个人中心 - 老虎社区

Gaggoo

IP属地：未知

帖子 · 6帖子 · 6
关注 · 0关注 · 0
粉丝 · 0粉丝 · 0

- GaggooGaggoo
  ·2021-06-22
  wowww
  非常抱歉，此主贴已删除
  2,241 评论
  1
  分享
  举报
- GaggooGaggoo
  ·2021-06-21
  wow amazing
  How Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>
  This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief ane
  How Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>
  1,440 评论
  1
  分享
  举报
- GaggooGaggoo
  ·2021-06-19
  coool
  非常抱歉，此主贴已删除
  1,513 1
  3
  分享
  举报
- GaggooGaggoo
  ·2021-06-18
  cool bro
  Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>
  Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies
  Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>
  2,203 评论
  1
  分享
  举报
- GaggooGaggoo
  ·2021-06-18
  omg
  Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>
  Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies
  Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>
  1,624 评论
  点赞
  分享
  举报
- GaggooGaggoo
  ·2021-06-18
  wow
  非常抱歉，此主贴已删除
  2,341 评论
  点赞
  分享
  举报
暂无关注

热议股票

{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3582272232021521","uuid":"3582272232021521","gmtCreate":1619178324489,"gmtModify":1623989025785,"name":"Gaggoo","pinyin":"gaggoo","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":1,"tweetSize":6,"questionSize":0,"limitLevel":999,"accountStatus":3,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":1,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":129919215,"gmtCreate":1624350708237,"gmtModify":1634007410107,"author":{"id":"3582272232021521","authorId":"3582272232021521","name":"Gaggoo","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582272232021521","idStr":"3582272232021521"},"themes":[],"title":"","htmlText":"wowww","listText":"wowww","text":"wowww","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129919215","repostId":"1129777651","repostType":4,"isVote":1,"tweetType":1,"viewCount":2241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167649227,"gmtCreate":1624267238169,"gmtModify":1634008673608,"author":{"id":"3582272232021521","authorId":"3582272232021521","name":"Gaggoo","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582272232021521","idStr":"3582272232021521"},"themes":[],"title":"","htmlText":"wow amazing","listText":"wow amazing","text":"wow amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167649227","repostId":"1105691189","repostType":4,"repost":{"id":"1105691189","kind":"news","pubTimestamp":1624266134,"share":"https://www.laohu8.com/m/news/1105691189?lang=zh_CN&edition=full","pubTime":"2021-06-21 17:02","market":"us","language":"en","title":"How Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105691189","media":"zerohedge","summary":"This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief ane","content":"<p>This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:</p><p><blockquote>本周《周四的故事时间》是关于 “耐心 ”的，我（我是尼克.）将从 2000 年我在 SAC Capital 工作时的一个简短轶事开始：</blockquote></p><p> <b>Just after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.</b></p><p><blockquote><b>就在3月份互联网泡沫达到顶峰后，美国股市的走向尚不清楚。</b></blockquote></p><p> Many thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.</p><p><blockquote>许多人认为势头很快就会恢复。其他人则更加谨慎，但多年来大多数空头都错了。因此，很难认真对待它们。</blockquote></p><p> <b>Going into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&amp;P futures.</b></p><p><blockquote><b>在2000年中期的美联储会议上，史蒂夫将他的投资组合设置为非常短的标准普尔期货。</b></blockquote></p><p> Because every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.</p><p><blockquote>因为房间里的每个交易员都被允许看到他的垫子，所以我们都照着做。尽管并不清楚史蒂夫看到了什么，但每个人都对史蒂夫的市场看涨期权充满信心。</blockquote></p><p> <b>Stocks opened up that morning, and then headed higher still.</b></p><p><blockquote><b>那天早上股市开盘，然后进一步走高。</b></blockquote></p><p> The room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.</p><p><blockquote>房间里一片寂静，就像每个交易柜台在经历突然的突然损失时一样。</blockquote></p><p> <b>Then Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.</b>At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.</p><p><blockquote><b>然后史蒂夫做了一件我从未见过他做的事情：他离开办公桌，下楼和家人一起吃午饭。</b>当时，SAC 与 GE Capital 在康涅狄格州斯坦福德的一栋办公楼内共享空间。过了一会儿，当我去自助餐厅吃午饭时，我看到史蒂夫一边嚼着鱼条，一边和他的孩子和妻子聊天。他似乎并不真正关心这个世界。</blockquote></p><p> <b>At 2:00pm, with Steve back on the desk, we all waited for the Fed decision.</b>It was another rate hike. But instead of selling off, the S&amp;P just kept going up. The only sound in the room was Steve’s assistant calling out S&amp;P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?</p><p><blockquote><b>下午2点，史蒂夫回到办公桌前，我们都在等待美联储的决定。</b>这是又一次加息。但标准普尔指数并没有抛售，而是继续上涨。房间里唯一的声音是史蒂夫的助手喊出标准普尔指数的水平，一个比一个高，她的声音随着数字的增加而变得更加紧迫。史蒂夫看错带子了吗？</blockquote></p><p> <b>After about 15 minutes, though, the S&amp;P leveled out and started to drop.</b></p><p><blockquote><b>然而，大约 15 分钟后，标准普尔指数趋于平稳并开始下跌。</b></blockquote></p><p> First by just a little, but then it went into free fall. The whole firm’s P&amp;L swung from dangerously in the red to deeply profitable.</p><p><blockquote>起初只是一点点，但后来它就自由落体了。整个公司的损益表从危险的亏损转为盈利。</blockquote></p><p> <b>At 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.</b>We gave him a standing ovation.</p><p><blockquote><b>下午 4 点，史蒂夫裹着短裤，站起来向全场发表讲话： “你就是这么做的.我现在要回家了”。</b>我们为他起立鼓掌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc81a4bd27d4c16642589177ca9ad3e\" tg-width=\"500\" tg-height=\"289\">I’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.</p><p><blockquote>在过去的 20 年里，我对那一天思考了很多，这不仅仅是因为它如此巧妙地概括了 20 世纪 90 年代末至 21 世纪初全盛时期的股票日交易经验。</blockquote></p><p> <b>It taught me that:</b></p><p><blockquote><b>它告诉我：</b></blockquote></p><p> <u><b>#1) Conviction matters.</b></u></p><p><blockquote><u><b>#1）定罪很重要。</b></u></blockquote></p><p> We used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.</p><p><blockquote>我们曾经在SAC的桌子上进行过一场辩论：史蒂夫如此优秀是因为他已经身价10亿美元，有能力承担风险，还是他的净资产来自于他只在他最坚信的地方扩大规模并坚持下注的能力？像我刚才描述的那样的日子总是让我们意识到是后者。</blockquote></p><p> There is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.</p><p><blockquote>不过，还有更多。多年后，我遇到了一个对数百家对冲基金做过深度诊断分析的数据团队。他们主要关注表现最好的十分之一基金与其他基金的区别。</blockquote></p><p> They found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.</p><p><blockquote>他们发现，表现不佳的基金的下滑很大程度上来自于无数的小型投资组合头寸，这些头寸共同蚕食了回报。没错，有些是输家，但也有很多是赢家，他们的规模不足以对投资组合产生真正的影响。表现最好的基金拥有规模上的赢家；规模较小的基金也参与其中，但规模很小。</blockquote></p><p> No prizes for guessing why that happened: conviction.<b>Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly</b>. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.</p><p><blockquote>猜测为什么会发生这种事没有奖励：定罪。<b>平庸的基金有足够的投资过程来发掘好的想法，但不足以正确地调整它们的规模</b>. 他们不愿意下更大的赌注，因为他们知道，如果波动占投资组合的 5%，而不是 0.5%，他们将无法耐心地坐视不管。</blockquote></p><p> Takeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.</p><p><blockquote>收获： 信念和规模是史蒂夫和我见过的所有其他伟大投资者与 “非常好 ”的区别。仅仅找到可行的想法是不够的。真正的魔力在于让它们有价值。</blockquote></p><p> <u><b>#2: Use whatever mental hacks you need to foster patience</b></u><u>.</u></p><p><blockquote><u><b>#2：使用任何你需要的心理技巧来培养耐心</b></u><u>.</u></blockquote></p><p> Steve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.</p><p><blockquote>史蒂夫离开办公桌已经一个小时了。这些年来，我遇到的其他非常成功的投资者都关掉了屏幕，或者从显示器上去掉了一个符号。</blockquote></p><p> This is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:</p><p><blockquote>这并不是说一个人可以盲目地购买一项资产并持有它，无论发生什么。富有成效的耐心意味着遵循许多规则。我个人最喜欢的几个：</blockquote></p><p> <ul>  <li>Don’t buy new lows.</p><p><blockquote><ul><li>不要买入新低。</li></ul></blockquote></p><p></li>  <li>Don’t short new highs.</p><p><blockquote><li>不要做空新高。</li></blockquote></p><p></li>  <li>Always scale in and out of positions.</p><p><blockquote><li>总是在位置内和位置外缩放。</li></blockquote></p><p></li>  <li>Set stop losses where you re-evaluate your point of view.</p><p><blockquote><li>在你重新评估你的观点的地方设置止损。</li></blockquote></p><p></li>  <li>Always look for new ideas.</p><p><blockquote><li>总是寻找新的想法。</li></blockquote></p><p></li>  <li>Admit when you’re wrong and move on.</p><p><blockquote><li>承认自己错了，继续前进。</li></blockquote></p><p></p><p></li> </ul> <b>Takeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.</b>If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.</p><p><blockquote><b>要点：美联储日关于史蒂夫的故事并不是为了庆祝盲目的耐心，而是为了展示耐心如何适应更广泛、更有纪律的方法。</b>如果史蒂夫那天错了，第二天和第二天他仍然会坚持他的流程。在这个行业，没有人有100%的命中率。</blockquote></p><p> Final thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.</p><p><blockquote>最后的想法：最终，耐心的能力总是信念和环境的函数。由于我们对环境几乎没有控制权，尤其是在资本市场方面，培养耐心的唯一有效方法是建立并遵循一个在当前环境下增加信念的过程。</blockquote></p><p> Ironically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.</p><p><blockquote>具有讽刺意味的是，像我们现在这样的低波动性市场比价格波动更大时需要更多的耐心和信念。当 VIX 为 40 时，即使是辛辣名称中 1% 的头寸也能有意义地帮助投资组合回报。但当 VIX 低于 20（今天收盘价为 18）时，情况就完全不同了。当前的环境需要有重点的投资方法，而不是分散的投资方法。</blockquote></p><p> Yes, this is hard, but as Steve said, “That’s how you do it”.</p><p><blockquote>是的，这很难，但正如史蒂夫所说，“这就是你要做的”。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-21 17:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:</p><p><blockquote>本周《周四的故事时间》是关于 “耐心 ”的，我（我是尼克.）将从 2000 年我在 SAC Capital 工作时的一个简短轶事开始：</blockquote></p><p> <b>Just after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.</b></p><p><blockquote><b>就在3月份互联网泡沫达到顶峰后，美国股市的走向尚不清楚。</b></blockquote></p><p> Many thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.</p><p><blockquote>许多人认为势头很快就会恢复。其他人则更加谨慎，但多年来大多数空头都错了。因此，很难认真对待它们。</blockquote></p><p> <b>Going into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&amp;P futures.</b></p><p><blockquote><b>在2000年中期的美联储会议上，史蒂夫将他的投资组合设置为非常短的标准普尔期货。</b></blockquote></p><p> Because every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.</p><p><blockquote>因为房间里的每个交易员都被允许看到他的垫子，所以我们都照着做。尽管并不清楚史蒂夫看到了什么，但每个人都对史蒂夫的市场看涨期权充满信心。</blockquote></p><p> <b>Stocks opened up that morning, and then headed higher still.</b></p><p><blockquote><b>那天早上股市开盘，然后进一步走高。</b></blockquote></p><p> The room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.</p><p><blockquote>房间里一片寂静，就像每个交易柜台在经历突然的突然损失时一样。</blockquote></p><p> <b>Then Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.</b>At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.</p><p><blockquote><b>然后史蒂夫做了一件我从未见过他做的事情：他离开办公桌，下楼和家人一起吃午饭。</b>当时，SAC 与 GE Capital 在康涅狄格州斯坦福德的一栋办公楼内共享空间。过了一会儿，当我去自助餐厅吃午饭时，我看到史蒂夫一边嚼着鱼条，一边和他的孩子和妻子聊天。他似乎并不真正关心这个世界。</blockquote></p><p> <b>At 2:00pm, with Steve back on the desk, we all waited for the Fed decision.</b>It was another rate hike. But instead of selling off, the S&amp;P just kept going up. The only sound in the room was Steve’s assistant calling out S&amp;P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?</p><p><blockquote><b>下午2点，史蒂夫回到办公桌前，我们都在等待美联储的决定。</b>这是又一次加息。但标准普尔指数并没有抛售，而是继续上涨。房间里唯一的声音是史蒂夫的助手喊出标准普尔指数的水平，一个比一个高，她的声音随着数字的增加而变得更加紧迫。史蒂夫看错带子了吗？</blockquote></p><p> <b>After about 15 minutes, though, the S&amp;P leveled out and started to drop.</b></p><p><blockquote><b>然而，大约 15 分钟后，标准普尔指数趋于平稳并开始下跌。</b></blockquote></p><p> First by just a little, but then it went into free fall. The whole firm’s P&amp;L swung from dangerously in the red to deeply profitable.</p><p><blockquote>起初只是一点点，但后来它就自由落体了。整个公司的损益表从危险的亏损转为盈利。</blockquote></p><p> <b>At 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.</b>We gave him a standing ovation.</p><p><blockquote><b>下午 4 点，史蒂夫裹着短裤，站起来向全场发表讲话： “你就是这么做的.我现在要回家了”。</b>我们为他起立鼓掌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc81a4bd27d4c16642589177ca9ad3e\" tg-width=\"500\" tg-height=\"289\">I’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.</p><p><blockquote>在过去的 20 年里，我对那一天思考了很多，这不仅仅是因为它如此巧妙地概括了 20 世纪 90 年代末至 21 世纪初全盛时期的股票日交易经验。</blockquote></p><p> <b>It taught me that:</b></p><p><blockquote><b>它告诉我：</b></blockquote></p><p> <u><b>#1) Conviction matters.</b></u></p><p><blockquote><u><b>#1）定罪很重要。</b></u></blockquote></p><p> We used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.</p><p><blockquote>我们曾经在SAC的桌子上进行过一场辩论：史蒂夫如此优秀是因为他已经身价10亿美元，有能力承担风险，还是他的净资产来自于他只在他最坚信的地方扩大规模并坚持下注的能力？像我刚才描述的那样的日子总是让我们意识到是后者。</blockquote></p><p> There is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.</p><p><blockquote>不过，还有更多。多年后，我遇到了一个对数百家对冲基金做过深度诊断分析的数据团队。他们主要关注表现最好的十分之一基金与其他基金的区别。</blockquote></p><p> They found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.</p><p><blockquote>他们发现，表现不佳的基金的下滑很大程度上来自于无数的小型投资组合头寸，这些头寸共同蚕食了回报。没错，有些是输家，但也有很多是赢家，他们的规模不足以对投资组合产生真正的影响。表现最好的基金拥有规模上的赢家；规模较小的基金也参与其中，但规模很小。</blockquote></p><p> No prizes for guessing why that happened: conviction.<b>Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly</b>. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.</p><p><blockquote>猜测为什么会发生这种事没有奖励：定罪。<b>平庸的基金有足够的投资过程来发掘好的想法，但不足以正确地调整它们的规模</b>. 他们不愿意下更大的赌注，因为他们知道，如果波动占投资组合的 5%，而不是 0.5%，他们将无法耐心地坐视不管。</blockquote></p><p> Takeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.</p><p><blockquote>收获： 信念和规模是史蒂夫和我见过的所有其他伟大投资者与 “非常好 ”的区别。仅仅找到可行的想法是不够的。真正的魔力在于让它们有价值。</blockquote></p><p> <u><b>#2: Use whatever mental hacks you need to foster patience</b></u><u>.</u></p><p><blockquote><u><b>#2：使用任何你需要的心理技巧来培养耐心</b></u><u>.</u></blockquote></p><p> Steve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.</p><p><blockquote>史蒂夫离开办公桌已经一个小时了。这些年来，我遇到的其他非常成功的投资者都关掉了屏幕，或者从显示器上去掉了一个符号。</blockquote></p><p> This is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:</p><p><blockquote>这并不是说一个人可以盲目地购买一项资产并持有它，无论发生什么。富有成效的耐心意味着遵循许多规则。我个人最喜欢的几个：</blockquote></p><p> <ul>  <li>Don’t buy new lows.</p><p><blockquote><ul><li>不要买入新低。</li></ul></blockquote></p><p></li>  <li>Don’t short new highs.</p><p><blockquote><li>不要做空新高。</li></blockquote></p><p></li>  <li>Always scale in and out of positions.</p><p><blockquote><li>总是在位置内和位置外缩放。</li></blockquote></p><p></li>  <li>Set stop losses where you re-evaluate your point of view.</p><p><blockquote><li>在你重新评估你的观点的地方设置止损。</li></blockquote></p><p></li>  <li>Always look for new ideas.</p><p><blockquote><li>总是寻找新的想法。</li></blockquote></p><p></li>  <li>Admit when you’re wrong and move on.</p><p><blockquote><li>承认自己错了，继续前进。</li></blockquote></p><p></p><p></li> </ul> <b>Takeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.</b>If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.</p><p><blockquote><b>要点：美联储日关于史蒂夫的故事并不是为了庆祝盲目的耐心，而是为了展示耐心如何适应更广泛、更有纪律的方法。</b>如果史蒂夫那天错了，第二天和第二天他仍然会坚持他的流程。在这个行业，没有人有100%的命中率。</blockquote></p><p> Final thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.</p><p><blockquote>最后的想法：最终，耐心的能力总是信念和环境的函数。由于我们对环境几乎没有控制权，尤其是在资本市场方面，培养耐心的唯一有效方法是建立并遵循一个在当前环境下增加信念的过程。</blockquote></p><p> Ironically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.</p><p><blockquote>具有讽刺意味的是，像我们现在这样的低波动性市场比价格波动更大时需要更多的耐心和信念。当 VIX 为 40 时，即使是辛辣名称中 1% 的头寸也能有意义地帮助投资组合回报。但当 VIX 低于 20（今天收盘价为 18）时，情况就完全不同了。当前的环境需要有重点的投资方法，而不是分散的投资方法。</blockquote></p><p> Yes, this is hard, but as Steve said, “That’s how you do it”.</p><p><blockquote>是的，这很难，但正如史蒂夫所说，“这就是你要做的”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/how-steve-cohen-traded-bursting-dot-com-bubble?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/how-steve-cohen-traded-bursting-dot-com-bubble?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105691189","content_text":"This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:\nJust after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.\nMany thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.\nGoing into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&P futures.\nBecause every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.\nStocks opened up that morning, and then headed higher still.\nThe room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.\nThen Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.\nAt 2:00pm, with Steve back on the desk, we all waited for the Fed decision.It was another rate hike. But instead of selling off, the S&P just kept going up. The only sound in the room was Steve’s assistant calling out S&P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?\nAfter about 15 minutes, though, the S&P leveled out and started to drop.\nFirst by just a little, but then it went into free fall. The whole firm’s P&L swung from dangerously in the red to deeply profitable.\nAt 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.We gave him a standing ovation.\nI’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.\nIt taught me that:\n#1) Conviction matters.\nWe used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.\nThere is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.\nThey found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.\nNo prizes for guessing why that happened: conviction.Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.\nTakeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.\n#2: Use whatever mental hacks you need to foster patience.\nSteve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.\nThis is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:\n\nDon’t buy new lows.\nDon’t short new highs.\nAlways scale in and out of positions.\nSet stop losses where you re-evaluate your point of view.\nAlways look for new ideas.\nAdmit when you’re wrong and move on.\n\nTakeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.\nFinal thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.\nIronically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.\nYes, this is hard, but as Steve said, “That’s how you do it”.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165189864,"gmtCreate":1624105844558,"gmtModify":1634010647502,"author":{"id":"3582272232021521","authorId":"3582272232021521","name":"Gaggoo","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582272232021521","idStr":"3582272232021521"},"themes":[],"title":"","htmlText":"coool","listText":"coool","text":"coool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/165189864","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166911535,"gmtCreate":1623987723327,"gmtModify":1634024550331,"author":{"id":"3582272232021521","authorId":"3582272232021521","name":"Gaggoo","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582272232021521","idStr":"3582272232021521"},"themes":[],"title":"","htmlText":"cool bro","listText":"cool bro","text":"cool bro","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166911535","repostId":"1112448941","repostType":4,"repost":{"id":"1112448941","kind":"news","pubTimestamp":1623984287,"share":"https://www.laohu8.com/m/news/1112448941?lang=zh_CN&edition=full","pubTime":"2021-06-18 10:44","market":"us","language":"en","title":"Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112448941","media":"Barrons","summary":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies","content":"<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>","source":"lsy1601382232898","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>Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 10:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WDC":"西部数据","STX":"希捷科技"},"source_url":"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112448941","content_text":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.\n, Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.\nChia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.\nIn a research note on Thursday, Loop Capital analyst Ananda Baruah asserts that both SeagateTechnology Holdings (ticker: STX) and Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.\nIf that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.\nWhile the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and NetApp(NTAP).\nHe contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”\nWith distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.\nBaruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The S&P 500 index is down 0.04%.","news_type":1,"symbols_score_info":{"WDC":0.9,"STX":0.9}},"isVote":1,"tweetType":1,"viewCount":2203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166913726,"gmtCreate":1623987709765,"gmtModify":1634024551052,"author":{"id":"3582272232021521","authorId":"3582272232021521","name":"Gaggoo","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582272232021521","idStr":"3582272232021521"},"themes":[],"title":"","htmlText":"omg","listText":"omg","text":"omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166913726","repostId":"1112448941","repostType":4,"repost":{"id":"1112448941","kind":"news","pubTimestamp":1623984287,"share":"https://www.laohu8.com/m/news/1112448941?lang=zh_CN&edition=full","pubTime":"2021-06-18 10:44","market":"us","language":"en","title":"Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112448941","media":"Barrons","summary":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies","content":"<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>","source":"lsy1601382232898","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>Crypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Mining Could Give Huge Boost to Seagate and Western Digital Stock<blockquote>加密货币挖矿可能会极大提振希捷和西部数据的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 10:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.</p><p><blockquote>磁盘驱动器的需求继续被Chia的快速采用所扭曲，Chia是一种依赖大容量驱动器来“培育”新硬币的加密货币。</blockquote></p><p> , Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.</p><p><blockquote>，Chia使用不同于其他加密货币的模式来创造新的硬币。大多数加密货币依赖于“工作量证明”模型来验证交易：矿工解决复杂的数学问题，需要大量的计算能力来赚取硬币，这解释了为什么传统挖矿如此耗能。</blockquote></p><p> Chia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.</p><p><blockquote>相比之下，Chia的方法与致力于在区块链上使用的存储容量有关，而不是计算能力。这扭曲了对高容量驱动器的需求。</blockquote></p><p> In a research note on Thursday, Loop Capital analyst&nbsp;Ananda Baruah&nbsp;asserts that both&nbsp;SeagateTechnology Holdings (ticker: STX) and&nbsp;Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.</p><p><blockquote>Loop Capital分析师Ananda Baruah在周四的一份研究报告中断言，希捷科技控股公司（股票代码：STX）和西部数据（WDC）——这两家公司共同控制着全球大部分磁盘驱动器生产——的定价和利润可能会持续上涨来自Chia推动的高容量驱动器需求加速。</blockquote></p><p> If that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.</p><p><blockquote>他断言，如果这种需求持续下去，希捷的年化收益可能达到每股12美元，远高于华尔街普遍预测的2021年6月财年每股利润5.52美元、2022财年每股利润7.48美元和2023财年每股利润7.71美元。他写道，对于西部数据来说，每股利润可能达到10-12美元，而华尔街预计2021年6月财年为3.83美元，2022财年为8.87美元，2023财年为10.54美元。</blockquote></p><p> While the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and&nbsp;NetApp(NTAP).</p><p><blockquote>虽然Chia farming对驱动器定价的影响主要是在零售层面和通过分销商，但Baruah认为，如果Chia趋势持续下去，这种趋势将蔓延到合同定价，销售给云计算公司和主要数据的驱动器价格可能会更高-慧与(HPE)、戴尔科技(DELL)EMC部门和NetApp(NTAP)等存储系统公司。</blockquote></p><p> He contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”</p><p><blockquote>他认为，希捷和西部数据已经开始就提高平均售价进行对话。他补充道，“如果所有这些都成立，毛利率扩张可能还有很长的路要走。”</blockquote></p><p> With distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.</p><p><blockquote>Baruah补充说，随着分销商库存的耗尽，硬盘供应商在进入下半年时“处于有利地位”，可以看到价格上涨。他指出，驱动器市场上上一次出现事件驱动的价格重置是在10年前，当时泰国的严重洪水摧毁了很大一部分驱动器制造能力。他说，这一次，系统中的过剩容量减少了，记录头和磁介质的供应商有限，限制了满足需求的能力。</blockquote></p><p> Baruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The&nbsp;S&amp;P 500&nbsp;index is down 0.04%.</p><p><blockquote>Baruah维持对希捷和西部数据的买入评级。他对希捷的目标价为100美元，对西部航空的目标价为90美元。两只股票在近期交易中均走低，希捷下跌4.2%，至88.82美元，西部数据下跌3.4%，至70.77美元。标准普尔500指数下跌0.04%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WDC":"西部数据","STX":"希捷科技"},"source_url":"https://www.barrons.com/articles/crypto-mining-could-give-huge-boost-to-seagate-and-western-digital-stock-51623944488?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112448941","content_text":"Disk-drive demand continues to be warped by the rapid adoption of Chia, a cryptocurrency that relies on large capacity drives to “farm” new coins.\n, Chia uses a different model than other cryptocurrencies to create new coins. Most cryptocurrencies rely on a “proof of work” model to verify transactions: Miners solve complex mathematical problems that require lots of computational power to earn coins, which explains why traditional mining is so energy-intensive.\nChia’s approach, by contrast, is tied to storage capacity committed to being used on the blockchain, rather than computational might. And that is warping demand for high-capacity drives.\nIn a research note on Thursday, Loop Capital analyst Ananda Baruah asserts that both SeagateTechnology Holdings (ticker: STX) and Western Digital(WDC)—which together control most of the world’s disk-drive production—could see a sustained boost to both pricing and profits from the Chia-driven acceleration in demand for high-capacity drives.\nIf that demand is sustained, he asserts, Seagate’s annualized earnings could reach $12 a share, well above the Street’s consensus forecasts of profits of $5.52 a share for the June 2021 fiscal year, $7.48 for fiscal 2022, and $7.71 for fiscal 2023. For Western Digital, he writes, profits could reach the $10-$12-per-share range, which compares to Street estimates of $3.83 for the June 2021 fiscal year, $8.87 for fiscal 2022, and $10.54 for fiscal 2023.\nWhile the impact on drive pricing from Chia farming has largely been at the retail level and through distributors, Baruah sees the trend overflowing to contract pricing if the Chia trend is sustained, with higher prices possible for drives sold to both cloud-computing companies and major data-storage systems companies like Hewlett Packard Enterprise (HPE),Dell Technologies‘ (DELL) EMC unit, and NetApp(NTAP).\nHe contends that both Seagate and Western Digital have begun holding conversations on shifting average selling prices higher. And he adds that “if all of this holds, gross margin expansion could have a long way to go.”\nWith distributor inventories depleted, Baruah adds, the hard-drive suppliers are “in prime position” heading into the calendar second half to see elevated pricing. He notes that the last time there was an event-driven price reset in the drive market was 10 years ago, when severe flooding in Thailand knocked out a substantial portion of drive manufacturing capacity. This time, he says, there is less excess capacity in the system, with limited suppliers of both recording heads and magnetic media constraining the ability to satisfy demand.\nBaruah maintains his Buy ratings on both Seagate and Western Digital. He has price targets of $100 on Seagate and $90 on Western. Both stocks are lower in recent trading, with Seagate off 4.2%, at $88.82, and Western Digital down 3.4%, at $70.77. The S&P 500 index is down 0.04%.","news_type":1,"symbols_score_info":{"WDC":0.9,"STX":0.9}},"isVote":1,"tweetType":1,"viewCount":1624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166910007,"gmtCreate":1623987637409,"gmtModify":1634024553650,"author":{"id":"3582272232021521","authorId":"3582272232021521","name":"Gaggoo","avatar":"https://static.tigerbbs.com/3d1e37505d342fd0d2ea94216065db33","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582272232021521","idStr":"3582272232021521"},"themes":[],"title":"","htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166910007","repostId":"2144742421","repostType":4,"isVote":1,"tweetType":1,"viewCount":2341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":false}