online retailers.</p>\n<p>Everyone from Swedish oat-milk company&nbsp;Oatly Group ABto boot&nbsp;maker&nbsp;Dr. Martens Plcsold shares in 2021. Still, tech accounts for a big chunk of the deals.Didi Global Inc.will rank among the biggest U.S. IPOs of the past decade if the Chinese ride-hailing giant carries through with plans to sell as much as $4 billion in stock.</p>\n<p>“The markets from New York to Hong Kong were on fire in the first half of this year and have left even the late 90sdotcomboom era in the rearview mirror,” said Aaron Arth, head of the financing group at Goldman Sachs Group Inc. in Asia ex-Japan.</p>\n<p>Riding High</p>\n<p>Stocks in hot sectors like tech and renewables top the charts this year...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a964f7a00f127e828df8eaafdb668f3b\" tg-width=\"958\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>Source: Bloomberg NOTE: Listings with an offer size of $1 billion or more</span></p>\n<p>The boom has been fueled by a torrent of cash that central banks have pumped into the economy and the rise of individual investors, who are eager to buy a piece of their favorite companies.</p>\n<p>It’s delivered a windfall for investment banks around the world, who reap the rewards from underwriting and advisory fees. Goldman and Citigroup Inc. rank Nos. 1 and 2 in the global league tables for IPOs this year.</p>\n<p>With so many companies rushing to market, the industry is starting to look saturated. Investors say they can afford to be picky and are increasingly reluctant to pay steep valuations demanded by the fast-growing companies that populate the IPO market.</p>\n<p>As a result, a number of high-profile stocks have stumbled in theirtrading debutsthis year and some companies are gettingspooked. Food-delivery startupDeliveroo Plcplunged 26% on its first day of trading in London, whileOscar Health Inc., the insurance startup co-founded by Josh Kushner, has fallen 40% since joining the New York market.</p>\n<p>Down and Out</p>\n<p>...while those investors deemed too pricey bring up the rear</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/691814a92639672723f85bd73b226885\" tg-width=\"941\" tg-height=\"423\" referrerpolicy=\"no-referrer\"><span>Source: BloombergNOTE: Listings with an offer size of $1 billion or more</span></p>\n<p>Russia’sNord Gold Plcon Tuesday pulled its IPO, citing market uncertainty and swings in the gold price, whileGenworth Financial Inc.last month postponed a U.S. offering for its Enact Holdings Inc. mortgage-insurance unit. And Friday, Hong Kong-tradedGeely Automobile Holdings Ltd.withdrew its application for a listing in Shanghai.</p>\n<p>“There has been a certain level of exhaustion among investors and increased selectivity,” said Saadi Soudavar, co-head of equity capital markets for Europe, the Middle East and Africa at Deutsche Bank AG. “It’s a record year after all, so they can have their pick among the multiple transactions coming their way.”</p>\n<p>Investor appetite for one type of listing hasalready faded. SPACs accounted for almost half the proceeds raised in the IPO market in the first quarter, but their share shrunk to about 13% this quarter.</p>\n<p>An index that tracks SPAC listings has dropped 23% from a February high. The poor performance, along with tougher regulatory scrutiny has been a blow to market sentiment. U.S. officials have cautioned individual investors against celebrity-endorsed cash shells and are scrutinizing accounting practices.</p>\n<p>Still, as long as the stock market is rising, the flow of IPOs is unlikely to dry up, and total proceeds this year are on track to eclipse the record of $420.1 billion set in 2007. The IPO boom will likely continue for the next six to 12 months, said Rob Leach, European head of equity capital markets at Jefferies Financial Group Inc.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The IPO Market Has Never Been Hotter Than It Is Right Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe IPO Market Has Never Been Hotter Than It Is Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 09:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-27/the-global-ipo-market-has-never-been-hotter-than-it-is-right-now><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Companies are racing to public markets like never before, cashing in onrecord-highstock prices.\nAn all-time high of almost $350 billion has been raised in initial public offerings in the first six ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-27/the-global-ipo-market-has-never-been-hotter-than-it-is-right-now\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OTLY":"Oatly Group AB","DOCMF":"DR MARTENS PLC"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-27/the-global-ipo-market-has-never-been-hotter-than-it-is-right-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157825898","content_text":"Companies are racing to public markets like never before, cashing in onrecord-highstock prices.\nAn all-time high of almost $350 billion has been raised in initial public offerings in the first six months of this year, according to data compiled by Bloomberg, surpassing the previous peak of $282 billion from the second half of 2020 and enriching entrepreneurs and bankers alike.\nWhen the rush for IPOs kicked off last year, stay-at-home technology dominated the scene, seizing on investor interest in anything digital, while special-purpose acquisition companies also flooded the market. This year, with stocks continuing to push skyward, the trend has broadened to include renewable-energy companies and online retailers.\nEveryone from Swedish oat-milk company Oatly Group ABto boot maker Dr. Martens Plcsold shares in 2021. Still, tech accounts for a big chunk of the deals.Didi Global Inc.will rank among the biggest U.S. IPOs of the past decade if the Chinese ride-hailing giant carries through with plans to sell as much as $4 billion in stock.\n“The markets from New York to Hong Kong were on fire in the first half of this year and have left even the late 90sdotcomboom era in the rearview mirror,” said Aaron Arth, head of the financing group at Goldman Sachs Group Inc. in Asia ex-Japan.\nRiding High\nStocks in hot sectors like tech and renewables top the charts this year...\nSource: Bloomberg NOTE: Listings with an offer size of $1 billion or more\nThe boom has been fueled by a torrent of cash that central banks have pumped into the economy and the rise of individual investors, who are eager to buy a piece of their favorite companies.\nIt’s delivered a windfall for investment banks around the world, who reap the rewards from underwriting and advisory fees. Goldman and Citigroup Inc. rank Nos. 1 and 2 in the global league tables for IPOs this year.\nWith so many companies rushing to market, the industry is starting to look saturated. Investors say they can afford to be picky and are increasingly reluctant to pay steep valuations demanded by the fast-growing companies that populate the IPO market.\nAs a result, a number of high-profile stocks have stumbled in theirtrading debutsthis year and some companies are gettingspooked. Food-delivery startupDeliveroo Plcplunged 26% on its first day of trading in London, whileOscar Health Inc., the insurance startup co-founded by Josh Kushner, has fallen 40% since joining the New York market.\nDown and Out\n...while those investors deemed too pricey bring up the rear\nSource: BloombergNOTE: Listings with an offer size of $1 billion or more\nRussia’sNord Gold Plcon Tuesday pulled its IPO, citing market uncertainty and swings in the gold price, whileGenworth Financial Inc.last month postponed a U.S. offering for its Enact Holdings Inc. mortgage-insurance unit. And Friday, Hong Kong-tradedGeely Automobile Holdings Ltd.withdrew its application for a listing in Shanghai.\n“There has been a certain level of exhaustion among investors and increased selectivity,” said Saadi Soudavar, co-head of equity capital markets for Europe, the Middle East and Africa at Deutsche Bank AG. “It’s a record year after all, so they can have their pick among the multiple transactions coming their way.”\nInvestor appetite for one type of listing hasalready faded. SPACs accounted for almost half the proceeds raised in the IPO market in the first quarter, but their share shrunk to about 13% this quarter.\nAn index that tracks SPAC listings has dropped 23% from a February high. The poor performance, along with tougher regulatory scrutiny has been a blow to market sentiment. U.S. officials have cautioned individual investors against celebrity-endorsed cash shells and are scrutinizing accounting practices.\nStill, as long as the stock market is rising, the flow of IPOs is unlikely to dry up, and total proceeds this year are on track to eclipse the record of $420.1 billion set in 2007. The IPO boom will likely continue for the next six to 12 months, said Rob Leach, European head of equity capital markets at Jefferies Financial Group Inc.","news_type":1,"symbols_score_info":{"DOCMF":0.9,"OTLY":0.9}},"isVote":1,"tweetType":1,"viewCount":912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124853891,"gmtCreate":1624759502613,"gmtModify":1631888649946,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Comment and like pls","listText":"Comment and like pls","text":"Comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124853891","repostId":"2146070550","repostType":4,"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125679385,"gmtCreate":1624673163447,"gmtModify":1631884323216,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Hope it breaks 700 again&nbsp;","listText":"Hope it breaks 700 again&nbsp;","text":"Hope it breaks 700 again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/125679385","repostId":"1100072036","repostType":4,"isVote":1,"tweetType":1,"viewCount":988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126779446,"gmtCreate":1624586273985,"gmtModify":1631888649982,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126779446","repostId":"1144285047","repostType":4,"repost":{"id":"1144285047","kind":"news","pubTimestamp":1624586033,"share":"https://ttm.financial/m/news/1144285047?lang=&edition=full","pubTime":"2021-06-25 09:53","market":"us","language":"en","title":"Oil Set for Weekly Gain as Focus Turns to Upcoming OPEC+ Meeting","url":"https://stock-news.laohu8.com/highlight/detail?id=1144285047","media":"Bloomberg","summary":"(Bloomberg) -- Oil is heading for a fifth weekly advance, the longest winning streak since December,","content":"<p>(Bloomberg) -- Oil is heading for a fifth weekly advance, the longest winning streak since December, as stockpiles shrink and the market tightens ahead of an OPEC+ meeting that will consider pumping more crude.</p>\n<p>Front-month futures in New York are up more than 2% this week and global benchmark Brent is at the highest level since October 2018. The alliance, led by Saudi Arabia and Russia, are set to meet July 1 and the group is widely expected to revive more output in August, according to a Bloomberg survey. Delegates from the coalition say discussions are already underway.</p>\n<p>The rebound in fuel consumption in key regions including the U.S. and Europe is rapidly draining stockpiles, with some flagging the possibility of benchmark Brent crude hitting $100 a barrel again. The prospect of an imminent surge of Iranian oil is also diminishing as talks to revive a nuclear deal drag on.</p>\n<p>The prompt timespread for Brent was 75 cents in backwardation -- where near-dated contracts are more expensive than later-dated ones. The bullish structure has eased from 85 cents at the start of the week.</p>\n<p>Russia is considering making a proposal that OPEC+ boost output and delegates say a hike is being informally discussed. The average gain forecast by analysts was for about 550,000 barrels a day -- barely a quarter of the global supply deficit that the alliance anticipates during August.</p>","source":"lsy1612507957220","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>Oil Set for Weekly Gain as Focus Turns to Upcoming OPEC+ Meeting</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Set for Weekly Gain as Focus Turns to Upcoming OPEC+ Meeting\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-25 09:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-set-weekly-gain-focus-233523836.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil is heading for a fifth weekly advance, the longest winning streak since December, as stockpiles shrink and the market tightens ahead of an OPEC+ meeting that will consider pumping ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-set-weekly-gain-focus-233523836.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/oil-set-weekly-gain-focus-233523836.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144285047","content_text":"(Bloomberg) -- Oil is heading for a fifth weekly advance, the longest winning streak since December, as stockpiles shrink and the market tightens ahead of an OPEC+ meeting that will consider pumping more crude.\nFront-month futures in New York are up more than 2% this week and global benchmark Brent is at the highest level since October 2018. The alliance, led by Saudi Arabia and Russia, are set to meet July 1 and the group is widely expected to revive more output in August, according to a Bloomberg survey. Delegates from the coalition say discussions are already underway.\nThe rebound in fuel consumption in key regions including the U.S. and Europe is rapidly draining stockpiles, with some flagging the possibility of benchmark Brent crude hitting $100 a barrel again. The prospect of an imminent surge of Iranian oil is also diminishing as talks to revive a nuclear deal drag on.\nThe prompt timespread for Brent was 75 cents in backwardation -- where near-dated contracts are more expensive than later-dated ones. The bullish structure has eased from 85 cents at the start of the week.\nRussia is considering making a proposal that OPEC+ boost output and delegates say a hike is being informally discussed. The average gain forecast by analysts was for about 550,000 barrels a day -- barely a quarter of the global supply deficit that the alliance anticipates during August.","news_type":1,"symbols_score_info":{"CLmain":0.9}},"isVote":1,"tweetType":1,"viewCount":834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128327954,"gmtCreate":1624502778478,"gmtModify":1631888649993,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Comment and like&nbsp;","listText":"Comment and like&nbsp;","text":"Comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/128327954","repostId":"1105753491","repostType":4,"repost":{"id":"1105753491","kind":"news","pubTimestamp":1624501994,"share":"https://ttm.financial/m/news/1105753491?lang=&edition=full","pubTime":"2021-06-24 10:33","market":"us","language":"en","title":"Cannabis Mergers: Canopy Growth Issues 9 Million Shares To Complete Acquisition Of Supreme Cannabis Co.","url":"https://stock-news.laohu8.com/highlight/detail?id=1105753491","media":"Benzinga","summary":"Canopy Growth Corporation(TSX:WEED) (NASDAQ:CGC) has merged withThe Supreme Cannabis Company, Inc.(T","content":"<p><b>Canopy Growth Corporation</b>(TSX:WEED) (NASDAQ:CGC) has merged with<b>The Supreme Cannabis Company, Inc.</b>(TSX:FIRE) (OTCQX:SPRWF), wrapping up their&nbsp;previously announceddeal on Wednesday.</p>\n<p><b>Transaction Details:</b>Canopy acquired all of the issued and outstanding common shares of Supreme, which became a wholly-owned subsidiary of Canopy.</p>\n<p>In return, Supreme shareholders will receive 0.01165872 of a common share of Canopy and $0.0001 in cash for each Supreme share held.</p>\n<p>Under the terms of the agreement, Canopy issued roughly 9,013,400 shares and paid around $84,096.89 in cash in exchange for Supreme shares.</p>\n<p>To obtain shares of Canopy, shareholders of Supreme are required to complete, sign, date&nbsp;and return the letter of transmittal, previously emailed to each Supreme shareholder prior to closing.</p>\n<p>Cassels Brock &amp; Blackwell LLP acted as strategic and legal counsel to Canopy for the transaction.</p>\n<p>BMO Capital Markets acted as financial advisor to Supreme, while Borden Ladner Gervais LLP served as legal counsel. Kingsdale Advisors acted as strategic shareholder advisor and proxy solicitation agent to Supreme.</p>\n<p><b>What It Means For Canopy:</b>David Klein, CEO of Canopy, said the acquisition of Supreme strengthens the company’s “leadership position by offering Canadian consumers a differentiated brand portfolio – including the addition of 7ACRES, which further bolsters our premium product segment.”&nbsp;Canopy is located in Smiths Falls, Ontario.</p>\n<p>The merger brings 7ACRES&nbsp;and 7ACRES Craft Collective brands as well as Supreme’s Kincardine, an&nbsp;Ontario-based&nbsp;cultivation facility,&nbsp;under Canopy's&nbsp;helm, creating a pro forma fourth quarter 2021 market share of 18.1%.</p>\n<p>“Supreme has demonstrated the ability to cultivate premium quality cannabis flower at low cost, and we’re excited to leverage these capabilities to further our leadership in the Canadian market as we scale these newly added brands and accelerate revenue growth,” Klein added.</p>\n<p>Beena Goldenberg, CEO of Supreme, said joining Canopy is \"aligned with our ultimate goal of becoming a premier cannabis CPG company.\" She called&nbsp;the acquisition “the best path forward for Supreme’s shareholders to generate long-term value.”</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>Cannabis Mergers: Canopy Growth Issues 9 Million Shares To Complete Acquisition Of Supreme Cannabis Co.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCannabis Mergers: Canopy Growth Issues 9 Million Shares To Complete Acquisition Of Supreme Cannabis Co.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 10:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cannabis/21/06/21686949/cannabis-mergers-canopy-growth-issues-9-million-shares-to-complete-acquisition-of-supreme-cannab><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Canopy Growth Corporation(TSX:WEED) (NASDAQ:CGC) has merged withThe Supreme Cannabis Company, Inc.(TSX:FIRE) (OTCQX:SPRWF), wrapping up their previously announceddeal on Wednesday.\nTransaction Details...</p>\n\n<a href=\"https://www.benzinga.com/markets/cannabis/21/06/21686949/cannabis-mergers-canopy-growth-issues-9-million-shares-to-complete-acquisition-of-supreme-cannab\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CGC":"Canopy Growth Corporation"},"source_url":"https://www.benzinga.com/markets/cannabis/21/06/21686949/cannabis-mergers-canopy-growth-issues-9-million-shares-to-complete-acquisition-of-supreme-cannab","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105753491","content_text":"Canopy Growth Corporation(TSX:WEED) (NASDAQ:CGC) has merged withThe Supreme Cannabis Company, Inc.(TSX:FIRE) (OTCQX:SPRWF), wrapping up their previously announceddeal on Wednesday.\nTransaction Details:Canopy acquired all of the issued and outstanding common shares of Supreme, which became a wholly-owned subsidiary of Canopy.\nIn return, Supreme shareholders will receive 0.01165872 of a common share of Canopy and $0.0001 in cash for each Supreme share held.\nUnder the terms of the agreement, Canopy issued roughly 9,013,400 shares and paid around $84,096.89 in cash in exchange for Supreme shares.\nTo obtain shares of Canopy, shareholders of Supreme are required to complete, sign, date and return the letter of transmittal, previously emailed to each Supreme shareholder prior to closing.\nCassels Brock & Blackwell LLP acted as strategic and legal counsel to Canopy for the transaction.\nBMO Capital Markets acted as financial advisor to Supreme, while Borden Ladner Gervais LLP served as legal counsel. Kingsdale Advisors acted as strategic shareholder advisor and proxy solicitation agent to Supreme.\nWhat It Means For Canopy:David Klein, CEO of Canopy, said the acquisition of Supreme strengthens the company’s “leadership position by offering Canadian consumers a differentiated brand portfolio – including the addition of 7ACRES, which further bolsters our premium product segment.” Canopy is located in Smiths Falls, Ontario.\nThe merger brings 7ACRES and 7ACRES Craft Collective brands as well as Supreme’s Kincardine, an Ontario-based cultivation facility, under Canopy's helm, creating a pro forma fourth quarter 2021 market share of 18.1%.\n“Supreme has demonstrated the ability to cultivate premium quality cannabis flower at low cost, and we’re excited to leverage these capabilities to further our leadership in the Canadian market as we scale these newly added brands and accelerate revenue growth,” Klein added.\nBeena Goldenberg, CEO of Supreme, said joining Canopy is \"aligned with our ultimate goal of becoming a premier cannabis CPG company.\" She called the acquisition “the best path forward for Supreme’s shareholders to generate long-term value.”","news_type":1,"symbols_score_info":{"CGC":0.9,"SPRWF":0.9}},"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123801467,"gmtCreate":1624414190859,"gmtModify":1631888650007,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123801467","repostId":"1115637073","repostType":4,"repost":{"id":"1115637073","kind":"news","pubTimestamp":1624413226,"share":"https://ttm.financial/m/news/1115637073?lang=&edition=full","pubTime":"2021-06-23 09:53","market":"us","language":"en","title":"Bubble Expert Jeremy Grantham Addresses ‘Epic’ Equities Euphoria","url":"https://stock-news.laohu8.com/highlight/detail?id=1115637073","media":"Bloomberg","summary":"It’s been just over a year since the last stock market crash, and investors are wondering if another","content":"<p>It’s been just over a year since the last stock market crash, and investors are wondering if another one is on the way. With economic momentum slowing as the effects of fiscal stimulus wear off, it’s no surprise that equities seem to be fading, too. Meanwhile, labor shortages and stretched supply chains remain lingering issues, while inflation is starting to be passed on to consumers. It seems like this should be a risk-off environment. But retail traders appear to be the only investors having a good time. Does that mean we’re in a bubble and due for a pop?</p>\n<p>Jeremy Grantham, market historian and co-founder of the Boston investment firmGMO, debates the subject with Bloomberg Opinion’s John Authers. His remarks have been edited and condensed.</p>\n<p>Robert Shiller, whom you’ve praised, compared the rise in speculative assets like Bitcoin and NFTs to the fad of Beanie Babies. But he declined to say that there’s a bubble in stocks. What elements of a bubble do you see in a stock market that crashed pretty hard just one year ago, and why would it crash again?</p>\n<p>GRANTHAM: First, the Covid crash is quite distinct from a classic long bull market ending, as they usually do in a bubble and bust. As a sharp external effect, it was more like the 1987 technical crash caused by portfolio insurance: a short hit and a sharp recovery. Looking back, although they were painful at the time, they were mere blips on the longer-term buildup of confidence toward a market peak.</p>\n<p><img src=\"https://static.tigerbbs.com/e5c3a701908cefae1e6731747c1dee45\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>The last 12 months have been a classic finale to an 11-year bull market. Peak overvaluation across each decile by price to sales, so that the most expensive 10% is worse than it was in the 2000 tech bubble and the remaining nine deciles are much more expensive. all measures of debt and margin are at peaks. Speculative measures such as call option volumes, volume of individual trading and quantities of over-the-counter or penny stocks are all at records.</p>\n<p>Robinhood and commission-free retail trading have driven a surge of new investors with no experience of past bubbles and busts. So the scale of craziness is larger. Cryptocurrencies represent over $1 trillion of claims on total asset value while adding nothing -- pure dilution.</p>\n<p>Quantumscape, my own investment from over seven years ago, is a brilliant research lab. For a minute, it sold above GM or Panasonic’s market value, even with no sales.</p>\n<p>Finally, Dogecoin, AMC and Gamestop -- worth billions in the market and not even pretending to be serious investments. AMC is up nearly 10 times since before the pandemic even though box office is down nearly 80%! Dogecoin was created as a joke to make fun of cryptocurrencies being worthless, and not only has it taken off, but it’s such a success that second-level joke cryptocurrencies making fun of Dogecoin have gone to multibillion-dollar valuations. Meanwhile, other cryptocurrencies have seen success purely on the basis of their scatological names.</p>\n<p>“Meme” investing -- the idea that something is worth investing in, or rather gambling on, simply because it is funny -- has become commonplace. It’s a totally nihilistic parody of actual investing. This is it guys, the biggest U.S. fantasy trip of all time.</p>\n<p>In January, you wrote “all bubbles end with near universal acceptance that the current one will not end yet.” This reason this time is the belief that interest rates will be kept near zero forever. But members of the Fed are penciling in a couple of rate hikes by the end of 2023. What would you do now if you were the Fed chair?</p>\n<p>GRANTHAM: All four chairmen post-Volcker have underestimated the potential economic damage from inflated asset prices, particularly housing, deflating rapidly. The role of higher asset prices on increasing inequality also hasn’t been considered. Asset bubbles are extremely dangerous.</p>\n<p>As Fed chair, I would have moved to curtail U.S. stocks in 1998-1999 and housing in 2005-2007. Similarly, today I would act to deflate all asset prices as carefully as I could, knowing that an earlier decline, however painful, would be smaller and less dangerous than waiting -- the analogy of jumping off an accelerating bus seems a suitably painful one.</p>\n<p>This current event is particularly dangerous because bonds, stocks and real estate are all inflated together. Even commodities have surged. That perfecta and a half has never happened before, anywhere. The closest was Japan in 1989 with two hyper-inflated asset categories: record land and real estate, worse than the South Sea bubble, together with record P/E’s in stocks recorded at the time as 65x. The consequences for the economy were dire, and neither land nor stocks have yet returned to their 1989 peaks!</p>\n<p>The pain from loss of perceived value will only get more intense as prices rise from here. In short, the Fed since Volcker has been pretty clueless and remains so. What has been more remarkable, though, is the persistent confidence shown toward all of these four Fed bosses despite the demonstrable ineptness in dealing with asset bubbles.</p>\n<p>You’ve made it clear timing the end of a bubble is challenging. But you’ve also pointed to this one bursting in “late spring or early summer” -- in other words, right now. Are we still on the cusp of a crash? What can we expect the fall to look like? And if the market should drop, how do you decide when to buy back in?</p>\n<p>Checking all the necessary boxes of a speculative peak, the U.S. market was entitled historically to start unraveling any time after January this year. One odd characteristic of the three biggest bubbles in the U.S. -- 1929, 1972 and 2000 -- is that the very end was preceded byblue chips outperforming more aggressive, higher beta stocks. In 2000, for five months from March, tech-related stocks crashed by 50% as the S&amp;P 500 was unchanged, and the balance of the market was up over 15%. In 1972, before the biggest bear market since the Depression, the S&amp;P outperformed the average stock by 35%. And in 1929, the effect was even more extreme, with the racy S&amp;P low-priced index down nearly 30% before the broad market crashed.</p>\n<p>Today, the Nasdaq and Russell 2000 are below the level of Feb. 9 four and a half months later, and many of the leading growth stocks are down. (Tesla has fallen from $900 to $625.) The SPAC ETF is down 25% since February. Meanwhile, the S&amp;P has chugged higher by 8% since Feb. 9.</p>\n<p>Probably the asset that most resembles the Nasdaq in 2000 is Bitcoin, and it has been cut in half over the last several weeks. In 2000, the Nasdaq crashing 50% was a perfect warning shot for the broad market six months in advance.</p>\n<p><img src=\"https://static.tigerbbs.com/c86538b523b4f0d8a0b4391363e62780\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>I willadmit, though, that the extent and speed of the new stimulus program was surprising and was guaranteed to help a bubble keep going. Equally surprising was the success of the vaccination program in much of the developed world. Together, they should make the bubble longer-lived and bigger.</p>\n<p>What it will not do, though, is change the justifiable market value that will be reached one day. Therefore, as always, the higher we go the longer and deeper the pain. Getting back in is technically easy but psychologically difficult: Start to average in as the market reaches more reasonable levels, say 18x earnings.</p>\n<p>AUTHERS: To illustrate the point Jeremy made, the difference in behavior between the Nasdaq 100 and S&amp;P 500 in 2000 was dramatic. (And there were plenty of far more stratospheric pure dot-com companies outside the Nasdaq 100 that peaked at the same time.) The S&amp;P still carried on horizontally for two or three months before nose-diving, much as it has moved horizontally for the past two months.</p>\n<p><img src=\"https://static.tigerbbs.com/979b24b3fb1bc843f43dc3fa69b7ee67\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>How similar do things look now? It’s always a problem putting Bitcoin on a chart with anything else, because its performance is so remarkable. But yes, there is something rather similar about how the cryptocurrency has dived while the S&amp;P moves sideways.</p>\n<p><img src=\"https://static.tigerbbs.com/21c319ea2658a34a6e86d6f2c71480ad\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>Note that there was already an uncomfortable similarity even before the Bitcoin price dropped below $30,000 this morning.</p>\n<p>One more analogy with how the most exciting speculative assets of this era seem already to have peaked: The SPAC (special purpose acquisition company) boom topped in February. So did the spectacularly successfulARK Innovation ETFrun by Cathie Wood, which is full of exciting plays on future technology investments. These are arguably better comparisons to the dot-com era, when companies went public without ever having generated earnings or even sales, and when there was great excitement about new technology. That excitement has proved to be justified two decades later, but it didn’t stop a lot of people from losing money in 2000.</p>\n<p><img src=\"https://static.tigerbbs.com/e6f987da4e94f7535f0eb33f1735d2d5\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>To continue on the issue of timing the stock market, it seems to me that timing the bond market could be critical. For years, the standard point made by equity bulls has been that even if share prices look historically expensive, bonds appear even more extreme, Can we see a true unwinding of the stock-market bubble without first witnessing an unwinding of the bond bubble?</p>\n<p>On that issue, one reader reminded me of a passage from Jeremy’s 2017 letter for GMO, which brought attention to the fact that profit margins and the multiple that people were prepared to accept moved higher in the mid-1990s. Here are the charts:</p>\n<p><img src=\"https://static.tigerbbs.com/01f4f508a8d734f99a00c38518990554\" tg-width=\"800\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: GMO</p>\n<p><img src=\"https://static.tigerbbs.com/d1087d94807b28a3f589ca9b83ad5b3b\" tg-width=\"1000\" tg-height=\"664\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: GMO</p>\n<p>There are of course a lot of arguments about what caused this. Perhaps the most popular explanation is that the Federal Reserve under Alan Greenspan lost the plot and started propping up the stock market, deliberately or otherwise. It was very low rates that enabled higher multiples and higher profit margins. But, of course, we have even lower real rates today.</p>\n<p>This was what Jeremy said four years ago:</p>\n<blockquote>\n “The single largest input to higher margins, though, is likely to be the existence of much lower real interest rates since 1997 combined with higher leverage. Pre-1997 real rates averaged 200 bps higher than now and leverage was 25% lower. At the old average rate and leverage, profit margins on the S&amp;P 500 would drop back 80% of the way to their previous much lower pre-1997 average, leaving them a mere 6% higher. (Turning up the rate dial just another 0.5% with a further modest reduction in leverage would push them to complete the round trip back to the old normal.)”\n</blockquote>\n<blockquote>\n “So, to summarize, stock prices are held up by abnormal profit margins, which in turn are produced mainly by lower real rates, the benefits of which are not competed away because of increased monopoly power, etc. What, we might ask, will it take to break this chain? Any answer, I think, must start with an increase in real rates.”\n</blockquote>\n<p>The issue now is that real rates are historically low and could easily rise and trigger a rush for the exits. We also have more leverage and more monopoly concentration than we did four years ago.</p>\n<p><img src=\"https://static.tigerbbs.com/89600f321aa62b612359d9d78652e6a3\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>On Jeremy’s argument from 2017, real rates might not even need to go positive to burst the bubble in stocks. To what extent do low rates keep the bubble inflated? And how much of a “tantrum” in real yields would be needed to bring down the stock market?</p>\n<p>GRANTHAM: Even if we stay in the recent, post-2000 low-interest-rate regime, a full scale psychological bubble can still burst as they did in 2000 and 2007 (including housing). Although, to be sure, they fell to higher lows than before and recovered much faster.</p>\n<p>Still, an 82% decline in the Nasdaq by 2003 was no picnic. In the longer run, a low interest-rate regime promotes lower average yields (and higher average prices) across all assets globally. However, I strongly suspect that there will be a slow irregular return to both higher average inflation and higher average real rates in the next few years, even if they only close half the difference or so with the pre-2000 good old days. Reasons could include resource limitations, energy transition and profound changes in the population mix -- with more retirees and fewer young workers throughout the developed world and China, which collectively could promote both inflation and higher rates.</p>\n<p>There is still so much cash in the system from fiscal stimulus to the Fed as buyer of last resort. Several clients have asked whether it’s fair for stock bulls to fall back on this dynamic as a reason for there to be room to run. In short, is the liquidity argument valid?<img src=\"https://static.tigerbbs.com/9b70f8872fdbdf0905f070287a8501bf\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>GRANTHAM: First, let me make it clear that I am not an expert on money or liquidity. However, although the rate of increase in M2, for example, is extremely high, the growth rate has declined in recent weeks precipitously, about as fast as ever recorded from roughly 18% year over year to 12%.</p>\n<p>Just as bull markets turn down when confidence is high but less than yesterday, so the second derivative determines the effect of liquidity. The best analogy is the fun ping-pong ball supported in the air by a stream of water. The water pressure is still very high and the ball is high, but the ball has dropped an inch or two.</p>\n<p>Moving to asset allocation, which several of our readers have asked about, is the traditional 60/40 portfolio still the ideal strategy? And what do you think about alternative hedges like mega-cap tech stocks or even Bitcoin as a piece of a portfolio?</p>\n<p>GRANTHAM: Asset allocation is particularly difficult today, with all major asset classes overpriced. With interest rates at a 4,000 year-low (see Jim Grant), 60-40 seems particularly dangerous. Two sectors are at historical low ratios however: Emerging-market equities compared the S&amp;P and value stocksvs. growth.</p>\n<p>In addition to a cash reserve to take advantage of a future market break, I would recommend as large a position in the intersection of these two relatively cheap sectors -- value stocks and emerging market equities -- as you can stand. I am confident they will return a decent 10%-20% a year and perhaps much better.</p>\n<p><img src=\"https://static.tigerbbs.com/61119ce01ded6da4506e3464049c2d54\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>The S&amp;P is likely to do poorly in comparison. Bitcoin should be avoided. Cryptocurrencies total over $1 trillion of claims on real global assets while adding nothing to the GDP pool --pure dilution.</p>\n<p>Our family environmental foundation is making a big play (75%!) in early-stage VC, including green VC. VC seems to be by far the most dynamic part of a generally fat, happy and conservative U.S. capitalism. The star players today -- the FANG types -- have all fairly recently sprung out of the VC industry, which is the U.S.’s last, best example of real exceptionalism. However, history suggests they will not be spared in a major market break and indeed may already be showing some relative weakness.</p>\n<p>AUTHERS: On emerging-markets’ value, it’s worth pointing out that it’s not as “out there” or merely theoretical as a lot of detractors suggest. It gives an extremely bumpy ride, of course, but over the last 20 years the MSCI EM Value index has handily beaten the S&amp;P 500 in total-return terms.</p>\n<p><img src=\"https://static.tigerbbs.com/64a2794abeadade3dfff342413c0e75d\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>Add to this the fact that it starts compellingly cheap now and it has very real appeal -- for those with strong constitutions who are prepared to wait.</p>\n<p>Reading Jeremy’s response, I think it might also be important to point out that cash isn’t just there as a lead weight in a portfolio. It obviously gives you no kind of decent return at present, but it does have value in its optionality. The idea of carrying cash now is not to stay in it for 20 years at the same weighting, but to give yourself the opportunity to buy more conventional growth assets once they are at a reasonable price. So I suppose this is a caution against the notion of doing all your timing via automatic rebalancing -- you have to be ready to jump in to take opportunities.</p>\n<p>You received the CBE (Commander of the Most Excellent Order of the British Empire) from Prince William in 2016 for your work on climate change, which is now a popular investing theme. How does an average investor pursue green investing when some people believe a “green bubble” is emerging? Examples include price surges on electric-vehicle makers or ESG ETFs.</p>\n<p>GRANTHAM: Well, what do you know? GMO has an excellent climate change fund that tries hard to avoid the crazy parts. Yes, there are some bubbly stuff in the green/ESG area, as there is everywhere. But the wind of government support and corporate recognition is behind greening the economy. So lithium and copper, for example, may be at temporary highs. But in the long term, they are very scarce resources critical to decarbonizing, and their prices will go much higher.</p>\n<p>Similarly, EVs may get ahead of themselves and suffer -- Amazon was down 92% by 2002. But some will go very much higher. (The closer you can get to very early stage VC, the more you avoid the bubble, although sadly not entirely. Recycling the limited resources above, for example, may be one of the great opportunities that exist.)</p>\n<p><img src=\"https://static.tigerbbs.com/90768d03b32314264aaa3b29bd590128\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\">Talking about bubbles and timing them, is there validity to Goetzmann’s ideas? As bubbles are hard to identify and time, should we just opt for systematic rebalancing, which at least ensures you sell sell high and buy low to some extent?</p>\n<p>AUTHERS: There is a contrarian literature suggesting that there is no such thing as a bubble that we can spot in real time before it bursts. To quote Yale University’s Will Goetzmann, in a 2015 paper called “Bubble Investing: Learning from History”, a bubble is a boom that goes bad, “but not all booms are bad.”</p>\n<p>I’d like to put Goetzmann’s ideas to Jeremy. He defined a bubble as an index that doubles in price in a year or (a softer version) in three years, and looked at national indexes going back a century. His figures, which I quoted here, found 72 cases of a market doubling in a year. In the following year, six doubled again, and three halved, giving back all their gains: Argentina in 1977, Austria in 1924 and Poland in 1994.</p>\n<p>For doubling in three years, he found 460 examples. In the following five years, 10.4% of them halved. The possibility of halving in any three-year period, regardless of what had come before, was lower than this but not dramatically so: 6%. Crashes where bubbles as he defined them burst and gave up all their gains were rarer than booms where the index went on to double again.</p>\n<p>GRANTHAM: Our main study of bubbles eventually covered 330 examples including commodities. To do this on a consistent basis, we defined a bubble on price series only as a two-sigma event, the kind that would occur randomly every 44 years. (In our data its every 35 years -- pretty close.)</p>\n<p>Using only price trend and using only outliers seemed, then and now, better than using arbitrary price changes, which can double or triple from extreme lows, like 1931 or 1982, and mean nothing. Yes, we found a few paradigm shifts -- almost all small, such as moving from developing status to developed. None, other than oil in the first OPEC crisis, were significant. All the other major bubbles returned to trend eventually.</p>\n<p>For the great bubbles by scale and significance, we also noticed that they all accelerated late in the game and had psychological measures that could not be missed by ordinary investors. (Economists are a different matter.) The data, like today, is always clear, just uncommercial and inconvenient for the investment industry and often psychologically impossible to see for many individuals.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bubble Expert Jeremy Grantham Addresses ‘Epic’ Equities Euphoria</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBubble Expert Jeremy Grantham Addresses ‘Epic’ Equities Euphoria\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 09:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-22/bubble-expert-jeremy-grantham-addresses-epic-equities-euphoria><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It’s been just over a year since the last stock market crash, and investors are wondering if another one is on the way. With economic momentum slowing as the effects of fiscal stimulus wear off, it’s ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-22/bubble-expert-jeremy-grantham-addresses-epic-equities-euphoria\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-22/bubble-expert-jeremy-grantham-addresses-epic-equities-euphoria","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115637073","content_text":"It’s been just over a year since the last stock market crash, and investors are wondering if another one is on the way. With economic momentum slowing as the effects of fiscal stimulus wear off, it’s no surprise that equities seem to be fading, too. Meanwhile, labor shortages and stretched supply chains remain lingering issues, while inflation is starting to be passed on to consumers. It seems like this should be a risk-off environment. But retail traders appear to be the only investors having a good time. Does that mean we’re in a bubble and due for a pop?\nJeremy Grantham, market historian and co-founder of the Boston investment firmGMO, debates the subject with Bloomberg Opinion’s John Authers. His remarks have been edited and condensed.\nRobert Shiller, whom you’ve praised, compared the rise in speculative assets like Bitcoin and NFTs to the fad of Beanie Babies. But he declined to say that there’s a bubble in stocks. What elements of a bubble do you see in a stock market that crashed pretty hard just one year ago, and why would it crash again?\nGRANTHAM: First, the Covid crash is quite distinct from a classic long bull market ending, as they usually do in a bubble and bust. As a sharp external effect, it was more like the 1987 technical crash caused by portfolio insurance: a short hit and a sharp recovery. Looking back, although they were painful at the time, they were mere blips on the longer-term buildup of confidence toward a market peak.\n\nThe last 12 months have been a classic finale to an 11-year bull market. Peak overvaluation across each decile by price to sales, so that the most expensive 10% is worse than it was in the 2000 tech bubble and the remaining nine deciles are much more expensive. all measures of debt and margin are at peaks. Speculative measures such as call option volumes, volume of individual trading and quantities of over-the-counter or penny stocks are all at records.\nRobinhood and commission-free retail trading have driven a surge of new investors with no experience of past bubbles and busts. So the scale of craziness is larger. Cryptocurrencies represent over $1 trillion of claims on total asset value while adding nothing -- pure dilution.\nQuantumscape, my own investment from over seven years ago, is a brilliant research lab. For a minute, it sold above GM or Panasonic’s market value, even with no sales.\nFinally, Dogecoin, AMC and Gamestop -- worth billions in the market and not even pretending to be serious investments. AMC is up nearly 10 times since before the pandemic even though box office is down nearly 80%! Dogecoin was created as a joke to make fun of cryptocurrencies being worthless, and not only has it taken off, but it’s such a success that second-level joke cryptocurrencies making fun of Dogecoin have gone to multibillion-dollar valuations. Meanwhile, other cryptocurrencies have seen success purely on the basis of their scatological names.\n“Meme” investing -- the idea that something is worth investing in, or rather gambling on, simply because it is funny -- has become commonplace. It’s a totally nihilistic parody of actual investing. This is it guys, the biggest U.S. fantasy trip of all time.\nIn January, you wrote “all bubbles end with near universal acceptance that the current one will not end yet.” This reason this time is the belief that interest rates will be kept near zero forever. But members of the Fed are penciling in a couple of rate hikes by the end of 2023. What would you do now if you were the Fed chair?\nGRANTHAM: All four chairmen post-Volcker have underestimated the potential economic damage from inflated asset prices, particularly housing, deflating rapidly. The role of higher asset prices on increasing inequality also hasn’t been considered. Asset bubbles are extremely dangerous.\nAs Fed chair, I would have moved to curtail U.S. stocks in 1998-1999 and housing in 2005-2007. Similarly, today I would act to deflate all asset prices as carefully as I could, knowing that an earlier decline, however painful, would be smaller and less dangerous than waiting -- the analogy of jumping off an accelerating bus seems a suitably painful one.\nThis current event is particularly dangerous because bonds, stocks and real estate are all inflated together. Even commodities have surged. That perfecta and a half has never happened before, anywhere. The closest was Japan in 1989 with two hyper-inflated asset categories: record land and real estate, worse than the South Sea bubble, together with record P/E’s in stocks recorded at the time as 65x. The consequences for the economy were dire, and neither land nor stocks have yet returned to their 1989 peaks!\nThe pain from loss of perceived value will only get more intense as prices rise from here. In short, the Fed since Volcker has been pretty clueless and remains so. What has been more remarkable, though, is the persistent confidence shown toward all of these four Fed bosses despite the demonstrable ineptness in dealing with asset bubbles.\nYou’ve made it clear timing the end of a bubble is challenging. But you’ve also pointed to this one bursting in “late spring or early summer” -- in other words, right now. Are we still on the cusp of a crash? What can we expect the fall to look like? And if the market should drop, how do you decide when to buy back in?\nChecking all the necessary boxes of a speculative peak, the U.S. market was entitled historically to start unraveling any time after January this year. One odd characteristic of the three biggest bubbles in the U.S. -- 1929, 1972 and 2000 -- is that the very end was preceded byblue chips outperforming more aggressive, higher beta stocks. In 2000, for five months from March, tech-related stocks crashed by 50% as the S&P 500 was unchanged, and the balance of the market was up over 15%. In 1972, before the biggest bear market since the Depression, the S&P outperformed the average stock by 35%. And in 1929, the effect was even more extreme, with the racy S&P low-priced index down nearly 30% before the broad market crashed.\nToday, the Nasdaq and Russell 2000 are below the level of Feb. 9 four and a half months later, and many of the leading growth stocks are down. (Tesla has fallen from $900 to $625.) The SPAC ETF is down 25% since February. Meanwhile, the S&P has chugged higher by 8% since Feb. 9.\nProbably the asset that most resembles the Nasdaq in 2000 is Bitcoin, and it has been cut in half over the last several weeks. In 2000, the Nasdaq crashing 50% was a perfect warning shot for the broad market six months in advance.\n\nI willadmit, though, that the extent and speed of the new stimulus program was surprising and was guaranteed to help a bubble keep going. Equally surprising was the success of the vaccination program in much of the developed world. Together, they should make the bubble longer-lived and bigger.\nWhat it will not do, though, is change the justifiable market value that will be reached one day. Therefore, as always, the higher we go the longer and deeper the pain. Getting back in is technically easy but psychologically difficult: Start to average in as the market reaches more reasonable levels, say 18x earnings.\nAUTHERS: To illustrate the point Jeremy made, the difference in behavior between the Nasdaq 100 and S&P 500 in 2000 was dramatic. (And there were plenty of far more stratospheric pure dot-com companies outside the Nasdaq 100 that peaked at the same time.) The S&P still carried on horizontally for two or three months before nose-diving, much as it has moved horizontally for the past two months.\n\nHow similar do things look now? It’s always a problem putting Bitcoin on a chart with anything else, because its performance is so remarkable. But yes, there is something rather similar about how the cryptocurrency has dived while the S&P moves sideways.\n\nNote that there was already an uncomfortable similarity even before the Bitcoin price dropped below $30,000 this morning.\nOne more analogy with how the most exciting speculative assets of this era seem already to have peaked: The SPAC (special purpose acquisition company) boom topped in February. So did the spectacularly successfulARK Innovation ETFrun by Cathie Wood, which is full of exciting plays on future technology investments. These are arguably better comparisons to the dot-com era, when companies went public without ever having generated earnings or even sales, and when there was great excitement about new technology. That excitement has proved to be justified two decades later, but it didn’t stop a lot of people from losing money in 2000.\n\nTo continue on the issue of timing the stock market, it seems to me that timing the bond market could be critical. For years, the standard point made by equity bulls has been that even if share prices look historically expensive, bonds appear even more extreme, Can we see a true unwinding of the stock-market bubble without first witnessing an unwinding of the bond bubble?\nOn that issue, one reader reminded me of a passage from Jeremy’s 2017 letter for GMO, which brought attention to the fact that profit margins and the multiple that people were prepared to accept moved higher in the mid-1990s. Here are the charts:\n\nSource: GMO\n\nSource: GMO\nThere are of course a lot of arguments about what caused this. Perhaps the most popular explanation is that the Federal Reserve under Alan Greenspan lost the plot and started propping up the stock market, deliberately or otherwise. It was very low rates that enabled higher multiples and higher profit margins. But, of course, we have even lower real rates today.\nThis was what Jeremy said four years ago:\n\n “The single largest input to higher margins, though, is likely to be the existence of much lower real interest rates since 1997 combined with higher leverage. Pre-1997 real rates averaged 200 bps higher than now and leverage was 25% lower. At the old average rate and leverage, profit margins on the S&P 500 would drop back 80% of the way to their previous much lower pre-1997 average, leaving them a mere 6% higher. (Turning up the rate dial just another 0.5% with a further modest reduction in leverage would push them to complete the round trip back to the old normal.)”\n\n\n “So, to summarize, stock prices are held up by abnormal profit margins, which in turn are produced mainly by lower real rates, the benefits of which are not competed away because of increased monopoly power, etc. What, we might ask, will it take to break this chain? Any answer, I think, must start with an increase in real rates.”\n\nThe issue now is that real rates are historically low and could easily rise and trigger a rush for the exits. We also have more leverage and more monopoly concentration than we did four years ago.\n\nOn Jeremy’s argument from 2017, real rates might not even need to go positive to burst the bubble in stocks. To what extent do low rates keep the bubble inflated? And how much of a “tantrum” in real yields would be needed to bring down the stock market?\nGRANTHAM: Even if we stay in the recent, post-2000 low-interest-rate regime, a full scale psychological bubble can still burst as they did in 2000 and 2007 (including housing). Although, to be sure, they fell to higher lows than before and recovered much faster.\nStill, an 82% decline in the Nasdaq by 2003 was no picnic. In the longer run, a low interest-rate regime promotes lower average yields (and higher average prices) across all assets globally. However, I strongly suspect that there will be a slow irregular return to both higher average inflation and higher average real rates in the next few years, even if they only close half the difference or so with the pre-2000 good old days. Reasons could include resource limitations, energy transition and profound changes in the population mix -- with more retirees and fewer young workers throughout the developed world and China, which collectively could promote both inflation and higher rates.\nThere is still so much cash in the system from fiscal stimulus to the Fed as buyer of last resort. Several clients have asked whether it’s fair for stock bulls to fall back on this dynamic as a reason for there to be room to run. In short, is the liquidity argument valid?\nGRANTHAM: First, let me make it clear that I am not an expert on money or liquidity. However, although the rate of increase in M2, for example, is extremely high, the growth rate has declined in recent weeks precipitously, about as fast as ever recorded from roughly 18% year over year to 12%.\nJust as bull markets turn down when confidence is high but less than yesterday, so the second derivative determines the effect of liquidity. The best analogy is the fun ping-pong ball supported in the air by a stream of water. The water pressure is still very high and the ball is high, but the ball has dropped an inch or two.\nMoving to asset allocation, which several of our readers have asked about, is the traditional 60/40 portfolio still the ideal strategy? And what do you think about alternative hedges like mega-cap tech stocks or even Bitcoin as a piece of a portfolio?\nGRANTHAM: Asset allocation is particularly difficult today, with all major asset classes overpriced. With interest rates at a 4,000 year-low (see Jim Grant), 60-40 seems particularly dangerous. Two sectors are at historical low ratios however: Emerging-market equities compared the S&P and value stocksvs. growth.\nIn addition to a cash reserve to take advantage of a future market break, I would recommend as large a position in the intersection of these two relatively cheap sectors -- value stocks and emerging market equities -- as you can stand. I am confident they will return a decent 10%-20% a year and perhaps much better.\n\nThe S&P is likely to do poorly in comparison. Bitcoin should be avoided. Cryptocurrencies total over $1 trillion of claims on real global assets while adding nothing to the GDP pool --pure dilution.\nOur family environmental foundation is making a big play (75%!) in early-stage VC, including green VC. VC seems to be by far the most dynamic part of a generally fat, happy and conservative U.S. capitalism. The star players today -- the FANG types -- have all fairly recently sprung out of the VC industry, which is the U.S.’s last, best example of real exceptionalism. However, history suggests they will not be spared in a major market break and indeed may already be showing some relative weakness.\nAUTHERS: On emerging-markets’ value, it’s worth pointing out that it’s not as “out there” or merely theoretical as a lot of detractors suggest. It gives an extremely bumpy ride, of course, but over the last 20 years the MSCI EM Value index has handily beaten the S&P 500 in total-return terms.\n\nAdd to this the fact that it starts compellingly cheap now and it has very real appeal -- for those with strong constitutions who are prepared to wait.\nReading Jeremy’s response, I think it might also be important to point out that cash isn’t just there as a lead weight in a portfolio. It obviously gives you no kind of decent return at present, but it does have value in its optionality. The idea of carrying cash now is not to stay in it for 20 years at the same weighting, but to give yourself the opportunity to buy more conventional growth assets once they are at a reasonable price. So I suppose this is a caution against the notion of doing all your timing via automatic rebalancing -- you have to be ready to jump in to take opportunities.\nYou received the CBE (Commander of the Most Excellent Order of the British Empire) from Prince William in 2016 for your work on climate change, which is now a popular investing theme. How does an average investor pursue green investing when some people believe a “green bubble” is emerging? Examples include price surges on electric-vehicle makers or ESG ETFs.\nGRANTHAM: Well, what do you know? GMO has an excellent climate change fund that tries hard to avoid the crazy parts. Yes, there are some bubbly stuff in the green/ESG area, as there is everywhere. But the wind of government support and corporate recognition is behind greening the economy. So lithium and copper, for example, may be at temporary highs. But in the long term, they are very scarce resources critical to decarbonizing, and their prices will go much higher.\nSimilarly, EVs may get ahead of themselves and suffer -- Amazon was down 92% by 2002. But some will go very much higher. (The closer you can get to very early stage VC, the more you avoid the bubble, although sadly not entirely. Recycling the limited resources above, for example, may be one of the great opportunities that exist.)\nTalking about bubbles and timing them, is there validity to Goetzmann’s ideas? As bubbles are hard to identify and time, should we just opt for systematic rebalancing, which at least ensures you sell sell high and buy low to some extent?\nAUTHERS: There is a contrarian literature suggesting that there is no such thing as a bubble that we can spot in real time before it bursts. To quote Yale University’s Will Goetzmann, in a 2015 paper called “Bubble Investing: Learning from History”, a bubble is a boom that goes bad, “but not all booms are bad.”\nI’d like to put Goetzmann’s ideas to Jeremy. He defined a bubble as an index that doubles in price in a year or (a softer version) in three years, and looked at national indexes going back a century. His figures, which I quoted here, found 72 cases of a market doubling in a year. In the following year, six doubled again, and three halved, giving back all their gains: Argentina in 1977, Austria in 1924 and Poland in 1994.\nFor doubling in three years, he found 460 examples. In the following five years, 10.4% of them halved. The possibility of halving in any three-year period, regardless of what had come before, was lower than this but not dramatically so: 6%. Crashes where bubbles as he defined them burst and gave up all their gains were rarer than booms where the index went on to double again.\nGRANTHAM: Our main study of bubbles eventually covered 330 examples including commodities. To do this on a consistent basis, we defined a bubble on price series only as a two-sigma event, the kind that would occur randomly every 44 years. (In our data its every 35 years -- pretty close.)\nUsing only price trend and using only outliers seemed, then and now, better than using arbitrary price changes, which can double or triple from extreme lows, like 1931 or 1982, and mean nothing. Yes, we found a few paradigm shifts -- almost all small, such as moving from developing status to developed. None, other than oil in the first OPEC crisis, were significant. All the other major bubbles returned to trend eventually.\nFor the great bubbles by scale and significance, we also noticed that they all accelerated late in the game and had psychological measures that could not be missed by ordinary investors. (Economists are a different matter.) The data, like today, is always clear, just uncommercial and inconvenient for the investment industry and often psychologically impossible to see for many individuals.","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120678623,"gmtCreate":1624323165762,"gmtModify":1631888650018,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Comment and like","listText":"Comment and like","text":"Comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120678623","repostId":"2145352630","repostType":4,"repost":{"id":"2145352630","kind":"news","pubTimestamp":1624322559,"share":"https://ttm.financial/m/news/2145352630?lang=&edition=full","pubTime":"2021-06-22 08:42","market":"us","language":"en","title":"HSBC Revamps U.S. Investment Bank as Four Senior Executives Exit","url":"https://stock-news.laohu8.com/highlight/detail?id=2145352630","media":"Bloomberg","summary":"(Bloomberg) -- Four of HSBC Holdings Plc’s most senior bankers in the U.S. are leaving the investmen","content":"<p>(Bloomberg) -- Four of HSBC Holdings Plc’s most senior bankers in the U.S. are leaving the investment bank as part of an overhaul of its New York operations.</p>\n<p>Robert Gelnaw, head of debt capital markets for North America, Lex Malas, head of advisory and investment banking coverage for the Americas, Jim Kelly, head of corporate banking in North America, and Duncan Caird, co-head of real assets and structured finance Americas, are departing, according to people familiar with the matter, who asked not to be identified discussing a private matter.</p>\n<p>Gelnaw and Kelly didn’t respond to requests for comment. Malas couldn’t be reached. Caird declined to comment.</p>\n<p>HSBC is planning to revamp its Americas Global Banking business to better serve Asian clients and those who want to invest in Asia, a person familiar with the plans said. Plans include hiring four managing directors and another 50 bankers over this year and next.</p>\n<p>“We are continuing to invest and hire senior bankers who can be strategic advisors to the C-Suite of our clients, especially in terms of sector bankers, financial sponsor coverage and in the financing teams,” said Gerry Keefe, head of global banking Americas.</p>\n<p>HSBC is in the midst of a global reorganization intended to focus its resources on growing its core Asian markets, which generate most of its profits and are seen as providing the lender with the best growth opportunities.</p>\n<p>The strategy has seen HSBC scale back some of its retail operations outside of Asia. Last month, the bank announced the sale of much of its U.S. domestic mass market business to <a href=\"https://laohu8.com/S/CFG\">Citizens Financial Group</a> Inc., a Providence, Rhode Island-based regional lender. It has also agreed to transfer its French retail bank to private equity firm Cerberus.</p>","source":"yahoofinance","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>HSBC Revamps U.S. Investment Bank as Four Senior Executives Exit</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHSBC Revamps U.S. Investment Bank as Four Senior Executives Exit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 08:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/hsbc-revamps-u-investment-bank-142439164.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Four of HSBC Holdings Plc’s most senior bankers in the U.S. are leaving the investment bank as part of an overhaul of its New York operations.\nRobert Gelnaw, head of debt capital ...</p>\n\n<a href=\"https://finance.yahoo.com/news/hsbc-revamps-u-investment-bank-142439164.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03143":"华夏香港银行股","00005":"汇丰控股","HSBC":"汇丰"},"source_url":"https://finance.yahoo.com/news/hsbc-revamps-u-investment-bank-142439164.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2145352630","content_text":"(Bloomberg) -- Four of HSBC Holdings Plc’s most senior bankers in the U.S. are leaving the investment bank as part of an overhaul of its New York operations.\nRobert Gelnaw, head of debt capital markets for North America, Lex Malas, head of advisory and investment banking coverage for the Americas, Jim Kelly, head of corporate banking in North America, and Duncan Caird, co-head of real assets and structured finance Americas, are departing, according to people familiar with the matter, who asked not to be identified discussing a private matter.\nGelnaw and Kelly didn’t respond to requests for comment. Malas couldn’t be reached. Caird declined to comment.\nHSBC is planning to revamp its Americas Global Banking business to better serve Asian clients and those who want to invest in Asia, a person familiar with the plans said. Plans include hiring four managing directors and another 50 bankers over this year and next.\n“We are continuing to invest and hire senior bankers who can be strategic advisors to the C-Suite of our clients, especially in terms of sector bankers, financial sponsor coverage and in the financing teams,” said Gerry Keefe, head of global banking Americas.\nHSBC is in the midst of a global reorganization intended to focus its resources on growing its core Asian markets, which generate most of its profits and are seen as providing the lender with the best growth opportunities.\nThe strategy has seen HSBC scale back some of its retail operations outside of Asia. Last month, the bank announced the sale of much of its U.S. domestic mass market business to Citizens Financial Group Inc., a Providence, Rhode Island-based regional lender. It has also agreed to transfer its French retail bank to private equity firm Cerberus.","news_type":1,"symbols_score_info":{"00005":0.9,"03143":0.9,"HSBC":0.9}},"isVote":1,"tweetType":1,"viewCount":1033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167051094,"gmtCreate":1624240353718,"gmtModify":1631888650030,"author":{"id":"3582060962041245","authorId":"3582060962041245","name":"Junchan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582060962041245","authorIdStr":"3582060962041245"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/167051094","repostId":"1182485162","repostType":4,"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}