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2021-11-04

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A bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货：小盘股的交易折扣幅度为 20 年来的第二大</blockquote>

Small-caps as a group appear set for a much better 2022 than large-cap equities Small-cap stocks as

A bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货：小盘股的交易折扣幅度为 20 年来的第二大</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":846913722,"tweetId":"846913722","gmtCreate":1636039051015,"gmtModify":1636039121114,"author":{"id":3586857782182044,"idStr":"3586857782182044","authorId":3586857782182044,"authorIdStr":"3586857782182044","name":"Abc123","avatar":"https://static.tigerbbs.com/e4822e10d0f39b1f7f2551c480b81cc8","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Wow</body></html>","htmlText":"<html><head></head><body>Wow</body></html>","text":"Wow","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/846913722","repostId":1135111496,"repostType":4,"repost":{"id":"1135111496","kind":"news","pubTimestamp":1636038416,"share":"https://www.laohu8.com/m/news/1135111496?lang=zh_CN&edition=full","pubTime":"2021-11-04 23:06","market":"us","language":"en","title":"A bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货： 小盘股的交易折扣幅度为 20 年来的第二大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135111496","media":"MarketWatch","summary":"Small-caps as a group appear set for a much better 2022 than large-cap equities\nSmall-cap stocks as ","content":"Small-caps as a group appear set for a much better 2022 than large-cap equities<blockquote>小盘股作为一个群体，2022 年的表现似乎比大盘股好得多</blockquote> <img src=\"https://static.tigerbbs.com/9d031143b3c5b87238d2a83a85aea5c6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Small-cap stocks as a group are trading at a low valuation compared with large-caps. ISTOCKPHOTO<blockquote>与大盘股相比，小盘股作为一个群体的交易估值较低。ISTOCKPHOTO</blockquote> Small-cap stocks, as a group, are bargain-priced relative to more popular large-caps, but you may be surprised at just how cheap they are. And wait until you see their performance from similar valuation levels.<blockquote>小盘股作为一个群体，相对于更受欢迎的大盘股，价格很便宜，但您可能会对它们的便宜程度感到惊讶。等到你从相似的估值水平看到他们的表现。</blockquote> Look at this 20-year chart, which shows the weighted forward price-to-earnings ratio for the S&amp;P Small Cap 600 Index&nbsp;versus the large-cap benchmark S&amp;P 500 Index:<blockquote>看看这张 20 年图表，它显示了标准普尔小型股 600 指数与大型股基准标普500指数的加权远期市盈率：</blockquote> <img src=\"https://static.tigerbbs.com/e074cb51b7e5c8bdf34daa928230789a\" tg-width=\"700\" tg-height=\"556\" width=\"100%\" height=\"auto\">FACTSET<blockquote>事实集</blockquote> William Watts reported on what appears to be&nbsp;a breakout for small-cap stocks&nbsp;after eight months of relatively flat performance. That is based on the movement of the Russell 2000 Index.<blockquote>威廉·瓦茨 (William Watts) 报告称，在经历了八个月的相对平淡表现后，小盘股似乎出现了突破。这是基于罗素2000指数的变动。</blockquote> In this article, we are focusing on the S&amp;P Small Cap 600 Index, which is far more selective than the Russell 2000 because because most of its companies are profitable. Standard &amp; Poor’s&nbsp;criteria for initial inclusion&nbsp;in the index includes positive earnings for the most recent quarter and for the sum of the most recent four quarters.<blockquote>在本文中，我们重点关注标准普尔小型股 600 指数，该指数比罗素 2000 指数更具选择性，因为其大多数公司都是盈利的。标准普尔最初纳入该指数的标准包括最近一个季度的正收益和最近四个季度的总和。</blockquote> Aside from the early coronavirus pandemic doldrums of March 2020, the S&amp;P 600 Small Cap Index hasn’t traded this low, relative to the S&amp;P 500, in 20 years.<blockquote>除了 2020 年 3 月冠状病毒大流行初期的低迷之外，标准普尔 600 小型股指数相对于标普500而言，20 年来从未出现过如此低的交易价格。</blockquote> Here’s a breakdown of the relationship between current and average forward P/E ratios for the two indexes, using weighted data compiled by FactSet:<blockquote>以下是使用 FactSet 编制的加权数据对这两个指数的当前市盈率和平均远期市盈率之间的关系进行细分：</blockquote> <img src=\"https://static.tigerbbs.com/3ed361a39689cb27f8eeb5593382a5b9\" tg-width=\"931\" tg-height=\"318\" width=\"100%\" height=\"auto\"><blockquote></blockquote> The small-cap group typically trades much closer to the valuation of the large-caps than it does today.<blockquote>小盘股的交易价格通常比今天更接近大盘股的估值。</blockquote> Now take a look at a 20-year comparison of total returns for the two indexes:<blockquote>现在来看看这两个指数的 20 年总回报比较：</blockquote> <img src=\"https://static.tigerbbs.com/0166bbb3b8d142099bdbe6845dbeb332\" tg-width=\"1050\" tg-height=\"834\" width=\"100%\" height=\"auto\">FACTSET<blockquote>事实集</blockquote> In an extended bull market, driven in part by historically low interest rates, it is understandable that the best-known stocks (the large-caps) have had the most benefit. But all of the above argue for adding exposure to small-caps for the long term, as part of a diversified portfolio, especially if you have a lot of money in an S&amp;P 500 index fund or exchange traded fund.<blockquote>在部分由历史低利率推动的长期牛市中，最知名的股票（大盘股）受益最大是可以理解的。但以上所有观点都支持长期增加小盘股投资，作为多元化投资组合的一部分，特别是如果您在标普500指数基金或交易所交易基金中拥有大量资金。</blockquote> For a shorter-term case, see this comparison of aggregate consensus 2022 estimates among analysts polled by FactSet for the two indexes:<blockquote>对于短期情况，请参阅 FactSet 调查的分析师对这两个指数的 2022 年总体共识估计的比较：</blockquote> <img src=\"https://static.tigerbbs.com/c6fb02da26aa5ed89a067e23fc87a718\" tg-width=\"1135\" tg-height=\"685\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Good numbers across the board — but the estimates are higher for the small-cap group.<blockquote>全面数据良好——但小盘股的预期更高。</blockquote> For both groups, the free-cash-flow estimates are comforting. Free cash flow is a company’s remaining cash flow after planned capital expenditures. It is money that can be used for expansion, dividend increases, stock buybacks or other corporate purposes.<blockquote>对于这两个群体来说，自由现金流估计都令人欣慰。自由现金流是指公司扣除计划资本支出后的剩余现金流。这笔钱可用于扩张、增加股息、股票回购或其他公司目的。</blockquote> If you are fortunate enough to have access to an employer-sponsored retirement account, the most important piece of advice anyone can give you is to contribute at least as much as your employer’s maximum contribution. If you do that, you have an immediate 100% return on your contributions.<blockquote>如果您有幸拥有雇主赞助的退休账户，那么任何人都能给您的最重要的建议就是至少缴纳雇主最高缴款额。如果你这样做了，你的贡献会立即获得100%的回报。</blockquote> Then you should look at the fees charged by the mutual funds available within the 401(k) or similar plan. Index funds, which typically have lower expenses than actively managed funds, may be available, and these may include a small-cap fund. Your plan may also allow you to put money into a brokerage account, within which you can select exchange traded index funds that also have low expenses.<blockquote>然后你应该看看401（k）或类似计划中的共同基金收取的费用。指数基金通常比主动管理基金费用更低，可能包括小型基金。您的计划还可能允许您将资金存入经纪账户，您可以在其中选择费用也较低的交易所交易指数基金。</blockquote> Here are a few ETFs that track the S&amp;P Small Cap 600 Index:<blockquote>以下是一些跟踪标准普尔小型股 600 指数的 ETF：</blockquote> <ul> <li>iShares Core S&amp;P Small Cap ETF </li> <li>SPDR Portfolio S&amp;P 600 Small Cap ETF </li> <li>Vanguard S&amp;P Small Cap 600 ETF </li> </ul> Among the S&amp;P Small Cap 600, there are 24 stocks with 100% “buy” or equivalent ratings that are each covered by at least five analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:<blockquote><ul><li>iShares Core S&amp;P 小型股 ETF</li><li>SPDR 投资组合 S&amp;P 600 小型股 ETF</li><li>Vanguard S&amp;P 小型股 600 ETF</li></ul>在标准普尔小盘股 600 指数中，有 24 只股票的评级为 100% “买入 ”或同等，每只股票至少有 5 位接受 FactSet 调查的分析师对其进行了评级。它们如下，按共识价格目标所暗示的 12 个月上涨潜力排序：</blockquote> <table> <tbody> <tr> <td>Company</td> <td>&nbsp;Industry</td> <td>Closing price – Nov. 3</td> <td>Consensus price&nbsp; target</td> <td>Implied 12-month upside potential</td> </tr> <tr> <td>QuinStreet Inc. </td> <td>Advertising/Marketing Services</td> <td>$13.44</td> <td>$26.80</td> <td>99%</td> </tr> <tr> <td>Tactile Systems Technology Inc. </td> <td>Medical Specialties</td> <td>$36.90</td> <td>$69.25</td> <td>88%</td> </tr> <tr> <td>LendingTree Inc. </td> <td>Finance/Rental/Leasing</td> <td>$151.37</td> <td>$238.75</td> <td>58%</td> </tr> <tr> <td>Talos Energy Inc. </td> <td>Oil &amp; Gas Production</td> <td>$13.22</td> <td>$19.25</td> <td>46%</td> </tr> <tr> <td>Cytokinetics Inc. </td> <td>Biotechnology</td> <td>$36.67</td> <td>$52.50</td> <td>43%</td> </tr> <tr> <td>Ichor Holdings Ltd. </td> <td>Semiconductors</td> <td>$46.04</td> <td>$60.40</td> <td>31%</td> </tr> <tr> <td>Ultra Clean Holdings Inc. </td> <td>Semiconductors</td> <td>$55.35</td> <td>$72.58</td> <td>31%</td> </tr> <tr> <td>Ligand Pharmaceuticals Inc. </td> <td>Biotechnology</td> <td>$159.96</td> <td>$207.86</td> <td>30%</td> </tr> <tr> <td>Smart Global Holdings Inc. </td> <td>Semiconductors</td> <td>$56.22</td> <td>$72.00</td> <td>28%</td> </tr> <tr> <td>TTM Technologies Inc. </td> <td>Electronic Components</td> <td>$13.99</td> <td>$17.79</td> <td>27%</td> </tr> <tr> <td>Vista Outdoor Inc. </td> <td>Recreational Products</td> <td>$43.41</td> <td>$54.89</td> <td>26%</td> </tr> <tr> <td>Harmony Biosciences Holdings Inc. </td> <td>Pharmaceuticals: Major</td> <td>$42.93</td> <td>$53.80</td> <td>25%</td> </tr> <tr> <td>Civitas Resources Inc. </td> <td>Integrated Oil</td> <td>$53.89</td> <td>$66.17</td> <td>23%</td> </tr> <tr> <td>Griffon Corp. </td> <td>Building Products</td> <td>$27.22</td> <td>$33.33</td> <td>22%</td> </tr> <tr> <td>Korn Ferry </td> <td>Personnel Services</td> <td>$79.98</td> <td>$97.75</td> <td>22%</td> </tr> <tr> <td>NeoGenomics Inc. </td> <td>Medical/Nursing Services</td> <td>$46.53</td> <td>$56.45</td> <td>21%</td> </tr> <tr> <td>SPX Corp. </td> <td>Industrial Conglomerates</td> <td>$62.09</td> <td>$75.25</td> <td>21%</td> </tr> <tr> <td>LCI Industries </td> <td>Miscellaneous Manufacturing</td> <td>$149.50</td> <td>$178.00</td> <td>19%</td> </tr> <tr> <td>Green Plains Inc. </td> <td>Chemicals: Specialty</td> <td>$38.89</td> <td>$45.89</td> <td>18%</td> </tr> <tr> <td>Digi International Inc. </td> <td>Computer Peripherals</td> <td>$23.13</td> <td>$27.10</td> <td>17%</td> </tr> <tr> <td>Summit Hotel Properties Inc. </td> <td>Real Estate Investment Trusts</td> <td>$10.44</td> <td>$11.60</td> <td>11%</td> </tr> <tr> <td>Veritex Holdings Inc. </td> <td>Regional Banks</td> <td>$42.75</td> <td>$46.50</td> <td>9%</td> </tr> <tr> <td>Onto Innovation Inc. </td> <td>Electronic Production Equipment</td> <td>$84.29</td> <td>$90.20</td> <td>7%</td> </tr> <tr> <td>Axcelis Technologies Inc. </td> <td>Electronic Production Equipment</td> <td>$59.04</td> <td>$57.17</td> <td>-3%</td> </tr> </tbody> </table> <blockquote><table><tbody><tr><td>公司</td><td>工业</td><td>收盘价 – 11 月 3 日</td><td>共识价格目标</td><td>隐含 12 个月上行潜力</td></tr><tr><td>昆斯特里特公司。</td><td>广告╱营销服务</td><td>$13.44</td><td>$26.80</td><td>99%</td></tr><tr><td>触觉系统技术公司。</td><td>医学专业</td><td>$36.90</td><td>$69.25</td><td>88%</td></tr><tr><td>贷款树公司。</td><td>融资╱租赁╱租赁</td><td>$151.37</td><td>$238.75</td><td>58%</td></tr><tr><td>塔洛斯能源公司。</td><td>石油和天然气生产</td><td>$13.22</td><td>$19.25</td><td>46%</td></tr><tr><td>细胞动力学公司。</td><td>生物技术</td><td>$36.67</td><td>$52.50</td><td>43%</td></tr><tr><td>伊科尔控股有限公司</td><td>半导体</td><td>$46.04</td><td>$60.40</td><td>31%</td></tr><tr><td>超清洁控股公司。</td><td>半导体</td><td>$55.35</td><td>$72.58</td><td>31%</td></tr><tr><td>配体制药公司。</td><td>生物技术</td><td>$159.96</td><td>$207.86</td><td>30%</td></tr><tr><td>智能全球控股公司。</td><td>半导体</td><td>$56.22</td><td>$72.00</td><td>28%</td></tr><tr><td>TTM技术公司。</td><td>电子元件</td><td>$13.99</td><td>$17.79</td><td>27%</td></tr><tr><td>维斯塔户外公司。</td><td>娱乐产品</td><td>$43.41</td><td>$54.89</td><td>26%</td></tr><tr><td>和谐生物科学控股公司。</td><td>制药：专业</td><td>$42.93</td><td>$53.80</td><td>25%</td></tr><tr><td>西维塔斯资源公司。</td><td>一体化油</td><td>$53.89</td><td>$66.17</td><td>23%</td></tr><tr><td>格里芬公司。</td><td>建筑产品</td><td>$27.22</td><td>$33.33</td><td>22%</td></tr><tr><td>科恩渡轮</td><td>人事服务</td><td>$79.98</td><td>$97.75</td><td>22%</td></tr><tr><td>新基因组公司。</td><td>医疗/护理服务</td><td>$46.53</td><td>$56.45</td><td>21%</td></tr><tr><td>SPX公司</td><td>工业集团</td><td>$62.09</td><td>$75.25</td><td>21%</td></tr><tr><td>LCI工业</td><td>杂项制造</td><td>$149.50</td><td>$178.00</td><td>19%</td></tr><tr><td>格林平原公司。</td><td>化学品：特种</td><td>$38.89</td><td>$45.89</td><td>18%</td></tr><tr><td>迪吉国际公司。</td><td>计算机外设</td><td>$23.13</td><td>$27.10</td><td>17%</td></tr><tr><td>峰会酒店地产公司。</td><td>房地产投资信托基金</td><td>$10.44</td><td>$11.60</td><td>11%</td></tr><tr><td>Veritex控股公司。</td><td>区域银行</td><td>$42.75</td><td>$46.50</td><td>9%</td></tr><tr><td>Onto创新公司。</td><td>电子生产设备</td><td>$84.29</td><td>$90.20</td><td>7%</td></tr><tr><td>阿克塞利斯技术公司。</td><td>电子生产设备</td><td>$59.04</td><td>$57.17</td><td>-3%</td></tr></tbody></table></blockquote> Source: FactSet<blockquote>来源：FactSet</blockquote>","source":"lsy1603348471595","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>A bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货： 小盘股的交易折扣幅度为 20 年来的第二大</blockquote></title>\n<style 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#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\">\nA bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货： 小盘股的交易折扣幅度为 20 年来的第二大</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-11-04 23:06\n\n</h4>\n</header>\n<article>\nSmall-caps as a group appear set for a much better 2022 than large-cap equities<blockquote>小盘股作为一个群体，2022 年的表现似乎比大盘股好得多</blockquote> <img src=\"https://static.tigerbbs.com/9d031143b3c5b87238d2a83a85aea5c6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Small-cap stocks as a group are trading at a low valuation compared with large-caps. ISTOCKPHOTO<blockquote>与大盘股相比，小盘股作为一个群体的交易估值较低。ISTOCKPHOTO</blockquote> Small-cap stocks, as a group, are bargain-priced relative to more popular large-caps, but you may be surprised at just how cheap they are. And wait until you see their performance from similar valuation levels.<blockquote>小盘股作为一个群体，相对于更受欢迎的大盘股，价格很便宜，但您可能会对它们的便宜程度感到惊讶。等到你从相似的估值水平看到他们的表现。</blockquote> Look at this 20-year chart, which shows the weighted forward price-to-earnings ratio for the S&amp;P Small Cap 600 Index&nbsp;versus the large-cap benchmark S&amp;P 500 Index:<blockquote>看看这张 20 年图表，它显示了标准普尔小型股 600 指数与大型股基准标普500指数的加权远期市盈率：</blockquote> <img src=\"https://static.tigerbbs.com/e074cb51b7e5c8bdf34daa928230789a\" tg-width=\"700\" tg-height=\"556\" width=\"100%\" height=\"auto\">FACTSET<blockquote>事实集</blockquote> William Watts reported on what appears to be&nbsp;a breakout for small-cap stocks&nbsp;after eight months of relatively flat performance. That is based on the movement of the Russell 2000 Index.<blockquote>威廉·瓦茨 (William Watts) 报告称，在经历了八个月的相对平淡表现后，小盘股似乎出现了突破。这是基于罗素2000指数的变动。</blockquote> In this article, we are focusing on the S&amp;P Small Cap 600 Index, which is far more selective than the Russell 2000 because because most of its companies are profitable. Standard &amp; Poor’s&nbsp;criteria for initial inclusion&nbsp;in the index includes positive earnings for the most recent quarter and for the sum of the most recent four quarters.<blockquote>在本文中，我们重点关注标准普尔小型股 600 指数，该指数比罗素 2000 指数更具选择性，因为其大多数公司都是盈利的。标准普尔最初纳入该指数的标准包括最近一个季度的正收益和最近四个季度的总和。</blockquote> Aside from the early coronavirus pandemic doldrums of March 2020, the S&amp;P 600 Small Cap Index hasn’t traded this low, relative to the S&amp;P 500, in 20 years.<blockquote>除了 2020 年 3 月冠状病毒大流行初期的低迷之外，标准普尔 600 小型股指数相对于标普500而言，20 年来从未出现过如此低的交易价格。</blockquote> Here’s a breakdown of the relationship between current and average forward P/E ratios for the two indexes, using weighted data compiled by FactSet:<blockquote>以下是使用 FactSet 编制的加权数据对这两个指数的当前市盈率和平均远期市盈率之间的关系进行细分：</blockquote> <img src=\"https://static.tigerbbs.com/3ed361a39689cb27f8eeb5593382a5b9\" tg-width=\"931\" tg-height=\"318\" width=\"100%\" height=\"auto\"><blockquote></blockquote> The small-cap group typically trades much closer to the valuation of the large-caps than it does today.<blockquote>小盘股的交易价格通常比今天更接近大盘股的估值。</blockquote> Now take a look at a 20-year comparison of total returns for the two indexes:<blockquote>现在来看看这两个指数的 20 年总回报比较：</blockquote> <img src=\"https://static.tigerbbs.com/0166bbb3b8d142099bdbe6845dbeb332\" tg-width=\"1050\" tg-height=\"834\" width=\"100%\" height=\"auto\">FACTSET<blockquote>事实集</blockquote> In an extended bull market, driven in part by historically low interest rates, it is understandable that the best-known stocks (the large-caps) have had the most benefit. But all of the above argue for adding exposure to small-caps for the long term, as part of a diversified portfolio, especially if you have a lot of money in an S&amp;P 500 index fund or exchange traded fund.<blockquote>在部分由历史低利率推动的长期牛市中，最知名的股票（大盘股）受益最大是可以理解的。但以上所有观点都支持长期增加小盘股投资，作为多元化投资组合的一部分，特别是如果您在标普500指数基金或交易所交易基金中拥有大量资金。</blockquote> For a shorter-term case, see this comparison of aggregate consensus 2022 estimates among analysts polled by FactSet for the two indexes:<blockquote>对于短期情况，请参阅 FactSet 调查的分析师对这两个指数的 2022 年总体共识估计的比较：</blockquote> <img src=\"https://static.tigerbbs.com/c6fb02da26aa5ed89a067e23fc87a718\" tg-width=\"1135\" tg-height=\"685\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Good numbers across the board — but the estimates are higher for the small-cap group.<blockquote>全面数据良好——但小盘股的预期更高。</blockquote> For both groups, the free-cash-flow estimates are comforting. Free cash flow is a company’s remaining cash flow after planned capital expenditures. It is money that can be used for expansion, dividend increases, stock buybacks or other corporate purposes.<blockquote>对于这两个群体来说，自由现金流估计都令人欣慰。自由现金流是指公司扣除计划资本支出后的剩余现金流。这笔钱可用于扩张、增加股息、股票回购或其他公司目的。</blockquote> If you are fortunate enough to have access to an employer-sponsored retirement account, the most important piece of advice anyone can give you is to contribute at least as much as your employer’s maximum contribution. If you do that, you have an immediate 100% return on your contributions.<blockquote>如果您有幸拥有雇主赞助的退休账户，那么任何人都能给您的最重要的建议就是至少缴纳雇主最高缴款额。如果你这样做了，你的贡献会立即获得100%的回报。</blockquote> Then you should look at the fees charged by the mutual funds available within the 401(k) or similar plan. Index funds, which typically have lower expenses than actively managed funds, may be available, and these may include a small-cap fund. Your plan may also allow you to put money into a brokerage account, within which you can select exchange traded index funds that also have low expenses.<blockquote>然后你应该看看401（k）或类似计划中的共同基金收取的费用。指数基金通常比主动管理基金费用更低，可能包括小型基金。您的计划还可能允许您将资金存入经纪账户，您可以在其中选择费用也较低的交易所交易指数基金。</blockquote> Here are a few ETFs that track the S&amp;P Small Cap 600 Index:<blockquote>以下是一些跟踪标准普尔小型股 600 指数的 ETF：</blockquote> <ul> <li>iShares Core S&amp;P Small Cap ETF </li> <li>SPDR Portfolio S&amp;P 600 Small Cap ETF </li> <li>Vanguard S&amp;P Small Cap 600 ETF </li> </ul> Among the S&amp;P Small Cap 600, there are 24 stocks with 100% “buy” or equivalent ratings that are each covered by at least five analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:<blockquote><ul><li>iShares Core S&amp;P 小型股 ETF</li><li>SPDR 投资组合 S&amp;P 600 小型股 ETF</li><li>Vanguard S&amp;P 小型股 600 ETF</li></ul>在标准普尔小盘股 600 指数中，有 24 只股票的评级为 100% “买入 ”或同等，每只股票至少有 5 位接受 FactSet 调查的分析师对其进行了评级。它们如下，按共识价格目标所暗示的 12 个月上涨潜力排序：</blockquote> <table> <tbody> <tr> <td>Company</td> <td>&nbsp;Industry</td> <td>Closing price – Nov. 3</td> <td>Consensus price&nbsp; target</td> <td>Implied 12-month upside potential</td> </tr> <tr> <td>QuinStreet Inc. </td> <td>Advertising/Marketing Services</td> <td>$13.44</td> <td>$26.80</td> <td>99%</td> </tr> <tr> <td>Tactile Systems Technology Inc. </td> <td>Medical Specialties</td> <td>$36.90</td> <td>$69.25</td> <td>88%</td> </tr> <tr> <td>LendingTree Inc. </td> <td>Finance/Rental/Leasing</td> <td>$151.37</td> <td>$238.75</td> <td>58%</td> </tr> <tr> <td>Talos Energy Inc. </td> <td>Oil &amp; Gas Production</td> <td>$13.22</td> <td>$19.25</td> <td>46%</td> </tr> <tr> <td>Cytokinetics Inc. </td> <td>Biotechnology</td> <td>$36.67</td> <td>$52.50</td> <td>43%</td> </tr> <tr> <td>Ichor Holdings Ltd. </td> <td>Semiconductors</td> <td>$46.04</td> <td>$60.40</td> <td>31%</td> </tr> <tr> <td>Ultra Clean Holdings Inc. </td> <td>Semiconductors</td> <td>$55.35</td> <td>$72.58</td> <td>31%</td> </tr> <tr> <td>Ligand Pharmaceuticals Inc. </td> <td>Biotechnology</td> <td>$159.96</td> <td>$207.86</td> <td>30%</td> </tr> <tr> <td>Smart Global Holdings Inc. </td> <td>Semiconductors</td> <td>$56.22</td> <td>$72.00</td> <td>28%</td> </tr> <tr> <td>TTM Technologies Inc. </td> <td>Electronic Components</td> <td>$13.99</td> <td>$17.79</td> <td>27%</td> </tr> <tr> <td>Vista Outdoor Inc. </td> <td>Recreational Products</td> <td>$43.41</td> <td>$54.89</td> <td>26%</td> </tr> <tr> <td>Harmony Biosciences Holdings Inc. </td> <td>Pharmaceuticals: Major</td> <td>$42.93</td> <td>$53.80</td> <td>25%</td> </tr> <tr> <td>Civitas Resources Inc. </td> <td>Integrated Oil</td> <td>$53.89</td> <td>$66.17</td> <td>23%</td> </tr> <tr> <td>Griffon Corp. </td> <td>Building Products</td> <td>$27.22</td> <td>$33.33</td> <td>22%</td> </tr> <tr> <td>Korn Ferry </td> <td>Personnel Services</td> <td>$79.98</td> <td>$97.75</td> <td>22%</td> </tr> <tr> <td>NeoGenomics Inc. </td> <td>Medical/Nursing Services</td> <td>$46.53</td> <td>$56.45</td> <td>21%</td> </tr> <tr> <td>SPX Corp. </td> <td>Industrial Conglomerates</td> <td>$62.09</td> <td>$75.25</td> <td>21%</td> </tr> <tr> <td>LCI Industries </td> <td>Miscellaneous Manufacturing</td> <td>$149.50</td> <td>$178.00</td> <td>19%</td> </tr> <tr> <td>Green Plains Inc. </td> <td>Chemicals: Specialty</td> <td>$38.89</td> <td>$45.89</td> <td>18%</td> </tr> <tr> <td>Digi International Inc. </td> <td>Computer Peripherals</td> <td>$23.13</td> <td>$27.10</td> <td>17%</td> </tr> <tr> <td>Summit Hotel Properties Inc. </td> <td>Real Estate Investment Trusts</td> <td>$10.44</td> <td>$11.60</td> <td>11%</td> </tr> <tr> <td>Veritex Holdings Inc. </td> <td>Regional Banks</td> <td>$42.75</td> <td>$46.50</td> <td>9%</td> </tr> <tr> <td>Onto Innovation Inc. </td> <td>Electronic Production Equipment</td> <td>$84.29</td> <td>$90.20</td> <td>7%</td> </tr> <tr> <td>Axcelis Technologies Inc. </td> <td>Electronic Production Equipment</td> <td>$59.04</td> <td>$57.17</td> <td>-3%</td> </tr> </tbody> </table> <blockquote><table><tbody><tr><td>公司</td><td>工业</td><td>收盘价 – 11 月 3 日</td><td>共识价格目标</td><td>隐含 12 个月上行潜力</td></tr><tr><td>昆斯特里特公司。</td><td>广告╱营销服务</td><td>$13.44</td><td>$26.80</td><td>99%</td></tr><tr><td>触觉系统技术公司。</td><td>医学专业</td><td>$36.90</td><td>$69.25</td><td>88%</td></tr><tr><td>贷款树公司。</td><td>融资╱租赁╱租赁</td><td>$151.37</td><td>$238.75</td><td>58%</td></tr><tr><td>塔洛斯能源公司。</td><td>石油和天然气生产</td><td>$13.22</td><td>$19.25</td><td>46%</td></tr><tr><td>细胞动力学公司。</td><td>生物技术</td><td>$36.67</td><td>$52.50</td><td>43%</td></tr><tr><td>伊科尔控股有限公司</td><td>半导体</td><td>$46.04</td><td>$60.40</td><td>31%</td></tr><tr><td>超清洁控股公司。</td><td>半导体</td><td>$55.35</td><td>$72.58</td><td>31%</td></tr><tr><td>配体制药公司。</td><td>生物技术</td><td>$159.96</td><td>$207.86</td><td>30%</td></tr><tr><td>智能全球控股公司。</td><td>半导体</td><td>$56.22</td><td>$72.00</td><td>28%</td></tr><tr><td>TTM技术公司。</td><td>电子元件</td><td>$13.99</td><td>$17.79</td><td>27%</td></tr><tr><td>维斯塔户外公司。</td><td>娱乐产品</td><td>$43.41</td><td>$54.89</td><td>26%</td></tr><tr><td>和谐生物科学控股公司。</td><td>制药：专业</td><td>$42.93</td><td>$53.80</td><td>25%</td></tr><tr><td>西维塔斯资源公司。</td><td>一体化油</td><td>$53.89</td><td>$66.17</td><td>23%</td></tr><tr><td>格里芬公司。</td><td>建筑产品</td><td>$27.22</td><td>$33.33</td><td>22%</td></tr><tr><td>科恩渡轮</td><td>人事服务</td><td>$79.98</td><td>$97.75</td><td>22%</td></tr><tr><td>新基因组公司。</td><td>医疗/护理服务</td><td>$46.53</td><td>$56.45</td><td>21%</td></tr><tr><td>SPX公司</td><td>工业集团</td><td>$62.09</td><td>$75.25</td><td>21%</td></tr><tr><td>LCI工业</td><td>杂项制造</td><td>$149.50</td><td>$178.00</td><td>19%</td></tr><tr><td>格林平原公司。</td><td>化学品：特种</td><td>$38.89</td><td>$45.89</td><td>18%</td></tr><tr><td>迪吉国际公司。</td><td>计算机外设</td><td>$23.13</td><td>$27.10</td><td>17%</td></tr><tr><td>峰会酒店地产公司。</td><td>房地产投资信托基金</td><td>$10.44</td><td>$11.60</td><td>11%</td></tr><tr><td>Veritex控股公司。</td><td>区域银行</td><td>$42.75</td><td>$46.50</td><td>9%</td></tr><tr><td>Onto创新公司。</td><td>电子生产设备</td><td>$84.29</td><td>$90.20</td><td>7%</td></tr><tr><td>阿克塞利斯技术公司。</td><td>电子生产设备</td><td>$59.04</td><td>$57.17</td><td>-3%</td></tr></tbody></table></blockquote> Source: FactSet<blockquote>来源：FactSet</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/a-bargain-you-cant-ignore-small-cap-stocks-are-trading-at-their-second-lowest-discount-in-20-years-11636035174?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IJR":"标普小型股600指数ETF-iShares","SPSM":"SPDR Portfolio S&P 600 Small Cap ETF",".DJI":"道琼斯","VIOO":"Vanguard S&P Small-Cap 600 ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/a-bargain-you-cant-ignore-small-cap-stocks-are-trading-at-their-second-lowest-discount-in-20-years-11636035174?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135111496","content_text":"Small-caps as a group appear set for a much better 2022 than large-cap equities\nSmall-cap stocks as a group are trading at a low valuation compared with large-caps. ISTOCKPHOTO\nSmall-cap stocks, as a group, are bargain-priced relative to more popular large-caps, but you may be surprised at just how cheap they are. And wait until you see their performance from similar valuation levels.\nLook at this 20-year chart, which shows the weighted forward price-to-earnings ratio for the S&P Small Cap 600 Index versus the large-cap benchmark S&P 500 Index:\nFACTSET\nWilliam Watts reported on what appears to be a breakout for small-cap stocks after eight months of relatively flat performance. That is based on the movement of the Russell 2000 Index.\nIn this article, we are focusing on the S&P Small Cap 600 Index, which is far more selective than the Russell 2000 because because most of its companies are profitable. Standard & Poor’s criteria for initial inclusion in the index includes positive earnings for the most recent quarter and for the sum of the most recent four quarters.\nAside from the early coronavirus pandemic doldrums of March 2020, the S&P 600 Small Cap Index hasn’t traded this low, relative to the S&P 500, in 20 years.\nHere’s a breakdown of the relationship between current and average forward P/E ratios for the two indexes, using weighted data compiled by FactSet:\n\nThe small-cap group typically trades much closer to the valuation of the large-caps than it does today.\nNow take a look at a 20-year comparison of total returns for the two indexes:\nFACTSET\nIn an extended bull market, driven in part by historically low interest rates, it is understandable that the best-known stocks (the large-caps) have had the most benefit. But all of the above argue for adding exposure to small-caps for the long term, as part of a diversified portfolio, especially if you have a lot of money in an S&P 500 index fund or exchange traded fund.\nFor a shorter-term case, see this comparison of aggregate consensus 2022 estimates among analysts polled by FactSet for the two indexes:\n\n\nGood numbers across the board — but the estimates are higher for the small-cap group.\nFor both groups, the free-cash-flow estimates are comforting. Free cash flow is a company’s remaining cash flow after planned capital expenditures. It is money that can be used for expansion, dividend increases, stock buybacks or other corporate purposes.\nIf you are fortunate enough to have access to an employer-sponsored retirement account, the most important piece of advice anyone can give you is to contribute at least as much as your employer’s maximum contribution. If you do that, you have an immediate 100% return on your contributions.\nThen you should look at the fees charged by the mutual funds available within the 401(k) or similar plan. Index funds, which typically have lower expenses than actively managed funds, may be available, and these may include a small-cap fund. Your plan may also allow you to put money into a brokerage account, within which you can select exchange traded index funds that also have low expenses.\nHere are a few ETFs that track the S&P Small Cap 600 Index:\n\niShares Core S&P Small Cap ETF \nSPDR Portfolio S&P 600 Small Cap ETF \nVanguard S&P Small Cap 600 ETF \n\nAmong the S&P Small Cap 600, there are 24 stocks with 100% “buy” or equivalent ratings that are each covered by at least five analysts polled by FactSet. Here they are, sorted by the 12-month upside potential implied by the consensus price targets:\n\n\n\n\nCompany\n Industry\nClosing price – Nov. 3\nConsensus price  target\nImplied 12-month upside potential\n\n\nQuinStreet Inc. \nAdvertising/Marketing Services\n$13.44\n$26.80\n99%\n\n\nTactile Systems Technology Inc. \nMedical Specialties\n$36.90\n$69.25\n88%\n\n\nLendingTree Inc. \nFinance/Rental/Leasing\n$151.37\n$238.75\n58%\n\n\nTalos Energy Inc. \nOil & Gas Production\n$13.22\n$19.25\n46%\n\n\nCytokinetics Inc. \nBiotechnology\n$36.67\n$52.50\n43%\n\n\nIchor Holdings Ltd. \nSemiconductors\n$46.04\n$60.40\n31%\n\n\nUltra Clean Holdings Inc. \nSemiconductors\n$55.35\n$72.58\n31%\n\n\nLigand Pharmaceuticals Inc. \nBiotechnology\n$159.96\n$207.86\n30%\n\n\nSmart Global Holdings Inc. \nSemiconductors\n$56.22\n$72.00\n28%\n\n\nTTM Technologies Inc. \nElectronic Components\n$13.99\n$17.79\n27%\n\n\nVista Outdoor Inc. \nRecreational Products\n$43.41\n$54.89\n26%\n\n\nHarmony Biosciences Holdings Inc. \nPharmaceuticals: Major\n$42.93\n$53.80\n25%\n\n\nCivitas Resources Inc. \nIntegrated Oil\n$53.89\n$66.17\n23%\n\n\nGriffon Corp. \nBuilding Products\n$27.22\n$33.33\n22%\n\n\nKorn Ferry \nPersonnel Services\n$79.98\n$97.75\n22%\n\n\nNeoGenomics Inc. \nMedical/Nursing Services\n$46.53\n$56.45\n21%\n\n\nSPX Corp. \nIndustrial Conglomerates\n$62.09\n$75.25\n21%\n\n\nLCI Industries \nMiscellaneous Manufacturing\n$149.50\n$178.00\n19%\n\n\nGreen Plains Inc. \nChemicals: Specialty\n$38.89\n$45.89\n18%\n\n\nDigi International Inc. \nComputer Peripherals\n$23.13\n$27.10\n17%\n\n\nSummit Hotel Properties Inc. \nReal Estate Investment Trusts\n$10.44\n$11.60\n11%\n\n\nVeritex Holdings Inc. \nRegional Banks\n$42.75\n$46.50\n9%\n\n\nOnto Innovation Inc. \nElectronic Production Equipment\n$84.29\n$90.20\n7%\n\n\nAxcelis Technologies Inc. \nElectronic Production Equipment\n$59.04\n$57.17\n-3%\n\n\n\n\nSource: FactSet","news_type":1,"symbols_score_info":{"SPSM":0.9,"IJR":0.9,".SPX":0.9,".DJI":0.9,"VIOO":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2190,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

A bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货： 小盘股的交易折扣幅度为 20 年来的第二大</blockquote>

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A bargain you can’t ignore: Small-cap stocks are trading at their second-biggest discount in 20 years<blockquote>不容忽视的便宜货：小盘股的交易折扣幅度为 20 年来的第二大</blockquote>