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2022-01-30

Still bullish on **

2022-01-29

Cmon nio

2021-07-09

Good to see EV growing

抱歉，原内容已删除

2021-07-09

EV wew

抱歉，原内容已删除

2021-07-08

Wsb wew

抱歉，原内容已删除

2021-07-07

Wow

抱歉，原内容已删除

2021-07-07

SPAC race!

抱歉，原内容已删除

2021-07-07

👍🏽

抱歉，原内容已删除

2021-06-26

Nice one joe

抱歉，原内容已删除

2021-06-26

Goes brrr

抱歉，原内容已删除

2021-06-26

Hope it maintains

S&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</blockquote>

2021-06-26

Lmao wsb again

抱歉，原内容已删除

2021-06-26

Be prepared

抱歉，原内容已删除

2021-06-26

Keep it up

Express rose more than 18% in morning trading<blockquote>Express早盘涨超18%</blockquote>

2021-06-26

HODL IT

抱歉，原内容已删除

2021-06-26

Here we go

Kyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>

2021-06-25

Trust in blue sky

Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>

2021-06-24

Everyone to the Ark!!

抱歉，原内容已删除

2021-06-24

Following this

1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</blockquote>

2021-06-24

Yeah Uncle Sam

BoE Keeps Rates, QE Unchanged; Won't Tighten Until "Clear Evidence Of Progress" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</blockquote>

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maintains","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125060069","repostId":"1150738323","repostType":4,"repost":{"id":"1150738323","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624627873,"share":"https://www.laohu8.com/m/news/1150738323?lang=zh_CN&edition=full","pubTime":"2021-06-25 21:31","market":"us","language":"en","title":"S&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150738323","media":"Tiger Newspress","summary":" U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.The broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 19","content":"<p>(June 25)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.</p><p><blockquote>（六月二十五日）美国。周五股市上涨，标普500指数创下历史新高，投资者押注随着经济持续复苏，通胀上升将是暂时的。</blockquote></p><p> The broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.</p><p><blockquote>广泛的股票基准上涨0.2%，再创历史新高。道琼斯工业平均指数上涨160点，涨幅0.5%，纳斯达克综合指数上涨0.2%。</blockquote></p><p> Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones.</p><p><blockquote>美国商务部周五报告称，美联储用于制定政策的关键通胀指标5月份上涨3.4%，为20世纪90年代初以来最快涨幅，华尔街延续涨势。该读数符合道琼斯调查的经济学家的预期。</blockquote></p><p> The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.</p><p><blockquote>核心个人消费支出价格指数的上涨反映了经济扩张的快速步伐和由此带来的价格压力，并放大了该国自2020年大流行导致的关闭以来所取得的进展。</blockquote></p><p> The S&amp;P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the Nasdaq is up 2.6% since last Friday.</p><p><blockquote>标普500周四收于创纪录水平，本周迄今已上涨2.6%，这将是自4月初以来的最佳涨幅。道琼斯指数本周上涨3.2%，纳斯达克自上周五以来上涨2.6%。</blockquote></p><p> Nike's stock surged 12% in premarket trading, helping to boost sentiment for the Dow. The company reportedearnings and revenuethat blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.</p><p><blockquote>耐克股价在盘前交易中飙升12%，有助于提振道琼斯指数的情绪。该公司公布的盈利和收入超出了华尔街的预期。数字销售额自去年以来也增长了41%，比两年前增长了147%。</blockquote></p><p> Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in premarket trading Friday.</p><p><blockquote>由于周四基础设施交易的乐观情绪，卡特彼勒股价上涨2.6%。周五盘前交易中，该股又上涨1%。</blockquote></p><p> On the flipside Friday,FedExdipped 4% in premarket trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.</p><p><blockquote>另一方面，周五，联邦快递尽管营收和利润均超出预期，但在盘前交易中仍下跌4%。联邦快递也给出了强劲的年度前景。</blockquote></p><p> Shares of the major U.S. banks popped after the&nbsp;Federal Reserve&nbsp;announcedthe industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained \"well above\" minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.</p><p><blockquote>在美联储宣布该行业可以轻松抵御严重衰退后，美国主要银行的股价大幅上涨。美联储在发布年度压力测试结果时表示，在假设的经济衰退期间，参加2021年考试的23家机构仍“远高于”最低要求资本水平。这一决定为银行提高股息和回购更多股票扫清了道路，这些股票在大流行期间被暂停。</blockquote></p><p> Bank of AmericaandWells Fargorose 1.4% and 2%, respectively, in the premarket.</p><p><blockquote>美国银行和富国银行盘前分别上涨1.4%和2%。</blockquote></p><p> President Joe Biden&nbsp;announced Thursday that the White House struck an infrastructure deal&nbsp;with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.</p><p><blockquote>总统乔·拜登周四宣布，白宫与两党参议员小组达成了一项基础设施协议。议员们花了数周时间制定了一项大约1万亿美元的一揽子计划，该计划可能会在两党的支持下在国会获得通过。该框架将包括5790亿美元的新支出，用于道路、桥梁和铁路、电动汽车基础设施和电动交通等交通领域。</blockquote></p><p> The stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&amp;P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.</p><p><blockquote>股市从上周因担心美联储收紧政策而引发的低迷中恢复过来。上周，随着美联储提前加息时间表，道琼斯指数下跌3.5%，标普500下跌1.9%。</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>S&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</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\">\nS&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-25 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 25)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.</p><p><blockquote>（六月二十五日）美国。周五股市上涨，标普500指数创下历史新高，投资者押注随着经济持续复苏，通胀上升将是暂时的。</blockquote></p><p> The broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.</p><p><blockquote>广泛的股票基准上涨0.2%，再创历史新高。道琼斯工业平均指数上涨160点，涨幅0.5%，纳斯达克综合指数上涨0.2%。</blockquote></p><p> Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones.</p><p><blockquote>美国商务部周五报告称，美联储用于制定政策的关键通胀指标5月份上涨3.4%，为20世纪90年代初以来最快涨幅，华尔街延续涨势。该读数符合道琼斯调查的经济学家的预期。</blockquote></p><p> The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.</p><p><blockquote>核心个人消费支出价格指数的上涨反映了经济扩张的快速步伐和由此带来的价格压力，并放大了该国自2020年大流行导致的关闭以来所取得的进展。</blockquote></p><p> The S&amp;P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the Nasdaq is up 2.6% since last Friday.</p><p><blockquote>标普500周四收于创纪录水平，本周迄今已上涨2.6%，这将是自4月初以来的最佳涨幅。道琼斯指数本周上涨3.2%，纳斯达克自上周五以来上涨2.6%。</blockquote></p><p> Nike's stock surged 12% in premarket trading, helping to boost sentiment for the Dow. The company reportedearnings and revenuethat blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.</p><p><blockquote>耐克股价在盘前交易中飙升12%，有助于提振道琼斯指数的情绪。该公司公布的盈利和收入超出了华尔街的预期。数字销售额自去年以来也增长了41%，比两年前增长了147%。</blockquote></p><p> Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in premarket trading Friday.</p><p><blockquote>由于周四基础设施交易的乐观情绪，卡特彼勒股价上涨2.6%。周五盘前交易中，该股又上涨1%。</blockquote></p><p> On the flipside Friday,FedExdipped 4% in premarket trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.</p><p><blockquote>另一方面，周五，联邦快递尽管营收和利润均超出预期，但在盘前交易中仍下跌4%。联邦快递也给出了强劲的年度前景。</blockquote></p><p> Shares of the major U.S. banks popped after the&nbsp;Federal Reserve&nbsp;announcedthe industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained \"well above\" minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.</p><p><blockquote>在美联储宣布该行业可以轻松抵御严重衰退后，美国主要银行的股价大幅上涨。美联储在发布年度压力测试结果时表示，在假设的经济衰退期间，参加2021年考试的23家机构仍“远高于”最低要求资本水平。这一决定为银行提高股息和回购更多股票扫清了道路，这些股票在大流行期间被暂停。</blockquote></p><p> Bank of AmericaandWells Fargorose 1.4% and 2%, respectively, in the premarket.</p><p><blockquote>美国银行和富国银行盘前分别上涨1.4%和2%。</blockquote></p><p> President Joe Biden&nbsp;announced Thursday that the White House struck an infrastructure deal&nbsp;with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.</p><p><blockquote>总统乔·拜登周四宣布，白宫与两党参议员小组达成了一项基础设施协议。议员们花了数周时间制定了一项大约1万亿美元的一揽子计划，该计划可能会在两党的支持下在国会获得通过。该框架将包括5790亿美元的新支出，用于道路、桥梁和铁路、电动汽车基础设施和电动交通等交通领域。</blockquote></p><p> The stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&amp;P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.</p><p><blockquote>股市从上周因担心美联储收紧政策而引发的低迷中恢复过来。上周，随着美联储提前加息时间表，道琼斯指数下跌3.5%，标普500下跌1.9%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150738323","content_text":"(June 25) U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.\nThe broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.\nWall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones.\nThe core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.\nThe S&P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the Nasdaq is up 2.6% since last Friday.\nNike's stock surged 12% in premarket trading, helping to boost sentiment for the Dow. The company reportedearnings and revenuethat blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.\nShares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in premarket trading Friday.\nOn the flipside Friday,FedExdipped 4% in premarket trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.\nShares of the major U.S. banks popped after the Federal Reserve announcedthe industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained \"well above\" minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.\nBank of AmericaandWells Fargorose 1.4% and 2%, respectively, in the premarket.\nPresident Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.\nThe stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125084608,"gmtCreate":1624636955604,"gmtModify":1631889180094,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Lmao wsb again","listText":"Lmao wsb again","text":"Lmao wsb again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125084608","repostId":"2146073358","repostType":4,"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125085440,"gmtCreate":1624636934780,"gmtModify":1631889180095,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Be prepared&nbsp;","listText":"Be prepared&nbsp;","text":"Be prepared","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125085440","repostId":"1137013517","repostType":4,"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125082959,"gmtCreate":1624636893071,"gmtModify":1631889180096,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Keep it up","listText":"Keep it up","text":"Keep it up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125082959","repostId":"1197793973","repostType":4,"repost":{"id":"1197793973","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624632519,"share":"https://www.laohu8.com/m/news/1197793973?lang=zh_CN&edition=full","pubTime":"2021-06-25 22:48","market":"us","language":"en","title":"Express rose more than 18% in morning trading<blockquote>Express早盘涨超18%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197793973","media":"Tiger Newspress","summary":"(June 25) Express rose more than 18% in morning trading.\n\nPenny Stocks: Express, Inc. (EXPR)\nAs Amer","content":"<p>(June 25)&nbsp;Express rose more than 18% in morning trading.</p><p><blockquote>（6月25日）运通早盘涨超18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d7d0a790fa6be577c503976999a1bcc4\" tg-width=\"705\" tg-height=\"532\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5acd907c2ddcda36de9b16d0c0553ae6\" tg-width=\"705\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Penny Stocks: Express, Inc. (EXPR)</b></p><p><blockquote><b>细价股：Express，Inc.(EXPR)</b></blockquote></p><p> As Americans start going out more and many start returning to offices, they will spend more money on clothes. Additionally, those who enjoy shopping in stores will resume that hobby. As a result, Express, which sells on-trend apparel for men and women, should benefit from people updating their wardrobes.</p><p><blockquote>随着美国人开始更多地外出，许多人开始回到办公室，他们将在衣服上花更多的钱。此外，那些喜欢在商店购物的人会恢复这种爱好。因此，销售流行男女服装的Express应该会从人们更新衣柜中受益。</blockquote></p><p> In conjunction with its Q1 results, Express CEO Tim Baxter saidthe company’s sales volumesexceeded 2019 levels in March and April. Additionally, the company’s e-commerce transactions soared 40% year-over-year (YOY) and net sales climbed 64% YOY.</p><p><blockquote>Express首席执行官蒂姆·巴克斯特(Tim Baxter)结合第一季度业绩表示，该公司3月和4月的销量超过了2019年的水平。此外，该公司的电子商务交易量同比飙升40%，净销售额同比增长64%。</blockquote></p><p> Impressively, Express hopes to raise its annual e-commerce revenue to $1 billion by 2024. This could be easier than it seems, as the company cut back on its promotional discounts in Q1 and plans to continue that tactic going forward.</p><p><blockquote>令人印象深刻的是，Express希望到2024年将其电子商务年收入提高到10亿美元。这可能比看起来更容易，因为该公司削减了第一季度的促销折扣，并计划继续这一策略。</blockquote></p><p> Expresshas made some appearanceson<b>Reddit’s</b><i>r/WallStreetBets</i>forum and could get a boost from retail investors who focus on social media.</p><p><blockquote>Expresshas在<b>Reddit的</b><i>r/WallStreetBets</i>论坛，并可能从关注社交媒体的散户投资者那里获得提振。</blockquote></p><p> The shares have a tiny price-sales ratio of 0.22.</p><p><blockquote>该股的市销率很小，为0.22。</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>Express rose more than 18% in morning trading<blockquote>Express早盘涨超18%</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\">\nExpress rose more than 18% in morning trading<blockquote>Express早盘涨超18%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-25 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 25)&nbsp;Express rose more than 18% in morning trading.</p><p><blockquote>（6月25日）运通早盘涨超18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d7d0a790fa6be577c503976999a1bcc4\" tg-width=\"705\" tg-height=\"532\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5acd907c2ddcda36de9b16d0c0553ae6\" tg-width=\"705\" tg-height=\"532\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Penny Stocks: Express, Inc. (EXPR)</b></p><p><blockquote><b>细价股：Express，Inc.(EXPR)</b></blockquote></p><p> As Americans start going out more and many start returning to offices, they will spend more money on clothes. Additionally, those who enjoy shopping in stores will resume that hobby. As a result, Express, which sells on-trend apparel for men and women, should benefit from people updating their wardrobes.</p><p><blockquote>随着美国人开始更多地外出，许多人开始回到办公室，他们将在衣服上花更多的钱。此外，那些喜欢在商店购物的人会恢复这种爱好。因此，销售流行男女服装的Express应该会从人们更新衣柜中受益。</blockquote></p><p> In conjunction with its Q1 results, Express CEO Tim Baxter saidthe company’s sales volumesexceeded 2019 levels in March and April. Additionally, the company’s e-commerce transactions soared 40% year-over-year (YOY) and net sales climbed 64% YOY.</p><p><blockquote>Express首席执行官蒂姆·巴克斯特(Tim Baxter)结合第一季度业绩表示，该公司3月和4月的销量超过了2019年的水平。此外，该公司的电子商务交易量同比飙升40%，净销售额同比增长64%。</blockquote></p><p> Impressively, Express hopes to raise its annual e-commerce revenue to $1 billion by 2024. This could be easier than it seems, as the company cut back on its promotional discounts in Q1 and plans to continue that tactic going forward.</p><p><blockquote>令人印象深刻的是，Express希望到2024年将其电子商务年收入提高到10亿美元。这可能比看起来更容易，因为该公司削减了第一季度的促销折扣，并计划继续这一策略。</blockquote></p><p> Expresshas made some appearanceson<b>Reddit’s</b><i>r/WallStreetBets</i>forum and could get a boost from retail investors who focus on social media.</p><p><blockquote>Expresshas在<b>Reddit的</b><i>r/WallStreetBets</i>论坛，并可能从关注社交媒体的散户投资者那里获得提振。</blockquote></p><p> The shares have a tiny price-sales ratio of 0.22.</p><p><blockquote>该股的市销率很小，为0.22。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXPR":"Express, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197793973","content_text":"(June 25) Express rose more than 18% in morning trading.\n\nPenny Stocks: Express, Inc. (EXPR)\nAs Americans start going out more and many start returning to offices, they will spend more money on clothes. Additionally, those who enjoy shopping in stores will resume that hobby. As a result, Express, which sells on-trend apparel for men and women, should benefit from people updating their wardrobes.\nIn conjunction with its Q1 results, Express CEO Tim Baxter saidthe company’s sales volumesexceeded 2019 levels in March and April. Additionally, the company’s e-commerce transactions soared 40% year-over-year (YOY) and net sales climbed 64% YOY.\nImpressively, Express hopes to raise its annual e-commerce revenue to $1 billion by 2024. This could be easier than it seems, as the company cut back on its promotional discounts in Q1 and plans to continue that tactic going forward.\nExpresshas made some appearancesonReddit’sr/WallStreetBetsforum and could get a boost from retail investors who focus on social media.\nThe shares have a tiny price-sales ratio of 0.22.","news_type":1,"symbols_score_info":{"EXPR":0.9}},"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125081649,"gmtCreate":1624636831981,"gmtModify":1631893145601,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"HODL IT","listText":"HODL IT","text":"HODL IT","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125081649","repostId":"2146072291","repostType":4,"isVote":1,"tweetType":1,"viewCount":862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125081967,"gmtCreate":1624636811059,"gmtModify":1631893145602,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Here we go","listText":"Here we go","text":"Here we go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125081967","repostId":"1134836867","repostType":4,"repost":{"id":"1134836867","kind":"news","pubTimestamp":1624634837,"share":"https://www.laohu8.com/m/news/1134836867?lang=zh_CN&edition=full","pubTime":"2021-06-25 23:27","market":"us","language":"en","title":"Kyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134836867","media":"zerohedge","summary":"With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to th","content":"<p>With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.</p><p><blockquote>随着市场似乎对FOMC对最新通胀数据的反应不屑一顾，美国股市重回历史高位，海曼资本(Hayman Capital)的凯尔·巴斯(Kyle Bass)周四回到CNBC接受“收盘钟声”工作人员的采访，他在采访中提出了截然不同的观点当前经济形势与通货膨胀的关系。</blockquote></p><p> Inan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"</p><p><blockquote>在接受采访时，这位亿万富翁投资者阐述了他关于美国已经在努力应对超过10%的实际通胀率的说法，他宣称“在生活的各个方面，我都看到了通货膨胀。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1d2089581ea201564daaba8b5aac961\" tg-width=\"521\" tg-height=\"310\"></p><p><blockquote></blockquote></p><p> Why? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.</p><p><blockquote>为什么？因为在过去一年半的时间里，美联储在最短的时间内向美国经济引入了比美国历史上任何时候都多的广义货币。</blockquote></p><p>   \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.  Even as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.</p><p><blockquote>“我认为我们将看到通胀短期下降，因为最初的通胀爆发是巨大的。..这种短暂的评论可能在短时间内是正确的，但我认为莎拉，当你看看1980年至2010年美国体系中的货币供应量时，它在GDP的50%至60%之间波动，在全球金融危机后，它占GDP的比例从大约60%上升到68%69%，现在我们已经接近90%，所以在新冠疫情爆发以来的一年半时间里，我们在美国历史上最短的时间内，我们在美国历史上最短的时间内引入了34%的广义货币，所以如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移而走高。尽管金融媒体喋喋不休地谈论美联储最终开始考虑缩减资产购买规模的重要性，巴斯认为央行不会那么容易缩减资产负债表。</blockquote></p><p>   \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.  So, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.</p><p><blockquote>巴斯表示：“如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移走高，我认为会这样做。”那么，投资者可以做些什么来对抗这个巴斯生动描述的“通胀怪物”呢？嗯，他建议他们关注大宗商品和房地产等硬资产，贝莱德已经在大量购买这些资产。</blockquote></p><p> Equities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).</p><p><blockquote>巴斯表示，股市应该“表现良好”，他引用的数据似乎表明，从长远来看，股价能够跟上95%至88%的通胀率（尽管这似乎肯定不符合过去十年的情况）。</blockquote></p><p> As for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"</p><p><blockquote>至于他对通胀的评估及其与美联储观点的巨大差异，巴斯打趣道：“你的银行账户是是否存在通胀的最终决定因素，”他总结道，并强调了消费者看到的食品和汽车等商品的价格上涨。”</blockquote></p><p>   \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\" </p><p><blockquote>“如果你在市场上，你想拥有大宗商品，如果你在现实世界中，你想拥有生产性房地产，你甚至想在美国人口发生重大变化之前购买农村土地……我宁愿今天拥有硬资产而不是股票，因为我认为我们只看到美国人口流动的开始。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nKyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-25 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.</p><p><blockquote>随着市场似乎对FOMC对最新通胀数据的反应不屑一顾，美国股市重回历史高位，海曼资本(Hayman Capital)的凯尔·巴斯(Kyle Bass)周四回到CNBC接受“收盘钟声”工作人员的采访，他在采访中提出了截然不同的观点当前经济形势与通货膨胀的关系。</blockquote></p><p> Inan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"</p><p><blockquote>在接受采访时，这位亿万富翁投资者阐述了他关于美国已经在努力应对超过10%的实际通胀率的说法，他宣称“在生活的各个方面，我都看到了通货膨胀。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1d2089581ea201564daaba8b5aac961\" tg-width=\"521\" tg-height=\"310\"></p><p><blockquote></blockquote></p><p> Why? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.</p><p><blockquote>为什么？因为在过去一年半的时间里，美联储在最短的时间内向美国经济引入了比美国历史上任何时候都多的广义货币。</blockquote></p><p>   \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.  Even as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.</p><p><blockquote>“我认为我们将看到通胀短期下降，因为最初的通胀爆发是巨大的。..这种短暂的评论可能在短时间内是正确的，但我认为莎拉，当你看看1980年至2010年美国体系中的货币供应量时，它在GDP的50%至60%之间波动，在全球金融危机后，它占GDP的比例从大约60%上升到68%69%，现在我们已经接近90%，所以在新冠疫情爆发以来的一年半时间里，我们在美国历史上最短的时间内，我们在美国历史上最短的时间内引入了34%的广义货币，所以如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移而走高。尽管金融媒体喋喋不休地谈论美联储最终开始考虑缩减资产购买规模的重要性，巴斯认为央行不会那么容易缩减资产负债表。</blockquote></p><p>   \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.  So, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.</p><p><blockquote>巴斯表示：“如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移走高，我认为会这样做。”那么，投资者可以做些什么来对抗这个巴斯生动描述的“通胀怪物”呢？嗯，他建议他们关注大宗商品和房地产等硬资产，贝莱德已经在大量购买这些资产。</blockquote></p><p> Equities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).</p><p><blockquote>巴斯表示，股市应该“表现良好”，他引用的数据似乎表明，从长远来看，股价能够跟上95%至88%的通胀率（尽管这似乎肯定不符合过去十年的情况）。</blockquote></p><p> As for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"</p><p><blockquote>至于他对通胀的评估及其与美联储观点的巨大差异，巴斯打趣道：“你的银行账户是是否存在通胀的最终决定因素，”他总结道，并强调了消费者看到的食品和汽车等商品的价格上涨。”</blockquote></p><p>   \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\" </p><p><blockquote>“如果你在市场上，你想拥有大宗商品，如果你在现实世界中，你想拥有生产性房地产，你甚至想在美国人口发生重大变化之前购买农村土地……我宁愿今天拥有硬资产而不是股票，因为我认为我们只看到美国人口流动的开始。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/kyle-bass-warns-every-aspect-my-life-i-see-inflation?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",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/kyle-bass-warns-every-aspect-my-life-i-see-inflation?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":"1134836867","content_text":"With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.\nInan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"\n\nWhy? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.\n\n \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.\n\nEven as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.\n\n \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.\n\nSo, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.\nEquities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).\nAs for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"\n\n \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\"","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125083272,"gmtCreate":1624636788596,"gmtModify":1631893145610,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Trust in blue sky","listText":"Trust in blue sky","text":"Trust in blue sky","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125083272","repostId":"1116076888","repostType":4,"repost":{"id":"1116076888","kind":"news","pubTimestamp":1624612129,"share":"https://www.laohu8.com/m/news/1116076888?lang=zh_CN&edition=full","pubTime":"2021-06-25 17:08","market":"us","language":"en","title":"Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116076888","media":"cnn","summary":"New York Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.Tesla  shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand thei","content":"<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</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>Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</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\">\nWhy Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-25 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html\">cnn</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":{"TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116076888","content_text":"New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.\nTesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.\nFord (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.\nAnd GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.\nIt seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.\nTesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.\nYet Tesla is one of the most polarizing stocks on Wall Street.\nAccording to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.\nSkeptics have many questions about Tesla and Musk\nThe consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.\nTesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.\nAnd Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.\nStill, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.\nFor example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.\nThe Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.\nThe stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.\nSo even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.\nTesla is nothing if not volatile.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126098926,"gmtCreate":1624536062965,"gmtModify":1631893145610,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Everyone to the Ark!!","listText":"Everyone to the Ark!!","text":"Everyone to the Ark!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126098926","repostId":"2145704596","repostType":4,"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126091647,"gmtCreate":1624536029889,"gmtModify":1631893145612,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Following this","listText":"Following this","text":"Following this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126091647","repostId":"1137306280","repostType":4,"repost":{"id":"1137306280","kind":"news","pubTimestamp":1624534030,"share":"https://www.laohu8.com/m/news/1137306280?lang=zh_CN&edition=full","pubTime":"2021-06-24 19:27","market":"us","language":"en","title":"1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137306280","media":"The Street","summary":"From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple ha","content":"<p>  From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple has trailed a long path of success. The Apple Maven reviews the highlights of this journey.  Currently, Apple stock(<b>AAPL</b>) -Get Report&nbsp;has the largest market cap in the US market – althoughMicrosoft has recently joinedthe select $2 trillion club. The journey as a publicly-traded company was marked by historic product launches and major technological innovations throughout different economic cycles.</p><p><blockquote>从股票分割调整后的IPO价格10美分到如今超过2万亿美元的市值，苹果已经走过了漫长的成功之路。苹果专家回顾了这次旅程的亮点。目前，苹果股票(<b>AAPL</b>)-Get Report拥有美国市场最大的市值-尽管微软最近加入了精选的2万亿美元俱乐部。作为一家上市公司的旅程以不同经济周期中历史性的产品发布和重大技术创新为标志。</blockquote></p><p> Today, the Apple Maven tells a bit of this success story that, on and off, has created so much value for shareholders since 1980.</p><p><blockquote>今天，这位苹果专家讲述了这个自1980年以来断断续续为股东创造了巨大价值的成功故事。</blockquote></p><p></p><p> <h3>The 1980s</h3> <ul>  <li><b>The IPO</b>: The year that the Apple III was launched, in 1980, was also the beginning of AAPL’s journey on the stock exchange. At an IPO price of $22 (or ten cents in split-adjusted terms), Apple kicked off with a market capitalization of $1.8 billion. At the time, it was the biggest IPO since Ford, nearly two decades before. Apple debuted in the stock exchange during a year marked by the beginning of a bull market.</li>  <li><b>Macintosh era</b>: In 1984 the first Mac was released. At the time, it was considered a “commercial failure but with technical acclaim”, largely due to its high cost. This period was also marked by disagreements among Apple's top leaders: CEO John Sculley, hired by celebrity founder Steve Jobs at the time, and Mr. Jobs himself.</li> </ul> <h3>The 1990s</h3> <ul>  <li><b>Difficult times</b>: From the beginning of the 1990s to mid-1997, Apple lost competitiveness in the market due to a series of internal factors. Products that lacked consumer appeal led to a sales shortfall, and Apple was allegedly 90 days away from declaring bankruptcy. The company was “saved” at the time by Microsoft, which agreed to pay $150 million to Apple in exchange for a few rights – setting Internet Explorer as the default browser on Macs, for example. Apple's market cap in 1997 was around only $2.3 billion, barely higher than it had been on the IPO day.</li>  <li><b>Prices leveled again</b>: The launch of the all-in-one iMac (the iconic color model), in 1998, was the one of the key milestones of the company's resurgence. The iMac was well received and helped to boost sales, leading Apple to return to profit once again.</li>  <li><b>Jobs is back</b>: Around the same time, in the late 1990s, Steve Jobs returned to Apple – another key development in the company’s turnaround. This was the beginning of what would soon become a revolution in consumer tech (particularly mobile) devices.</li> </ul> <h3>The 2000s</h3> <ul>  <li><b>First, the iPod</b>: In the early 2000s, Apple's market cap reached $5 billion. This period was marked by the launch of innovative offerings that gave Apple the identity that it still carries today. In 2001, the iPod was unveiled, selling over 100 million units in 6 years. In 2003, the iTunes store saw the light of day, marking the first step taken by Apple in services.</li> </ul> <ul>  <li><b>MacBook and MacBook Pro</b>: 2006 saw the launch of the first model in Apple's current line of PCs. Apple stock began to appreciate fast: from 2003 to 2006, shares jumped from $6 to $80, adjusted for stock split.</li>  <li><b>iPhone, a game changer</b>: In 2007, Apple achieved perhaps the peak in success with mobile devices. Steve Jobs introduced the iPhone and Apple created the concept of the smartphone. To date, it is the tech giant's most important revenue generator. During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap.</li>  <li><b>Beyond smartphones</b>: A year later, in 2008, Apple launched the AppStore, the company's biggest revenue generator in services today.</li>  <li><b>iPad, the tablet concept</b>: In 2010, when the first iPad was successfully released, Apple passed its peer Microsoft in market cap for the first time. At the time, Apple was worth $269 billion, making it the third largest among public companies in the world by market cap – trailing oil and gas giants PetroChina and Exxon Mobil.</li> </ul> <h3>The 2010s</h3> <ul>  <li><b>King of the world</b>: In 2011, the year Steve Jobs passed away and current CEO Tim Cook took over, Apple became the most valuable company in the world. The market cap reached $337 billion, surpassing Exxon Mobil.</li>  <li><b>Wearables opportunity</b>: After successful updates to its entire portfolio, Apple's growth continued. In 2015, Apple strengthened its wearables segment with the launch of the Apple Watch. In 2016, it was time for the AirPods, adding revenue to this growing segment. Later that year, it was announced that there were 1 billion active Apple devices in the world. At that point, the company was worth $608 billion.</li>  <li><b>The first trillion</b>: In August 2018, Apple hit its first trillion dollars in market cap. However, by the beginning of 2019, the equity value had dropped to $746 billion after a broad market pullback in Q4 of 2018, only returning to $1 trillion in October 2019.</li> </ul> <h3>The 2020s</h3> <ul>  <li><b>The second trillion</b>: In August 2020, after delivering outstanding results quarter after quarter, Apple crossed another milestone: $2 trillion in market cap. The year also marked the kickoff of the 5G cycle with the launch of the iPhone 12 and the transition of Intel processors to the Apple-designed M1 chip.</li>  <li><b>The next step</b>: The main driving force of the company today is Apple’s ecosystem, which ties together its products and services and turns the company into a revenue machine. As we await the next few chapters of </p><p><blockquote><h3>1980年代</h3><ul><li><b>IPO</b>：1980年苹果协议III推出的那一年，也是AAPL在证券交易所旅程的开始。苹果的IPO价格为22美元（按拆分调整后计算为10美分），市值为18亿美元。当时，这是自近二十年前福特以来规模最大的IPO。苹果在牛市开始的一年里首次在证券交易所上市。</li><li><b>麦金塔时代</b>：1984年，第一台Mac发布。当时，它被认为是“商业上的失败，但技术上的赞誉”，主要是因为它的成本很高。在这一时期，苹果高层领导之间也存在分歧：当时被名人创始人史蒂夫·乔布斯聘用的首席执行官约翰·斯卡利和乔布斯本人。</li></ul><h3>20世纪90年代</h3><ul><li><b>困难时期</b>：从上世纪90年代初到1997年中期，由于一系列内部因素，苹果在市场上失去了竞争力。缺乏消费者吸引力的产品导致销售短缺，据称苹果距离宣布破产还有90天。该公司当时被微软“拯救”，该公司同意向苹果支付1.5亿美元以换取一些权利——例如，将Internet Explorer设置为Mac电脑的默认浏览器。1997年，苹果的市值仅为23亿美元左右，仅略高于IPO当天的市值。</li><li><b>价格再次持平</b>：1998年推出的多功能一体机iMac（标志性的彩色机型）是该公司复兴的重要里程碑之一。iMac广受好评，有助于提振销量，使苹果再次扭亏为盈。</li><li><b>乔布斯回来了</b>大约在同一时间，20世纪90年代末，史蒂夫·乔布斯重返苹果——这是公司扭亏为盈的另一个关键进展。这是消费技术（尤其是移动）设备革命的开始。</li></ul><h3>2000年代</h3><ul><li><b>首先，iPod</b>：2000年代初，苹果的市值达到50亿美元。这一时期的标志是创新产品的推出，赋予了苹果今天仍然具有的身份。2001年，iPod亮相，6年销量超过1亿台。2003年，iTunes商店重见天日，标志着苹果在服务领域迈出了第一步。</li></ul><ul><li><b>MacBook和MacBook Pro</b>2006年，苹果推出了目前个人电脑系列中的第一款。苹果的股票开始快速升值：从2003年到2006年，经过股票分割调整后，股价从6美元跃升至80美元。</li><li><b>iPhone，游戏规则的改变者</b>2007年，苹果在移动设备上取得了成功。史蒂夫·乔布斯推出了iPhone，苹果创造了智能手机的概念。迄今为止，它是这家科技巨头最重要的收入来源。在iPhone推出的那一年，AAPL的市值从750亿美元跃升至1000亿美元。</li><li><b>超越智能手机</b>：一年后的2008年，苹果推出了AppStore，这是该公司当今服务领域最大的收入来源。</li><li><b>iPad，平板电脑概念</b>：2010年，第一台iPad成功发布，苹果市值首次超过同行微软。当时，苹果的市值为2690亿美元，是全球市值第三大的上市公司，仅次于石油和天然气巨头中石油和埃克森美孚。</li></ul><h3>2010年代</h3><ul><li><b>世界之王</b>：2011年，史蒂夫·乔布斯去世，现任CEO蒂姆·库克接任的那一年，苹果成为全球市值最高的公司。市值达到3370亿美元，超过埃克森美孚。</li><li><b>可穿戴设备机会</b>：在成功更新其整个产品组合后，苹果继续增长。2015年，苹果推出了苹果手表，加强了其可穿戴设备领域。2016年，是AirPods的时候了，为这个不断增长的细分市场增加了收入。当年晚些时候，又宣布全球有10亿台活跃的苹果设备。当时，该公司的市值为6080亿美元。</li><li><b>第一个万亿</b>：2018年8月，苹果市值首次突破万亿美元。然而，到2019年初，在2018年第四季度市场大范围回调后，股权价值已降至7460亿美元，直到2019年10月才恢复到1万亿美元。</li></ul><h3>2020年代</h3><ul><li><b>第二个万亿</b>：2020年8月，在一个又一个季度取得出色业绩后，苹果跨越了另一个里程碑：2万亿美元的市值。随着iPhone 12的推出以及英特尔处理器向苹果设计的M1芯片的过渡，这一年也标志着5G周期的开始。</li><li><b>下一步</b>：公司今天的主要驱动力是苹果的生态系统，它将其产品和服务联系在一起，将公司变成了一台收入机器。在我们等待下几章的时候</li></ul></blockquote></p><p></p>","source":"lsy1610613172068","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>1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</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; 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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\">\n1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-24 19:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple has trailed a long path of success. The Apple Maven reviews the highlights of this journey.  Currently, Apple stock(<b>AAPL</b>) -Get Report&nbsp;has the largest market cap in the US market – althoughMicrosoft has recently joinedthe select $2 trillion club. The journey as a publicly-traded company was marked by historic product launches and major technological innovations throughout different economic cycles.</p><p><blockquote>从股票分割调整后的IPO价格10美分到如今超过2万亿美元的市值，苹果已经走过了漫长的成功之路。苹果专家回顾了这次旅程的亮点。目前，苹果股票(<b>AAPL</b>)-Get Report拥有美国市场最大的市值-尽管微软最近加入了精选的2万亿美元俱乐部。作为一家上市公司的旅程以不同经济周期中历史性的产品发布和重大技术创新为标志。</blockquote></p><p> Today, the Apple Maven tells a bit of this success story that, on and off, has created so much value for shareholders since 1980.</p><p><blockquote>今天，这位苹果专家讲述了这个自1980年以来断断续续为股东创造了巨大价值的成功故事。</blockquote></p><p></p><p> <h3>The 1980s</h3> <ul>  <li><b>The IPO</b>: The year that the Apple III was launched, in 1980, was also the beginning of AAPL’s journey on the stock exchange. At an IPO price of $22 (or ten cents in split-adjusted terms), Apple kicked off with a market capitalization of $1.8 billion. At the time, it was the biggest IPO since Ford, nearly two decades before. Apple debuted in the stock exchange during a year marked by the beginning of a bull market.</li>  <li><b>Macintosh era</b>: In 1984 the first Mac was released. At the time, it was considered a “commercial failure but with technical acclaim”, largely due to its high cost. This period was also marked by disagreements among Apple's top leaders: CEO John Sculley, hired by celebrity founder Steve Jobs at the time, and Mr. Jobs himself.</li> </ul> <h3>The 1990s</h3> <ul>  <li><b>Difficult times</b>: From the beginning of the 1990s to mid-1997, Apple lost competitiveness in the market due to a series of internal factors. Products that lacked consumer appeal led to a sales shortfall, and Apple was allegedly 90 days away from declaring bankruptcy. The company was “saved” at the time by Microsoft, which agreed to pay $150 million to Apple in exchange for a few rights – setting Internet Explorer as the default browser on Macs, for example. Apple's market cap in 1997 was around only $2.3 billion, barely higher than it had been on the IPO day.</li>  <li><b>Prices leveled again</b>: The launch of the all-in-one iMac (the iconic color model), in 1998, was the one of the key milestones of the company's resurgence. The iMac was well received and helped to boost sales, leading Apple to return to profit once again.</li>  <li><b>Jobs is back</b>: Around the same time, in the late 1990s, Steve Jobs returned to Apple – another key development in the company’s turnaround. This was the beginning of what would soon become a revolution in consumer tech (particularly mobile) devices.</li> </ul> <h3>The 2000s</h3> <ul>  <li><b>First, the iPod</b>: In the early 2000s, Apple's market cap reached $5 billion. This period was marked by the launch of innovative offerings that gave Apple the identity that it still carries today. In 2001, the iPod was unveiled, selling over 100 million units in 6 years. In 2003, the iTunes store saw the light of day, marking the first step taken by Apple in services.</li> </ul> <ul>  <li><b>MacBook and MacBook Pro</b>: 2006 saw the launch of the first model in Apple's current line of PCs. Apple stock began to appreciate fast: from 2003 to 2006, shares jumped from $6 to $80, adjusted for stock split.</li>  <li><b>iPhone, a game changer</b>: In 2007, Apple achieved perhaps the peak in success with mobile devices. Steve Jobs introduced the iPhone and Apple created the concept of the smartphone. To date, it is the tech giant's most important revenue generator. During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap.</li>  <li><b>Beyond smartphones</b>: A year later, in 2008, Apple launched the AppStore, the company's biggest revenue generator in services today.</li>  <li><b>iPad, the tablet concept</b>: In 2010, when the first iPad was successfully released, Apple passed its peer Microsoft in market cap for the first time. At the time, Apple was worth $269 billion, making it the third largest among public companies in the world by market cap – trailing oil and gas giants PetroChina and Exxon Mobil.</li> </ul> <h3>The 2010s</h3> <ul>  <li><b>King of the world</b>: In 2011, the year Steve Jobs passed away and current CEO Tim Cook took over, Apple became the most valuable company in the world. The market cap reached $337 billion, surpassing Exxon Mobil.</li>  <li><b>Wearables opportunity</b>: After successful updates to its entire portfolio, Apple's growth continued. In 2015, Apple strengthened its wearables segment with the launch of the Apple Watch. In 2016, it was time for the AirPods, adding revenue to this growing segment. Later that year, it was announced that there were 1 billion active Apple devices in the world. At that point, the company was worth $608 billion.</li>  <li><b>The first trillion</b>: In August 2018, Apple hit its first trillion dollars in market cap. However, by the beginning of 2019, the equity value had dropped to $746 billion after a broad market pullback in Q4 of 2018, only returning to $1 trillion in October 2019.</li> </ul> <h3>The 2020s</h3> <ul>  <li><b>The second trillion</b>: In August 2020, after delivering outstanding results quarter after quarter, Apple crossed another milestone: $2 trillion in market cap. The year also marked the kickoff of the 5G cycle with the launch of the iPhone 12 and the transition of Intel processors to the Apple-designed M1 chip.</li>  <li><b>The next step</b>: The main driving force of the company today is Apple’s ecosystem, which ties together its products and services and turns the company into a revenue machine. As we await the next few chapters of </p><p><blockquote><h3>1980年代</h3><ul><li><b>IPO</b>：1980年苹果协议III推出的那一年，也是AAPL在证券交易所旅程的开始。苹果的IPO价格为22美元（按拆分调整后计算为10美分），市值为18亿美元。当时，这是自近二十年前福特以来规模最大的IPO。苹果在牛市开始的一年里首次在证券交易所上市。</li><li><b>麦金塔时代</b>：1984年，第一台Mac发布。当时，它被认为是“商业上的失败，但技术上的赞誉”，主要是因为它的成本很高。在这一时期，苹果高层领导之间也存在分歧：当时被名人创始人史蒂夫·乔布斯聘用的首席执行官约翰·斯卡利和乔布斯本人。</li></ul><h3>20世纪90年代</h3><ul><li><b>困难时期</b>：从上世纪90年代初到1997年中期，由于一系列内部因素，苹果在市场上失去了竞争力。缺乏消费者吸引力的产品导致销售短缺，据称苹果距离宣布破产还有90天。该公司当时被微软“拯救”，该公司同意向苹果支付1.5亿美元以换取一些权利——例如，将Internet Explorer设置为Mac电脑的默认浏览器。1997年，苹果的市值仅为23亿美元左右，仅略高于IPO当天的市值。</li><li><b>价格再次持平</b>：1998年推出的多功能一体机iMac（标志性的彩色机型）是该公司复兴的重要里程碑之一。iMac广受好评，有助于提振销量，使苹果再次扭亏为盈。</li><li><b>乔布斯回来了</b>大约在同一时间，20世纪90年代末，史蒂夫·乔布斯重返苹果——这是公司扭亏为盈的另一个关键进展。这是消费技术（尤其是移动）设备革命的开始。</li></ul><h3>2000年代</h3><ul><li><b>首先，iPod</b>：2000年代初，苹果的市值达到50亿美元。这一时期的标志是创新产品的推出，赋予了苹果今天仍然具有的身份。2001年，iPod亮相，6年销量超过1亿台。2003年，iTunes商店重见天日，标志着苹果在服务领域迈出了第一步。</li></ul><ul><li><b>MacBook和MacBook Pro</b>2006年，苹果推出了目前个人电脑系列中的第一款。苹果的股票开始快速升值：从2003年到2006年，经过股票分割调整后，股价从6美元跃升至80美元。</li><li><b>iPhone，游戏规则的改变者</b>2007年，苹果在移动设备上取得了成功。史蒂夫·乔布斯推出了iPhone，苹果创造了智能手机的概念。迄今为止，它是这家科技巨头最重要的收入来源。在iPhone推出的那一年，AAPL的市值从750亿美元跃升至1000亿美元。</li><li><b>超越智能手机</b>：一年后的2008年，苹果推出了AppStore，这是该公司当今服务领域最大的收入来源。</li><li><b>iPad，平板电脑概念</b>：2010年，第一台iPad成功发布，苹果市值首次超过同行微软。当时，苹果的市值为2690亿美元，是全球市值第三大的上市公司，仅次于石油和天然气巨头中石油和埃克森美孚。</li></ul><h3>2010年代</h3><ul><li><b>世界之王</b>：2011年，史蒂夫·乔布斯去世，现任CEO蒂姆·库克接任的那一年，苹果成为全球市值最高的公司。市值达到3370亿美元，超过埃克森美孚。</li><li><b>可穿戴设备机会</b>：在成功更新其整个产品组合后，苹果继续增长。2015年，苹果推出了苹果手表，加强了其可穿戴设备领域。2016年，是AirPods的时候了，为这个不断增长的细分市场增加了收入。当年晚些时候，又宣布全球有10亿台活跃的苹果设备。当时，该公司的市值为6080亿美元。</li><li><b>第一个万亿</b>：2018年8月，苹果市值首次突破万亿美元。然而，到2019年初，在2018年第四季度市场大范围回调后，股权价值已降至7460亿美元，直到2019年10月才恢复到1万亿美元。</li></ul><h3>2020年代</h3><ul><li><b>第二个万亿</b>：2020年8月，在一个又一个季度取得出色业绩后，苹果跨越了另一个里程碑：2万亿美元的市值。随着iPhone 12的推出以及英特尔处理器向苹果设计的M1芯片的过渡，这一年也标志着5G周期的开始。</li><li><b>下一步</b>：公司今天的主要驱动力是苹果的生态系统，它将其产品和服务联系在一起，将公司变成了一台收入机器。在我们等待下几章的时候</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/1980-to-now-the-journey-of-apples-market-cap\">The Street</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/1980-to-now-the-journey-of-apples-market-cap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137306280","content_text":"From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple has trailed a long path of success. The Apple Maven reviews the highlights of this journey.\n\nCurrently, Apple stock(AAPL) -Get Report has the largest market cap in the US market – althoughMicrosoft has recently joinedthe select $2 trillion club. The journey as a publicly-traded company was marked by historic product launches and major technological innovations throughout different economic cycles.\nToday, the Apple Maven tells a bit of this success story that, on and off, has created so much value for shareholders since 1980.\nThe 1980s\n\nThe IPO: The year that the Apple III was launched, in 1980, was also the beginning of AAPL’s journey on the stock exchange. At an IPO price of $22 (or ten cents in split-adjusted terms), Apple kicked off with a market capitalization of $1.8 billion. At the time, it was the biggest IPO since Ford, nearly two decades before. Apple debuted in the stock exchange during a year marked by the beginning of a bull market.\nMacintosh era: In 1984 the first Mac was released. At the time, it was considered a “commercial failure but with technical acclaim”, largely due to its high cost. This period was also marked by disagreements among Apple's top leaders: CEO John Sculley, hired by celebrity founder Steve Jobs at the time, and Mr. Jobs himself.\n\nThe 1990s\n\nDifficult times: From the beginning of the 1990s to mid-1997, Apple lost competitiveness in the market due to a series of internal factors. Products that lacked consumer appeal led to a sales shortfall, and Apple was allegedly 90 days away from declaring bankruptcy. The company was “saved” at the time by Microsoft, which agreed to pay $150 million to Apple in exchange for a few rights – setting Internet Explorer as the default browser on Macs, for example. Apple's market cap in 1997 was around only $2.3 billion, barely higher than it had been on the IPO day.\nPrices leveled again: The launch of the all-in-one iMac (the iconic color model), in 1998, was the one of the key milestones of the company's resurgence. The iMac was well received and helped to boost sales, leading Apple to return to profit once again.\nJobs is back: Around the same time, in the late 1990s, Steve Jobs returned to Apple – another key development in the company’s turnaround. This was the beginning of what would soon become a revolution in consumer tech (particularly mobile) devices.\n\nThe 2000s\n\nFirst, the iPod: In the early 2000s, Apple's market cap reached $5 billion. This period was marked by the launch of innovative offerings that gave Apple the identity that it still carries today. In 2001, the iPod was unveiled, selling over 100 million units in 6 years. In 2003, the iTunes store saw the light of day, marking the first step taken by Apple in services.\n\n\nMacBook and MacBook Pro: 2006 saw the launch of the first model in Apple's current line of PCs. Apple stock began to appreciate fast: from 2003 to 2006, shares jumped from $6 to $80, adjusted for stock split.\niPhone, a game changer: In 2007, Apple achieved perhaps the peak in success with mobile devices. Steve Jobs introduced the iPhone and Apple created the concept of the smartphone. To date, it is the tech giant's most important revenue generator. During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap.\nBeyond smartphones: A year later, in 2008, Apple launched the AppStore, the company's biggest revenue generator in services today.\niPad, the tablet concept: In 2010, when the first iPad was successfully released, Apple passed its peer Microsoft in market cap for the first time. At the time, Apple was worth $269 billion, making it the third largest among public companies in the world by market cap – trailing oil and gas giants PetroChina and Exxon Mobil.\n\nThe 2010s\n\nKing of the world: In 2011, the year Steve Jobs passed away and current CEO Tim Cook took over, Apple became the most valuable company in the world. The market cap reached $337 billion, surpassing Exxon Mobil.\nWearables opportunity: After successful updates to its entire portfolio, Apple's growth continued. In 2015, Apple strengthened its wearables segment with the launch of the Apple Watch. In 2016, it was time for the AirPods, adding revenue to this growing segment. Later that year, it was announced that there were 1 billion active Apple devices in the world. At that point, the company was worth $608 billion.\nThe first trillion: In August 2018, Apple hit its first trillion dollars in market cap. However, by the beginning of 2019, the equity value had dropped to $746 billion after a broad market pullback in Q4 of 2018, only returning to $1 trillion in October 2019.\n\nThe 2020s\n\nThe second trillion: In August 2020, after delivering outstanding results quarter after quarter, Apple crossed another milestone: $2 trillion in market cap. The year also marked the kickoff of the 5G cycle with the launch of the iPhone 12 and the transition of Intel processors to the Apple-designed M1 chip.\nThe next step: The main driving force of the company today is Apple’s ecosystem, which ties together its products and services and turns the company into a revenue machine. As we await the next few chapters of Apple's incredible market cap journey towards the third trillion, some new candidates for possible catalysts have emerged: the ongoing 5G cycle, the Apple-designed M1 chip, developments in mixed reality technology and a possible Apple Car.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126093278,"gmtCreate":1624535994894,"gmtModify":1631893145615,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556461580974741","idStr":"3556461580974741"},"themes":[],"htmlText":"Yeah Uncle Sam&nbsp;","listText":"Yeah Uncle Sam&nbsp;","text":"Yeah Uncle Sam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126093278","repostId":"1191442444","repostType":4,"repost":{"id":"1191442444","kind":"news","pubTimestamp":1624534197,"share":"https://www.laohu8.com/m/news/1191442444?lang=zh_CN&edition=full","pubTime":"2021-06-24 19:29","market":"uk","language":"en","title":"BoE Keeps Rates, QE Unchanged; Won't Tighten Until \"Clear Evidence Of Progress\" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191442444","media":"zerohedge","summary":"With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England an","content":"<p>With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.</p><p><blockquote>随着各国央行近几个月来乘着鹰派浪潮，人们的目光转向了英国央行及其今天上午的最新货币政策决定，但这并不令人意外，因为央行一致投票将利率维持在0.1%，并以8比1的多数将量化宽松规模维持在8950亿英镑，即将离任的首席经济学家霍尔丹再次表示反对，并在离开英国央行前的最后一次投票中投票决定降低资产购买目标。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ee2372b645665ef729732f7accedac5e\" tg-width=\"510\" tg-height=\"538\"></p><p><blockquote></blockquote></p><p> So with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: \"<i>CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices,</i><i><b>and is likely to exceed 3% for a temporary period</b></i><i>\"</i>which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.</p><p><blockquote>那么，随着英国和其他地方一样通胀飙升，英国央行是如何将评级转向紧缩的呢？很简单，就像美联储表示，虽然通胀可能会升至3%以上，但这将是暂时的，即：“<i>预计消费物价指数通胀将进一步回升至目标之上，主要是由于能源和其他商品价格的发展，</i><i><b>并有可能在一段时间内超过3%</b></i><i>\"</i>这意味着2019年最后一个季度6月份的产出预计将比新冠疫情前的水平低2.5%左右。就背景而言，之前的通胀峰值预计为2.5%，因此又一次重大的再通胀反思。</blockquote></p><p> And once said \"temporary period\" ends, all shall be well, however nobody knows when that will be, just as nobody knows what the<b>\"clear evidence of significant progress\"</b>toward achieving the 2% inflation target is that the BOE needs before tightening policy.</p><p><blockquote>一旦所谓的“临时时期”结束，一切都会好起来的，然而没有人知道那将是什么时候，就像没有人知道什么时候会发生一样。<b>“取得重大进展的明确证据”</b>英国央行在收紧政策之前需要实现2%的通胀目标。</blockquote></p><p> And while the BOE won't issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.</p><p><blockquote>尽管英国央行要到8月份才会发布新一轮预测，但他们确实将第二季度预测从5月份预测的4.3%上调了约1.5个百分点。</blockquote></p><p> Some more details from thefull statement:</p><p><blockquote>完整声明中的更多详细信息：</blockquote></p><p> <ul>  <li>Committee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.</li>  <li>Output in a number of sectors is now around pre-Covid levels, although it remains materially below in others</li>  <li>Developments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies</li>  <li>The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.</li>  <li>Spare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.</li>  <li>Policy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.</li>  <li>Most members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.</li>  <li>Bank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the&nbsp; time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.</li>  <li>It was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.</li> </ul> The market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.</p><p><blockquote><ul><li>委员会预计，大宗商品价格上涨对CPI通胀的直接影响将是暂时的。</li><li>许多行业的产出目前已接近新冠疫情爆发前的水平，但其他行业的产出仍大幅低于</li><li>全球国内生产总值增长的发展略强于预期，特别是在发达经济体</li><li>委员会不打算收紧货币政策，至少在有明确证据表明在消除闲置产能和可持续实现2%通胀目标方面正在取得重大进展之前。</li><li>随着经济活动的回升，经济中的闲置产能预计将被消除，在供需基本恢复平衡之前，预计会有一段时间的需求过剩。</li><li>政策既应强烈反对前景的下行风险，又应确保复苏不会因货币条件过早收紧而受到损害。</li><li>大多数成员认为，货币政策委员会现有政策指导中规定的条件没有得到满足，这些条件无论如何都是未来货币政策收紧的必要条件，但不是充分条件。</li><li>银行工作人员将2021年Q2 GDP增长预期从5月份报告时的4.25%上调至5.5%。这与第二季度产量比2019年第四季度水平低不到4%以及6月份预计产量比2019年第四季度水平低2.5%左右一致。</li><li>需求走强可能会比之前预期的更快地缩小产出缺口。</li></ul>由于这一决定似乎是鸽派的，市场反应平淡：随着鹰派意外的短期头寸解除，英镑扭转了小幅上涨。英国国债上涨，10年期国债收益率下跌3个基点至0.75%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7010feb093662e50703d0e073ffbf258\" tg-width=\"500\" tg-height=\"242\"></p><p><blockquote></blockquote></p><p> According to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.</p><p><blockquote>据彭博社报道，从长远来看，在转变到来之前，英镑可能会继续面临压力，特别是当其交易价格低于21周移动平均线时，这是自大流行开始以来的动量定义指标。</blockquote></p><p> At the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg,<b>a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision.</b>It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.</p><p><blockquote>与此同时，鉴于暂时性通胀叙事依然存在，且电缆跌至1.39美元，欧元/英镑因止损而上涨。据彭博社报道，<b>就在做出决定之前，英国央行加息15个基点的时间现已从2022年6月推迟至2022年8月。</b>这是否是重新交易英镑的更大兴趣，还是完全归因于短期头寸再平衡，还有待观察。</blockquote></p><p> Bottom line: today's somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE's thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.</p><p><blockquote>一句话：今天有些鸽派的声明让人们对8月份的会议产生了很多关注，届时我们将获得全套新预测并了解更多有关英国央行想法的信息；一旦更多的人接种疫苗，我们也应该对病毒的情况如何发展有更清晰的认识。</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>BoE Keeps Rates, QE Unchanged; Won't Tighten Until \"Clear Evidence Of Progress\" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</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; 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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\">\nBoE Keeps Rates, QE Unchanged; Won't Tighten Until \"Clear Evidence Of Progress\" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-24 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.</p><p><blockquote>随着各国央行近几个月来乘着鹰派浪潮，人们的目光转向了英国央行及其今天上午的最新货币政策决定，但这并不令人意外，因为央行一致投票将利率维持在0.1%，并以8比1的多数将量化宽松规模维持在8950亿英镑，即将离任的首席经济学家霍尔丹再次表示反对，并在离开英国央行前的最后一次投票中投票决定降低资产购买目标。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ee2372b645665ef729732f7accedac5e\" tg-width=\"510\" tg-height=\"538\"></p><p><blockquote></blockquote></p><p> So with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: \"<i>CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices,</i><i><b>and is likely to exceed 3% for a temporary period</b></i><i>\"</i>which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.</p><p><blockquote>那么，随着英国和其他地方一样通胀飙升，英国央行是如何将评级转向紧缩的呢？很简单，就像美联储表示，虽然通胀可能会升至3%以上，但这将是暂时的，即：“<i>预计消费物价指数通胀将进一步回升至目标之上，主要是由于能源和其他商品价格的发展，</i><i><b>并有可能在一段时间内超过3%</b></i><i>\"</i>这意味着2019年最后一个季度6月份的产出预计将比新冠疫情前的水平低2.5%左右。就背景而言，之前的通胀峰值预计为2.5%，因此又一次重大的再通胀反思。</blockquote></p><p> And once said \"temporary period\" ends, all shall be well, however nobody knows when that will be, just as nobody knows what the<b>\"clear evidence of significant progress\"</b>toward achieving the 2% inflation target is that the BOE needs before tightening policy.</p><p><blockquote>一旦所谓的“临时时期”结束，一切都会好起来的，然而没有人知道那将是什么时候，就像没有人知道什么时候会发生一样。<b>“取得重大进展的明确证据”</b>英国央行在收紧政策之前需要实现2%的通胀目标。</blockquote></p><p> And while the BOE won't issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.</p><p><blockquote>尽管英国央行要到8月份才会发布新一轮预测，但他们确实将第二季度预测从5月份预测的4.3%上调了约1.5个百分点。</blockquote></p><p> Some more details from thefull statement:</p><p><blockquote>完整声明中的更多详细信息：</blockquote></p><p> <ul>  <li>Committee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.</li>  <li>Output in a number of sectors is now around pre-Covid levels, although it remains materially below in others</li>  <li>Developments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies</li>  <li>The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.</li>  <li>Spare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.</li>  <li>Policy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.</li>  <li>Most members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.</li>  <li>Bank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the&nbsp; time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.</li>  <li>It was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.</li> </ul> The market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.</p><p><blockquote><ul><li>委员会预计，大宗商品价格上涨对CPI通胀的直接影响将是暂时的。</li><li>许多行业的产出目前已接近新冠疫情爆发前的水平，但其他行业的产出仍大幅低于</li><li>全球国内生产总值增长的发展略强于预期，特别是在发达经济体</li><li>委员会不打算收紧货币政策，至少在有明确证据表明在消除闲置产能和可持续实现2%通胀目标方面正在取得重大进展之前。</li><li>随着经济活动的回升，经济中的闲置产能预计将被消除，在供需基本恢复平衡之前，预计会有一段时间的需求过剩。</li><li>政策既应强烈反对前景的下行风险，又应确保复苏不会因货币条件过早收紧而受到损害。</li><li>大多数成员认为，货币政策委员会现有政策指导中规定的条件没有得到满足，这些条件无论如何都是未来货币政策收紧的必要条件，但不是充分条件。</li><li>银行工作人员将2021年Q2 GDP增长预期从5月份报告时的4.25%上调至5.5%。这与第二季度产量比2019年第四季度水平低不到4%以及6月份预计产量比2019年第四季度水平低2.5%左右一致。</li><li>需求走强可能会比之前预期的更快地缩小产出缺口。</li></ul>由于这一决定似乎是鸽派的，市场反应平淡：随着鹰派意外的短期头寸解除，英镑扭转了小幅上涨。英国国债上涨，10年期国债收益率下跌3个基点至0.75%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7010feb093662e50703d0e073ffbf258\" tg-width=\"500\" tg-height=\"242\"></p><p><blockquote></blockquote></p><p> According to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.</p><p><blockquote>据彭博社报道，从长远来看，在转变到来之前，英镑可能会继续面临压力，特别是当其交易价格低于21周移动平均线时，这是自大流行开始以来的动量定义指标。</blockquote></p><p> At the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg,<b>a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision.</b>It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.</p><p><blockquote>与此同时，鉴于暂时性通胀叙事依然存在，且电缆跌至1.39美元，欧元/英镑因止损而上涨。据彭博社报道，<b>就在做出决定之前，英国央行加息15个基点的时间现已从2022年6月推迟至2022年8月。</b>这是否是重新交易英镑的更大兴趣，还是完全归因于短期头寸再平衡，还有待观察。</blockquote></p><p> Bottom line: today's somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE's thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.</p><p><blockquote>一句话：今天有些鸽派的声明让人们对8月份的会议产生了很多关注，届时我们将获得全套新预测并了解更多有关英国央行想法的信息；一旦更多的人接种疫苗，我们也应该对病毒的情况如何发展有更清晰的认识。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/boe-keeps-rates-qe-unchanged-wont-tighten-until-clear-evidence-progress-toward-inflation\">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":{},"source_url":"https://www.zerohedge.com/markets/boe-keeps-rates-qe-unchanged-wont-tighten-until-clear-evidence-progress-toward-inflation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191442444","content_text":"With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.\n\nSo with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: \"CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices,and is likely to exceed 3% for a temporary period\"which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.\nAnd once said \"temporary period\" ends, all shall be well, however nobody knows when that will be, just as nobody knows what the\"clear evidence of significant progress\"toward achieving the 2% inflation target is that the BOE needs before tightening policy.\nAnd while the BOE won't issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.\nSome more details from thefull statement:\n\nCommittee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.\nOutput in a number of sectors is now around pre-Covid levels, although it remains materially below in others\nDevelopments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies\nThe Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.\nSpare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.\nPolicy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.\nMost members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.\nBank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the  time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.\nIt was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.\n\nThe market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.\n\nAccording to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.\nAt the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg,a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision.It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.\nBottom line: today's somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE's thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126091647,"gmtCreate":1624536029889,"gmtModify":1631893145612,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Following this","listText":"Following this","text":"Following this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126091647","repostId":"1137306280","repostType":4,"repost":{"id":"1137306280","kind":"news","pubTimestamp":1624534030,"share":"https://www.laohu8.com/m/news/1137306280?lang=zh_CN&edition=full","pubTime":"2021-06-24 19:27","market":"us","language":"en","title":"1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137306280","media":"The Street","summary":"From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple ha","content":"<p>  From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple has trailed a long path of success. The Apple Maven reviews the highlights of this journey.  Currently, Apple stock(<b>AAPL</b>) -Get Report&nbsp;has the largest market cap in the US market – althoughMicrosoft has recently joinedthe select $2 trillion club. The journey as a publicly-traded company was marked by historic product launches and major technological innovations throughout different economic cycles.</p><p><blockquote>从股票分割调整后的IPO价格10美分到如今超过2万亿美元的市值，苹果已经走过了漫长的成功之路。苹果专家回顾了这次旅程的亮点。目前，苹果股票(<b>AAPL</b>)-Get Report拥有美国市场最大的市值-尽管微软最近加入了精选的2万亿美元俱乐部。作为一家上市公司的旅程以不同经济周期中历史性的产品发布和重大技术创新为标志。</blockquote></p><p> Today, the Apple Maven tells a bit of this success story that, on and off, has created so much value for shareholders since 1980.</p><p><blockquote>今天，这位苹果专家讲述了这个自1980年以来断断续续为股东创造了巨大价值的成功故事。</blockquote></p><p></p><p> <h3>The 1980s</h3> <ul>  <li><b>The IPO</b>: The year that the Apple III was launched, in 1980, was also the beginning of AAPL’s journey on the stock exchange. At an IPO price of $22 (or ten cents in split-adjusted terms), Apple kicked off with a market capitalization of $1.8 billion. At the time, it was the biggest IPO since Ford, nearly two decades before. Apple debuted in the stock exchange during a year marked by the beginning of a bull market.</li>  <li><b>Macintosh era</b>: In 1984 the first Mac was released. At the time, it was considered a “commercial failure but with technical acclaim”, largely due to its high cost. This period was also marked by disagreements among Apple's top leaders: CEO John Sculley, hired by celebrity founder Steve Jobs at the time, and Mr. Jobs himself.</li> </ul> <h3>The 1990s</h3> <ul>  <li><b>Difficult times</b>: From the beginning of the 1990s to mid-1997, Apple lost competitiveness in the market due to a series of internal factors. Products that lacked consumer appeal led to a sales shortfall, and Apple was allegedly 90 days away from declaring bankruptcy. The company was “saved” at the time by Microsoft, which agreed to pay $150 million to Apple in exchange for a few rights – setting Internet Explorer as the default browser on Macs, for example. Apple's market cap in 1997 was around only $2.3 billion, barely higher than it had been on the IPO day.</li>  <li><b>Prices leveled again</b>: The launch of the all-in-one iMac (the iconic color model), in 1998, was the one of the key milestones of the company's resurgence. The iMac was well received and helped to boost sales, leading Apple to return to profit once again.</li>  <li><b>Jobs is back</b>: Around the same time, in the late 1990s, Steve Jobs returned to Apple – another key development in the company’s turnaround. This was the beginning of what would soon become a revolution in consumer tech (particularly mobile) devices.</li> </ul> <h3>The 2000s</h3> <ul>  <li><b>First, the iPod</b>: In the early 2000s, Apple's market cap reached $5 billion. This period was marked by the launch of innovative offerings that gave Apple the identity that it still carries today. In 2001, the iPod was unveiled, selling over 100 million units in 6 years. In 2003, the iTunes store saw the light of day, marking the first step taken by Apple in services.</li> </ul> <ul>  <li><b>MacBook and MacBook Pro</b>: 2006 saw the launch of the first model in Apple's current line of PCs. Apple stock began to appreciate fast: from 2003 to 2006, shares jumped from $6 to $80, adjusted for stock split.</li>  <li><b>iPhone, a game changer</b>: In 2007, Apple achieved perhaps the peak in success with mobile devices. Steve Jobs introduced the iPhone and Apple created the concept of the smartphone. To date, it is the tech giant's most important revenue generator. During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap.</li>  <li><b>Beyond smartphones</b>: A year later, in 2008, Apple launched the AppStore, the company's biggest revenue generator in services today.</li>  <li><b>iPad, the tablet concept</b>: In 2010, when the first iPad was successfully released, Apple passed its peer Microsoft in market cap for the first time. At the time, Apple was worth $269 billion, making it the third largest among public companies in the world by market cap – trailing oil and gas giants PetroChina and Exxon Mobil.</li> </ul> <h3>The 2010s</h3> <ul>  <li><b>King of the world</b>: In 2011, the year Steve Jobs passed away and current CEO Tim Cook took over, Apple became the most valuable company in the world. The market cap reached $337 billion, surpassing Exxon Mobil.</li>  <li><b>Wearables opportunity</b>: After successful updates to its entire portfolio, Apple's growth continued. In 2015, Apple strengthened its wearables segment with the launch of the Apple Watch. In 2016, it was time for the AirPods, adding revenue to this growing segment. Later that year, it was announced that there were 1 billion active Apple devices in the world. At that point, the company was worth $608 billion.</li>  <li><b>The first trillion</b>: In August 2018, Apple hit its first trillion dollars in market cap. However, by the beginning of 2019, the equity value had dropped to $746 billion after a broad market pullback in Q4 of 2018, only returning to $1 trillion in October 2019.</li> </ul> <h3>The 2020s</h3> <ul>  <li><b>The second trillion</b>: In August 2020, after delivering outstanding results quarter after quarter, Apple crossed another milestone: $2 trillion in market cap. The year also marked the kickoff of the 5G cycle with the launch of the iPhone 12 and the transition of Intel processors to the Apple-designed M1 chip.</li>  <li><b>The next step</b>: The main driving force of the company today is Apple’s ecosystem, which ties together its products and services and turns the company into a revenue machine. As we await the next few chapters of </p><p><blockquote><h3>1980年代</h3><ul><li><b>IPO</b>：1980年苹果协议III推出的那一年，也是AAPL在证券交易所旅程的开始。苹果的IPO价格为22美元（按拆分调整后计算为10美分），市值为18亿美元。当时，这是自近二十年前福特以来规模最大的IPO。苹果在牛市开始的一年里首次在证券交易所上市。</li><li><b>麦金塔时代</b>：1984年，第一台Mac发布。当时，它被认为是“商业上的失败，但技术上的赞誉”，主要是因为它的成本很高。在这一时期，苹果高层领导之间也存在分歧：当时被名人创始人史蒂夫·乔布斯聘用的首席执行官约翰·斯卡利和乔布斯本人。</li></ul><h3>20世纪90年代</h3><ul><li><b>困难时期</b>：从上世纪90年代初到1997年中期，由于一系列内部因素，苹果在市场上失去了竞争力。缺乏消费者吸引力的产品导致销售短缺，据称苹果距离宣布破产还有90天。该公司当时被微软“拯救”，该公司同意向苹果支付1.5亿美元以换取一些权利——例如，将Internet Explorer设置为Mac电脑的默认浏览器。1997年，苹果的市值仅为23亿美元左右，仅略高于IPO当天的市值。</li><li><b>价格再次持平</b>：1998年推出的多功能一体机iMac（标志性的彩色机型）是该公司复兴的重要里程碑之一。iMac广受好评，有助于提振销量，使苹果再次扭亏为盈。</li><li><b>乔布斯回来了</b>大约在同一时间，20世纪90年代末，史蒂夫·乔布斯重返苹果——这是公司扭亏为盈的另一个关键进展。这是消费技术（尤其是移动）设备革命的开始。</li></ul><h3>2000年代</h3><ul><li><b>首先，iPod</b>：2000年代初，苹果的市值达到50亿美元。这一时期的标志是创新产品的推出，赋予了苹果今天仍然具有的身份。2001年，iPod亮相，6年销量超过1亿台。2003年，iTunes商店重见天日，标志着苹果在服务领域迈出了第一步。</li></ul><ul><li><b>MacBook和MacBook Pro</b>2006年，苹果推出了目前个人电脑系列中的第一款。苹果的股票开始快速升值：从2003年到2006年，经过股票分割调整后，股价从6美元跃升至80美元。</li><li><b>iPhone，游戏规则的改变者</b>2007年，苹果在移动设备上取得了成功。史蒂夫·乔布斯推出了iPhone，苹果创造了智能手机的概念。迄今为止，它是这家科技巨头最重要的收入来源。在iPhone推出的那一年，AAPL的市值从750亿美元跃升至1000亿美元。</li><li><b>超越智能手机</b>：一年后的2008年，苹果推出了AppStore，这是该公司当今服务领域最大的收入来源。</li><li><b>iPad，平板电脑概念</b>：2010年，第一台iPad成功发布，苹果市值首次超过同行微软。当时，苹果的市值为2690亿美元，是全球市值第三大的上市公司，仅次于石油和天然气巨头中石油和埃克森美孚。</li></ul><h3>2010年代</h3><ul><li><b>世界之王</b>：2011年，史蒂夫·乔布斯去世，现任CEO蒂姆·库克接任的那一年，苹果成为全球市值最高的公司。市值达到3370亿美元，超过埃克森美孚。</li><li><b>可穿戴设备机会</b>：在成功更新其整个产品组合后，苹果继续增长。2015年，苹果推出了苹果手表，加强了其可穿戴设备领域。2016年，是AirPods的时候了，为这个不断增长的细分市场增加了收入。当年晚些时候，又宣布全球有10亿台活跃的苹果设备。当时，该公司的市值为6080亿美元。</li><li><b>第一个万亿</b>：2018年8月，苹果市值首次突破万亿美元。然而，到2019年初，在2018年第四季度市场大范围回调后，股权价值已降至7460亿美元，直到2019年10月才恢复到1万亿美元。</li></ul><h3>2020年代</h3><ul><li><b>第二个万亿</b>：2020年8月，在一个又一个季度取得出色业绩后，苹果跨越了另一个里程碑：2万亿美元的市值。随着iPhone 12的推出以及英特尔处理器向苹果设计的M1芯片的过渡，这一年也标志着5G周期的开始。</li><li><b>下一步</b>：公司今天的主要驱动力是苹果的生态系统，它将其产品和服务联系在一起，将公司变成了一台收入机器。在我们等待下几章的时候</li></ul></blockquote></p><p></p>","source":"lsy1610613172068","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>1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</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; 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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\">\n1980 To Now: The Journey Of Apple's Market Cap<blockquote>1980年至今：苹果市值之旅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-06-24 19:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple has trailed a long path of success. The Apple Maven reviews the highlights of this journey.  Currently, Apple stock(<b>AAPL</b>) -Get Report&nbsp;has the largest market cap in the US market – althoughMicrosoft has recently joinedthe select $2 trillion club. The journey as a publicly-traded company was marked by historic product launches and major technological innovations throughout different economic cycles.</p><p><blockquote>从股票分割调整后的IPO价格10美分到如今超过2万亿美元的市值，苹果已经走过了漫长的成功之路。苹果专家回顾了这次旅程的亮点。目前，苹果股票(<b>AAPL</b>)-Get Report拥有美国市场最大的市值-尽管微软最近加入了精选的2万亿美元俱乐部。作为一家上市公司的旅程以不同经济周期中历史性的产品发布和重大技术创新为标志。</blockquote></p><p> Today, the Apple Maven tells a bit of this success story that, on and off, has created so much value for shareholders since 1980.</p><p><blockquote>今天，这位苹果专家讲述了这个自1980年以来断断续续为股东创造了巨大价值的成功故事。</blockquote></p><p></p><p> <h3>The 1980s</h3> <ul>  <li><b>The IPO</b>: The year that the Apple III was launched, in 1980, was also the beginning of AAPL’s journey on the stock exchange. At an IPO price of $22 (or ten cents in split-adjusted terms), Apple kicked off with a market capitalization of $1.8 billion. At the time, it was the biggest IPO since Ford, nearly two decades before. Apple debuted in the stock exchange during a year marked by the beginning of a bull market.</li>  <li><b>Macintosh era</b>: In 1984 the first Mac was released. At the time, it was considered a “commercial failure but with technical acclaim”, largely due to its high cost. This period was also marked by disagreements among Apple's top leaders: CEO John Sculley, hired by celebrity founder Steve Jobs at the time, and Mr. Jobs himself.</li> </ul> <h3>The 1990s</h3> <ul>  <li><b>Difficult times</b>: From the beginning of the 1990s to mid-1997, Apple lost competitiveness in the market due to a series of internal factors. Products that lacked consumer appeal led to a sales shortfall, and Apple was allegedly 90 days away from declaring bankruptcy. The company was “saved” at the time by Microsoft, which agreed to pay $150 million to Apple in exchange for a few rights – setting Internet Explorer as the default browser on Macs, for example. Apple's market cap in 1997 was around only $2.3 billion, barely higher than it had been on the IPO day.</li>  <li><b>Prices leveled again</b>: The launch of the all-in-one iMac (the iconic color model), in 1998, was the one of the key milestones of the company's resurgence. The iMac was well received and helped to boost sales, leading Apple to return to profit once again.</li>  <li><b>Jobs is back</b>: Around the same time, in the late 1990s, Steve Jobs returned to Apple – another key development in the company’s turnaround. This was the beginning of what would soon become a revolution in consumer tech (particularly mobile) devices.</li> </ul> <h3>The 2000s</h3> <ul>  <li><b>First, the iPod</b>: In the early 2000s, Apple's market cap reached $5 billion. This period was marked by the launch of innovative offerings that gave Apple the identity that it still carries today. In 2001, the iPod was unveiled, selling over 100 million units in 6 years. In 2003, the iTunes store saw the light of day, marking the first step taken by Apple in services.</li> </ul> <ul>  <li><b>MacBook and MacBook Pro</b>: 2006 saw the launch of the first model in Apple's current line of PCs. Apple stock began to appreciate fast: from 2003 to 2006, shares jumped from $6 to $80, adjusted for stock split.</li>  <li><b>iPhone, a game changer</b>: In 2007, Apple achieved perhaps the peak in success with mobile devices. Steve Jobs introduced the iPhone and Apple created the concept of the smartphone. To date, it is the tech giant's most important revenue generator. During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap.</li>  <li><b>Beyond smartphones</b>: A year later, in 2008, Apple launched the AppStore, the company's biggest revenue generator in services today.</li>  <li><b>iPad, the tablet concept</b>: In 2010, when the first iPad was successfully released, Apple passed its peer Microsoft in market cap for the first time. At the time, Apple was worth $269 billion, making it the third largest among public companies in the world by market cap – trailing oil and gas giants PetroChina and Exxon Mobil.</li> </ul> <h3>The 2010s</h3> <ul>  <li><b>King of the world</b>: In 2011, the year Steve Jobs passed away and current CEO Tim Cook took over, Apple became the most valuable company in the world. The market cap reached $337 billion, surpassing Exxon Mobil.</li>  <li><b>Wearables opportunity</b>: After successful updates to its entire portfolio, Apple's growth continued. In 2015, Apple strengthened its wearables segment with the launch of the Apple Watch. In 2016, it was time for the AirPods, adding revenue to this growing segment. Later that year, it was announced that there were 1 billion active Apple devices in the world. At that point, the company was worth $608 billion.</li>  <li><b>The first trillion</b>: In August 2018, Apple hit its first trillion dollars in market cap. However, by the beginning of 2019, the equity value had dropped to $746 billion after a broad market pullback in Q4 of 2018, only returning to $1 trillion in October 2019.</li> </ul> <h3>The 2020s</h3> <ul>  <li><b>The second trillion</b>: In August 2020, after delivering outstanding results quarter after quarter, Apple crossed another milestone: $2 trillion in market cap. The year also marked the kickoff of the 5G cycle with the launch of the iPhone 12 and the transition of Intel processors to the Apple-designed M1 chip.</li>  <li><b>The next step</b>: The main driving force of the company today is Apple’s ecosystem, which ties together its products and services and turns the company into a revenue machine. As we await the next few chapters of </p><p><blockquote><h3>1980年代</h3><ul><li><b>IPO</b>：1980年苹果协议III推出的那一年，也是AAPL在证券交易所旅程的开始。苹果的IPO价格为22美元（按拆分调整后计算为10美分），市值为18亿美元。当时，这是自近二十年前福特以来规模最大的IPO。苹果在牛市开始的一年里首次在证券交易所上市。</li><li><b>麦金塔时代</b>：1984年，第一台Mac发布。当时，它被认为是“商业上的失败，但技术上的赞誉”，主要是因为它的成本很高。在这一时期，苹果高层领导之间也存在分歧：当时被名人创始人史蒂夫·乔布斯聘用的首席执行官约翰·斯卡利和乔布斯本人。</li></ul><h3>20世纪90年代</h3><ul><li><b>困难时期</b>：从上世纪90年代初到1997年中期，由于一系列内部因素，苹果在市场上失去了竞争力。缺乏消费者吸引力的产品导致销售短缺，据称苹果距离宣布破产还有90天。该公司当时被微软“拯救”，该公司同意向苹果支付1.5亿美元以换取一些权利——例如，将Internet Explorer设置为Mac电脑的默认浏览器。1997年，苹果的市值仅为23亿美元左右，仅略高于IPO当天的市值。</li><li><b>价格再次持平</b>：1998年推出的多功能一体机iMac（标志性的彩色机型）是该公司复兴的重要里程碑之一。iMac广受好评，有助于提振销量，使苹果再次扭亏为盈。</li><li><b>乔布斯回来了</b>大约在同一时间，20世纪90年代末，史蒂夫·乔布斯重返苹果——这是公司扭亏为盈的另一个关键进展。这是消费技术（尤其是移动）设备革命的开始。</li></ul><h3>2000年代</h3><ul><li><b>首先，iPod</b>：2000年代初，苹果的市值达到50亿美元。这一时期的标志是创新产品的推出，赋予了苹果今天仍然具有的身份。2001年，iPod亮相，6年销量超过1亿台。2003年，iTunes商店重见天日，标志着苹果在服务领域迈出了第一步。</li></ul><ul><li><b>MacBook和MacBook Pro</b>2006年，苹果推出了目前个人电脑系列中的第一款。苹果的股票开始快速升值：从2003年到2006年，经过股票分割调整后，股价从6美元跃升至80美元。</li><li><b>iPhone，游戏规则的改变者</b>2007年，苹果在移动设备上取得了成功。史蒂夫·乔布斯推出了iPhone，苹果创造了智能手机的概念。迄今为止，它是这家科技巨头最重要的收入来源。在iPhone推出的那一年，AAPL的市值从750亿美元跃升至1000亿美元。</li><li><b>超越智能手机</b>：一年后的2008年，苹果推出了AppStore，这是该公司当今服务领域最大的收入来源。</li><li><b>iPad，平板电脑概念</b>：2010年，第一台iPad成功发布，苹果市值首次超过同行微软。当时，苹果的市值为2690亿美元，是全球市值第三大的上市公司，仅次于石油和天然气巨头中石油和埃克森美孚。</li></ul><h3>2010年代</h3><ul><li><b>世界之王</b>：2011年，史蒂夫·乔布斯去世，现任CEO蒂姆·库克接任的那一年，苹果成为全球市值最高的公司。市值达到3370亿美元，超过埃克森美孚。</li><li><b>可穿戴设备机会</b>：在成功更新其整个产品组合后，苹果继续增长。2015年，苹果推出了苹果手表，加强了其可穿戴设备领域。2016年，是AirPods的时候了，为这个不断增长的细分市场增加了收入。当年晚些时候，又宣布全球有10亿台活跃的苹果设备。当时，该公司的市值为6080亿美元。</li><li><b>第一个万亿</b>：2018年8月，苹果市值首次突破万亿美元。然而，到2019年初，在2018年第四季度市场大范围回调后，股权价值已降至7460亿美元，直到2019年10月才恢复到1万亿美元。</li></ul><h3>2020年代</h3><ul><li><b>第二个万亿</b>：2020年8月，在一个又一个季度取得出色业绩后，苹果跨越了另一个里程碑：2万亿美元的市值。随着iPhone 12的推出以及英特尔处理器向苹果设计的M1芯片的过渡，这一年也标志着5G周期的开始。</li><li><b>下一步</b>：公司今天的主要驱动力是苹果的生态系统，它将其产品和服务联系在一起，将公司变成了一台收入机器。在我们等待下几章的时候</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/1980-to-now-the-journey-of-apples-market-cap\">The Street</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/1980-to-now-the-journey-of-apples-market-cap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137306280","content_text":"From a stock-split adjusted IPO price of ten cents to over $2 trillion in market cap today, Apple has trailed a long path of success. The Apple Maven reviews the highlights of this journey.\n\nCurrently, Apple stock(AAPL) -Get Report has the largest market cap in the US market – althoughMicrosoft has recently joinedthe select $2 trillion club. The journey as a publicly-traded company was marked by historic product launches and major technological innovations throughout different economic cycles.\nToday, the Apple Maven tells a bit of this success story that, on and off, has created so much value for shareholders since 1980.\nThe 1980s\n\nThe IPO: The year that the Apple III was launched, in 1980, was also the beginning of AAPL’s journey on the stock exchange. At an IPO price of $22 (or ten cents in split-adjusted terms), Apple kicked off with a market capitalization of $1.8 billion. At the time, it was the biggest IPO since Ford, nearly two decades before. Apple debuted in the stock exchange during a year marked by the beginning of a bull market.\nMacintosh era: In 1984 the first Mac was released. At the time, it was considered a “commercial failure but with technical acclaim”, largely due to its high cost. This period was also marked by disagreements among Apple's top leaders: CEO John Sculley, hired by celebrity founder Steve Jobs at the time, and Mr. Jobs himself.\n\nThe 1990s\n\nDifficult times: From the beginning of the 1990s to mid-1997, Apple lost competitiveness in the market due to a series of internal factors. Products that lacked consumer appeal led to a sales shortfall, and Apple was allegedly 90 days away from declaring bankruptcy. The company was “saved” at the time by Microsoft, which agreed to pay $150 million to Apple in exchange for a few rights – setting Internet Explorer as the default browser on Macs, for example. Apple's market cap in 1997 was around only $2.3 billion, barely higher than it had been on the IPO day.\nPrices leveled again: The launch of the all-in-one iMac (the iconic color model), in 1998, was the one of the key milestones of the company's resurgence. The iMac was well received and helped to boost sales, leading Apple to return to profit once again.\nJobs is back: Around the same time, in the late 1990s, Steve Jobs returned to Apple – another key development in the company’s turnaround. This was the beginning of what would soon become a revolution in consumer tech (particularly mobile) devices.\n\nThe 2000s\n\nFirst, the iPod: In the early 2000s, Apple's market cap reached $5 billion. This period was marked by the launch of innovative offerings that gave Apple the identity that it still carries today. In 2001, the iPod was unveiled, selling over 100 million units in 6 years. In 2003, the iTunes store saw the light of day, marking the first step taken by Apple in services.\n\n\nMacBook and MacBook Pro: 2006 saw the launch of the first model in Apple's current line of PCs. Apple stock began to appreciate fast: from 2003 to 2006, shares jumped from $6 to $80, adjusted for stock split.\niPhone, a game changer: In 2007, Apple achieved perhaps the peak in success with mobile devices. Steve Jobs introduced the iPhone and Apple created the concept of the smartphone. To date, it is the tech giant's most important revenue generator. During the year of the iPhone's launch, AAPL jumped from $75 billion to $100 billion in market cap.\nBeyond smartphones: A year later, in 2008, Apple launched the AppStore, the company's biggest revenue generator in services today.\niPad, the tablet concept: In 2010, when the first iPad was successfully released, Apple passed its peer Microsoft in market cap for the first time. At the time, Apple was worth $269 billion, making it the third largest among public companies in the world by market cap – trailing oil and gas giants PetroChina and Exxon Mobil.\n\nThe 2010s\n\nKing of the world: In 2011, the year Steve Jobs passed away and current CEO Tim Cook took over, Apple became the most valuable company in the world. The market cap reached $337 billion, surpassing Exxon Mobil.\nWearables opportunity: After successful updates to its entire portfolio, Apple's growth continued. In 2015, Apple strengthened its wearables segment with the launch of the Apple Watch. In 2016, it was time for the AirPods, adding revenue to this growing segment. Later that year, it was announced that there were 1 billion active Apple devices in the world. At that point, the company was worth $608 billion.\nThe first trillion: In August 2018, Apple hit its first trillion dollars in market cap. However, by the beginning of 2019, the equity value had dropped to $746 billion after a broad market pullback in Q4 of 2018, only returning to $1 trillion in October 2019.\n\nThe 2020s\n\nThe second trillion: In August 2020, after delivering outstanding results quarter after quarter, Apple crossed another milestone: $2 trillion in market cap. The year also marked the kickoff of the 5G cycle with the launch of the iPhone 12 and the transition of Intel processors to the Apple-designed M1 chip.\nThe next step: The main driving force of the company today is Apple’s ecosystem, which ties together its products and services and turns the company into a revenue machine. As we await the next few chapters of Apple's incredible market cap journey towards the third trillion, some new candidates for possible catalysts have emerged: the ongoing 5G cycle, the Apple-designed M1 chip, developments in mixed reality technology and a possible Apple Car.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141803022,"gmtCreate":1625844492766,"gmtModify":1631889180061,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Good to see EV growing","listText":"Good to see EV growing","text":"Good to see EV growing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/141803022","repostId":"2150434370","repostType":4,"isVote":1,"tweetType":1,"viewCount":3048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126099804,"gmtCreate":1624535938008,"gmtModify":1631893145618,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Oh no&nbsp;","listText":"Oh no&nbsp;","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126099804","repostId":"1187819280","repostType":4,"repost":{"id":"1187819280","kind":"news","pubTimestamp":1624529642,"share":"https://www.laohu8.com/m/news/1187819280?lang=zh_CN&edition=full","pubTime":"2021-06-24 18:14","market":"us","language":"en","title":"The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187819280","media":"MarketWatch","summary":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pan","content":"<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>大流行大趋势结束的5个原因。</b>COVID-19大流行最大的投资故事之一是以“郊区避难所”为主题的非必需消费品股票的繁荣。从电商平台到家装店，再到家具和家居用品商家，许多表现最好的企业都符合这种口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的Vanguard非必需消费品指数基金ETF VCR为例，+0.66%，从2020年3月到2021年3月飙升了90%以上。这要归功于家装股Lowe's LOW(-0.30%)和Home Depot HD(-0.33%)以及TJX TJX(-0.08%)等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名称的性能开始滞后。事实上，自4月1日以来，我们看到这三只股票都小幅下跌，尽管标普500 SPX指数-0.11%同期上涨了约6%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些人担心这可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的居家股票即将“大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些知名的“郊区”交易仍然相对稳定，但麻烦的迹象已经在边缘出现。Century Communities CCS(-0.34%)和Dream Finders Homes DFH(-2.55%)这两家中型单户住宅建筑商的股价在上个月暴跌了两位数。家具方面，家电巨头惠而浦公司WHR(-0.51%)和百货公司Nordstrom JWN(+2.03%)均较春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五大原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们记下了逾期的项目，并利用了能够轻松与承包商见面的机会。但在许多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑一下房主的购买类型。水龙头、厨柜甚至马桶都是2020年销售的最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月记录了历史上相关网站的最高访问量，1.33亿网络冲浪者购买了某种家居用品。再说一次，新沙发或台灯不是每年都会购买的——所以这种趋势似乎无法持续很长时间。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>谈到家居用品供应商的大流行后高峰，我们已经看到财务状况通过利润和销售额的增加证实了这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更多——超出了历史标准的估值。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过26，而2020年春季的远期市盈率仅为21。其往绩市销率目前为2.1，而此前为1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX等之前宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为22，而其他类似的公司，如梅西百货M，+0.70%和Big Lot Big，-3.71%，实际上其远期市盈率远低于10。当然，你可以说TJX是独一无二的……但你可能也想知道目前流行的居家交易之外的许多其他股票的“公允价值”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3.延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票在大流行推动下达到峰值的未来增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外运输延误以及影响许多行业的产能和产量紧缩，但“呆在家里”的股票似乎受到的打击尤其严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会的数据，家装产品根本无处可寻，大约94%的建筑商报告“至少有一些严重的电器短缺”。另有93%的人缺乏框架木材，87%的人表示很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你可以克服需求问题，如果没有原材料来发挥作用，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4.通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有为承包商支付现金或忍受昂贵的新家具长时间延误的人来说，现在对新购物者来说有一个相当大的抑制因素：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>5月份消费者价格指数衡量的生活成本上涨0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏季以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息的时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它削弱了购买力，并可能减少我们在去年左右看到的“呆在家里”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5.房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通货膨胀：5月份，美国房屋中值价格首次突破35万美元，比2020年上涨23.6%。此外，Realtor.com的一项调查显示，大约三分之一的待售房主希望得到高于要价的价格，大约相同数量的房主希望在上市一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，有许多文章都是关于有吸引力的市场供应短缺的，重要的是要承认疫情的远程工作确实对人们为什么住在他们居住的地方产生了一些破坏性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但事情变得危险的地方是：房主已经提前在房价上花费了预期的溢价。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当年类似的卖家权利感？目前还没有明显的泡沫破裂迹象，但美国房主可能对自己房屋的价值过于乐观，而且这种免费的房屋净值贷款可能不会持续太久。</blockquote></p><p></p>","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>The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-24 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>大流行大趋势结束的5个原因。</b>COVID-19大流行最大的投资故事之一是以“郊区避难所”为主题的非必需消费品股票的繁荣。从电商平台到家装店，再到家具和家居用品商家，许多表现最好的企业都符合这种口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的Vanguard非必需消费品指数基金ETF VCR为例，+0.66%，从2020年3月到2021年3月飙升了90%以上。这要归功于家装股Lowe's LOW(-0.30%)和Home Depot HD(-0.33%)以及TJX TJX(-0.08%)等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名称的性能开始滞后。事实上，自4月1日以来，我们看到这三只股票都小幅下跌，尽管标普500 SPX指数-0.11%同期上涨了约6%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些人担心这可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的居家股票即将“大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些知名的“郊区”交易仍然相对稳定，但麻烦的迹象已经在边缘出现。Century Communities CCS(-0.34%)和Dream Finders Homes DFH(-2.55%)这两家中型单户住宅建筑商的股价在上个月暴跌了两位数。家具方面，家电巨头惠而浦公司WHR(-0.51%)和百货公司Nordstrom JWN(+2.03%)均较春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五大原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们记下了逾期的项目，并利用了能够轻松与承包商见面的机会。但在许多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑一下房主的购买类型。水龙头、厨柜甚至马桶都是2020年销售的最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月记录了历史上相关网站的最高访问量，1.33亿网络冲浪者购买了某种家居用品。再说一次，新沙发或台灯不是每年都会购买的——所以这种趋势似乎无法持续很长时间。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>谈到家居用品供应商的大流行后高峰，我们已经看到财务状况通过利润和销售额的增加证实了这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更多——超出了历史标准的估值。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过26，而2020年春季的远期市盈率仅为21。其往绩市销率目前为2.1，而此前为1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX等之前宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为22，而其他类似的公司，如梅西百货M，+0.70%和Big Lot Big，-3.71%，实际上其远期市盈率远低于10。当然，你可以说TJX是独一无二的……但你可能也想知道目前流行的居家交易之外的许多其他股票的“公允价值”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3.延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票在大流行推动下达到峰值的未来增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外运输延误以及影响许多行业的产能和产量紧缩，但“呆在家里”的股票似乎受到的打击尤其严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会的数据，家装产品根本无处可寻，大约94%的建筑商报告“至少有一些严重的电器短缺”。另有93%的人缺乏框架木材，87%的人表示很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你可以克服需求问题，如果没有原材料来发挥作用，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4.通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有为承包商支付现金或忍受昂贵的新家具长时间延误的人来说，现在对新购物者来说有一个相当大的抑制因素：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>5月份消费者价格指数衡量的生活成本上涨0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏季以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息的时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它削弱了购买力，并可能减少我们在去年左右看到的“呆在家里”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5.房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通货膨胀：5月份，美国房屋中值价格首次突破35万美元，比2020年上涨23.6%。此外，Realtor.com的一项调查显示，大约三分之一的待售房主希望得到高于要价的价格，大约相同数量的房主希望在上市一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，有许多文章都是关于有吸引力的市场供应短缺的，重要的是要承认疫情的远程工作确实对人们为什么住在他们居住的地方产生了一些破坏性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但事情变得危险的地方是：房主已经提前在房价上花费了预期的溢价。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当年类似的卖家权利感？目前还没有明显的泡沫破裂迹象，但美国房主可能对自己房屋的价值过于乐观，而且这种免费的房屋净值贷款可能不会持续太久。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2\">MarketWatch</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":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187819280","content_text":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.\nTake the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.\nLately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&P 500 SPX, -0.11% has tacked on about 6% in the same period.\nAnd some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.\nWhile some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.\nHere are five big reasons why:\n1. The upgrade cycle is over\nLast summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.\nConsider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.\nThe same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.\n2. Valuations are stretched\nSpeaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.\nTake TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.\nWhat’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.\n3. Delays and shortages\nFuture growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.\nHome improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.\nEven if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.\n4. Inflationary pressures\nFor the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.\nThe cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.\nInflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.\n5. Home-equity hubris\nSpeaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.\nSome of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.\nBut here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.\nAnyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125084608,"gmtCreate":1624636955604,"gmtModify":1631889180094,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Lmao wsb again","listText":"Lmao wsb again","text":"Lmao wsb again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125084608","repostId":"2146073358","repostType":4,"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125085440,"gmtCreate":1624636934780,"gmtModify":1631889180095,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Be prepared&nbsp;","listText":"Be prepared&nbsp;","text":"Be prepared","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125085440","repostId":"1137013517","repostType":4,"repost":{"id":"1137013517","kind":"news","pubTimestamp":1624630940,"share":"https://www.laohu8.com/m/news/1137013517?lang=zh_CN&edition=full","pubTime":"2021-06-25 22:22","market":"us","language":"en","title":"UMich Sentiment Disappoints To End June As Republican Confidence Slumps<blockquote>由于共和党信心下滑，6月底UMich情绪令人失望</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137013517","media":"zerohedge","summary":"June's preliminary rebound in UMich sentiment was expected to have accelerated into month-end but an","content":"<p>June's preliminary rebound in UMich sentiment was expected to have accelerated into month-end but analysts were wrong as the the final data all fell relative to the mid-month reads with 'Current Conditions' actually lower in June versus May (from 89.4 to 88.6).</p><p><blockquote>预计6月份UMich情绪的初步反弹将加速到月底，但分析师错了，因为最终数据相对于月中读数均有所下降，6月份的“当前状况”实际上低于5月份（从89.4降至88.6）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/deafeac8a554bdecc0db5323f29f1388\" tg-width=\"942\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Republican sentiment continues to slide as Democrats' confidence rebounds from a dip in May...</p><p><blockquote>随着民主党信心从5月份的下滑中反弹，共和党情绪继续下滑……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2039814f39dd39a6663fe5c6e0d15d82\" tg-width=\"942\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Inflation expectations fell on MoM basis but the<b>short-term (1Y) expectation actually increased from mid-month 4.0% to 4.2% final...</b></p><p><blockquote>通胀预期环比下降，但<b>短期（1年）预期实际上从月中的4.0%上升至4.2%...</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9f4242af8f4c8a6a115abd659f9f619c\" tg-width=\"942\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Buying Conditions remain extremely weak (where's my stimmy?) but we did see a modest rebound (very modest) in large household durables...</p><p><blockquote>购买条件仍然极其疲软（我的刺激呢？）但我们确实看到大型家用耐用品出现了温和反弹（非常温和）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d504230dfc6080d0d8f32011d0f03f6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> And finally, putting that collapse in homebuying sentiment in context, it appears homebuilders are in a reality all of their own...</p><p><blockquote>最后，把购房情绪的崩溃放在背景下，房屋建筑商似乎在现实中都是他们自己的……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4aa5dc44714a132e3032711d5dc60ca5\" tg-width=\"942\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Or maybe those homebuyers are just not buying the dip enough in the latest Fed-sponsored meme-stock to&nbsp; accumulate enough wealth to afford a down-payment?</p><p><blockquote>或者，也许这些购房者只是没有购买足够的美联储赞助的最新模因股票来积累足够的财富来支付首付？</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>UMich Sentiment Disappoints To End June As Republican Confidence Slumps<blockquote>由于共和党信心下滑，6月底UMich情绪令人失望</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\">\nUMich Sentiment Disappoints To End June As Republican Confidence Slumps<blockquote>由于共和党信心下滑，6月底UMich情绪令人失望</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-25 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>June's preliminary rebound in UMich sentiment was expected to have accelerated into month-end but analysts were wrong as the the final data all fell relative to the mid-month reads with 'Current Conditions' actually lower in June versus May (from 89.4 to 88.6).</p><p><blockquote>预计6月份UMich情绪的初步反弹将加速到月底，但分析师错了，因为最终数据相对于月中读数均有所下降，6月份的“当前状况”实际上低于5月份（从89.4降至88.6）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/deafeac8a554bdecc0db5323f29f1388\" tg-width=\"942\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Republican sentiment continues to slide as Democrats' confidence rebounds from a dip in May...</p><p><blockquote>随着民主党信心从5月份的下滑中反弹，共和党情绪继续下滑……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2039814f39dd39a6663fe5c6e0d15d82\" tg-width=\"942\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Inflation expectations fell on MoM basis but the<b>short-term (1Y) expectation actually increased from mid-month 4.0% to 4.2% final...</b></p><p><blockquote>通胀预期环比下降，但<b>短期（1年）预期实际上从月中的4.0%上升至4.2%...</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9f4242af8f4c8a6a115abd659f9f619c\" tg-width=\"942\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Buying Conditions remain extremely weak (where's my stimmy?) but we did see a modest rebound (very modest) in large household durables...</p><p><blockquote>购买条件仍然极其疲软（我的刺激呢？）但我们确实看到大型家用耐用品出现了温和反弹（非常温和）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1d504230dfc6080d0d8f32011d0f03f6\" tg-width=\"942\" tg-height=\"523\" referrerpolicy=\"no-referrer\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> And finally, putting that collapse in homebuying sentiment in context, it appears homebuilders are in a reality all of their own...</p><p><blockquote>最后，把购房情绪的崩溃放在背景下，房屋建筑商似乎在现实中都是他们自己的……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4aa5dc44714a132e3032711d5dc60ca5\" tg-width=\"942\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Or maybe those homebuyers are just not buying the dip enough in the latest Fed-sponsored meme-stock to&nbsp; accumulate enough wealth to afford a down-payment?</p><p><blockquote>或者，也许这些购房者只是没有购买足够的美联储赞助的最新模因股票来积累足够的财富来支付首付？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/personal-finance/umich-sentiment-disappoints-end-june-republican-confidence-slumps?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":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/personal-finance/umich-sentiment-disappoints-end-june-republican-confidence-slumps?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":"1137013517","content_text":"June's preliminary rebound in UMich sentiment was expected to have accelerated into month-end but analysts were wrong as the the final data all fell relative to the mid-month reads with 'Current Conditions' actually lower in June versus May (from 89.4 to 88.6).\nSource: Bloomberg\nRepublican sentiment continues to slide as Democrats' confidence rebounds from a dip in May...\n\nSource: Bloomberg\nInflation expectations fell on MoM basis but theshort-term (1Y) expectation actually increased from mid-month 4.0% to 4.2% final...\n\nSource: Bloomberg\nBuying Conditions remain extremely weak (where's my stimmy?) but we did see a modest rebound (very modest) in large household durables...\nSource: Bloomberg\nAnd finally, putting that collapse in homebuying sentiment in context, it appears homebuilders are in a reality all of their own...\n\nSource: Bloomberg\nOr maybe those homebuyers are just not buying the dip enough in the latest Fed-sponsored meme-stock to  accumulate enough wealth to afford a down-payment?","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125081967,"gmtCreate":1624636811059,"gmtModify":1631893145602,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Here we go","listText":"Here we go","text":"Here we go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125081967","repostId":"1134836867","repostType":4,"repost":{"id":"1134836867","kind":"news","pubTimestamp":1624634837,"share":"https://www.laohu8.com/m/news/1134836867?lang=zh_CN&edition=full","pubTime":"2021-06-25 23:27","market":"us","language":"en","title":"Kyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134836867","media":"zerohedge","summary":"With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to th","content":"<p>With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.</p><p><blockquote>随着市场似乎对FOMC对最新通胀数据的反应不屑一顾，美国股市重回历史高位，海曼资本(Hayman Capital)的凯尔·巴斯(Kyle Bass)周四回到CNBC接受“收盘钟声”工作人员的采访，他在采访中提出了截然不同的观点当前经济形势与通货膨胀的关系。</blockquote></p><p> Inan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"</p><p><blockquote>在接受采访时，这位亿万富翁投资者阐述了他关于美国已经在努力应对超过10%的实际通胀率的说法，他宣称“在生活的各个方面，我都看到了通货膨胀。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1d2089581ea201564daaba8b5aac961\" tg-width=\"521\" tg-height=\"310\"></p><p><blockquote></blockquote></p><p> Why? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.</p><p><blockquote>为什么？因为在过去一年半的时间里，美联储在最短的时间内向美国经济引入了比美国历史上任何时候都多的广义货币。</blockquote></p><p>   \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.  Even as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.</p><p><blockquote>“我认为我们将看到通胀短期下降，因为最初的通胀爆发是巨大的。..这种短暂的评论可能在短时间内是正确的，但我认为莎拉，当你看看1980年至2010年美国体系中的货币供应量时，它在GDP的50%至60%之间波动，在全球金融危机后，它占GDP的比例从大约60%上升到68%69%，现在我们已经接近90%，所以在新冠疫情爆发以来的一年半时间里，我们在美国历史上最短的时间内，我们在美国历史上最短的时间内引入了34%的广义货币，所以如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移而走高。尽管金融媒体喋喋不休地谈论美联储最终开始考虑缩减资产购买规模的重要性，巴斯认为央行不会那么容易缩减资产负债表。</blockquote></p><p>   \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.  So, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.</p><p><blockquote>巴斯表示：“如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移走高，我认为会这样做。”那么，投资者可以做些什么来对抗这个巴斯生动描述的“通胀怪物”呢？嗯，他建议他们关注大宗商品和房地产等硬资产，贝莱德已经在大量购买这些资产。</blockquote></p><p> Equities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).</p><p><blockquote>巴斯表示，股市应该“表现良好”，他引用的数据似乎表明，从长远来看，股价能够跟上95%至88%的通胀率（尽管这似乎肯定不符合过去十年的情况）。</blockquote></p><p> As for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"</p><p><blockquote>至于他对通胀的评估及其与美联储观点的巨大差异，巴斯打趣道：“你的银行账户是是否存在通胀的最终决定因素，”他总结道，并强调了消费者看到的食品和汽车等商品的价格上涨。”</blockquote></p><p>   \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\" </p><p><blockquote>“如果你在市场上，你想拥有大宗商品，如果你在现实世界中，你想拥有生产性房地产，你甚至想在美国人口发生重大变化之前购买农村土地……我宁愿今天拥有硬资产而不是股票，因为我认为我们只看到美国人口流动的开始。”</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>Kyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</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; 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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\">\nKyle Bass Slams Fed, Sees Inflation Everywhere He Looks<blockquote>凯尔·巴斯猛烈抨击美联储，随处可见通胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-25 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.</p><p><blockquote>随着市场似乎对FOMC对最新通胀数据的反应不屑一顾，美国股市重回历史高位，海曼资本(Hayman Capital)的凯尔·巴斯(Kyle Bass)周四回到CNBC接受“收盘钟声”工作人员的采访，他在采访中提出了截然不同的观点当前经济形势与通货膨胀的关系。</blockquote></p><p> Inan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"</p><p><blockquote>在接受采访时，这位亿万富翁投资者阐述了他关于美国已经在努力应对超过10%的实际通胀率的说法，他宣称“在生活的各个方面，我都看到了通货膨胀。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1d2089581ea201564daaba8b5aac961\" tg-width=\"521\" tg-height=\"310\"></p><p><blockquote></blockquote></p><p> Why? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.</p><p><blockquote>为什么？因为在过去一年半的时间里，美联储在最短的时间内向美国经济引入了比美国历史上任何时候都多的广义货币。</blockquote></p><p>   \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.  Even as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.</p><p><blockquote>“我认为我们将看到通胀短期下降，因为最初的通胀爆发是巨大的。..这种短暂的评论可能在短时间内是正确的，但我认为莎拉，当你看看1980年至2010年美国体系中的货币供应量时，它在GDP的50%至60%之间波动，在全球金融危机后，它占GDP的比例从大约60%上升到68%69%，现在我们已经接近90%，所以在新冠疫情爆发以来的一年半时间里，我们在美国历史上最短的时间内，我们在美国历史上最短的时间内引入了34%的广义货币，所以如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移而走高。尽管金融媒体喋喋不休地谈论美联储最终开始考虑缩减资产购买规模的重要性，巴斯认为央行不会那么容易缩减资产负债表。</blockquote></p><p>   \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.  So, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.</p><p><blockquote>巴斯表示：“如果美联储继续扩大资产负债表，我们将看到价格保持高位，并随着时间的推移走高，我认为会这样做。”那么，投资者可以做些什么来对抗这个巴斯生动描述的“通胀怪物”呢？嗯，他建议他们关注大宗商品和房地产等硬资产，贝莱德已经在大量购买这些资产。</blockquote></p><p> Equities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).</p><p><blockquote>巴斯表示，股市应该“表现良好”，他引用的数据似乎表明，从长远来看，股价能够跟上95%至88%的通胀率（尽管这似乎肯定不符合过去十年的情况）。</blockquote></p><p> As for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"</p><p><blockquote>至于他对通胀的评估及其与美联储观点的巨大差异，巴斯打趣道：“你的银行账户是是否存在通胀的最终决定因素，”他总结道，并强调了消费者看到的食品和汽车等商品的价格上涨。”</blockquote></p><p>   \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\" </p><p><blockquote>“如果你在市场上，你想拥有大宗商品，如果你在现实世界中，你想拥有生产性房地产，你甚至想在美国人口发生重大变化之前购买农村土地……我宁愿今天拥有硬资产而不是股票，因为我认为我们只看到美国人口流动的开始。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/kyle-bass-warns-every-aspect-my-life-i-see-inflation?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",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/kyle-bass-warns-every-aspect-my-life-i-see-inflation?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":"1134836867","content_text":"With US stocks back at all-time highs as the market seemingly shrugged off the FOMC's reaction to the latest inflation numbers,Hayman Capital's Kyle Bass returned to CNBCfor an interview with the \"Closing Bell\" crew on Thursday, where he offered a dramatically different vision of the present economic scenario vis-a-vis inflation.\nInan interview where heexpounded upon his claim that the US is already grappling with real inflation rates above 10%, the billionaire investor proclaimed that \"in every single aspect of life, I see inflation.\"\n\nWhy? Because during the past year and a half, the Fed has introduced more broad money into the American economy in the shortest time than we have seen at any point in American history.\n\n \"I think look we're going to see a short-term turn-down in inflation because the initial inflationary burst was enormous...this transitory comment may play out to be true for a short period of time but I hink Sarah when you look at the the money supply the broad money in the US system from 1980 to 2010 it it vacillated between 50% and 60% of GDP and post the global financial crisis it moved up from roughly 60% to 68% 69% of GDP now that we're approaching 90 so in the one year period one and a half year period since COVID started we have introduced 34% more broad money in our system in the shortest time period in the history United States so we're going to see prices stay high and move higher over time if the fed continues to expand its balance sheet,\" Bass said.\n\nEven as the financial press prattles on about the significance of the Fed finally starting to consider tapering its asset purchases, Bass believes that the central bank won't be able to shrink its balance sheet so easily.\n\n \"We're going to see prices stay high and move higher over time if the Fed continues to expand its balance sheet which I think it will,\" Bass said.\n\nSo, what can investors do to fight this \"inflation monster\", as Bass colorfully described it. Well, he suggested they focus on hard assets like commodities and real estate,which BlackRock is already buying up in droves.\nEquities should \"do fine\", Bass said, citing data purporting to show that equity prices keep up with between 95% and 88% of inflation over the long term (though that certainly doesn't seem to fit the last decade).\nAs for his assessment of inflation and its dramatic difference with the Fed's view, Bass quipped: \"Your bank account is the final determinant whether there is inflation or not,\" he concluded, highlighting the higher prices consumers have seen for things like food and cars.\"\n\n \"If you're in the market place you want to own commodities if you’re in the real world you want to own productive real estate you even want to buy rural land in front of major demographic moves in the US...I’d rather own hard assets than equities today because I think we’re only seeing just the beginning of population moves in the US.\"","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121278169,"gmtCreate":1624468455951,"gmtModify":1634005643375,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121278169","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187458063,"gmtCreate":1623762882352,"gmtModify":1634028767397,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187458063","repostId":"1127660571","repostType":4,"repost":{"id":"1127660571","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623760680,"share":"https://www.laohu8.com/m/news/1127660571?lang=zh_CN&edition=full","pubTime":"2021-06-15 20:38","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127660571","media":"Tiger Newspress","summary":"Stock futures edge up ahead of retail sales data.\nS&P 500 index is headed toward its 30th record clo","content":"<p><ul>  <li>Stock futures edge up ahead of retail sales data.</li>  <li>S&amp;P 500 index is headed toward its 30th record close of the year, bolstered by gains in tech stocks.</li>  <li><b>Increase in in PPI over past 12 months rises to 6.6% from 6.2%.</b></li>  <li><b>U.S. retail sales minus gas and autos fall 0.8% in May.</b></li>  <li><b>U.S. retail sales minus gas and autos fall 0.8% in May.</b></li> </ul> (June 15)&nbsp;<b>Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record.</b>&nbsp;Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.</p><p><blockquote><ul><li>股票期货在零售销售数据公布前小幅上涨。</li><li>在科技股上涨的推动下，标普500指数即将创下今年第30个收盘纪录。</li><li><b>过去12个月PPI涨幅从6.2%升至6.6%。</b></li><li><b>美国5月份扣除汽油和汽车的零售额下降0.8%。</b></li><li><b>美国5月份扣除汽油和汽车的零售额下降0.8%。</b></li></ul>（6月15日）<b>5月份生产者价格按年率计算上涨6.6%，为有记录以来的12个月最大涨幅。</b>美国劳工部周二报告称，随着美国经济通胀持续加剧，5月份生产者价格涨幅创近11年来最快。</blockquote></p><p> On a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%.</p><p><blockquote>按月计算，最终需求生产者价格指数上涨0.8%，高于道琼斯预期的0.6%。</blockquote></p><p> <b>Stock&nbsp;Market</b></p><p><blockquote><b>股票市场</b></blockquote></p><p> U.S. stock futures edged higher Tuesday ahead of fresh data that will indicate how much Americans spent in stores, at restaurants and online last month.</p><p><blockquote>美国股指期货周二小幅走高，新数据将显示美国人上个月在商店、餐馆和网上的支出。</blockquote></p><p> Futures tied to the S&amp;P 500 ticked up 0.1%, indicating that the broad benchmark index is on track to notch its thirtieth record close of the year. Nasdaq-100 futures gained 0.2%, pointing togains in technology stocksafter the opening bell.</p><p><blockquote>与标普500相关的期货上涨0.1%，表明该广泛的基准指数有望创下今年第三十个收盘纪录。纳斯达克100指数期货上涨0.2%，表明开盘后科技股上涨。</blockquote></p><p> At 8:38&nbsp;a.m. ET, Dow e-minis were up 18 points, or 0.05%, S&amp;P 500 e-minis were up 5.5 points, or 0.13%, and Nasdaq 100 e-minis were up 24.75 points, or 0.18%.</p><p><blockquote>上午8点38分。ET，道指e-minis上涨18点，涨幅0.05%，标普500 e-minis上涨5.5点，涨幅0.13%，纳斯达克100 e-minis上涨24.75点，涨幅0.18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/86af5e5e5e4faf68b304fa020ca3a033\" tg-width=\"1242\" tg-height=\"487\"></p><p><blockquote></blockquote></p><p> Investors expect that stocks will climb through the rest of the year due to easy monetary policies. Many people are also betting thathigher inflation, due to the easing of economic restrictions and supply-chain bottlenecks, will be temporary. Signs that inflation will be elevated for a prolonged period or that theFederal Reserve may retrace its supportcould shake that confidence, money managers said.</p><p><blockquote>投资者预计，由于宽松的货币政策，股市将在今年剩余时间内攀升。许多人还押注，由于经济限制和供应链瓶颈的缓解，通胀上升将是暂时的。基金经理表示，通胀将长期上升或美联储可能收回支持的迹象可能会动摇这种信心。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket: Vroom, Ping Identity, Sage Therapeutics &amp; more</b></p><p><blockquote><b>盘前涨幅最大的股票：Vroom、Ping Identity、Sage Therapeutics等</b></blockquote></p><p> <b>1)&nbsp;Vroom(VRM)</b> – Vroom intends to offer $500 million in convertible senior notes due in 2026. The used-vehicle e-commerce platform provider plans to use the proceeds for a variety of corporate purposes as well as investing in or acquiring new technologies. Its shares slid 6.1% in premarket trading.</p><p><blockquote><b>1）轰鸣（VRM）</b>-Vroom打算发行2026年到期的5亿美元可转换优先票据。这家二手车电子商务平台提供商计划将所得款项用于各种企业用途以及投资或收购新技术。其股价在盘前交易中下跌6.1%。</blockquote></p><p> <b>2)&nbsp;Ping Identity(PING) </b>– Ping Identity announced a 6 million share common stock offering, in a sale of shares held by investment funds affiliated with Vista Equity Partners. The identity management solutions company will not receive any proceeds from the offering. The stock tumbled 4.2% in premarket action.</p><p><blockquote><b>2）PING身份（PING）</b>-Ping Identity宣布发行600万股普通股，出售Vista Equity Partners附属投资基金持有的股份。身份管理解决方案公司不会从此次发行中获得任何收益。该股在盘前下跌4.2%。</blockquote></p><p> <b>3)&nbsp;Sage Therapeutics(SAGE)</b> – The drugmaker’s shares tanked 17.5% in premarket trading following the release of study results for Sage’s experimental depression drug. The treatment resulted in a statistically significant improvement in symptoms, although it could take up to six weeks to be effective and treatment may be required for months.</p><p><blockquote><b>3）Sage Therapeutics（SAGE）</b>-在Sage实验性抑郁症药物的研究结果发布后，该制药商的股价在盘前交易中下跌17.5%。该治疗导致症状的统计学显著改善，尽管可能需要长达六周才能有效，并且可能需要数月的治疗。</blockquote></p><p> <b>4)&nbsp;Boeing(BA) </b>– The U.S. and European Union announced aresolution of the long-standing disputeover aircraft subsidies involving Boeing and European rival Airbus. The deal suspends World Trade Organization-authorized tariffs for five years, and U.S. Trade Representative Katherine Tai said it could serve as a model for resolving future disputes.</p><p><blockquote><b>4）波音（BA）</b>-美国和欧盟宣布解决涉及波音公司和欧洲竞争对手空中客车公司的长期飞机补贴争端。该协议将世界贸易组织授权的关税暂停五年，美国贸易代表凯瑟琳·戴表示，该协议可以作为解决未来争端的典范。</blockquote></p><p> <b>5)&nbsp;Exxon Mobil(XOM) </b>– Bank of America reiterated a “buy” rating on the energy giant’s stock, predicting that Exxon Mobil would hike its dividend before the end of the year following cost-cutting measures and a rebound in oil prices.</p><p><blockquote><b>5)埃克森美孚(XOM)</b>——美国银行重申了对这家能源巨头股票的“买入”评级，预计在成本削减措施和油价反弹后，埃克森美孚将在年底前提高股息。</blockquote></p><p> <b>6)&nbsp;Spirit Airlines(SAVE)</b> – Spirit Airlines said in a Securities and Exchange Commission filing that leisure demand has continued to improve throughout the second quarter, and that it has seen operating yields strengthen as well. Citi upgraded the stock to “buy” from “neutral” following that update, and shares rallied 2.6% in the premarket.</p><p><blockquote><b>6)精神航空(SAVE)</b>-精神航空在向美国证券交易委员会提交的文件中表示，整个第二季度休闲需求持续改善，营业收益率也有所增强。更新后，花旗将该股评级从“中性”上调至“买入”，股价在盘前上涨2.6%。</blockquote></p><p> <b>7)&nbsp;Fastenal(FAST)</b> – The maker of industrial and construction supplies was downgraded to “underweight” from “equal-weight” at Morgan Stanley, which notes a lull in customer acquisition as well as a stock that is already near an all-time high. The stock slid 2.2% in the premarket.</p><p><blockquote><b>7）Fastenal（快速）</b>-摩根士丹利将这家工业和建筑用品制造商的评级从“同等权重”下调至“跑输大盘”，摩根士丹利指出客户获取陷入停滞，而且该股已接近历史高点。该股盘前下跌2.2%。</blockquote></p><p> <b>8)&nbsp;AstraZeneca(AZN) </b>– AstraZeneca said an experimental monoclonal antibody treatment did not meet its main goal of preventing Covid-19 in patients who had been exposed to the virus. The company also said, however, that its Covid-19 vaccine is 92% effective against the so-called “Delta” variant of the virus.</p><p><blockquote><b>8）阿斯利康（AZN）</b>-阿斯利康表示，一种实验性单克隆抗体治疗方法没有达到其在接触过该病毒的患者中预防Covid-19的主要目标。然而，该公司还表示，其Covid-19疫苗对所谓的“Delta”病毒变种的有效率为92%。</blockquote></p><p> <b>9)&nbsp;Cracker Barrel(CBRL)</b> – Cracker Barrel announced a $275 million private offering of convertible senior notes due in 2026. The restaurant chain will use the proceeds to pay debt and for general corporate purposes.</p><p><blockquote><b>9）裂解桶（CBRL）</b>-Cracker Barrel宣布私募2.75亿美元2026年到期的可转换优先票据。该连锁餐厅将用所得款项偿还债务和用于一般公司用途。</blockquote></p><p></p><p> <b>10)&nbsp;Novavax(NVAX)</b> – Novavax announced positive results from its first study of its Covid-19 vaccine and a flu vaccine administered simultaneously. The study suggested that simultaneous vaccination may be a viable strategy.</p><p><blockquote><b>10)诺瓦瓦克斯(NVAX)</b>-Novavax宣布其Covid-19疫苗和流感疫苗同时接种的首次研究取得积极结果。该研究表明，同时接种疫苗可能是一种可行的策略。</blockquote></p><p> <b>11)&nbsp;Intuit(INTU)</b> – The financial software company revealed in an SEC filing that its QuickBooks online service saw new customer acquisition grow by more than 25% year-over-year for the nine months ended April 30. Intuit shares had hit an all-time high in Monday’s trading.</p><p><blockquote><b>11）Intuit（INTU）</b>–这家金融软件公司在向SEC提交的文件中透露，截至4月30日的九个月内，其QuickBooks online服务的新客户获取量同比增长超过25%。Intuit股价在周一的交易中创下历史新高。</blockquote></p><p> <b>12)&nbsp;Vimeo(VMEO)</b> – Vimeo reported that total revenue in May rose 42% from a year ago, with the video services company also seeing average revenue per user up 18%.</p><p><blockquote><b>12)Vimeo(VMEO)</b>-Vimeo报告称，5月份总收入同比增长42%，这家视频服务公司的每用户平均收入也增长了18%。</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>Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nToplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-15 20:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Stock futures edge up ahead of retail sales data.</li>  <li>S&amp;P 500 index is headed toward its 30th record close of the year, bolstered by gains in tech stocks.</li>  <li><b>Increase in in PPI over past 12 months rises to 6.6% from 6.2%.</b></li>  <li><b>U.S. retail sales minus gas and autos fall 0.8% in May.</b></li>  <li><b>U.S. retail sales minus gas and autos fall 0.8% in May.</b></li> </ul> (June 15)&nbsp;<b>Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record.</b>&nbsp;Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.</p><p><blockquote><ul><li>股票期货在零售销售数据公布前小幅上涨。</li><li>在科技股上涨的推动下，标普500指数即将创下今年第30个收盘纪录。</li><li><b>过去12个月PPI涨幅从6.2%升至6.6%。</b></li><li><b>美国5月份扣除汽油和汽车的零售额下降0.8%。</b></li><li><b>美国5月份扣除汽油和汽车的零售额下降0.8%。</b></li></ul>（6月15日）<b>5月份生产者价格按年率计算上涨6.6%，为有记录以来的12个月最大涨幅。</b>美国劳工部周二报告称，随着美国经济通胀持续加剧，5月份生产者价格涨幅创近11年来最快。</blockquote></p><p> On a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%.</p><p><blockquote>按月计算，最终需求生产者价格指数上涨0.8%，高于道琼斯预期的0.6%。</blockquote></p><p> <b>Stock&nbsp;Market</b></p><p><blockquote><b>股票市场</b></blockquote></p><p> U.S. stock futures edged higher Tuesday ahead of fresh data that will indicate how much Americans spent in stores, at restaurants and online last month.</p><p><blockquote>美国股指期货周二小幅走高，新数据将显示美国人上个月在商店、餐馆和网上的支出。</blockquote></p><p> Futures tied to the S&amp;P 500 ticked up 0.1%, indicating that the broad benchmark index is on track to notch its thirtieth record close of the year. Nasdaq-100 futures gained 0.2%, pointing togains in technology stocksafter the opening bell.</p><p><blockquote>与标普500相关的期货上涨0.1%，表明该广泛的基准指数有望创下今年第三十个收盘纪录。纳斯达克100指数期货上涨0.2%，表明开盘后科技股上涨。</blockquote></p><p> At 8:38&nbsp;a.m. ET, Dow e-minis were up 18 points, or 0.05%, S&amp;P 500 e-minis were up 5.5 points, or 0.13%, and Nasdaq 100 e-minis were up 24.75 points, or 0.18%.</p><p><blockquote>上午8点38分。ET，道指e-minis上涨18点，涨幅0.05%，标普500 e-minis上涨5.5点，涨幅0.13%，纳斯达克100 e-minis上涨24.75点，涨幅0.18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/86af5e5e5e4faf68b304fa020ca3a033\" tg-width=\"1242\" tg-height=\"487\"></p><p><blockquote></blockquote></p><p> Investors expect that stocks will climb through the rest of the year due to easy monetary policies. Many people are also betting thathigher inflation, due to the easing of economic restrictions and supply-chain bottlenecks, will be temporary. Signs that inflation will be elevated for a prolonged period or that theFederal Reserve may retrace its supportcould shake that confidence, money managers said.</p><p><blockquote>投资者预计，由于宽松的货币政策，股市将在今年剩余时间内攀升。许多人还押注，由于经济限制和供应链瓶颈的缓解，通胀上升将是暂时的。基金经理表示，通胀将长期上升或美联储可能收回支持的迹象可能会动摇这种信心。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket: Vroom, Ping Identity, Sage Therapeutics &amp; more</b></p><p><blockquote><b>盘前涨幅最大的股票：Vroom、Ping Identity、Sage Therapeutics等</b></blockquote></p><p> <b>1)&nbsp;Vroom(VRM)</b> – Vroom intends to offer $500 million in convertible senior notes due in 2026. The used-vehicle e-commerce platform provider plans to use the proceeds for a variety of corporate purposes as well as investing in or acquiring new technologies. Its shares slid 6.1% in premarket trading.</p><p><blockquote><b>1）轰鸣（VRM）</b>-Vroom打算发行2026年到期的5亿美元可转换优先票据。这家二手车电子商务平台提供商计划将所得款项用于各种企业用途以及投资或收购新技术。其股价在盘前交易中下跌6.1%。</blockquote></p><p> <b>2)&nbsp;Ping Identity(PING) </b>– Ping Identity announced a 6 million share common stock offering, in a sale of shares held by investment funds affiliated with Vista Equity Partners. The identity management solutions company will not receive any proceeds from the offering. The stock tumbled 4.2% in premarket action.</p><p><blockquote><b>2）PING身份（PING）</b>-Ping Identity宣布发行600万股普通股，出售Vista Equity Partners附属投资基金持有的股份。身份管理解决方案公司不会从此次发行中获得任何收益。该股在盘前下跌4.2%。</blockquote></p><p> <b>3)&nbsp;Sage Therapeutics(SAGE)</b> – The drugmaker’s shares tanked 17.5% in premarket trading following the release of study results for Sage’s experimental depression drug. The treatment resulted in a statistically significant improvement in symptoms, although it could take up to six weeks to be effective and treatment may be required for months.</p><p><blockquote><b>3）Sage Therapeutics（SAGE）</b>-在Sage实验性抑郁症药物的研究结果发布后，该制药商的股价在盘前交易中下跌17.5%。该治疗导致症状的统计学显著改善，尽管可能需要长达六周才能有效，并且可能需要数月的治疗。</blockquote></p><p> <b>4)&nbsp;Boeing(BA) </b>– The U.S. and European Union announced aresolution of the long-standing disputeover aircraft subsidies involving Boeing and European rival Airbus. The deal suspends World Trade Organization-authorized tariffs for five years, and U.S. Trade Representative Katherine Tai said it could serve as a model for resolving future disputes.</p><p><blockquote><b>4）波音（BA）</b>-美国和欧盟宣布解决涉及波音公司和欧洲竞争对手空中客车公司的长期飞机补贴争端。该协议将世界贸易组织授权的关税暂停五年，美国贸易代表凯瑟琳·戴表示，该协议可以作为解决未来争端的典范。</blockquote></p><p> <b>5)&nbsp;Exxon Mobil(XOM) </b>– Bank of America reiterated a “buy” rating on the energy giant’s stock, predicting that Exxon Mobil would hike its dividend before the end of the year following cost-cutting measures and a rebound in oil prices.</p><p><blockquote><b>5)埃克森美孚(XOM)</b>——美国银行重申了对这家能源巨头股票的“买入”评级，预计在成本削减措施和油价反弹后，埃克森美孚将在年底前提高股息。</blockquote></p><p> <b>6)&nbsp;Spirit Airlines(SAVE)</b> – Spirit Airlines said in a Securities and Exchange Commission filing that leisure demand has continued to improve throughout the second quarter, and that it has seen operating yields strengthen as well. Citi upgraded the stock to “buy” from “neutral” following that update, and shares rallied 2.6% in the premarket.</p><p><blockquote><b>6)精神航空(SAVE)</b>-精神航空在向美国证券交易委员会提交的文件中表示，整个第二季度休闲需求持续改善，营业收益率也有所增强。更新后，花旗将该股评级从“中性”上调至“买入”，股价在盘前上涨2.6%。</blockquote></p><p> <b>7)&nbsp;Fastenal(FAST)</b> – The maker of industrial and construction supplies was downgraded to “underweight” from “equal-weight” at Morgan Stanley, which notes a lull in customer acquisition as well as a stock that is already near an all-time high. The stock slid 2.2% in the premarket.</p><p><blockquote><b>7）Fastenal（快速）</b>-摩根士丹利将这家工业和建筑用品制造商的评级从“同等权重”下调至“跑输大盘”，摩根士丹利指出客户获取陷入停滞，而且该股已接近历史高点。该股盘前下跌2.2%。</blockquote></p><p> <b>8)&nbsp;AstraZeneca(AZN) </b>– AstraZeneca said an experimental monoclonal antibody treatment did not meet its main goal of preventing Covid-19 in patients who had been exposed to the virus. The company also said, however, that its Covid-19 vaccine is 92% effective against the so-called “Delta” variant of the virus.</p><p><blockquote><b>8）阿斯利康（AZN）</b>-阿斯利康表示，一种实验性单克隆抗体治疗方法没有达到其在接触过该病毒的患者中预防Covid-19的主要目标。然而，该公司还表示，其Covid-19疫苗对所谓的“Delta”病毒变种的有效率为92%。</blockquote></p><p> <b>9)&nbsp;Cracker Barrel(CBRL)</b> – Cracker Barrel announced a $275 million private offering of convertible senior notes due in 2026. The restaurant chain will use the proceeds to pay debt and for general corporate purposes.</p><p><blockquote><b>9）裂解桶（CBRL）</b>-Cracker Barrel宣布私募2.75亿美元2026年到期的可转换优先票据。该连锁餐厅将用所得款项偿还债务和用于一般公司用途。</blockquote></p><p></p><p> <b>10)&nbsp;Novavax(NVAX)</b> – Novavax announced positive results from its first study of its Covid-19 vaccine and a flu vaccine administered simultaneously. The study suggested that simultaneous vaccination may be a viable strategy.</p><p><blockquote><b>10)诺瓦瓦克斯(NVAX)</b>-Novavax宣布其Covid-19疫苗和流感疫苗同时接种的首次研究取得积极结果。该研究表明，同时接种疫苗可能是一种可行的策略。</blockquote></p><p> <b>11)&nbsp;Intuit(INTU)</b> – The financial software company revealed in an SEC filing that its QuickBooks online service saw new customer acquisition grow by more than 25% year-over-year for the nine months ended April 30. Intuit shares had hit an all-time high in Monday’s trading.</p><p><blockquote><b>11）Intuit（INTU）</b>–这家金融软件公司在向SEC提交的文件中透露，截至4月30日的九个月内，其QuickBooks online服务的新客户获取量同比增长超过25%。Intuit股价在周一的交易中创下历史新高。</blockquote></p><p> <b>12)&nbsp;Vimeo(VMEO)</b> – Vimeo reported that total revenue in May rose 42% from a year ago, with the video services company also seeing average revenue per user up 18%.</p><p><blockquote><b>12)Vimeo(VMEO)</b>-Vimeo报告称，5月份总收入同比增长42%，这家视频服务公司的每用户平均收入也增长了18%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127660571","content_text":"Stock futures edge up ahead of retail sales data.\nS&P 500 index is headed toward its 30th record close of the year, bolstered by gains in tech stocks.\nIncrease in in PPI over past 12 months rises to 6.6% from 6.2%.\nU.S. retail sales minus gas and autos fall 0.8% in May.\nU.S. retail sales minus gas and autos fall 0.8% in May.\n\n(June 15) Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record. Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday.\nOn a monthly basis, the producer price index for final demand rose 0.8%, ahead of the Dow Jones estimate of 0.6%.\nStock Market\nU.S. stock futures edged higher Tuesday ahead of fresh data that will indicate how much Americans spent in stores, at restaurants and online last month.\nFutures tied to the S&P 500 ticked up 0.1%, indicating that the broad benchmark index is on track to notch its thirtieth record close of the year. Nasdaq-100 futures gained 0.2%, pointing togains in technology stocksafter the opening bell.\nAt 8:38 a.m. ET, Dow e-minis were up 18 points, or 0.05%, S&P 500 e-minis were up 5.5 points, or 0.13%, and Nasdaq 100 e-minis were up 24.75 points, or 0.18%.\n\nInvestors expect that stocks will climb through the rest of the year due to easy monetary policies. Many people are also betting thathigher inflation, due to the easing of economic restrictions and supply-chain bottlenecks, will be temporary. Signs that inflation will be elevated for a prolonged period or that theFederal Reserve may retrace its supportcould shake that confidence, money managers said.\nStocks making the biggest moves in the premarket: Vroom, Ping Identity, Sage Therapeutics & more\n1) Vroom(VRM) – Vroom intends to offer $500 million in convertible senior notes due in 2026. The used-vehicle e-commerce platform provider plans to use the proceeds for a variety of corporate purposes as well as investing in or acquiring new technologies. Its shares slid 6.1% in premarket trading.\n2) Ping Identity(PING) – Ping Identity announced a 6 million share common stock offering, in a sale of shares held by investment funds affiliated with Vista Equity Partners. The identity management solutions company will not receive any proceeds from the offering. The stock tumbled 4.2% in premarket action.\n3) Sage Therapeutics(SAGE) – The drugmaker’s shares tanked 17.5% in premarket trading following the release of study results for Sage’s experimental depression drug. The treatment resulted in a statistically significant improvement in symptoms, although it could take up to six weeks to be effective and treatment may be required for months.\n4) Boeing(BA) – The U.S. and European Union announced aresolution of the long-standing disputeover aircraft subsidies involving Boeing and European rival Airbus. The deal suspends World Trade Organization-authorized tariffs for five years, and U.S. Trade Representative Katherine Tai said it could serve as a model for resolving future disputes.\n5) Exxon Mobil(XOM) – Bank of America reiterated a “buy” rating on the energy giant’s stock, predicting that Exxon Mobil would hike its dividend before the end of the year following cost-cutting measures and a rebound in oil prices.\n6) Spirit Airlines(SAVE) – Spirit Airlines said in a Securities and Exchange Commission filing that leisure demand has continued to improve throughout the second quarter, and that it has seen operating yields strengthen as well. Citi upgraded the stock to “buy” from “neutral” following that update, and shares rallied 2.6% in the premarket.\n7) Fastenal(FAST) – The maker of industrial and construction supplies was downgraded to “underweight” from “equal-weight” at Morgan Stanley, which notes a lull in customer acquisition as well as a stock that is already near an all-time high. The stock slid 2.2% in the premarket.\n8) AstraZeneca(AZN) – AstraZeneca said an experimental monoclonal antibody treatment did not meet its main goal of preventing Covid-19 in patients who had been exposed to the virus. The company also said, however, that its Covid-19 vaccine is 92% effective against the so-called “Delta” variant of the virus.\n9) Cracker Barrel(CBRL) – Cracker Barrel announced a $275 million private offering of convertible senior notes due in 2026. The restaurant chain will use the proceeds to pay debt and for general corporate purposes.\n10) Novavax(NVAX) – Novavax announced positive results from its first study of its Covid-19 vaccine and a flu vaccine administered simultaneously. The study suggested that simultaneous vaccination may be a viable strategy.\n11) Intuit(INTU) – The financial software company revealed in an SEC filing that its QuickBooks online service saw new customer acquisition grow by more than 25% year-over-year for the nine months ended April 30. Intuit shares had hit an all-time high in Monday’s trading.\n12) Vimeo(VMEO) – Vimeo reported that total revenue in May rose 42% from a year ago, with the video services company also seeing average revenue per user up 18%.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141177427,"gmtCreate":1625844383569,"gmtModify":1631889180067,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"EV wew","listText":"EV wew","text":"EV wew","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141177427","repostId":"1103507901","repostType":4,"isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140285682,"gmtCreate":1625661817346,"gmtModify":1631889180093,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"SPAC race!","listText":"SPAC race!","text":"SPAC race!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140285682","repostId":"1184318010","repostType":4,"isVote":1,"tweetType":1,"viewCount":1703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121272544,"gmtCreate":1624468607288,"gmtModify":1631893145618,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"The fed again","listText":"The fed again","text":"The fed again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121272544","repostId":"2145097594","repostType":4,"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121276386,"gmtCreate":1624468524845,"gmtModify":1631893145624,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Great call there","listText":"Great call there","text":"Great call there","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121276386","repostId":"1170395888","repostType":4,"repost":{"id":"1170395888","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624457324,"share":"https://www.laohu8.com/m/news/1170395888?lang=zh_CN&edition=full","pubTime":"2021-06-23 22:08","market":"us","language":"en","title":"Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170395888","media":"Tiger Newspress","summary":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Thin","content":"<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p><p><blockquote>（6月23日）周三早盘，中国教育股多数上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p><p><blockquote><b>对冲基金认为EDU现在是一只值得买入的好股票吗？</b></blockquote></p><p> At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p><p><blockquote>截至第一季度末，Insider Monkey追踪的对冲基金中共有45家看好该股，较一季度前变化了5%。下面，您可以查看过去23个季度对冲基金对EDU情绪的变化。随着聪明资金的头寸经历了通常的潮起潮落，有一批值得注意的对冲基金经理正在大幅增持（或已经积累了大量头寸）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p><p><blockquote>新东方教育科技集团公司（纽约证券交易所股票代码：EDU）的最大股份由D1 Capital Partners持有，该公司报告截至12月底持有价值3.505亿美元的股票。紧随其后的是GQG Partners，持仓量为3.198亿美元。其他看好该公司的投资者包括Tiger Global Management LLC、Farallon Capital和Alkeon Capital Management。就分配给每个头寸的投资组合权重而言，Serenity Capital将最大的权重分配给了新东方教育科技集团公司（纽约证券交易所股票代码：EDU），约占其13F投资组合的42.13%。麒麟管理层也相对非常看好该股，指定其13F股票投资组合的18.73%分配给EDU。</blockquote></p><p> As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p><p><blockquote>随着整个行业的兴趣激增，一些大牌公司自己也在破土动工。由David Fear管理的Thunderbird Partners在新东方教育科技集团公司（纽约证券交易所代码：EDU）中确立了最有价值的地位。截至本季度末，Thunderbird Partners向该公司投资了1670万美元。爱德华多·科斯塔(Eduardo Costa)的Calixto Global Investors也在本季度对该股进行了1,470万美元的投资。其他拥有全新EDU头寸的基金包括Matthew Hulsizer的PEAK6 Capital Management、Campbell Wilson的Old Well Partners和Daryl Smith的Kayak Investment Partners。</blockquote></p><p> Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p><p><blockquote>现在让我们回顾一下其他股票的对冲基金活动——不一定与新东方教育科技集团公司（纽约证券交易所股票代码：EDU）属于同一行业，但估值相似。这些股票包括Kansas City Southern(NYSE：KSU)、Nucor Corporation(NYSE：NUE)、Franco-Nevada Corporation(NYSE：FNV)、Fortive Corporation(NYSE：FTV)、The Hartford Financial Services Group Inc(NYSE：HIG)、Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）和Trip.com Group Limited（纳斯达克股票代码：TCOM）。所有这些股票的市值都最接近EDU的市值。</blockquote></p><p> As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p><p><blockquote>正如您所看到的，这些股票平均有32.1个对冲基金持有看涨头寸，这些股票的平均投资金额为12.39亿美元。在EDU的案例中，这一数字为21.88亿美元。哈特福德金融服务集团公司（纽约证券交易所股票代码：HIG）是此表中最受欢迎的股票。另一方面，Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）是最不受欢迎的公司，只有12个看涨对冲基金头寸。新东方教育科技集团公司（纽约证券交易所股票代码：EDU）并不是该组中最受欢迎的股票，但对冲基金的兴趣仍高于平均水平。我们对EDU的总体对冲基金情绪得分为70.7。相对于其他股票以及相对于其历史范围，对冲基金头寸数量较多的股票获得较高的情绪得分。这是一个稍微积极的信号，但我们宁愿花时间研究对冲基金正在买入的股票。我们的计算显示，对冲基金中最受欢迎的5只股票在2019年和2020年的回报率为95.8%，比标普500 ETF（SPDR标普500指数ETF）高出40个百分点。截至6月18日，这些股票在2021年上涨了17.4%，再次跑赢大盘6.1个百分点。不幸的是，EDU并不像这5只股票那么受欢迎，押注EDU的对冲基金感到失望，因为该股自3月底（截至6月18日）以来的回报率为-45.8%，表现逊于市场。</blockquote></p><p> <b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p><p><blockquote><b>好未来教育：尚未准备好应对新一波市场竞争</b></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p></p><p> <ul>  <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>  <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>  <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>  <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>  <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li> </ul> TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p><p><blockquote><ul><li>2021财年第二季度收入和XRS在线增长低于普遍预期。</li><li>2020年，中国在线K12教育市场规模达到890亿元人民币，同比增长37.6%。</li><li>与克星新东方不同，好未来对其他公司的投资金额自2016年以来持续减少。</li><li>随着新冠肺炎重塑市场，科技巨头已经开始大举进军数字教育行业。</li><li>我们认为该公司不会应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。</li></ul>好未来教育集团（又名明天进阶）（好未来）是一家专注于中国K12学生的教育公司。它还拥有成人教育、早期教育和育儿以及教育信息化等业务板块。事务所以素质教育和课外辅导为载体体系，服务全球范围。成立于2003年，2010年在纽交所上市。</blockquote></p><p> In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p><p><blockquote>在中国，好未来与成立于1993年的新东方(EDU)公司竞争。可以说，两家事务所都在引领中国教育行业；其一，两者的市场覆盖范围势均力敌。从最新信息来看，新东方在中国总共98个城市和一个外国城市（多伦多）拥有活跃业务。好未来已在中国共90个城市布局业务。</blockquote></p><p> As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p><p><blockquote>随着这个快速发展国家的家长越来越重视孩子的基础教育，以及电子学习的日益普及，广阔的中小学教育和在线教育领域最终成为企业的必争之地。</blockquote></p><p> <b>Decent financial results</b></p><p><blockquote><b>不错的财务业绩</b></blockquote></p><p> TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p><p><blockquote>好未来2021年第二季度的财务业绩并不是很令人印象深刻，该公司盈利11亿美元（同比增长20.8%），而分析师预期该季度为11.2亿美元。然而，该公司报告本季度每股收益为0.08美元，比分析师普遍预期的0.05美元高出0.03美元。由于初等教育领域的激烈竞争，好未来教育集团的股本回报率为0.21%，净利润率为1.35%，而2021年第一季度为8.97%。其中包括近期完成超轮投资的猿辅导、作业帮等本土纯在线教育公司。与此同时，由于激烈竞争导致客户获取成本上升，非GAAP营业利润率从2020年第二季度的9.8%降至-1.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p><p><blockquote><b>新的市场机会</b></blockquote></p><p> In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p><p><blockquote>在过去的五六年里，随着国家的支持、技术的发展、资本的流入，中国在线K12教育行业得到了飞速的发展。2020年，中国在线K12教育整体市场规模达到约890亿元人民币，同比增长37.6%。</blockquote></p><p> In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p><p><blockquote>2019年，中国K12在线教育渗透率约为15%。随着新冠肺炎在2020年初的到来，在线教育的优势已经非常明显。在线K12教育渗透率在2020年3月达到峰值。虽然行业在国内仍处于消费普及阶段，但趋势明显。作为获取教育信息和服务的新兴方式，这一领域始终表现出长期的巨大需求。因此，行业渗透率未来有巨大的提升空间。根据中国科学院的预测，到2022年，K12在线教育行业的渗透率可能超过55%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p><p><blockquote>好未来拥有871家学习中心（线下辅导中心）、648家培优的事实（好未来培优）中心和128个一对一中心是我们认为TAL不是疫情防护的原因。为了控制新冠肺炎的传播，政府可能会关闭这些中心，这将导致该公司的财务状况大幅下滑。</blockquote></p><p> TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p><p><blockquote>好未来确实拥有在线教育应用程序，但它们无法与VIPKID、猿辅导和作业帮等公司竞争，尽管学而思好未来在线应用程序的收入贡献从2020财年第二季度的17%增加到2021财年第二季度的26%。</blockquote></p><p> The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p><p><blockquote>COVID-19在中国的重新出现对好未来的线下课堂培训业务来说是一个阻力。虽然疫苗已经出现，但18岁以下的儿童不允许接种。当大多数投资者意识到该公司仍然专注于正式或课堂辅导和培训时，好未来的股价可能很快就会下跌。</blockquote></p><p></p><p> TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p><p><blockquote>自大约九年前上市以来，好未来一直保持稳定增长。收入增长了约30倍，此后复合年增长率为45.7%，毛利率平均高达50.8%。</blockquote></p><p> Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p><p><blockquote>截至2月份的上一财年的业绩受到中国早期开始的COVID-19引发的限制的重大影响。线下运营，主要是核心培优小班，不得不迅速转移到线上平台。因此，由于在线课程售价较低，部分收入损失，第四季度总收入仅增长6.2%，而去年同期为44.1%。学生总入学率仍在同比增长56.6%。</blockquote></p><p> <b>Less venture investment presence</b></p><p><blockquote><b>风险投资存在减少</b></blockquote></p><p> Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p><p><blockquote>2017年以来，好未来的投资数量不断减少。2018年以来，新东方相比好未来更加激进。好未来的融资从2016年的24笔锐减至2020年仅有两笔。这两项投资是在一个互动学习SaaS平台UMU和一个在线儿童数学辅导应用程序上进行的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The entrance of tech giants</b></p><p><blockquote><b>科技巨头的入场</b></blockquote></p><p> Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p><p><blockquote>随着夏季在线玩家的竞争变得激烈，销售和营销费用激增。销售和营销费用同比飙升64%，占总收入的22%，同比增长4.9%。</blockquote></p><p> With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p><p><blockquote>随着新贵筹集巨额资金，好未来的处境可能会变得更加艰难，因为更多拥有巨额营销资金的公司将试图抢占市场份额。除此之外，阿里巴巴-SW（纽约证券交易所股票代码：BABA）、网易（纳斯达克股票代码：NTES）、腾讯控股（OTCPK：TCEHY）、字节跳动和百度（纳斯达克股票代码：BIDU）等中国巨头也将业务涉足在线教育。好未来需要升级其在线教育业务以维持运营。</blockquote></p><p> The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p><p><blockquote>教育领域很可能会被这个行业之外的公司瓜分。另外值得一提的是，事务所的核心竞争力是其在中国在线教育行业的大数据、直播智能等技术的深度应用。该公司在基于学费的专有技术方面的研发投入并不多。现有的进入壁垒很少。理论上，新进入者可以购买教学人员和市场份额。</blockquote></p><p> <b>Allegation probe</b></p><p><blockquote><b>指控调查</b></blockquote></p><p> In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p><p><blockquote>2020年4月，好未来承认因员工不当行为而夸大销售数据，成为丑闻缠身的在美上市中国公司之一，进一步阻碍了瑞星咖啡（OTCPK：LKNCY）3.1亿美元欺诈案后的市场信心。</blockquote></p><p> Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p><p><blockquote>在这一事件发生的两年前，浑水发布了一份报告，将该公司命名为“一家拥有虚假财务数据的真实企业”。该报告声称，“好未来在其核心培优业务的财务方面存在欺诈行为。培优欺诈行为更难量化，但我们的研究表明欺诈性夸大了公司收入的约25%至30%。”</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p><p><blockquote>现在可能不是投资好未来教育的合适时机。我们给予该股中性评级，因为我们认为该公司不会应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。因此，好未来确实有机会增强其在线业务，并与新来者和经验丰富的企业竞争，包括作业帮、猿辅导、百度和网易等。</blockquote></p><p> <h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3> <b>Summary</b></p><p><blockquote><h3>高途集团：政策悬空保持风险回报平衡</h3><b>总结</b></blockquote></p><p></p><p> <ul>  <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>  <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>  <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>  <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li> </ul> Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p><p><blockquote><ul><li>高途集团（原跟谁学）的长期前景依然光明。</li><li>不利的监管变化仍然是近期前景的主要风险，但更健康的长期动态应该有利于盈利。</li><li>替代学生获取渠道和成人教育贡献的增加等增长动力也应该有所帮助。</li><li>尽管EV/销售额倍数有折扣，但我现在会推迟建仓，等待政策悬而未决的清理。</li></ul>新更名的高途集团（GOTU/GSX）最近举办了投资者活动，对其运营进行了有趣的参观和高层管理战略介绍，及时洞察了长期前景。跟谁学特别强调，其将继续关注卓越教学、服务质量和技术投资作为关键差异化因素。然而，政策风险仍然是最大的担忧，如果政府对在线课后辅导领域的干预比预期更严格，我认为跟谁学的近期增长轨迹将面临重大下行风险。另一方面，这也可能导致更健康的行业动态，这也将推动亏损缩小。虽然政策改革悬而未决使得看涨变得困难，但跟谁学的折扣c。3倍的EV/销售额倍数看起来也不高，保持了风险/回报相当平衡。</blockquote></p><p> <b>Growing Importance of Alternative Student Acquisition Channels</b></p><p><blockquote><b>替代学生获取渠道日益重要</b></blockquote></p><p> Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p><p><blockquote>令人担忧的是，GSX在FQ4'20和FQ1'21的流量获取量有所减少，c.2021年1月至2月的销售线索成本降低20%（低于2020年11月至12月期间）。最近的下降可能是由于今年早些时候教育部(MOE)的一次采访引发了围绕在线流量获取的监管不确定性。21年第一季度新入学人数增长的巨大压力可能也是营收指引低于预期的原因之一。作为回应，管理层正在探索新的学生获取渠道来抵消压力——这包括线下、短视频和直播电子商务渠道等。好消息是，这里的成功扩张可能会使学生获取成本降低50%以上，这对利润率前景有利（跟谁学目前在运营层面处于亏损状态）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p><p><blockquote>然而，跟谁学在这方面并不孤单——其他在线AST玩家也发起了类似的举动，从51talk（COE）、VIPKID、新东方子公司新东方在线等在线一对一和小班玩家，其大班覆盖已达约100个城市。同样，在线大班课后辅导企业也开始通过合作伙伴关系向线下扩张，好未来教育(TAL)子公司学而思(Xueersi.com)近几个月与联想(OTCPK：LNVGY)合作。随着作业帮等民营企业也在组建线下流量获取团队，竞争压力可能会导致近期前景下行。</blockquote></p><p> <b>Adult Education Set to be Another Top-Line Growth Driver</b></p><p><blockquote><b>成人教育将成为另一个营收增长动力</b></blockquote></p><p> Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p><p><blockquote>在中国教育市场，成人教育也正成为一个潜在的增长机会，因为人们越来越多地希望在不确定的就业市场中提升技能。随着收入水平的提高，人们也在教育上投入更多，以更好地为职业发展做好准备。因此，总账单以24.5%的复合年增长率增长，预计到2023财年将以22.4%的复合年增长率进一步增长，达到人民币2,650亿元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Listing Prospectus Filing</p><p><blockquote>来源：跟谁学上市招股书备案</blockquote></p><p> Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p><p><blockquote>值得注意的是，虽然跟谁学目前预计2021财年收入同比增长70-80%，但成人教育业务预计将成为关键增长动力，收入同比增长+100%。考虑到成人教育在2020财年占跟谁学收入的10%以上，我预计这一贡献将随着时间的推移继续上升。这里的主要增长领域包括英语培训、研究生入学考试准备和金融相关课程。从长远来看，我认为成人教育业务的毛利率甚至可能高于K-12课后辅导，因为入学率/导师比率更高。</blockquote></p><p> <b>Online Regulations Remain the Key Concern</b></p><p><blockquote><b>在线监管仍然是主要关注点</b></blockquote></p><p></p><p> Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p><p><blockquote>展望未来，课后辅导领域潜在的在线监管令人担忧，可能采取的措施包括禁止虚假广告、加强对教育营销支出的控制以及对机构和教师更严格的质量要求。另一方面，从长远来看，这些措施也将有利于整体行业发展，让在线课后辅导参与者将更多资金再投资于提高产品和教学质量。虽然线下/线上市场的新法规仍然缺乏清晰度，但我看到了比2018年之前的行业经验更积极的结果。</blockquote></p><p> Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p><p><blockquote>对营销限制的任何限制都可能在短期内对注册人数和销售增长产生负面影响，但由于营销支出较低，也将有利于利润率。反过来，这应该会改善该业务的长期经济效益，并推动下一季度亏损缩小。增长放缓带来的另一个关键积极因素是，跟谁学将能够专注于提高其产品/服务质量并提取更多学生终身价值，同时保持其稳健的资产负债表。截至2020年底，GSX的成绩为c。人民币82亿元的现金头寸（包括流动投资），这应该使其能够抵御任何不可预见的负面政策影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> <b>Final Take</b></p><p><blockquote><b>最终拍摄</b></blockquote></p><p> Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p><p><blockquote>总体而言，营销法规可能会对注册人数和营收增长产生负面影响，但也应该会带来更健康的运营动态并缩小未来的亏损。由于跟谁学还专注于替代收购渠道并进军成人教育等市场，我认为该公司可能会在未来几个季度带来积极的惊喜。尽管跟谁学股价因Archegos Capital事件和政策担忧而遭受损失，但其远期EV/销售额倍数已大幅下降至c。3倍，与好未来和EDU等同行的相对折扣不断扩大，可能意味着负面影响已被消化。然而，在政策悬而未决之前，我认为风险/回报在当前水平上是平衡的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据来自YCharts</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>Chinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</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\">\nChinese Education Stocks gained in morning trading Wednesday<blockquote>中国教育股周三早盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-23 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p><p><blockquote>（6月23日）周三早盘，中国教育股多数上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p><p><blockquote><b>对冲基金认为EDU现在是一只值得买入的好股票吗？</b></blockquote></p><p> At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p><p><blockquote>截至第一季度末，Insider Monkey追踪的对冲基金中共有45家看好该股，较一季度前变化了5%。下面，您可以查看过去23个季度对冲基金对EDU情绪的变化。随着聪明资金的头寸经历了通常的潮起潮落，有一批值得注意的对冲基金经理正在大幅增持（或已经积累了大量头寸）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p><p><blockquote>新东方教育科技集团公司（纽约证券交易所股票代码：EDU）的最大股份由D1 Capital Partners持有，该公司报告截至12月底持有价值3.505亿美元的股票。紧随其后的是GQG Partners，持仓量为3.198亿美元。其他看好该公司的投资者包括Tiger Global Management LLC、Farallon Capital和Alkeon Capital Management。就分配给每个头寸的投资组合权重而言，Serenity Capital将最大的权重分配给了新东方教育科技集团公司（纽约证券交易所股票代码：EDU），约占其13F投资组合的42.13%。麒麟管理层也相对非常看好该股，指定其13F股票投资组合的18.73%分配给EDU。</blockquote></p><p> As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p><p><blockquote>随着整个行业的兴趣激增，一些大牌公司自己也在破土动工。由David Fear管理的Thunderbird Partners在新东方教育科技集团公司（纽约证券交易所代码：EDU）中确立了最有价值的地位。截至本季度末，Thunderbird Partners向该公司投资了1670万美元。爱德华多·科斯塔(Eduardo Costa)的Calixto Global Investors也在本季度对该股进行了1,470万美元的投资。其他拥有全新EDU头寸的基金包括Matthew Hulsizer的PEAK6 Capital Management、Campbell Wilson的Old Well Partners和Daryl Smith的Kayak Investment Partners。</blockquote></p><p> Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p><p><blockquote>现在让我们回顾一下其他股票的对冲基金活动——不一定与新东方教育科技集团公司（纽约证券交易所股票代码：EDU）属于同一行业，但估值相似。这些股票包括Kansas City Southern(NYSE：KSU)、Nucor Corporation(NYSE：NUE)、Franco-Nevada Corporation(NYSE：FNV)、Fortive Corporation(NYSE：FTV)、The Hartford Financial Services Group Inc(NYSE：HIG)、Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）和Trip.com Group Limited（纳斯达克股票代码：TCOM）。所有这些股票的市值都最接近EDU的市值。</blockquote></p><p> As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p><p><blockquote>正如您所看到的，这些股票平均有32.1个对冲基金持有看涨头寸，这些股票的平均投资金额为12.39亿美元。在EDU的案例中，这一数字为21.88亿美元。哈特福德金融服务集团公司（纽约证券交易所股票代码：HIG）是此表中最受欢迎的股票。另一方面，Itau Unibanco Holding SA（纽约证券交易所股票代码：ITUB）是最不受欢迎的公司，只有12个看涨对冲基金头寸。新东方教育科技集团公司（纽约证券交易所股票代码：EDU）并不是该组中最受欢迎的股票，但对冲基金的兴趣仍高于平均水平。我们对EDU的总体对冲基金情绪得分为70.7。相对于其他股票以及相对于其历史范围，对冲基金头寸数量较多的股票获得较高的情绪得分。这是一个稍微积极的信号，但我们宁愿花时间研究对冲基金正在买入的股票。我们的计算显示，对冲基金中最受欢迎的5只股票在2019年和2020年的回报率为95.8%，比标普500 ETF（SPDR标普500指数ETF）高出40个百分点。截至6月18日，这些股票在2021年上涨了17.4%，再次跑赢大盘6.1个百分点。不幸的是，EDU并不像这5只股票那么受欢迎，押注EDU的对冲基金感到失望，因为该股自3月底（截至6月18日）以来的回报率为-45.8%，表现逊于市场。</blockquote></p><p> <b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p><p><blockquote><b>好未来教育：尚未准备好应对新一波市场竞争</b></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p></p><p> <ul>  <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>  <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>  <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>  <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>  <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li> </ul> TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p><p><blockquote><ul><li>2021财年第二季度收入和XRS在线增长低于普遍预期。</li><li>2020年，中国在线K12教育市场规模达到890亿元人民币，同比增长37.6%。</li><li>与克星新东方不同，好未来对其他公司的投资金额自2016年以来持续减少。</li><li>随着新冠肺炎重塑市场，科技巨头已经开始大举进军数字教育行业。</li><li>我们认为该公司不会应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。</li></ul>好未来教育集团（又名明天进阶）（好未来）是一家专注于中国K12学生的教育公司。它还拥有成人教育、早期教育和育儿以及教育信息化等业务板块。事务所以素质教育和课外辅导为载体体系，服务全球范围。成立于2003年，2010年在纽交所上市。</blockquote></p><p> In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p><p><blockquote>在中国，好未来与成立于1993年的新东方(EDU)公司竞争。可以说，两家事务所都在引领中国教育行业；其一，两者的市场覆盖范围势均力敌。从最新信息来看，新东方在中国总共98个城市和一个外国城市（多伦多）拥有活跃业务。好未来已在中国共90个城市布局业务。</blockquote></p><p> As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p><p><blockquote>随着这个快速发展国家的家长越来越重视孩子的基础教育，以及电子学习的日益普及，广阔的中小学教育和在线教育领域最终成为企业的必争之地。</blockquote></p><p> <b>Decent financial results</b></p><p><blockquote><b>不错的财务业绩</b></blockquote></p><p> TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p><p><blockquote>好未来2021年第二季度的财务业绩并不是很令人印象深刻，该公司盈利11亿美元（同比增长20.8%），而分析师预期该季度为11.2亿美元。然而，该公司报告本季度每股收益为0.08美元，比分析师普遍预期的0.05美元高出0.03美元。由于初等教育领域的激烈竞争，好未来教育集团的股本回报率为0.21%，净利润率为1.35%，而2021年第一季度为8.97%。其中包括近期完成超轮投资的猿辅导、作业帮等本土纯在线教育公司。与此同时，由于激烈竞争导致客户获取成本上升，非GAAP营业利润率从2020年第二季度的9.8%降至-1.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p><p><blockquote><b>新的市场机会</b></blockquote></p><p> In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p><p><blockquote>在过去的五六年里，随着国家的支持、技术的发展、资本的流入，中国在线K12教育行业得到了飞速的发展。2020年，中国在线K12教育整体市场规模达到约890亿元人民币，同比增长37.6%。</blockquote></p><p> In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p><p><blockquote>2019年，中国K12在线教育渗透率约为15%。随着新冠肺炎在2020年初的到来，在线教育的优势已经非常明显。在线K12教育渗透率在2020年3月达到峰值。虽然行业在国内仍处于消费普及阶段，但趋势明显。作为获取教育信息和服务的新兴方式，这一领域始终表现出长期的巨大需求。因此，行业渗透率未来有巨大的提升空间。根据中国科学院的预测，到2022年，K12在线教育行业的渗透率可能超过55%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p><p><blockquote>好未来拥有871家学习中心（线下辅导中心）、648家培优的事实（好未来培优）中心和128个一对一中心是我们认为TAL不是疫情防护的原因。为了控制新冠肺炎的传播，政府可能会关闭这些中心，这将导致该公司的财务状况大幅下滑。</blockquote></p><p> TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p><p><blockquote>好未来确实拥有在线教育应用程序，但它们无法与VIPKID、猿辅导和作业帮等公司竞争，尽管学而思好未来在线应用程序的收入贡献从2020财年第二季度的17%增加到2021财年第二季度的26%。</blockquote></p><p> The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p><p><blockquote>COVID-19在中国的重新出现对好未来的线下课堂培训业务来说是一个阻力。虽然疫苗已经出现，但18岁以下的儿童不允许接种。当大多数投资者意识到该公司仍然专注于正式或课堂辅导和培训时，好未来的股价可能很快就会下跌。</blockquote></p><p></p><p> TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p><p><blockquote>自大约九年前上市以来，好未来一直保持稳定增长。收入增长了约30倍，此后复合年增长率为45.7%，毛利率平均高达50.8%。</blockquote></p><p> Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p><p><blockquote>截至2月份的上一财年的业绩受到中国早期开始的COVID-19引发的限制的重大影响。线下运营，主要是核心培优小班，不得不迅速转移到线上平台。因此，由于在线课程售价较低，部分收入损失，第四季度总收入仅增长6.2%，而去年同期为44.1%。学生总入学率仍在同比增长56.6%。</blockquote></p><p> <b>Less venture investment presence</b></p><p><blockquote><b>风险投资存在减少</b></blockquote></p><p> Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p><p><blockquote>2017年以来，好未来的投资数量不断减少。2018年以来，新东方相比好未来更加激进。好未来的融资从2016年的24笔锐减至2020年仅有两笔。这两项投资是在一个互动学习SaaS平台UMU和一个在线儿童数学辅导应用程序上进行的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>The entrance of tech giants</b></p><p><blockquote><b>科技巨头的入场</b></blockquote></p><p> Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p><p><blockquote>随着夏季在线玩家的竞争变得激烈，销售和营销费用激增。销售和营销费用同比飙升64%，占总收入的22%，同比增长4.9%。</blockquote></p><p> With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p><p><blockquote>随着新贵筹集巨额资金，好未来的处境可能会变得更加艰难，因为更多拥有巨额营销资金的公司将试图抢占市场份额。除此之外，阿里巴巴-SW（纽约证券交易所股票代码：BABA）、网易（纳斯达克股票代码：NTES）、腾讯控股（OTCPK：TCEHY）、字节跳动和百度（纳斯达克股票代码：BIDU）等中国巨头也将业务涉足在线教育。好未来需要升级其在线教育业务以维持运营。</blockquote></p><p> The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p><p><blockquote>教育领域很可能会被这个行业之外的公司瓜分。另外值得一提的是，事务所的核心竞争力是其在中国在线教育行业的大数据、直播智能等技术的深度应用。该公司在基于学费的专有技术方面的研发投入并不多。现有的进入壁垒很少。理论上，新进入者可以购买教学人员和市场份额。</blockquote></p><p> <b>Allegation probe</b></p><p><blockquote><b>指控调查</b></blockquote></p><p> In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p><p><blockquote>2020年4月，好未来承认因员工不当行为而夸大销售数据，成为丑闻缠身的在美上市中国公司之一，进一步阻碍了瑞星咖啡（OTCPK：LKNCY）3.1亿美元欺诈案后的市场信心。</blockquote></p><p> Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p><p><blockquote>在这一事件发生的两年前，浑水发布了一份报告，将该公司命名为“一家拥有虚假财务数据的真实企业”。该报告声称，“好未来在其核心培优业务的财务方面存在欺诈行为。培优欺诈行为更难量化，但我们的研究表明欺诈性夸大了公司收入的约25%至30%。”</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p><p><blockquote>现在可能不是投资好未来教育的合适时机。我们给予该股中性评级，因为我们认为该公司不会应对行业内即将到来的激烈竞争，但对其业务能力和稳定增长相当乐观。因此，好未来确实有机会增强其在线业务，并与新来者和经验丰富的企业竞争，包括作业帮、猿辅导、百度和网易等。</blockquote></p><p> <h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3> <b>Summary</b></p><p><blockquote><h3>高途集团：政策悬空保持风险回报平衡</h3><b>总结</b></blockquote></p><p></p><p> <ul>  <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>  <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>  <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>  <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li> </ul> Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p><p><blockquote><ul><li>高途集团（原跟谁学）的长期前景依然光明。</li><li>不利的监管变化仍然是近期前景的主要风险，但更健康的长期动态应该有利于盈利。</li><li>替代学生获取渠道和成人教育贡献的增加等增长动力也应该有所帮助。</li><li>尽管EV/销售额倍数有折扣，但我现在会推迟建仓，等待政策悬而未决的清理。</li></ul>新更名的高途集团（GOTU/GSX）最近举办了投资者活动，对其运营进行了有趣的参观和高层管理战略介绍，及时洞察了长期前景。跟谁学特别强调，其将继续关注卓越教学、服务质量和技术投资作为关键差异化因素。然而，政策风险仍然是最大的担忧，如果政府对在线课后辅导领域的干预比预期更严格，我认为跟谁学的近期增长轨迹将面临重大下行风险。另一方面，这也可能导致更健康的行业动态，这也将推动亏损缩小。虽然政策改革悬而未决使得看涨变得困难，但跟谁学的折扣c。3倍的EV/销售额倍数看起来也不高，保持了风险/回报相当平衡。</blockquote></p><p> <b>Growing Importance of Alternative Student Acquisition Channels</b></p><p><blockquote><b>替代学生获取渠道日益重要</b></blockquote></p><p> Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p><p><blockquote>令人担忧的是，GSX在FQ4'20和FQ1'21的流量获取量有所减少，c.2021年1月至2月的销售线索成本降低20%（低于2020年11月至12月期间）。最近的下降可能是由于今年早些时候教育部(MOE)的一次采访引发了围绕在线流量获取的监管不确定性。21年第一季度新入学人数增长的巨大压力可能也是营收指引低于预期的原因之一。作为回应，管理层正在探索新的学生获取渠道来抵消压力——这包括线下、短视频和直播电子商务渠道等。好消息是，这里的成功扩张可能会使学生获取成本降低50%以上，这对利润率前景有利（跟谁学目前在运营层面处于亏损状态）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p><p><blockquote>然而，跟谁学在这方面并不孤单——其他在线AST玩家也发起了类似的举动，从51talk（COE）、VIPKID、新东方子公司新东方在线等在线一对一和小班玩家，其大班覆盖已达约100个城市。同样，在线大班课后辅导企业也开始通过合作伙伴关系向线下扩张，好未来教育(TAL)子公司学而思(Xueersi.com)近几个月与联想(OTCPK：LNVGY)合作。随着作业帮等民营企业也在组建线下流量获取团队，竞争压力可能会导致近期前景下行。</blockquote></p><p> <b>Adult Education Set to be Another Top-Line Growth Driver</b></p><p><blockquote><b>成人教育将成为另一个营收增长动力</b></blockquote></p><p> Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p><p><blockquote>在中国教育市场，成人教育也正成为一个潜在的增长机会，因为人们越来越多地希望在不确定的就业市场中提升技能。随着收入水平的提高，人们也在教育上投入更多，以更好地为职业发展做好准备。因此，总账单以24.5%的复合年增长率增长，预计到2023财年将以22.4%的复合年增长率进一步增长，达到人民币2,650亿元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source:GSX Listing Prospectus Filing</p><p><blockquote>来源：跟谁学上市招股书备案</blockquote></p><p> Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p><p><blockquote>值得注意的是，虽然跟谁学目前预计2021财年收入同比增长70-80%，但成人教育业务预计将成为关键增长动力，收入同比增长+100%。考虑到成人教育在2020财年占跟谁学收入的10%以上，我预计这一贡献将随着时间的推移继续上升。这里的主要增长领域包括英语培训、研究生入学考试准备和金融相关课程。从长远来看，我认为成人教育业务的毛利率甚至可能高于K-12课后辅导，因为入学率/导师比率更高。</blockquote></p><p> <b>Online Regulations Remain the Key Concern</b></p><p><blockquote><b>在线监管仍然是主要关注点</b></blockquote></p><p></p><p> Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p><p><blockquote>展望未来，课后辅导领域潜在的在线监管令人担忧，可能采取的措施包括禁止虚假广告、加强对教育营销支出的控制以及对机构和教师更严格的质量要求。另一方面，从长远来看，这些措施也将有利于整体行业发展，让在线课后辅导参与者将更多资金再投资于提高产品和教学质量。虽然线下/线上市场的新法规仍然缺乏清晰度，但我看到了比2018年之前的行业经验更积极的结果。</blockquote></p><p> Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p><p><blockquote>对营销限制的任何限制都可能在短期内对注册人数和销售增长产生负面影响，但由于营销支出较低，也将有利于利润率。反过来，这应该会改善该业务的长期经济效益，并推动下一季度亏损缩小。增长放缓带来的另一个关键积极因素是，跟谁学将能够专注于提高其产品/服务质量并提取更多学生终身价值，同时保持其稳健的资产负债表。截至2020年底，GSX的成绩为c。人民币82亿元的现金头寸（包括流动投资），这应该使其能够抵御任何不可预见的负面政策影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: GSX Investor Presentation Slides</p><p><blockquote>资料来源：跟谁学投资者演示幻灯片</blockquote></p><p> <b>Final Take</b></p><p><blockquote><b>最终拍摄</b></blockquote></p><p> Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p><p><blockquote>总体而言，营销法规可能会对注册人数和营收增长产生负面影响，但也应该会带来更健康的运营动态并缩小未来的亏损。由于跟谁学还专注于替代收购渠道并进军成人教育等市场，我认为该公司可能会在未来几个季度带来积极的惊喜。尽管跟谁学股价因Archegos Capital事件和政策担忧而遭受损失，但其远期EV/销售额倍数已大幅下降至c。3倍，与好未来和EDU等同行的相对折扣不断扩大，可能意味着负面影响已被消化。然而，在政策悬而未决之前，我认为风险/回报在当前水平上是平衡的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据来自YCharts</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOTU":"高途","EDU":"新东方","TAL":"好未来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170395888","content_text":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Think EDU Is A Good Stock To Buy Now?\nAt first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).\nThe largest stake in New Oriental Education & Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education & Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.\nAs industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education & Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.\nLet's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education & Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.\nAs you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education & Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.\nTAL Education: Not Ready To Handle A New Wave Of Market Rivalry\nSummary\n\nFY2Q2021 revenue and XRS online growth fell below consensus expectations.\nIn 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.\nUnlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.\nWith COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.\nWe do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.\n\nTAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education & parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.\nIn China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.\nAs parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.\nDecent financial results\nTAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.\nNew market opportunities\nIn the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.\nIn 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.\n\nThe fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.\nTAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.\nThe re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.\nTAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.\nResults from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.\nLess venture investment presence\nSince 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.\n\nThe entrance of tech giants\nSales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.\nWith upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.\nThe education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.\nAllegation probe\nIn April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.\nTwo years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"\nBottom line\nThis might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.\nGaotu Group: Policy Overhang Keeps The Risk-Reward Balanced\nSummary\n\nThe longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).\nAdverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.\nGrowth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.\nDespite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.\n\nNewly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.\nGrowing Importance of Alternative Student Acquisition Channels\nWorryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).\n\nSource:GSX Investor Presentation Slides\nHowever, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.\nAdult Education Set to be Another Top-Line Growth Driver\nWithin the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.\n\nSource:GSX Listing Prospectus Filing\nNotably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.\nOnline Regulations Remain the Key Concern\nLooking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.\nAny restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.\n\nSource: GSX Investor Presentation Slides\nFinal Take\nOverall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.\nData by YCharts","news_type":1,"symbols_score_info":{"GOTU":0.9,"EDU":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":639725906,"gmtCreate":1643472345977,"gmtModify":1643472346054,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Still bullish on **","listText":"Still bullish on **","text":"Still bullish on **","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/639725906","isVote":1,"tweetType":1,"viewCount":2002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":639728944,"gmtCreate":1643469912253,"gmtModify":1643469912348,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Cmon nio","listText":"Cmon nio","text":"Cmon nio","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/639728944","isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":140284883,"gmtCreate":1625661894742,"gmtModify":1631889180072,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140284883","repostId":"1199106132","repostType":4,"isVote":1,"tweetType":1,"viewCount":2226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140285954,"gmtCreate":1625661793978,"gmtModify":1631889180089,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"👍🏽","listText":"👍🏽","text":"👍🏽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140285954","repostId":"1199106132","repostType":4,"isVote":1,"tweetType":1,"viewCount":1672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125060069,"gmtCreate":1624636980351,"gmtModify":1631884323264,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Hope it maintains","listText":"Hope it maintains","text":"Hope it maintains","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125060069","repostId":"1150738323","repostType":4,"repost":{"id":"1150738323","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624627873,"share":"https://www.laohu8.com/m/news/1150738323?lang=zh_CN&edition=full","pubTime":"2021-06-25 21:31","market":"us","language":"en","title":"S&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150738323","media":"Tiger Newspress","summary":" U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.The broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 19","content":"<p>(June 25)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.</p><p><blockquote>（六月二十五日）美国。周五股市上涨，标普500指数创下历史新高，投资者押注随着经济持续复苏，通胀上升将是暂时的。</blockquote></p><p> The broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.</p><p><blockquote>广泛的股票基准上涨0.2%，再创历史新高。道琼斯工业平均指数上涨160点，涨幅0.5%，纳斯达克综合指数上涨0.2%。</blockquote></p><p> Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones.</p><p><blockquote>美国商务部周五报告称，美联储用于制定政策的关键通胀指标5月份上涨3.4%，为20世纪90年代初以来最快涨幅，华尔街延续涨势。该读数符合道琼斯调查的经济学家的预期。</blockquote></p><p> The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.</p><p><blockquote>核心个人消费支出价格指数的上涨反映了经济扩张的快速步伐和由此带来的价格压力，并放大了该国自2020年大流行导致的关闭以来所取得的进展。</blockquote></p><p> The S&amp;P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the Nasdaq is up 2.6% since last Friday.</p><p><blockquote>标普500周四收于创纪录水平，本周迄今已上涨2.6%，这将是自4月初以来的最佳涨幅。道琼斯指数本周上涨3.2%，纳斯达克自上周五以来上涨2.6%。</blockquote></p><p> Nike's stock surged 12% in premarket trading, helping to boost sentiment for the Dow. The company reportedearnings and revenuethat blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.</p><p><blockquote>耐克股价在盘前交易中飙升12%，有助于提振道琼斯指数的情绪。该公司公布的盈利和收入超出了华尔街的预期。数字销售额自去年以来也增长了41%，比两年前增长了147%。</blockquote></p><p> Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in premarket trading Friday.</p><p><blockquote>由于周四基础设施交易的乐观情绪，卡特彼勒股价上涨2.6%。周五盘前交易中，该股又上涨1%。</blockquote></p><p> On the flipside Friday,FedExdipped 4% in premarket trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.</p><p><blockquote>另一方面，周五，联邦快递尽管营收和利润均超出预期，但在盘前交易中仍下跌4%。联邦快递也给出了强劲的年度前景。</blockquote></p><p> Shares of the major U.S. banks popped after the&nbsp;Federal Reserve&nbsp;announcedthe industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained \"well above\" minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.</p><p><blockquote>在美联储宣布该行业可以轻松抵御严重衰退后，美国主要银行的股价大幅上涨。美联储在发布年度压力测试结果时表示，在假设的经济衰退期间，参加2021年考试的23家机构仍“远高于”最低要求资本水平。这一决定为银行提高股息和回购更多股票扫清了道路，这些股票在大流行期间被暂停。</blockquote></p><p> Bank of AmericaandWells Fargorose 1.4% and 2%, respectively, in the premarket.</p><p><blockquote>美国银行和富国银行盘前分别上涨1.4%和2%。</blockquote></p><p> President Joe Biden&nbsp;announced Thursday that the White House struck an infrastructure deal&nbsp;with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.</p><p><blockquote>总统乔·拜登周四宣布，白宫与两党参议员小组达成了一项基础设施协议。议员们花了数周时间制定了一项大约1万亿美元的一揽子计划，该计划可能会在两党的支持下在国会获得通过。该框架将包括5790亿美元的新支出，用于道路、桥梁和铁路、电动汽车基础设施和电动交通等交通领域。</blockquote></p><p> The stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&amp;P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.</p><p><blockquote>股市从上周因担心美联储收紧政策而引发的低迷中恢复过来。上周，随着美联储提前加息时间表，道琼斯指数下跌3.5%，标普500下跌1.9%。</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>S&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</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\">\nS&P 500 rises to another record, heads for its best week since April<blockquote>标普500再创新高，迎来四月以来最好的一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-25 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 25)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.</p><p><blockquote>（六月二十五日）美国。周五股市上涨，标普500指数创下历史新高，投资者押注随着经济持续复苏，通胀上升将是暂时的。</blockquote></p><p> The broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.</p><p><blockquote>广泛的股票基准上涨0.2%，再创历史新高。道琼斯工业平均指数上涨160点，涨幅0.5%，纳斯达克综合指数上涨0.2%。</blockquote></p><p> Wall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones.</p><p><blockquote>美国商务部周五报告称，美联储用于制定政策的关键通胀指标5月份上涨3.4%，为20世纪90年代初以来最快涨幅，华尔街延续涨势。该读数符合道琼斯调查的经济学家的预期。</blockquote></p><p> The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.</p><p><blockquote>核心个人消费支出价格指数的上涨反映了经济扩张的快速步伐和由此带来的价格压力，并放大了该国自2020年大流行导致的关闭以来所取得的进展。</blockquote></p><p> The S&amp;P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the Nasdaq is up 2.6% since last Friday.</p><p><blockquote>标普500周四收于创纪录水平，本周迄今已上涨2.6%，这将是自4月初以来的最佳涨幅。道琼斯指数本周上涨3.2%，纳斯达克自上周五以来上涨2.6%。</blockquote></p><p> Nike's stock surged 12% in premarket trading, helping to boost sentiment for the Dow. The company reportedearnings and revenuethat blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.</p><p><blockquote>耐克股价在盘前交易中飙升12%，有助于提振道琼斯指数的情绪。该公司公布的盈利和收入超出了华尔街的预期。数字销售额自去年以来也增长了41%，比两年前增长了147%。</blockquote></p><p> Shares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in premarket trading Friday.</p><p><blockquote>由于周四基础设施交易的乐观情绪，卡特彼勒股价上涨2.6%。周五盘前交易中，该股又上涨1%。</blockquote></p><p> On the flipside Friday,FedExdipped 4% in premarket trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.</p><p><blockquote>另一方面，周五，联邦快递尽管营收和利润均超出预期，但在盘前交易中仍下跌4%。联邦快递也给出了强劲的年度前景。</blockquote></p><p> Shares of the major U.S. banks popped after the&nbsp;Federal Reserve&nbsp;announcedthe industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained \"well above\" minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.</p><p><blockquote>在美联储宣布该行业可以轻松抵御严重衰退后，美国主要银行的股价大幅上涨。美联储在发布年度压力测试结果时表示，在假设的经济衰退期间，参加2021年考试的23家机构仍“远高于”最低要求资本水平。这一决定为银行提高股息和回购更多股票扫清了道路，这些股票在大流行期间被暂停。</blockquote></p><p> Bank of AmericaandWells Fargorose 1.4% and 2%, respectively, in the premarket.</p><p><blockquote>美国银行和富国银行盘前分别上涨1.4%和2%。</blockquote></p><p> President Joe Biden&nbsp;announced Thursday that the White House struck an infrastructure deal&nbsp;with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.</p><p><blockquote>总统乔·拜登周四宣布，白宫与两党参议员小组达成了一项基础设施协议。议员们花了数周时间制定了一项大约1万亿美元的一揽子计划，该计划可能会在两党的支持下在国会获得通过。该框架将包括5790亿美元的新支出，用于道路、桥梁和铁路、电动汽车基础设施和电动交通等交通领域。</blockquote></p><p> The stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&amp;P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.</p><p><blockquote>股市从上周因担心美联储收紧政策而引发的低迷中恢复过来。上周，随着美联储提前加息时间表，道琼斯指数下跌3.5%，标普500下跌1.9%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150738323","content_text":"(June 25) U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover.\nThe broad equity benchmark climbed 0.2% to hit another all-time high. The Dow Jones Industrial Average rose 160 points, or 0.5%, while the Nasdaq Composite gained 0.2%.\nWall Street extended gains after a key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday. The reading matched the expectation from economists polled by Dow Jones.\nThe core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the pandemic-induced shutdown of 2020.\nThe S&P 500, which closed at a record Thursday, is up 2.6% for the week so far, which would be its best gain since early April. The Dow is up 3.2% this week and the Nasdaq is up 2.6% since last Friday.\nNike's stock surged 12% in premarket trading, helping to boost sentiment for the Dow. The company reportedearnings and revenuethat blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.\nShares of Caterpillar jumped 2.6% on optimism around an infrastructure deal on Thursday. The shares were higher by another 1% in premarket trading Friday.\nOn the flipside Friday,FedExdipped 4% in premarket trading despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.\nShares of the major U.S. banks popped after the Federal Reserve announcedthe industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained \"well above\" minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.\nBank of AmericaandWells Fargorose 1.4% and 2%, respectively, in the premarket.\nPresident Joe Biden announced Thursday that the White House struck an infrastructure deal with a bipartisan group of senators. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. The framework will include $579 billion in new spending on transportation like roads, bridges and rail, electric vehicle infrastructure and electric transit, among other things.\nThe stock market came back from last week’s swoon induced by worries about a tighter Federal Reserve. Last week, the Dow fell 3.5% and the S&P 500 shed 1.9% as the Fed moved up its timeline for interest-rate increases.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125083272,"gmtCreate":1624636788596,"gmtModify":1631893145610,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Trust in blue sky","listText":"Trust in blue sky","text":"Trust in blue sky","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125083272","repostId":"1116076888","repostType":4,"repost":{"id":"1116076888","kind":"news","pubTimestamp":1624612129,"share":"https://www.laohu8.com/m/news/1116076888?lang=zh_CN&edition=full","pubTime":"2021-06-25 17:08","market":"us","language":"en","title":"Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116076888","media":"cnn","summary":"New York Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.Tesla  shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand thei","content":"<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</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>Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</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\">\nWhy Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-25 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&amp;P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&amp;P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html\">cnn</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":{"TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116076888","content_text":"New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.\nTesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.\nFord (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.\nAnd GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.\nIt seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.\nTesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.\nYet Tesla is one of the most polarizing stocks on Wall Street.\nAccording to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.\nSkeptics have many questions about Tesla and Musk\nThe consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.\nTesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.\nAnd Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.\nStill, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.\nFor example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.\nThe Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.\nThe stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.\nSo even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.\nTesla is nothing if not volatile.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126098926,"gmtCreate":1624536062965,"gmtModify":1631893145610,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Everyone to the Ark!!","listText":"Everyone to the Ark!!","text":"Everyone to the Ark!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126098926","repostId":"2145704596","repostType":4,"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126093278,"gmtCreate":1624535994894,"gmtModify":1631893145615,"author":{"id":"3556461580974741","authorId":"3556461580974741","name":"TitusT","avatar":"https://static.tigerbbs.com/c0323f1af342a32b4c61be5a1e24f060","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556461580974741","authorIdStr":"3556461580974741"},"themes":[],"htmlText":"Yeah Uncle Sam&nbsp;","listText":"Yeah Uncle Sam&nbsp;","text":"Yeah Uncle Sam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126093278","repostId":"1191442444","repostType":4,"repost":{"id":"1191442444","kind":"news","pubTimestamp":1624534197,"share":"https://www.laohu8.com/m/news/1191442444?lang=zh_CN&edition=full","pubTime":"2021-06-24 19:29","market":"uk","language":"en","title":"BoE Keeps Rates, QE Unchanged; Won't Tighten Until \"Clear Evidence Of Progress\" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191442444","media":"zerohedge","summary":"With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England an","content":"<p>With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.</p><p><blockquote>随着各国央行近几个月来乘着鹰派浪潮，人们的目光转向了英国央行及其今天上午的最新货币政策决定，但这并不令人意外，因为央行一致投票将利率维持在0.1%，并以8比1的多数将量化宽松规模维持在8950亿英镑，即将离任的首席经济学家霍尔丹再次表示反对，并在离开英国央行前的最后一次投票中投票决定降低资产购买目标。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ee2372b645665ef729732f7accedac5e\" tg-width=\"510\" tg-height=\"538\"></p><p><blockquote></blockquote></p><p> So with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: \"<i>CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices,</i><i><b>and is likely to exceed 3% for a temporary period</b></i><i>\"</i>which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.</p><p><blockquote>那么，随着英国和其他地方一样通胀飙升，英国央行是如何将评级转向紧缩的呢？很简单，就像美联储表示，虽然通胀可能会升至3%以上，但这将是暂时的，即：“<i>预计消费物价指数通胀将进一步回升至目标之上，主要是由于能源和其他商品价格的发展，</i><i><b>并有可能在一段时间内超过3%</b></i><i>\"</i>这意味着2019年最后一个季度6月份的产出预计将比新冠疫情前的水平低2.5%左右。就背景而言，之前的通胀峰值预计为2.5%，因此又一次重大的再通胀反思。</blockquote></p><p> And once said \"temporary period\" ends, all shall be well, however nobody knows when that will be, just as nobody knows what the<b>\"clear evidence of significant progress\"</b>toward achieving the 2% inflation target is that the BOE needs before tightening policy.</p><p><blockquote>一旦所谓的“临时时期”结束，一切都会好起来的，然而没有人知道那将是什么时候，就像没有人知道什么时候会发生一样。<b>“取得重大进展的明确证据”</b>英国央行在收紧政策之前需要实现2%的通胀目标。</blockquote></p><p> And while the BOE won't issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.</p><p><blockquote>尽管英国央行要到8月份才会发布新一轮预测，但他们确实将第二季度预测从5月份预测的4.3%上调了约1.5个百分点。</blockquote></p><p> Some more details from thefull statement:</p><p><blockquote>完整声明中的更多详细信息：</blockquote></p><p> <ul>  <li>Committee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.</li>  <li>Output in a number of sectors is now around pre-Covid levels, although it remains materially below in others</li>  <li>Developments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies</li>  <li>The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.</li>  <li>Spare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.</li>  <li>Policy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.</li>  <li>Most members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.</li>  <li>Bank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the&nbsp; time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.</li>  <li>It was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.</li> </ul> The market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.</p><p><blockquote><ul><li>委员会预计，大宗商品价格上涨对CPI通胀的直接影响将是暂时的。</li><li>许多行业的产出目前已接近新冠疫情爆发前的水平，但其他行业的产出仍大幅低于</li><li>全球国内生产总值增长的发展略强于预期，特别是在发达经济体</li><li>委员会不打算收紧货币政策，至少在有明确证据表明在消除闲置产能和可持续实现2%通胀目标方面正在取得重大进展之前。</li><li>随着经济活动的回升，经济中的闲置产能预计将被消除，在供需基本恢复平衡之前，预计会有一段时间的需求过剩。</li><li>政策既应强烈反对前景的下行风险，又应确保复苏不会因货币条件过早收紧而受到损害。</li><li>大多数成员认为，货币政策委员会现有政策指导中规定的条件没有得到满足，这些条件无论如何都是未来货币政策收紧的必要条件，但不是充分条件。</li><li>银行工作人员将2021年Q2 GDP增长预期从5月份报告时的4.25%上调至5.5%。这与第二季度产量比2019年第四季度水平低不到4%以及6月份预计产量比2019年第四季度水平低2.5%左右一致。</li><li>需求走强可能会比之前预期的更快地缩小产出缺口。</li></ul>由于这一决定似乎是鸽派的，市场反应平淡：随着鹰派意外的短期头寸解除，英镑扭转了小幅上涨。英国国债上涨，10年期国债收益率下跌3个基点至0.75%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7010feb093662e50703d0e073ffbf258\" tg-width=\"500\" tg-height=\"242\"></p><p><blockquote></blockquote></p><p> According to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.</p><p><blockquote>据彭博社报道，从长远来看，在转变到来之前，英镑可能会继续面临压力，特别是当其交易价格低于21周移动平均线时，这是自大流行开始以来的动量定义指标。</blockquote></p><p> At the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg,<b>a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision.</b>It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.</p><p><blockquote>与此同时，鉴于暂时性通胀叙事依然存在，且电缆跌至1.39美元，欧元/英镑因止损而上涨。据彭博社报道，<b>就在做出决定之前，英国央行加息15个基点的时间现已从2022年6月推迟至2022年8月。</b>这是否是重新交易英镑的更大兴趣，还是完全归因于短期头寸再平衡，还有待观察。</blockquote></p><p> Bottom line: today's somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE's thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.</p><p><blockquote>一句话：今天有些鸽派的声明让人们对8月份的会议产生了很多关注，届时我们将获得全套新预测并了解更多有关英国央行想法的信息；一旦更多的人接种疫苗，我们也应该对病毒的情况如何发展有更清晰的认识。</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>BoE Keeps Rates, QE Unchanged; Won't Tighten Until \"Clear Evidence Of Progress\" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</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\">\nBoE Keeps Rates, QE Unchanged; Won't Tighten Until \"Clear Evidence Of Progress\" Toward Inflation Goal<blockquote>英国央行维持利率和量化宽松不变；在通胀目标取得“明确进展”之前不会收紧政策</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-24 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.</p><p><blockquote>随着各国央行近几个月来乘着鹰派浪潮，人们的目光转向了英国央行及其今天上午的最新货币政策决定，但这并不令人意外，因为央行一致投票将利率维持在0.1%，并以8比1的多数将量化宽松规模维持在8950亿英镑，即将离任的首席经济学家霍尔丹再次表示反对，并在离开英国央行前的最后一次投票中投票决定降低资产购买目标。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ee2372b645665ef729732f7accedac5e\" tg-width=\"510\" tg-height=\"538\"></p><p><blockquote></blockquote></p><p> So with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: \"<i>CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices,</i><i><b>and is likely to exceed 3% for a temporary period</b></i><i>\"</i>which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.</p><p><blockquote>那么，随着英国和其他地方一样通胀飙升，英国央行是如何将评级转向紧缩的呢？很简单，就像美联储表示，虽然通胀可能会升至3%以上，但这将是暂时的，即：“<i>预计消费物价指数通胀将进一步回升至目标之上，主要是由于能源和其他商品价格的发展，</i><i><b>并有可能在一段时间内超过3%</b></i><i>\"</i>这意味着2019年最后一个季度6月份的产出预计将比新冠疫情前的水平低2.5%左右。就背景而言，之前的通胀峰值预计为2.5%，因此又一次重大的再通胀反思。</blockquote></p><p> And once said \"temporary period\" ends, all shall be well, however nobody knows when that will be, just as nobody knows what the<b>\"clear evidence of significant progress\"</b>toward achieving the 2% inflation target is that the BOE needs before tightening policy.</p><p><blockquote>一旦所谓的“临时时期”结束，一切都会好起来的，然而没有人知道那将是什么时候，就像没有人知道什么时候会发生一样。<b>“取得重大进展的明确证据”</b>英国央行在收紧政策之前需要实现2%的通胀目标。</blockquote></p><p> And while the BOE won't issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.</p><p><blockquote>尽管英国央行要到8月份才会发布新一轮预测，但他们确实将第二季度预测从5月份预测的4.3%上调了约1.5个百分点。</blockquote></p><p> Some more details from thefull statement:</p><p><blockquote>完整声明中的更多详细信息：</blockquote></p><p> <ul>  <li>Committee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.</li>  <li>Output in a number of sectors is now around pre-Covid levels, although it remains materially below in others</li>  <li>Developments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies</li>  <li>The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.</li>  <li>Spare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.</li>  <li>Policy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.</li>  <li>Most members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.</li>  <li>Bank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the&nbsp; time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.</li>  <li>It was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.</li> </ul> The market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.</p><p><blockquote><ul><li>委员会预计，大宗商品价格上涨对CPI通胀的直接影响将是暂时的。</li><li>许多行业的产出目前已接近新冠疫情爆发前的水平，但其他行业的产出仍大幅低于</li><li>全球国内生产总值增长的发展略强于预期，特别是在发达经济体</li><li>委员会不打算收紧货币政策，至少在有明确证据表明在消除闲置产能和可持续实现2%通胀目标方面正在取得重大进展之前。</li><li>随着经济活动的回升，经济中的闲置产能预计将被消除，在供需基本恢复平衡之前，预计会有一段时间的需求过剩。</li><li>政策既应强烈反对前景的下行风险，又应确保复苏不会因货币条件过早收紧而受到损害。</li><li>大多数成员认为，货币政策委员会现有政策指导中规定的条件没有得到满足，这些条件无论如何都是未来货币政策收紧的必要条件，但不是充分条件。</li><li>银行工作人员将2021年Q2 GDP增长预期从5月份报告时的4.25%上调至5.5%。这与第二季度产量比2019年第四季度水平低不到4%以及6月份预计产量比2019年第四季度水平低2.5%左右一致。</li><li>需求走强可能会比之前预期的更快地缩小产出缺口。</li></ul>由于这一决定似乎是鸽派的，市场反应平淡：随着鹰派意外的短期头寸解除，英镑扭转了小幅上涨。英国国债上涨，10年期国债收益率下跌3个基点至0.75%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7010feb093662e50703d0e073ffbf258\" tg-width=\"500\" tg-height=\"242\"></p><p><blockquote></blockquote></p><p> According to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.</p><p><blockquote>据彭博社报道，从长远来看，在转变到来之前，英镑可能会继续面临压力，特别是当其交易价格低于21周移动平均线时，这是自大流行开始以来的动量定义指标。</blockquote></p><p> At the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg,<b>a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision.</b>It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.</p><p><blockquote>与此同时，鉴于暂时性通胀叙事依然存在，且电缆跌至1.39美元，欧元/英镑因止损而上涨。据彭博社报道，<b>就在做出决定之前，英国央行加息15个基点的时间现已从2022年6月推迟至2022年8月。</b>这是否是重新交易英镑的更大兴趣，还是完全归因于短期头寸再平衡，还有待观察。</blockquote></p><p> Bottom line: today's somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE's thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.</p><p><blockquote>一句话：今天有些鸽派的声明让人们对8月份的会议产生了很多关注，届时我们将获得全套新预测并了解更多有关英国央行想法的信息；一旦更多的人接种疫苗，我们也应该对病毒的情况如何发展有更清晰的认识。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/boe-keeps-rates-qe-unchanged-wont-tighten-until-clear-evidence-progress-toward-inflation\">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":{},"source_url":"https://www.zerohedge.com/markets/boe-keeps-rates-qe-unchanged-wont-tighten-until-clear-evidence-progress-toward-inflation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191442444","content_text":"With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.\n\nSo with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: \"CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices,and is likely to exceed 3% for a temporary period\"which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.\nAnd once said \"temporary period\" ends, all shall be well, however nobody knows when that will be, just as nobody knows what the\"clear evidence of significant progress\"toward achieving the 2% inflation target is that the BOE needs before tightening policy.\nAnd while the BOE won't issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.\nSome more details from thefull statement:\n\nCommittee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.\nOutput in a number of sectors is now around pre-Covid levels, although it remains materially below in others\nDevelopments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies\nThe Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.\nSpare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.\nPolicy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.\nMost members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.\nBank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the  time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.\nIt was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.\n\nThe market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.\n\nAccording to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.\nAt the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg,a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision.It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.\nBottom line: today's somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE's thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}