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Huhubi

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2021-03-15

Hope so

Where Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</blockquote>

2021-02-16

I hope not

The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>

2021-02-15

Wow

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2021-02-15

Is Bitcoin sustainable?

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2021-02-13

Wow

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2021-02-10

Hmm

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2021-02-08

Hate this stock that caused all the volatility

GAME OVER?<blockquote>游戏结束了？</blockquote>

2021-02-07

Bad news

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2021-02-07

Boring

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2021-02-07

Hope it goes up

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2021-02-07

:(

The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>

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so&nbsp;","listText":"Hope so&nbsp;","text":"Hope so","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322807970","repostId":"1127934735","repostType":4,"repost":{"id":"1127934735","kind":"news","pubTimestamp":1615787526,"share":"https://www.laohu8.com/m/news/1127934735?lang=zh_CN&edition=full","pubTime":"2021-03-15 13:52","market":"us","language":"en","title":"Where Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127934735","media":"Motley Fool","summary":"The theater operator looks like it has enough money to survive, but movie studios could undercut its","content":"<p>The theater operator looks like it has enough money to survive, but movie studios could undercut its recovery efforts.</p><p><blockquote>这家影院运营商看起来有足够的资金生存，但电影制片厂可能会削弱其复苏努力。</blockquote></p><p> With&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;reporting fourth-quarter results that,while ugly, were still better than what Wall Street expected, now is a good time to look at where the theater operator could end up this time next year.</p><p><blockquote>与<b>AMC院线</b>（纽约证券交易所股票代码：AMC）公布的第四季度业绩虽然丑陋，但仍好于华尔街的预期，现在是看看这家影院运营商明年这个时候可能会走向何方的好时机。</blockquote></p><p> The earnings themselves aren't especially helpful, since it mostly had no business, no revenue, and mounting losses, but the report does provide clues about where AMC is heading and what investors can expect.</p><p><blockquote>收益本身并没有特别大的帮助，因为它基本上没有业务，没有收入，而且亏损不断增加，但该报告确实提供了有关AMC发展方向以及投资者可以期待什么的线索。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1390495a1043ac5dbc446d3cf48bff\" tg-width=\"2000\" tg-height=\"1335\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Awaiting the grand reopening</b></p><p><blockquote><b>等待盛大的重新开业</b></blockquote></p><p> AMC's operations were obviously crushed by the COVID-19 pandemic and the strict limitations imposed on movie theaters. But the fact it was able to generate $162 million in revenue even though only 67% of its theaters were open and operating at just 20% to 40% capacity indicates there is still substantial demand for the big-screen experience.</p><p><blockquote>AMC的运营显然受到了COVID-19大流行和对电影院的严格限制的打击。但事实上，尽管只有67%的影院开放且仅以20%至40%的容量运营，但该公司仍能产生1.62亿美元的收入，这表明对大银幕体验的需求仍然很大。</blockquote></p><p> AMC said some 8 million people visited its cinemas globally (the international situation was even worse, with only 30% of its theaters open), which is just a fraction of pre-pandemic levels but not bad when fighting for survival.</p><p><blockquote>AMC表示，全球约有800万人参观了其影院（国际情况更糟，只有30%的影院开放），这只是大流行前水平的一小部分，但在为生存而战时还不错。</blockquote></p><p> And on that front, AMC should indeed survive, and could even thrive as a sense of normalcy returns to our everyday activities. A few states are allowing businesses to reopen without restrictions now. Other states are moving more slowly but could end up following suit as the pandemic comes under control.</p><p><blockquote>在这方面，AMC确实应该生存下来，甚至可以随着我们日常活动恢复正常感而蓬勃发展。一些州现在允许企业不受限制地重新开业。其他州的行动较慢，但随着疫情得到控制，最终可能会效仿。</blockquote></p><p> Setting the stage</p><p><blockquote>搭建舞台</blockquote></p><p> Movies will be returning to the theaters this year, too. Studios that delayed releasing their films until theaters were mostly up and running again will now do so over the coming months, including a number of much-anticipated potential blockbusters.</p><p><blockquote>电影今年也将重返影院。那些将电影推迟到影院基本恢复运营后才上映的电影公司现在将在未来几个月内上映，其中包括一些备受期待的潜在大片。</blockquote></p><p> CEO Adam Aron said, \"We look forward to returning to an environment of unfettered movie theater access for our guests, and we are eager to showcase the sizable and widely anticipated slate of new films that our studio partners have to offer.\"</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)表示：“我们期待着为客人重返不受限制的电影院环境，我们渴望展示我们的工作室合作伙伴提供的大量且广受期待的新电影。”</blockquote></p><p> Long-delayed titles including superhero flicks such as&nbsp;<i>Spider-Man: No Way Home</i>&nbsp;and&nbsp;<i>Black Widow</i>&nbsp;are due to appear later this year, as are sci-fi films like<i>Dune</i>and action movies such as the new James Bond title&nbsp;<i>No Time to Die</i>.</p><p><blockquote>拖延已久的电影，包括超级英雄电影，例如<i>蜘蛛侠：英雄无归</i>和<i>黑寡妇</i>将于今年晚些时候上映，科幻电影也是如此<i>沙丘</i>和动作片，如新的詹姆斯·邦德标题<i>007：无暇赴死</i>.</blockquote></p><p> <b>Split decision</b></p><p><blockquote><b>分裂决策</b></blockquote></p><p> Tempering the enthusiasm for their release, however, is that many films will now also be released either to on-demand streaming services only or will simultaneously appear in theaters and on streaming.</p><p><blockquote>然而，许多电影现在要么只在点播流媒体服务上发行，要么同时在影院和流媒体上上映，这降低了人们对其上映的热情。</blockquote></p><p> <b>Disney</b>&nbsp;(NYSE:DIS)&nbsp;was originally supposed to release the children's movie&nbsp;<i>Raya and the Last Dragon</i>&nbsp;into theaters last November. It got moved to mid-March and became a day-and-date release to theaters and Disney+ as a premium offering, similar to how the company made<i>Mulan</i>available last year.</p><p><blockquote><b>迪斯尼</b>（纽约证券交易所股票代码：DIS）原本应该发行儿童电影<i>拉亚和最后的龙</i>去年11月进入影院。它被推迟到3月中旬，并成为影院和Disney+的优质产品，类似于该公司的制作方式<i>花木兰</i>去年上市。</blockquote></p><p> Yet the reception it received was lukewarm at best. While AMC carried the movie,<b>Cinemark</b>&nbsp;(NYSE:CNK), the country's third-largest theater chain,refused to show it&nbsp;(presumably because of the release to Disney+, which undercuts the ability of theaters to generate revenue at a particularly vulnerable moment).</p><p><blockquote>然而，它受到的接待充其量是不冷不热的。在AMC进行这部电影的同时，<b>喜满客</b>美国第三大连锁影院（纽约证券交易所代码：CNK）拒绝放映这部电影（大概是因为向Disney+上映，这削弱了影院在特别脆弱的时刻创收的能力）。</blockquote></p><p> The film only generated around $8 million from the 2,400 or so theaters it was shown in on its opening weekend (no word on how much Disney generated from the pay-per-view showing), which suggests there could still be hiccups for theaters along the way.</p><p><blockquote>这部电影在首映周末仅从2400家左右的影院中获得了约800万美元的收入（没有消息表明迪士尼从按次付费放映中获得了多少收入），这表明影院在此过程中仍可能出现问题。</blockquote></p><p> A financial shipwreck</p><p><blockquote>金融沉船</blockquote></p><p> Yet as Aron detailed in AMC's earning release, the theater operator has taken sufficient steps financially to shore up its ledger sheet to make it through the rest of the year.</p><p><blockquote>然而，正如阿伦在AMC的财报中详细介绍的那样，这家影院运营商已经采取了足够的财务措施来支撑其账本，以度过今年剩余时间。</blockquote></p><p> AMC raised approximately $2.2 billion in new debt and equity capital, secured more than $1 billion in concessions from creditors and landlords, sold over $80 million in assets, and was able to convert $600 million worth of debt into equity. It now has $1 billion in cash on hand.</p><p><blockquote>AMC筹集了约22亿美元的新债务和股权资本，从债权人和房东那里获得了超过10亿美元的优惠，出售了超过8000万美元的资产，并能够将价值6亿美元的债务转换为股权。它现在手头有10亿美元现金。</blockquote></p><p> That should be sufficient capital to keep its theaters operating until the industry gets back on its feet and a steady stream of movies is once again filling screens, but all that restructuring has left AMC's financial situation in much worse shape.</p><p><blockquote>这应该足以维持影院运营，直到该行业重新站稳脚跟，源源不断的电影再次充斥银幕，但所有这些重组都让AMC的财务状况变得更加糟糕。</blockquote></p><p> Fortunately, the bills won't come due for a few years yet, but the theater chain still needs to prove the new normal for Hollywood is one where it can be profitable. Investors would be better off waiting for a sign that's possible and&nbsp;consumers actually wantto return en masse before diving in.</p><p><blockquote>幸运的是，这些账单几年后才会到期，但连锁影院仍需要证明好莱坞的新常态是可以盈利的。投资者最好等待一个可能的迹象，消费者实际上希望在投入之前集体回归。</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>Where Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</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\">\nWhere Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-15 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The theater operator looks like it has enough money to survive, but movie studios could undercut its recovery efforts.</p><p><blockquote>这家影院运营商看起来有足够的资金生存，但电影制片厂可能会削弱其复苏努力。</blockquote></p><p> With&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;reporting fourth-quarter results that,while ugly, were still better than what Wall Street expected, now is a good time to look at where the theater operator could end up this time next year.</p><p><blockquote>与<b>AMC院线</b>（纽约证券交易所股票代码：AMC）公布的第四季度业绩虽然丑陋，但仍好于华尔街的预期，现在是看看这家影院运营商明年这个时候可能会走向何方的好时机。</blockquote></p><p> The earnings themselves aren't especially helpful, since it mostly had no business, no revenue, and mounting losses, but the report does provide clues about where AMC is heading and what investors can expect.</p><p><blockquote>收益本身并没有特别大的帮助，因为它基本上没有业务，没有收入，而且亏损不断增加，但该报告确实提供了有关AMC发展方向以及投资者可以期待什么的线索。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1390495a1043ac5dbc446d3cf48bff\" tg-width=\"2000\" tg-height=\"1335\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Awaiting the grand reopening</b></p><p><blockquote><b>等待盛大的重新开业</b></blockquote></p><p> AMC's operations were obviously crushed by the COVID-19 pandemic and the strict limitations imposed on movie theaters. But the fact it was able to generate $162 million in revenue even though only 67% of its theaters were open and operating at just 20% to 40% capacity indicates there is still substantial demand for the big-screen experience.</p><p><blockquote>AMC的运营显然受到了COVID-19大流行和对电影院的严格限制的打击。但事实上，尽管只有67%的影院开放且仅以20%至40%的容量运营，但该公司仍能产生1.62亿美元的收入，这表明对大银幕体验的需求仍然很大。</blockquote></p><p> AMC said some 8 million people visited its cinemas globally (the international situation was even worse, with only 30% of its theaters open), which is just a fraction of pre-pandemic levels but not bad when fighting for survival.</p><p><blockquote>AMC表示，全球约有800万人参观了其影院（国际情况更糟，只有30%的影院开放），这只是大流行前水平的一小部分，但在为生存而战时还不错。</blockquote></p><p> And on that front, AMC should indeed survive, and could even thrive as a sense of normalcy returns to our everyday activities. A few states are allowing businesses to reopen without restrictions now. Other states are moving more slowly but could end up following suit as the pandemic comes under control.</p><p><blockquote>在这方面，AMC确实应该生存下来，甚至可以随着我们日常活动恢复正常感而蓬勃发展。一些州现在允许企业不受限制地重新开业。其他州的行动较慢，但随着疫情得到控制，最终可能会效仿。</blockquote></p><p> Setting the stage</p><p><blockquote>搭建舞台</blockquote></p><p> Movies will be returning to the theaters this year, too. Studios that delayed releasing their films until theaters were mostly up and running again will now do so over the coming months, including a number of much-anticipated potential blockbusters.</p><p><blockquote>电影今年也将重返影院。那些将电影推迟到影院基本恢复运营后才上映的电影公司现在将在未来几个月内上映，其中包括一些备受期待的潜在大片。</blockquote></p><p> CEO Adam Aron said, \"We look forward to returning to an environment of unfettered movie theater access for our guests, and we are eager to showcase the sizable and widely anticipated slate of new films that our studio partners have to offer.\"</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)表示：“我们期待着为客人重返不受限制的电影院环境，我们渴望展示我们的工作室合作伙伴提供的大量且广受期待的新电影。”</blockquote></p><p> Long-delayed titles including superhero flicks such as&nbsp;<i>Spider-Man: No Way Home</i>&nbsp;and&nbsp;<i>Black Widow</i>&nbsp;are due to appear later this year, as are sci-fi films like<i>Dune</i>and action movies such as the new James Bond title&nbsp;<i>No Time to Die</i>.</p><p><blockquote>拖延已久的电影，包括超级英雄电影，例如<i>蜘蛛侠：英雄无归</i>和<i>黑寡妇</i>将于今年晚些时候上映，科幻电影也是如此<i>沙丘</i>和动作片，如新的詹姆斯·邦德标题<i>007：无暇赴死</i>.</blockquote></p><p> <b>Split decision</b></p><p><blockquote><b>分裂决策</b></blockquote></p><p> Tempering the enthusiasm for their release, however, is that many films will now also be released either to on-demand streaming services only or will simultaneously appear in theaters and on streaming.</p><p><blockquote>然而，许多电影现在要么只在点播流媒体服务上发行，要么同时在影院和流媒体上上映，这降低了人们对其上映的热情。</blockquote></p><p> <b>Disney</b>&nbsp;(NYSE:DIS)&nbsp;was originally supposed to release the children's movie&nbsp;<i>Raya and the Last Dragon</i>&nbsp;into theaters last November. It got moved to mid-March and became a day-and-date release to theaters and Disney+ as a premium offering, similar to how the company made<i>Mulan</i>available last year.</p><p><blockquote><b>迪斯尼</b>（纽约证券交易所股票代码：DIS）原本应该发行儿童电影<i>拉亚和最后的龙</i>去年11月进入影院。它被推迟到3月中旬，并成为影院和Disney+的优质产品，类似于该公司的制作方式<i>花木兰</i>去年上市。</blockquote></p><p> Yet the reception it received was lukewarm at best. While AMC carried the movie,<b>Cinemark</b>&nbsp;(NYSE:CNK), the country's third-largest theater chain,refused to show it&nbsp;(presumably because of the release to Disney+, which undercuts the ability of theaters to generate revenue at a particularly vulnerable moment).</p><p><blockquote>然而，它受到的接待充其量是不冷不热的。在AMC进行这部电影的同时，<b>喜满客</b>美国第三大连锁影院（纽约证券交易所代码：CNK）拒绝放映这部电影（大概是因为向Disney+上映，这削弱了影院在特别脆弱的时刻创收的能力）。</blockquote></p><p> The film only generated around $8 million from the 2,400 or so theaters it was shown in on its opening weekend (no word on how much Disney generated from the pay-per-view showing), which suggests there could still be hiccups for theaters along the way.</p><p><blockquote>这部电影在首映周末仅从2400家左右的影院中获得了约800万美元的收入（没有消息表明迪士尼从按次付费放映中获得了多少收入），这表明影院在此过程中仍可能出现问题。</blockquote></p><p> A financial shipwreck</p><p><blockquote>金融沉船</blockquote></p><p> Yet as Aron detailed in AMC's earning release, the theater operator has taken sufficient steps financially to shore up its ledger sheet to make it through the rest of the year.</p><p><blockquote>然而，正如阿伦在AMC的财报中详细介绍的那样，这家影院运营商已经采取了足够的财务措施来支撑其账本，以度过今年剩余时间。</blockquote></p><p> AMC raised approximately $2.2 billion in new debt and equity capital, secured more than $1 billion in concessions from creditors and landlords, sold over $80 million in assets, and was able to convert $600 million worth of debt into equity. It now has $1 billion in cash on hand.</p><p><blockquote>AMC筹集了约22亿美元的新债务和股权资本，从债权人和房东那里获得了超过10亿美元的优惠，出售了超过8000万美元的资产，并能够将价值6亿美元的债务转换为股权。它现在手头有10亿美元现金。</blockquote></p><p> That should be sufficient capital to keep its theaters operating until the industry gets back on its feet and a steady stream of movies is once again filling screens, but all that restructuring has left AMC's financial situation in much worse shape.</p><p><blockquote>这应该足以维持影院运营，直到该行业重新站稳脚跟，源源不断的电影再次充斥银幕，但所有这些重组都让AMC的财务状况变得更加糟糕。</blockquote></p><p> Fortunately, the bills won't come due for a few years yet, but the theater chain still needs to prove the new normal for Hollywood is one where it can be profitable. Investors would be better off waiting for a sign that's possible and&nbsp;consumers actually wantto return en masse before diving in.</p><p><blockquote>幸运的是，这些账单几年后才会到期，但连锁影院仍需要证明好莱坞的新常态是可以盈利的。投资者最好等待一个可能的迹象，消费者实际上希望在投入之前集体回归。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/14/where-will-amc-be-in-1-year/\">Motley Fool</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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/03/14/where-will-amc-be-in-1-year/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127934735","content_text":"The theater operator looks like it has enough money to survive, but movie studios could undercut its recovery efforts.\nWith AMC Entertainment (NYSE:AMC) reporting fourth-quarter results that,while ugly, were still better than what Wall Street expected, now is a good time to look at where the theater operator could end up this time next year.\nThe earnings themselves aren't especially helpful, since it mostly had no business, no revenue, and mounting losses, but the report does provide clues about where AMC is heading and what investors can expect.\nIMAGE SOURCE: GETTY IMAGES.\nAwaiting the grand reopening\nAMC's operations were obviously crushed by the COVID-19 pandemic and the strict limitations imposed on movie theaters. But the fact it was able to generate $162 million in revenue even though only 67% of its theaters were open and operating at just 20% to 40% capacity indicates there is still substantial demand for the big-screen experience.\nAMC said some 8 million people visited its cinemas globally (the international situation was even worse, with only 30% of its theaters open), which is just a fraction of pre-pandemic levels but not bad when fighting for survival.\nAnd on that front, AMC should indeed survive, and could even thrive as a sense of normalcy returns to our everyday activities. A few states are allowing businesses to reopen without restrictions now. Other states are moving more slowly but could end up following suit as the pandemic comes under control.\nSetting the stage\nMovies will be returning to the theaters this year, too. Studios that delayed releasing their films until theaters were mostly up and running again will now do so over the coming months, including a number of much-anticipated potential blockbusters.\nCEO Adam Aron said, \"We look forward to returning to an environment of unfettered movie theater access for our guests, and we are eager to showcase the sizable and widely anticipated slate of new films that our studio partners have to offer.\"\nLong-delayed titles including superhero flicks such as Spider-Man: No Way Home and Black Widow are due to appear later this year, as are sci-fi films likeDuneand action movies such as the new James Bond title No Time to Die.\nSplit decision\nTempering the enthusiasm for their release, however, is that many films will now also be released either to on-demand streaming services only or will simultaneously appear in theaters and on streaming.\nDisney (NYSE:DIS) was originally supposed to release the children's movie Raya and the Last Dragon into theaters last November. It got moved to mid-March and became a day-and-date release to theaters and Disney+ as a premium offering, similar to how the company madeMulanavailable last year.\nYet the reception it received was lukewarm at best. While AMC carried the movie,Cinemark (NYSE:CNK), the country's third-largest theater chain,refused to show it (presumably because of the release to Disney+, which undercuts the ability of theaters to generate revenue at a particularly vulnerable moment).\nThe film only generated around $8 million from the 2,400 or so theaters it was shown in on its opening weekend (no word on how much Disney generated from the pay-per-view showing), which suggests there could still be hiccups for theaters along the way.\nA financial shipwreck\nYet as Aron detailed in AMC's earning release, the theater operator has taken sufficient steps financially to shore up its ledger sheet to make it through the rest of the year.\nAMC raised approximately $2.2 billion in new debt and equity capital, secured more than $1 billion in concessions from creditors and landlords, sold over $80 million in assets, and was able to convert $600 million worth of debt into equity. It now has $1 billion in cash on hand.\nThat should be sufficient capital to keep its theaters operating until the industry gets back on its feet and a steady stream of movies is once again filling screens, but all that restructuring has left AMC's financial situation in much worse shape.\nFortunately, the bills won't come due for a few years yet, but the theater chain still needs to prove the new normal for Hollywood is one where it can be profitable. Investors would be better off waiting for a sign that's possible and consumers actually wantto return en masse before diving in.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382517740,"gmtCreate":1613466730380,"gmtModify":1634553573762,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"I hope not","listText":"I hope not","text":"I hope not","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382517740","repostId":"1143750442","repostType":4,"repost":{"id":"1143750442","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1613454014,"share":"https://www.laohu8.com/m/news/1143750442?lang=zh_CN&edition=full","pubTime":"2021-02-16 13:40","market":"us","language":"en","title":"The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143750442","media":"Benzinga","summary":"The soaring valuations handed out to newly public companies in the initial public offering boom has ","content":"<p>The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.</p><p><blockquote>在首次公开募股热潮中，新上市公司的估值飙升，导致一些人认为存在IPO泡沫。这种潜在泡沫的一部分是特殊目的收购公司或SPAC的崛起。</blockquote></p><p> More than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?</p><p><blockquote>2020年超过一半的IPO是通过SPAC完成的，SPAC是为了与另一家公司合并而创建的空白支票公司，并在此过程中将其上市。那么目前的市场是可持续的，还是确实存在会在某个时候破裂的泡沫？</blockquote></p><p> Many hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.</p><p><blockquote>许多对冲基金在最近致投资者的信中都写到了SPAC倾向，但大多数都是看涨的。Sabrepoint采取了相反的观点，因为投资组合经理George Baxter认为存在泡沫。他在该基金第四季度的信中表示，他们在SPAC中发现了许多空头机会。</blockquote></p><p> Baxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"</p><p><blockquote>百特指出，许多在2020年举行IPO的SPAC都受到禁售期的限制，这些禁售期将从下个月开始加速到期。他认为，这种突然的股票供应将压倒投资者对SPAC的热情，创造他认为“自我们成立以来最好的空头机会之一”。</blockquote></p><p> In a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.</p><p><blockquote>在最近的一份报告中，高盛分析师Allison Nathan和她的团队权衡了围绕SPAC的问题，并考虑了它们是否确实处于泡沫区域。他们研究了整个IPO市场是否存在泡沫，以及IPO市场中是否只有SPAC部分存在泡沫。</blockquote></p><p> <b>Are SPACs In A Bubble?</b></p><p><blockquote><b>SPAC处于泡沫中吗？</b></blockquote></p><p> Nathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.</p><p><blockquote>内森与几位SPAC专家进行了交谈，包括佛罗里达大学教授杰伊·里特和斯坦福大学法学院教授迈克尔·克劳斯纳。他们一致认为，SPAC是否是好的投资这个问题的答案取决于你谈论的是合并前还是合并后的投资者。</blockquote></p><p> Pre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.</p><p><blockquote>合并前的投资者通常会在几乎没有风险的情况下获得强劲的正回报，而合并后的投资者通常会看到负回报，并承担与SPAC相关的所有风险。克劳斯纳认为，SPAC结构需要大幅稀释，并且几乎完全由合并后的股东承担相当大的成本。</blockquote></p><p> He doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.</p><p><blockquote>他不认为这样的结构是可持续的，并预测除非SPAC发展，否则它们最终会消亡。克劳斯纳还认为，SPAC市场是一个可能会破裂的泡沫。他指出，SPAC股价仅因交易传闻而上涨。此外，他指出，一些交易公告会出现大幅价格上涨，但他认为这不是基于基本面。</blockquote></p><p> <b>The Year Of The SPAC</b></p><p><blockquote><b>特殊目的收购公司之年</b></blockquote></p><p> Nathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.</p><p><blockquote>内森问里特，最近的IPO热潮与过去的周期相比如何。他表示，这种比较取决于IPO的定义。在20世纪90年代的典型年份，有300多家公司上市，但去年有165家公司上市，这还不包括SPAC和使用ADR的外国公司。上世纪90年代，SPAC几乎闻所未闻，但2020年，SPAC IPO数量达到248起。包括SPAC在内，去年有400多起IPO，这是二十年来的最高数字。</blockquote></p><p> Another big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.</p><p><blockquote>20世纪90年代与当前IPO热潮之间的另一个巨大区别是，许多科技公司一直在等待上市，而是依赖风险投资。然而，这种趋势可能正在改变，里特表示，由于IPO市场吸引了高估值，许多公司更有动力上市。</blockquote></p><p> David Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.</p><p><blockquote>高盛的David Kostin和Cormac Conners也谈到2020年是SPAC年。他们强调了SPAC去年如此火爆的另一个原因，即SPAC发起人将重点从价值转向增长。2010年至2019年间，超过一半的SPAC收购发生在工业、金融和能源领域，但去年，60%完成的SPAC合并发生在科技、非必需消费品和医疗保健领域。</blockquote></p><p> The&nbsp;SPAC market&nbsp;doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.</p><p><blockquote>SPAC市场没有任何放缓的迹象，因此如果它处于泡沫之中，它还没有达到破裂点。高盛指出，今年前三周，有56家SPAC在美国上市。</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>The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</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 Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-02-16 13:40</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.</p><p><blockquote>在首次公开募股热潮中，新上市公司的估值飙升，导致一些人认为存在IPO泡沫。这种潜在泡沫的一部分是特殊目的收购公司或SPAC的崛起。</blockquote></p><p> More than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?</p><p><blockquote>2020年超过一半的IPO是通过SPAC完成的，SPAC是为了与另一家公司合并而创建的空白支票公司，并在此过程中将其上市。那么目前的市场是可持续的，还是确实存在会在某个时候破裂的泡沫？</blockquote></p><p> Many hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.</p><p><blockquote>许多对冲基金在最近致投资者的信中都写到了SPAC倾向，但大多数都是看涨的。Sabrepoint采取了相反的观点，因为投资组合经理George Baxter认为存在泡沫。他在该基金第四季度的信中表示，他们在SPAC中发现了许多空头机会。</blockquote></p><p> Baxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"</p><p><blockquote>百特指出，许多在2020年举行IPO的SPAC都受到禁售期的限制，这些禁售期将从下个月开始加速到期。他认为，这种突然的股票供应将压倒投资者对SPAC的热情，创造他认为“自我们成立以来最好的空头机会之一”。</blockquote></p><p> In a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.</p><p><blockquote>在最近的一份报告中，高盛分析师Allison Nathan和她的团队权衡了围绕SPAC的问题，并考虑了它们是否确实处于泡沫区域。他们研究了整个IPO市场是否存在泡沫，以及IPO市场中是否只有SPAC部分存在泡沫。</blockquote></p><p> <b>Are SPACs In A Bubble?</b></p><p><blockquote><b>SPAC处于泡沫中吗？</b></blockquote></p><p> Nathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.</p><p><blockquote>内森与几位SPAC专家进行了交谈，包括佛罗里达大学教授杰伊·里特和斯坦福大学法学院教授迈克尔·克劳斯纳。他们一致认为，SPAC是否是好的投资这个问题的答案取决于你谈论的是合并前还是合并后的投资者。</blockquote></p><p> Pre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.</p><p><blockquote>合并前的投资者通常会在几乎没有风险的情况下获得强劲的正回报，而合并后的投资者通常会看到负回报，并承担与SPAC相关的所有风险。克劳斯纳认为，SPAC结构需要大幅稀释，并且几乎完全由合并后的股东承担相当大的成本。</blockquote></p><p> He doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.</p><p><blockquote>他不认为这样的结构是可持续的，并预测除非SPAC发展，否则它们最终会消亡。克劳斯纳还认为，SPAC市场是一个可能会破裂的泡沫。他指出，SPAC股价仅因交易传闻而上涨。此外，他指出，一些交易公告会出现大幅价格上涨，但他认为这不是基于基本面。</blockquote></p><p> <b>The Year Of The SPAC</b></p><p><blockquote><b>特殊目的收购公司之年</b></blockquote></p><p> Nathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.</p><p><blockquote>内森问里特，最近的IPO热潮与过去的周期相比如何。他表示，这种比较取决于IPO的定义。在20世纪90年代的典型年份，有300多家公司上市，但去年有165家公司上市，这还不包括SPAC和使用ADR的外国公司。上世纪90年代，SPAC几乎闻所未闻，但2020年，SPAC IPO数量达到248起。包括SPAC在内，去年有400多起IPO，这是二十年来的最高数字。</blockquote></p><p> Another big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.</p><p><blockquote>20世纪90年代与当前IPO热潮之间的另一个巨大区别是，许多科技公司一直在等待上市，而是依赖风险投资。然而，这种趋势可能正在改变，里特表示，由于IPO市场吸引了高估值，许多公司更有动力上市。</blockquote></p><p> David Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.</p><p><blockquote>高盛的David Kostin和Cormac Conners也谈到2020年是SPAC年。他们强调了SPAC去年如此火爆的另一个原因，即SPAC发起人将重点从价值转向增长。2010年至2019年间，超过一半的SPAC收购发生在工业、金融和能源领域，但去年，60%完成的SPAC合并发生在科技、非必需消费品和医疗保健领域。</blockquote></p><p> The&nbsp;SPAC market&nbsp;doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.</p><p><blockquote>SPAC市场没有任何放缓的迹象，因此如果它处于泡沫之中，它还没有达到破裂点。高盛指出，今年前三周，有56家SPAC在美国上市。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".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":"1143750442","content_text":"The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.\nMore than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?\nMany hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.\nBaxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"\nIn a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.\nAre SPACs In A Bubble?\nNathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.\nPre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.\nHe doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.\nThe Year Of The SPAC\nNathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.\nAnother big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.\nDavid Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.\nThe SPAC market doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382127290,"gmtCreate":1613392585810,"gmtModify":1634553778902,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382127290","repostId":"1179092967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382077041,"gmtCreate":1613323115683,"gmtModify":1634553942450,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Is Bitcoin sustainable?","listText":"Is Bitcoin sustainable?","text":"Is Bitcoin sustainable?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/382077041","repostId":"1179092967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386405031,"gmtCreate":1613227557623,"gmtModify":1634554123310,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/386405031","repostId":"2110049742","repostType":4,"isVote":1,"tweetType":1,"viewCount":1402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381317989,"gmtCreate":1612930920641,"gmtModify":1703767083784,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381317989","repostId":"1162909934","repostType":4,"isVote":1,"tweetType":1,"viewCount":1351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389293496,"gmtCreate":1612775783815,"gmtModify":1703764820237,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hate this stock that caused all the volatility&nbsp;","listText":"Hate this stock that caused all the volatility&nbsp;","text":"Hate this stock that caused all the volatility","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389293496","repostId":"1112029759","repostType":4,"repost":{"id":"1112029759","kind":"news","pubTimestamp":1612772887,"share":"https://www.laohu8.com/m/news/1112029759?lang=zh_CN&edition=full","pubTime":"2021-02-08 16:28","market":"us","language":"en","title":"GAME OVER?<blockquote>游戏结束了？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112029759","media":"Alpha Sources","summary":"Summary\n\nMarket observers and participants have been temporarily distracted in the past week by the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop.</li>  <li>People with time on their hands, and a stimulus cheque(?), have decided to take a punt.</li>  <li>In the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S.</li> </ul> Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop(NYSE:GME). It won't be the last time the world stops to watch such an event in the same way that people, who would otherwise never watch a race, are glued to the screen when F1 drivers crash into the barrier or each other. Pundits have tried to turn this into more than it is, but until people turn up with actual pitchforks in front of Mr. Griffin's $60M penthouse pad in Chicago, I am inclined to side with George Pearkes' take on the matter; move on, nothing (much) to see. People with time on their hands, and a stimulus cheque(?), have decided to take a punt. On the face of it, they have been successful, but most will have bought and sold too late to avoid the gut-wrenching losses that are all but inevitable in the context of the kind of volatility, which GameStop has exhibited recently. Meanwhile, in the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S., where it is, or isn't, going, and what this means for other asset classes, the economy, not to mention the Fed's reaction function? Friday's NFP report was, as ever, a case in point.</p><p><blockquote><ul><li>过去一周，Reddit勇敢的散户投资者和懒惰的做空对冲基金之间围绕游戏驿站命运的斗争暂时分散了市场观察人士和参与者的注意力。</li><li>手头有时间和刺激支票的人（？），已经决定赌一把。</li><li>在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国长期债券上。</li></ul>过去一周，Reddit勇敢的散户投资者和懒惰的卖空对冲基金之间围绕游戏驿站（NYSE：GME）命运的斗争暂时分散了市场观察人士和参与者的注意力。这不会是世界最后一次停下来观看这样的赛事，就像当F1车手撞上护栏或彼此时，人们永远不会观看比赛一样粘在屏幕上。专家们试图把事情变得更多，但在人们拿着真正的干草叉出现在格里芬先生位于芝加哥价值6000万美元的顶层公寓前之前，我倾向于支持乔治·皮克斯(George Pearkes)对此事的看法；继续前进，没什么可看的。手头有时间和刺激支票的人（？），已经决定赌一把。从表面上看，他们取得了成功，但大多数人的买卖都为时已晚，无法避免在游戏驿站最近表现出的波动性背景下几乎不可避免的令人痛苦的损失。与此同时，在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国的长期债券上，它将走向何方，或者不会走向何方，以及这对其他资产类别、经济意味着什么，更不用说美联储的反应功能了？周五的NFP报告一如既往地是一个恰当的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0806d48b06c52b0a3455cab07a14ea63\" tg-width=\"683\" tg-height=\"842\"><img src=\"https://static.tigerbbs.com/297dbf4221a3446fd377f35f00902c20\" tg-width=\"679\" tg-height=\"841\"><img src=\"https://static.tigerbbs.com/1438069ebc8444d62ddb472ee616f2b6\" tg-width=\"675\" tg-height=\"845\"><img src=\"https://static.tigerbbs.com/2ee09dda230f6474fc308a9e8b76e213\" tg-width=\"679\" tg-height=\"843\"><img src=\"https://static.tigerbbs.com/e16a71ed37b979658ae95643fa504af9\" tg-width=\"673\" tg-height=\"842\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1612772507148","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>GAME OVER?<blockquote>游戏结束了？</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\">\nGAME OVER?<blockquote>游戏结束了？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Alpha Sources</strong><span class=\"h-time small\">2021-02-08 16:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop.</li>  <li>People with time on their hands, and a stimulus cheque(?), have decided to take a punt.</li>  <li>In the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S.</li> </ul> Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop(NYSE:GME). It won't be the last time the world stops to watch such an event in the same way that people, who would otherwise never watch a race, are glued to the screen when F1 drivers crash into the barrier or each other. Pundits have tried to turn this into more than it is, but until people turn up with actual pitchforks in front of Mr. Griffin's $60M penthouse pad in Chicago, I am inclined to side with George Pearkes' take on the matter; move on, nothing (much) to see. People with time on their hands, and a stimulus cheque(?), have decided to take a punt. On the face of it, they have been successful, but most will have bought and sold too late to avoid the gut-wrenching losses that are all but inevitable in the context of the kind of volatility, which GameStop has exhibited recently. Meanwhile, in the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S., where it is, or isn't, going, and what this means for other asset classes, the economy, not to mention the Fed's reaction function? Friday's NFP report was, as ever, a case in point.</p><p><blockquote><ul><li>过去一周，Reddit勇敢的散户投资者和懒惰的做空对冲基金之间围绕游戏驿站命运的斗争暂时分散了市场观察人士和参与者的注意力。</li><li>手头有时间和刺激支票的人（？），已经决定赌一把。</li><li>在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国长期债券上。</li></ul>过去一周，Reddit勇敢的散户投资者和懒惰的卖空对冲基金之间围绕游戏驿站（NYSE：GME）命运的斗争暂时分散了市场观察人士和参与者的注意力。这不会是世界最后一次停下来观看这样的赛事，就像当F1车手撞上护栏或彼此时，人们永远不会观看比赛一样粘在屏幕上。专家们试图把事情变得更多，但在人们拿着真正的干草叉出现在格里芬先生位于芝加哥价值6000万美元的顶层公寓前之前，我倾向于支持乔治·皮克斯(George Pearkes)对此事的看法；继续前进，没什么可看的。手头有时间和刺激支票的人（？），已经决定赌一把。从表面上看，他们取得了成功，但大多数人的买卖都为时已晚，无法避免在游戏驿站最近表现出的波动性背景下几乎不可避免的令人痛苦的损失。与此同时，在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国的长期债券上，它将走向何方，或者不会走向何方，以及这对其他资产类别、经济意味着什么，更不用说美联储的反应功能了？周五的NFP报告一如既往地是一个恰当的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0806d48b06c52b0a3455cab07a14ea63\" tg-width=\"683\" tg-height=\"842\"><img src=\"https://static.tigerbbs.com/297dbf4221a3446fd377f35f00902c20\" tg-width=\"679\" tg-height=\"841\"><img src=\"https://static.tigerbbs.com/1438069ebc8444d62ddb472ee616f2b6\" tg-width=\"675\" tg-height=\"845\"><img src=\"https://static.tigerbbs.com/2ee09dda230f6474fc308a9e8b76e213\" tg-width=\"679\" tg-height=\"843\"><img src=\"https://static.tigerbbs.com/e16a71ed37b979658ae95643fa504af9\" tg-width=\"673\" tg-height=\"842\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"http://www.clausvistesen.com/alphasources-blog/gameover?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link\">Alpha Sources</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":{"GME":"游戏驿站","AMC":"AMC院线"},"source_url":"http://www.clausvistesen.com/alphasources-blog/gameover?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112029759","content_text":"Summary\n\nMarket observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop.\nPeople with time on their hands, and a stimulus cheque(?), have decided to take a punt.\nIn the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S.\n\nMarket observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop(NYSE:GME). It won't be the last time the world stops to watch such an event in the same way that people, who would otherwise never watch a race, are glued to the screen when F1 drivers crash into the barrier or each other. Pundits have tried to turn this into more than it is, but until people turn up with actual pitchforks in front of Mr. Griffin's $60M penthouse pad in Chicago, I am inclined to side with George Pearkes' take on the matter; move on, nothing (much) to see. People with time on their hands, and a stimulus cheque(?), have decided to take a punt. On the face of it, they have been successful, but most will have bought and sold too late to avoid the gut-wrenching losses that are all but inevitable in the context of the kind of volatility, which GameStop has exhibited recently. Meanwhile, in the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S., where it is, or isn't, going, and what this means for other asset classes, the economy, not to mention the Fed's reaction function? Friday's NFP report was, as ever, a case in point.","news_type":1,"symbols_score_info":{"GME":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389372396,"gmtCreate":1612704123615,"gmtModify":1703764380371,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Bad news&nbsp;","listText":"Bad news&nbsp;","text":"Bad news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389372396","repostId":"1142907763","repostType":4,"isVote":1,"tweetType":1,"viewCount":1464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389376983,"gmtCreate":1612703753942,"gmtModify":1703764379339,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Boring&nbsp;","listText":"Boring&nbsp;","text":"Boring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/389376983","repostId":"2109727286","repostType":4,"isVote":1,"tweetType":1,"viewCount":2020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389371981,"gmtCreate":1612703101243,"gmtModify":1703764376244,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hope it goes up&nbsp;","listText":"Hope it goes up&nbsp;","text":"Hope it goes up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389371981","repostId":"2109727286","repostType":4,"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389373472,"gmtCreate":1612703064496,"gmtModify":1703764375383,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":":(","listText":":(","text":":(","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389373472","repostId":"1180970570","repostType":4,"repost":{"id":"1180970570","kind":"news","pubTimestamp":1612501989,"share":"https://www.laohu8.com/m/news/1180970570?lang=zh_CN&edition=full","pubTime":"2021-02-05 13:13","market":"us","language":"en","title":"The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180970570","media":"marketwatch","summary":"Shares of GameStop and other companies or assets that shot upin value in recent weeks are now droppi","content":"<p>Shares of GameStop&nbsp;and other companies or&nbsp;assets that shot upin value in recent weeks are now&nbsp;dropping&nbsp;like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.</p><p><blockquote>游戏驿站和其他最近几周价值飙升的公司或资产的股价现在像石头一样下跌。虽然我为许多可能会损失很多钱的投资者感到难过，但如果你想避免金融崩溃成为美国面临的一长串危机，股票回归地球实际上是一件好事。</blockquote></p><p>The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.</p><p><blockquote>原因与金融市场是什么以及它们不是什么有关，以及当股票和其他证券的价格脱离它们所代表的资产的基本价值时会发生什么有关。</blockquote></p><p>As a finance professor who does&nbsp;research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.</p><p><blockquote>作为一名研究市场如何对新信息做出反应的金融学教授，我认为保持证券价格和基本面之间的密切联系非常重要。当这种情况停止发生时，市场崩溃可能就在不远处。</blockquote></p><p>Capital markets aren’t casinos</p><p><blockquote>资本市场不是赌场</blockquote></p><p>Some have portrayed&nbsp;GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?</p><p><blockquote>有些人将GameStopGME(-42.11%)描绘成大卫与歌利亚的故事。根据这种说法，华尔街的大佬们多年来一直在股市SPX上赌博致富，+1.09%。小家伙一有机会有什么问题？</blockquote></p><p>The first thing to keep in mind is that markets aren’t a big casino,&nbsp;as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.</p><p><blockquote>首先要记住的是，市场并不像一些人认为的那样是一个大赌场。他们的核心目的是有效地将投资者与公司和其他组织联系起来，最有效地利用他们的现金。</blockquote></p><p>Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without&nbsp;access to capital markets.</p><p><blockquote>准确的市场价格旨在反映公司的预期利润和整体风险水平，为投资者提供了一个重要信号，即他们是否应该交出资金以及应该获得什么回报。如果没有资本市场，像AppleAAPL(+2.58%)和AmazonAMZN(+0.56%)这样的公司就不会像我们今天所知的那样存在。</blockquote></p><p>The more jaundiced view of markets focuses on episodes when&nbsp;markets seemingly go crazy&nbsp;and on the&nbsp;speculative gambling behavior of some traders, such as&nbsp;hedge funds. The GameStop saga feeds into this storyline.</p><p><blockquote>对市场更有偏见的看法集中在市场似乎变得疯狂的时候，以及一些交易者（如对冲基金）的投机赌博行为。游戏驿站传奇融入了这个故事情节。</blockquote></p><p>But GameStop also illustrates what happens when stock prices don’t reflect reality.</p><p><blockquote>但游戏驿站也说明了当股价不能反映现实时会发生什么。</blockquote></p><p>The GameStop bubble</p><p><blockquote>游戏驿站泡沫</blockquote></p><p>GameStop fundamentals&nbsp;are, to put it mildly, lackluster.</p><p><blockquote>委婉地说，游戏驿站的基本面黯淡无光。</blockquote></p><p>The company is a brick-and-mortar chain of video game stores. Most video game sales now&nbsp;take place as digital downloads. GameStop&nbsp;has been slow&nbsp;to adapt to this new reality. Its revenue peaked in&nbsp;2012 at US$9.55 billion&nbsp;and had dropped by a third&nbsp;as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.</p><p><blockquote>该公司是一家实体视频游戏连锁店。现在大多数视频游戏销售都是以数字下载的形式进行的。游戏驿站在适应这一新现实方面进展缓慢。其收入在2012年达到95.5亿美元的峰值，截至2019年下降了三分之一。自2017年以来，它就没有盈利过。简单来说，就是在竞争激烈、瞬息万变的行业中，它是一家亏损的公司。</blockquote></p><p>The recent speculative frenzy, however, increased the GameStop stock price&nbsp;from under $20 in early January to as high as $483&nbsp;in a little over two weeks,&nbsp;driven by retail investors on Reddit&nbsp;who coordinated their buying to harm hedge funds,&nbsp;costing the professionals billions of dollars.</p><p><blockquote>然而，最近的投机狂潮使游戏驿站股价在两周多一点的时间内从1月初的不到20美元上涨至483美元，这是由Reddit上的散户投资者推动的，他们协调购买以损害对冲基金，使专业人士损失了数十亿美元。</blockquote></p><p>It is&nbsp;clearly a speculative price bubble&nbsp;and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially&nbsp;those attracted by the extreme price moves&nbsp;and media coverage — will be left holding the bag.</p><p><blockquote>这显然是一个投机性的价格泡沫，具有庞氏骗局的一些特征。许多晚“上车”并以虚高的价格买入的小投资者——尤其是那些被极端价格走势和媒体报道吸引的小投资者——将背黑锅。</blockquote></p><p>And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares&nbsp;were trading near $70for the first time since Jan. 25.</p><p><blockquote>股价迟早会回到能够得到公司基本面支撑的水平。2月4日中午之前，股价自1月25日以来首次接近70美元。</blockquote></p><p>The problems begin when that doesn’t happen until too late.</p><p><blockquote>当为时已晚时，问题就开始了。</blockquote></p><p>Bubbles are made to pop</p><p><blockquote>泡泡被制造出来</blockquote></p><p>Financial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.</p><p><blockquote>金融市场是由人组成的。人是不完美的，市场也是。这意味着市场价格并不总是“正确”的——而且通常很难知道什么是“正确”的价格。</blockquote></p><p>That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.</p><p><blockquote>对于游戏驿站等个股的价格泡沫来说，情况确实如此。但当涉及到整个市场时，在更大的范围内也是如此。</blockquote></p><p>Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 —&nbsp;after prices of dozens of tech stocks soared exponentially in the late 1990s&nbsp;— an&nbsp;economic recession&nbsp;followed soon after. The bursting of a&nbsp;housing bubble in 2008&nbsp;triggered a global financial crisis and the Great Recession.</p><p><blockquote>价格泡沫和崩盘对华尔街和大街都没有好处。当2000年互联网泡沫破裂时——在20世纪90年代末数十只科技股的价格呈指数级飙升——经济衰退随之而来。2008年房地产泡沫的破裂引发了全球金融危机和大衰退。</blockquote></p><p>Too much momentum</p><p><blockquote>动力太大</blockquote></p><p>So markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.</p><p><blockquote>因此，市场有时会失灵，我们需要明智的监管和执法来减少这种失灵的可能性。</blockquote></p><p>Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.</p><p><blockquote>孤立地看，游戏驿站热潮不太可能引发整体股市的混乱，特别是如果其价格继续下跌，更符合公司的基本价值。不幸的是，这不是一个孤立的案例。游戏驿站也不是问题的第一个迹象。</blockquote></p><p>In recent days, Reddit users have also driven up the&nbsp;prices of silverSI00,0.61%&nbsp;and&nbsp;companies&nbsp;such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood&nbsp;have made trading easy, fun&nbsp;and basically free.</p><p><blockquote>最近几天，Reddit用户还推高了silverSI00(0.61%)以及BlackBerryBB(+1.25%)和电影院巨头AMC EntertainmentAMC(-20.96%)等公司的价格。Robinhood等流行的交易应用程序使交易变得轻松、有趣且基本上免费。</blockquote></p><p></p><p>The share price of TeslaTSLA,-0.55%,for example,&nbsp;skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called&nbsp;momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.</p><p><blockquote>例如，特斯拉TSLA(-0.55%)的股价去年飙升了720%，很大程度上是因为投资者买入该股是因为该股已经在上涨。这被称为动量投资，这是一种交易策略，投资者购买证券是因为他们正在上涨，只有当他们认为价格已经见顶时才出售。</blockquote></p><p>If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the&nbsp;already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation&nbsp;could hurt public confidence&nbsp;in financial markets, which would make people more reluctant to invest in retirement and other programs.</p><p><blockquote>如果这种情况持续下去，可能会导致更多的金融泡沫和崩溃，使企业更难筹集资金，对本已步履蹒跚的美国经济复苏构成威胁。即使最坏的情况没有发生，价格大幅波动和价格操纵指控也可能损害公众对金融市场的信心，这将使人们更不愿意投资于退休和其他项目。</blockquote></p><p>Warren Buffett&nbsp;once said&nbsp;about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”</p><p><blockquote>沃伦·巴菲特曾经谈到股市行为时说：“灯可以随时从绿色变成红色，而不会在黄色时暂停。”</blockquote></p><p>What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.</p><p><blockquote>他的意思是，市场可能会突然转向并暴跌。他认为这些时刻是在市场上寻找交易的机会，但对大多数人来说，它们会导致恐慌、重大损失和大规模失业等经济后果——就像我们在1929年、2000年和2008年看到的那样。</blockquote></p><p>There’s no particular reason it won’t happen again.</p><p><blockquote>没有什么特别的理由不会再发生。</blockquote></p><p><i>Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from&nbsp;crashing“.</i></p><p><blockquote><i>亚历山大·库罗夫是摩根敦西弗吉尼亚大学金融学教授，并担任弗雷德·T·塔特索尔金融学研究主席。这篇文章最初由The Conversation发表——“华尔街不仅仅是交易者可以押注游戏驿站和其他股票的赌场——它对于防止资本主义崩溃至关重要”。</i></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 dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</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 dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-05 13:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of GameStop&nbsp;and other companies or&nbsp;assets that shot upin value in recent weeks are now&nbsp;dropping&nbsp;like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.</p><p><blockquote>游戏驿站和其他最近几周价值飙升的公司或资产的股价现在像石头一样下跌。虽然我为许多可能会损失很多钱的投资者感到难过，但如果你想避免金融崩溃成为美国面临的一长串危机，股票回归地球实际上是一件好事。</blockquote></p><p>The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.</p><p><blockquote>原因与金融市场是什么以及它们不是什么有关，以及当股票和其他证券的价格脱离它们所代表的资产的基本价值时会发生什么有关。</blockquote></p><p>As a finance professor who does&nbsp;research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.</p><p><blockquote>作为一名研究市场如何对新信息做出反应的金融学教授，我认为保持证券价格和基本面之间的密切联系非常重要。当这种情况停止发生时，市场崩溃可能就在不远处。</blockquote></p><p>Capital markets aren’t casinos</p><p><blockquote>资本市场不是赌场</blockquote></p><p>Some have portrayed&nbsp;GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?</p><p><blockquote>有些人将GameStopGME(-42.11%)描绘成大卫与歌利亚的故事。根据这种说法，华尔街的大佬们多年来一直在股市SPX上赌博致富，+1.09%。小家伙一有机会有什么问题？</blockquote></p><p>The first thing to keep in mind is that markets aren’t a big casino,&nbsp;as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.</p><p><blockquote>首先要记住的是，市场并不像一些人认为的那样是一个大赌场。他们的核心目的是有效地将投资者与公司和其他组织联系起来，最有效地利用他们的现金。</blockquote></p><p>Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without&nbsp;access to capital markets.</p><p><blockquote>准确的市场价格旨在反映公司的预期利润和整体风险水平，为投资者提供了一个重要信号，即他们是否应该交出资金以及应该获得什么回报。如果没有资本市场，像AppleAAPL(+2.58%)和AmazonAMZN(+0.56%)这样的公司就不会像我们今天所知的那样存在。</blockquote></p><p>The more jaundiced view of markets focuses on episodes when&nbsp;markets seemingly go crazy&nbsp;and on the&nbsp;speculative gambling behavior of some traders, such as&nbsp;hedge funds. The GameStop saga feeds into this storyline.</p><p><blockquote>对市场更有偏见的看法集中在市场似乎变得疯狂的时候，以及一些交易者（如对冲基金）的投机赌博行为。游戏驿站传奇融入了这个故事情节。</blockquote></p><p>But GameStop also illustrates what happens when stock prices don’t reflect reality.</p><p><blockquote>但游戏驿站也说明了当股价不能反映现实时会发生什么。</blockquote></p><p>The GameStop bubble</p><p><blockquote>游戏驿站泡沫</blockquote></p><p>GameStop fundamentals&nbsp;are, to put it mildly, lackluster.</p><p><blockquote>委婉地说，游戏驿站的基本面黯淡无光。</blockquote></p><p>The company is a brick-and-mortar chain of video game stores. Most video game sales now&nbsp;take place as digital downloads. GameStop&nbsp;has been slow&nbsp;to adapt to this new reality. Its revenue peaked in&nbsp;2012 at US$9.55 billion&nbsp;and had dropped by a third&nbsp;as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.</p><p><blockquote>该公司是一家实体视频游戏连锁店。现在大多数视频游戏销售都是以数字下载的形式进行的。游戏驿站在适应这一新现实方面进展缓慢。其收入在2012年达到95.5亿美元的峰值，截至2019年下降了三分之一。自2017年以来，它就没有盈利过。简单来说，就是在竞争激烈、瞬息万变的行业中，它是一家亏损的公司。</blockquote></p><p>The recent speculative frenzy, however, increased the GameStop stock price&nbsp;from under $20 in early January to as high as $483&nbsp;in a little over two weeks,&nbsp;driven by retail investors on Reddit&nbsp;who coordinated their buying to harm hedge funds,&nbsp;costing the professionals billions of dollars.</p><p><blockquote>然而，最近的投机狂潮使游戏驿站股价在两周多一点的时间内从1月初的不到20美元上涨至483美元，这是由Reddit上的散户投资者推动的，他们协调购买以损害对冲基金，使专业人士损失了数十亿美元。</blockquote></p><p>It is&nbsp;clearly a speculative price bubble&nbsp;and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially&nbsp;those attracted by the extreme price moves&nbsp;and media coverage — will be left holding the bag.</p><p><blockquote>这显然是一个投机性的价格泡沫，具有庞氏骗局的一些特征。许多晚“上车”并以虚高的价格买入的小投资者——尤其是那些被极端价格走势和媒体报道吸引的小投资者——将背黑锅。</blockquote></p><p>And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares&nbsp;were trading near $70for the first time since Jan. 25.</p><p><blockquote>股价迟早会回到能够得到公司基本面支撑的水平。2月4日中午之前，股价自1月25日以来首次接近70美元。</blockquote></p><p>The problems begin when that doesn’t happen until too late.</p><p><blockquote>当为时已晚时，问题就开始了。</blockquote></p><p>Bubbles are made to pop</p><p><blockquote>泡泡被制造出来</blockquote></p><p>Financial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.</p><p><blockquote>金融市场是由人组成的。人是不完美的，市场也是。这意味着市场价格并不总是“正确”的——而且通常很难知道什么是“正确”的价格。</blockquote></p><p>That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.</p><p><blockquote>对于游戏驿站等个股的价格泡沫来说，情况确实如此。但当涉及到整个市场时，在更大的范围内也是如此。</blockquote></p><p>Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 —&nbsp;after prices of dozens of tech stocks soared exponentially in the late 1990s&nbsp;— an&nbsp;economic recession&nbsp;followed soon after. The bursting of a&nbsp;housing bubble in 2008&nbsp;triggered a global financial crisis and the Great Recession.</p><p><blockquote>价格泡沫和崩盘对华尔街和大街都没有好处。当2000年互联网泡沫破裂时——在20世纪90年代末数十只科技股的价格呈指数级飙升——经济衰退随之而来。2008年房地产泡沫的破裂引发了全球金融危机和大衰退。</blockquote></p><p>Too much momentum</p><p><blockquote>动力太大</blockquote></p><p>So markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.</p><p><blockquote>因此，市场有时会失灵，我们需要明智的监管和执法来减少这种失灵的可能性。</blockquote></p><p>Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.</p><p><blockquote>孤立地看，游戏驿站热潮不太可能引发整体股市的混乱，特别是如果其价格继续下跌，更符合公司的基本价值。不幸的是，这不是一个孤立的案例。游戏驿站也不是问题的第一个迹象。</blockquote></p><p>In recent days, Reddit users have also driven up the&nbsp;prices of silverSI00,0.61%&nbsp;and&nbsp;companies&nbsp;such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood&nbsp;have made trading easy, fun&nbsp;and basically free.</p><p><blockquote>最近几天，Reddit用户还推高了silverSI00(0.61%)以及BlackBerryBB(+1.25%)和电影院巨头AMC EntertainmentAMC(-20.96%)等公司的价格。Robinhood等流行的交易应用程序使交易变得轻松、有趣且基本上免费。</blockquote></p><p></p><p>The share price of TeslaTSLA,-0.55%,for example,&nbsp;skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called&nbsp;momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.</p><p><blockquote>例如，特斯拉TSLA(-0.55%)的股价去年飙升了720%，很大程度上是因为投资者买入该股是因为该股已经在上涨。这被称为动量投资，这是一种交易策略，投资者购买证券是因为他们正在上涨，只有当他们认为价格已经见顶时才出售。</blockquote></p><p>If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the&nbsp;already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation&nbsp;could hurt public confidence&nbsp;in financial markets, which would make people more reluctant to invest in retirement and other programs.</p><p><blockquote>如果这种情况持续下去，可能会导致更多的金融泡沫和崩溃，使企业更难筹集资金，对本已步履蹒跚的美国经济复苏构成威胁。即使最坏的情况没有发生，价格大幅波动和价格操纵指控也可能损害公众对金融市场的信心，这将使人们更不愿意投资于退休和其他项目。</blockquote></p><p>Warren Buffett&nbsp;once said&nbsp;about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”</p><p><blockquote>沃伦·巴菲特曾经谈到股市行为时说：“灯可以随时从绿色变成红色，而不会在黄色时暂停。”</blockquote></p><p>What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.</p><p><blockquote>他的意思是，市场可能会突然转向并暴跌。他认为这些时刻是在市场上寻找交易的机会，但对大多数人来说，它们会导致恐慌、重大损失和大规模失业等经济后果——就像我们在1929年、2000年和2008年看到的那样。</blockquote></p><p>There’s no particular reason it won’t happen again.</p><p><blockquote>没有什么特别的理由不会再发生。</blockquote></p><p><i>Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from&nbsp;crashing“.</i></p><p><blockquote><i>亚历山大·库罗夫是摩根敦西弗吉尼亚大学金融学教授，并担任弗雷德·T·塔特索尔金融学研究主席。这篇文章最初由The Conversation发表——“华尔街不仅仅是交易者可以押注游戏驿站和其他股票的赌场——它对于防止资本主义崩溃至关重要”。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-dark-side-of-the-gamestop-bubble-driving-stock-prices-to-the-moon-can-hurt-america-11612457839?mod=home-page\">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":"https://static.tigerbbs.com/b72bab52a7d49e9d26088350ab4826c1","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/the-dark-side-of-the-gamestop-bubble-driving-stock-prices-to-the-moon-can-hurt-america-11612457839?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180970570","content_text":"Shares of GameStop and other companies or assets that shot upin value in recent weeks are now dropping like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.As a finance professor who does research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.Capital markets aren’t casinosSome have portrayed GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?The first thing to keep in mind is that markets aren’t a big casino, as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without access to capital markets.The more jaundiced view of markets focuses on episodes when markets seemingly go crazy and on the speculative gambling behavior of some traders, such as hedge funds. The GameStop saga feeds into this storyline.But GameStop also illustrates what happens when stock prices don’t reflect reality.The GameStop bubbleGameStop fundamentals are, to put it mildly, lackluster.The company is a brick-and-mortar chain of video game stores. Most video game sales now take place as digital downloads. GameStop has been slow to adapt to this new reality. Its revenue peaked in 2012 at US$9.55 billion and had dropped by a third as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.The recent speculative frenzy, however, increased the GameStop stock price from under $20 in early January to as high as $483 in a little over two weeks, driven by retail investors on Reddit who coordinated their buying to harm hedge funds, costing the professionals billions of dollars.It is clearly a speculative price bubble and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially those attracted by the extreme price moves and media coverage — will be left holding the bag.And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares were trading near $70for the first time since Jan. 25.The problems begin when that doesn’t happen until too late.Bubbles are made to popFinancial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 — after prices of dozens of tech stocks soared exponentially in the late 1990s — an economic recession followed soon after. The bursting of a housing bubble in 2008 triggered a global financial crisis and the Great Recession.Too much momentumSo markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.In recent days, Reddit users have also driven up the prices of silverSI00,0.61% and companies such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood have made trading easy, fun and basically free.The share price of TeslaTSLA,-0.55%,for example, skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation could hurt public confidence in financial markets, which would make people more reluctant to invest in retirement and other programs.Warren Buffett once said about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.There’s no particular reason it won’t happen again.Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from crashing“.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":382077041,"gmtCreate":1613323115683,"gmtModify":1634553942450,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Is Bitcoin sustainable?","listText":"Is Bitcoin sustainable?","text":"Is Bitcoin sustainable?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/382077041","repostId":"1179092967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389376983,"gmtCreate":1612703753942,"gmtModify":1703764379339,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Boring&nbsp;","listText":"Boring&nbsp;","text":"Boring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/389376983","repostId":"2109727286","repostType":4,"isVote":1,"tweetType":1,"viewCount":2020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382517740,"gmtCreate":1613466730380,"gmtModify":1634553573762,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"I hope not","listText":"I hope not","text":"I hope not","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382517740","repostId":"1143750442","repostType":4,"repost":{"id":"1143750442","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1613454014,"share":"https://www.laohu8.com/m/news/1143750442?lang=zh_CN&edition=full","pubTime":"2021-02-16 13:40","market":"us","language":"en","title":"The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143750442","media":"Benzinga","summary":"The soaring valuations handed out to newly public companies in the initial public offering boom has ","content":"<p>The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.</p><p><blockquote>在首次公开募股热潮中，新上市公司的估值飙升，导致一些人认为存在IPO泡沫。这种潜在泡沫的一部分是特殊目的收购公司或SPAC的崛起。</blockquote></p><p> More than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?</p><p><blockquote>2020年超过一半的IPO是通过SPAC完成的，SPAC是为了与另一家公司合并而创建的空白支票公司，并在此过程中将其上市。那么目前的市场是可持续的，还是确实存在会在某个时候破裂的泡沫？</blockquote></p><p> Many hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.</p><p><blockquote>许多对冲基金在最近致投资者的信中都写到了SPAC倾向，但大多数都是看涨的。Sabrepoint采取了相反的观点，因为投资组合经理George Baxter认为存在泡沫。他在该基金第四季度的信中表示，他们在SPAC中发现了许多空头机会。</blockquote></p><p> Baxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"</p><p><blockquote>百特指出，许多在2020年举行IPO的SPAC都受到禁售期的限制，这些禁售期将从下个月开始加速到期。他认为，这种突然的股票供应将压倒投资者对SPAC的热情，创造他认为“自我们成立以来最好的空头机会之一”。</blockquote></p><p> In a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.</p><p><blockquote>在最近的一份报告中，高盛分析师Allison Nathan和她的团队权衡了围绕SPAC的问题，并考虑了它们是否确实处于泡沫区域。他们研究了整个IPO市场是否存在泡沫，以及IPO市场中是否只有SPAC部分存在泡沫。</blockquote></p><p> <b>Are SPACs In A Bubble?</b></p><p><blockquote><b>SPAC处于泡沫中吗？</b></blockquote></p><p> Nathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.</p><p><blockquote>内森与几位SPAC专家进行了交谈，包括佛罗里达大学教授杰伊·里特和斯坦福大学法学院教授迈克尔·克劳斯纳。他们一致认为，SPAC是否是好的投资这个问题的答案取决于你谈论的是合并前还是合并后的投资者。</blockquote></p><p> Pre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.</p><p><blockquote>合并前的投资者通常会在几乎没有风险的情况下获得强劲的正回报，而合并后的投资者通常会看到负回报，并承担与SPAC相关的所有风险。克劳斯纳认为，SPAC结构需要大幅稀释，并且几乎完全由合并后的股东承担相当大的成本。</blockquote></p><p> He doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.</p><p><blockquote>他不认为这样的结构是可持续的，并预测除非SPAC发展，否则它们最终会消亡。克劳斯纳还认为，SPAC市场是一个可能会破裂的泡沫。他指出，SPAC股价仅因交易传闻而上涨。此外，他指出，一些交易公告会出现大幅价格上涨，但他认为这不是基于基本面。</blockquote></p><p> <b>The Year Of The SPAC</b></p><p><blockquote><b>特殊目的收购公司之年</b></blockquote></p><p> Nathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.</p><p><blockquote>内森问里特，最近的IPO热潮与过去的周期相比如何。他表示，这种比较取决于IPO的定义。在20世纪90年代的典型年份，有300多家公司上市，但去年有165家公司上市，这还不包括SPAC和使用ADR的外国公司。上世纪90年代，SPAC几乎闻所未闻，但2020年，SPAC IPO数量达到248起。包括SPAC在内，去年有400多起IPO，这是二十年来的最高数字。</blockquote></p><p> Another big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.</p><p><blockquote>20世纪90年代与当前IPO热潮之间的另一个巨大区别是，许多科技公司一直在等待上市，而是依赖风险投资。然而，这种趋势可能正在改变，里特表示，由于IPO市场吸引了高估值，许多公司更有动力上市。</blockquote></p><p> David Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.</p><p><blockquote>高盛的David Kostin和Cormac Conners也谈到2020年是SPAC年。他们强调了SPAC去年如此火爆的另一个原因，即SPAC发起人将重点从价值转向增长。2010年至2019年间，超过一半的SPAC收购发生在工业、金融和能源领域，但去年，60%完成的SPAC合并发生在科技、非必需消费品和医疗保健领域。</blockquote></p><p> The&nbsp;SPAC market&nbsp;doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.</p><p><blockquote>SPAC市场没有任何放缓的迹象，因此如果它处于泡沫之中，它还没有达到破裂点。高盛指出，今年前三周，有56家SPAC在美国上市。</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>The Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</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 Great SPAC Debate: Are They In A Bubble?<blockquote>SPAC大辩论：他们在泡沫中吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-02-16 13:40</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.</p><p><blockquote>在首次公开募股热潮中，新上市公司的估值飙升，导致一些人认为存在IPO泡沫。这种潜在泡沫的一部分是特殊目的收购公司或SPAC的崛起。</blockquote></p><p> More than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?</p><p><blockquote>2020年超过一半的IPO是通过SPAC完成的，SPAC是为了与另一家公司合并而创建的空白支票公司，并在此过程中将其上市。那么目前的市场是可持续的，还是确实存在会在某个时候破裂的泡沫？</blockquote></p><p> Many hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.</p><p><blockquote>许多对冲基金在最近致投资者的信中都写到了SPAC倾向，但大多数都是看涨的。Sabrepoint采取了相反的观点，因为投资组合经理George Baxter认为存在泡沫。他在该基金第四季度的信中表示，他们在SPAC中发现了许多空头机会。</blockquote></p><p> Baxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"</p><p><blockquote>百特指出，许多在2020年举行IPO的SPAC都受到禁售期的限制，这些禁售期将从下个月开始加速到期。他认为，这种突然的股票供应将压倒投资者对SPAC的热情，创造他认为“自我们成立以来最好的空头机会之一”。</blockquote></p><p> In a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.</p><p><blockquote>在最近的一份报告中，高盛分析师Allison Nathan和她的团队权衡了围绕SPAC的问题，并考虑了它们是否确实处于泡沫区域。他们研究了整个IPO市场是否存在泡沫，以及IPO市场中是否只有SPAC部分存在泡沫。</blockquote></p><p> <b>Are SPACs In A Bubble?</b></p><p><blockquote><b>SPAC处于泡沫中吗？</b></blockquote></p><p> Nathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.</p><p><blockquote>内森与几位SPAC专家进行了交谈，包括佛罗里达大学教授杰伊·里特和斯坦福大学法学院教授迈克尔·克劳斯纳。他们一致认为，SPAC是否是好的投资这个问题的答案取决于你谈论的是合并前还是合并后的投资者。</blockquote></p><p> Pre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.</p><p><blockquote>合并前的投资者通常会在几乎没有风险的情况下获得强劲的正回报，而合并后的投资者通常会看到负回报，并承担与SPAC相关的所有风险。克劳斯纳认为，SPAC结构需要大幅稀释，并且几乎完全由合并后的股东承担相当大的成本。</blockquote></p><p> He doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.</p><p><blockquote>他不认为这样的结构是可持续的，并预测除非SPAC发展，否则它们最终会消亡。克劳斯纳还认为，SPAC市场是一个可能会破裂的泡沫。他指出，SPAC股价仅因交易传闻而上涨。此外，他指出，一些交易公告会出现大幅价格上涨，但他认为这不是基于基本面。</blockquote></p><p> <b>The Year Of The SPAC</b></p><p><blockquote><b>特殊目的收购公司之年</b></blockquote></p><p> Nathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.</p><p><blockquote>内森问里特，最近的IPO热潮与过去的周期相比如何。他表示，这种比较取决于IPO的定义。在20世纪90年代的典型年份，有300多家公司上市，但去年有165家公司上市，这还不包括SPAC和使用ADR的外国公司。上世纪90年代，SPAC几乎闻所未闻，但2020年，SPAC IPO数量达到248起。包括SPAC在内，去年有400多起IPO，这是二十年来的最高数字。</blockquote></p><p> Another big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.</p><p><blockquote>20世纪90年代与当前IPO热潮之间的另一个巨大区别是，许多科技公司一直在等待上市，而是依赖风险投资。然而，这种趋势可能正在改变，里特表示，由于IPO市场吸引了高估值，许多公司更有动力上市。</blockquote></p><p> David Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.</p><p><blockquote>高盛的David Kostin和Cormac Conners也谈到2020年是SPAC年。他们强调了SPAC去年如此火爆的另一个原因，即SPAC发起人将重点从价值转向增长。2010年至2019年间，超过一半的SPAC收购发生在工业、金融和能源领域，但去年，60%完成的SPAC合并发生在科技、非必需消费品和医疗保健领域。</blockquote></p><p> The&nbsp;SPAC market&nbsp;doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.</p><p><blockquote>SPAC市场没有任何放缓的迹象，因此如果它处于泡沫之中，它还没有达到破裂点。高盛指出，今年前三周，有56家SPAC在美国上市。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".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":"1143750442","content_text":"The soaring valuations handed out to newly public companies in the initial public offering boom has led some to believe there's an IPO bubble. One part of this potential bubble is the rise in special purpose acquisition companies or SPACs.\nMore than half of the IPOs in 2020 were done through SPACs, which are blank check companies created to merge with another firm, taking it public in the process. So is the current market sustainable, or is there indeed a bubble that will pop at some point?\nMany hedge funds have written about the SPAC tend in their recent letters to investors, but most of them are bullish. Sabrepoint has taken a contrarian view, as portfolio manager George Baxter believes there is a bubble. He said in the fund's fourth-quarter letter that they're finding many short opportunities in SPACs.\nBaxter noted that many of the SPACs that held IPOs in 2020 are subject to lockups that will expire at an accelerating rate starting next month. He believes this sudden supply of shares will overwhelm investor enthusiasm for SPACs, creating what he considers to be \"one of the best opportunities on the short side since our inception.\"\nIn a recent report, Goldman Sachs analyst Allison Nathan and her team weighed the issues surrounding SPACs and considered whether they are indeed in bubble territory. They looked at whether the entire IPO market is in a bubble and whether just the SPAC part of the IPO market is in a bubble.\nAre SPACs In A Bubble?\nNathan spoke to several SPAC experts, including University of Florida Professor Jay Ritter and Stanford Law School Professor Michael Klausner. They agree that the answer to the question of whether SPACs are good investments depends on whether you are talking about pre- or post-merger investors.\nPre-merger investors usually make strong positive returns with little to no risk, while post-merger investors typically see negative returns and shoulder all the risk associated with SPACs. Klausner argues that the SPAC structure requires substantial dilution and a considerable cost borne almost entirely by post-merger shareholders.\nHe doesn't believe such a structure is sustainable and predicts that unless SPACs evolve, they will eventually die out. Klausner also believes the SPAC market is a bubble that's likely to burst. He noted that SPAC share prices jump on mere rumors of a deal. Further, he pointed out that substantial price pops occur on some deal announcements, which he doesn't believe are based on fundamentals.\nThe Year Of The SPAC\nNathan asked Ritter how the recent IPO boom compares to past cycles. He said the comparison depends on how IPOs are defined. In a typical year in the 1990s, over 300 companies went public, but 165 went public last year, excluding SPACs and foreign companies using ADRs. In the 1990s, SPACs were almost unheard of, but in 2020, there were 248 SPAC IPOs. Including SPACs, there were more than 400 IPOs last year, which is the highest number in two decades.\nAnother big difference between the 1990s and the current IPO boom is the fact that many tech companies have been waiting to go public, relying on venture capital instead. However, that trend could be changing, and Ritter said many companies have gotten more motivated to go public due to the high valuations the IPO market has attracted.\nDavid Kostin and Cormac Conners of Goldman Sachs also talked about 2020 as the year of the SPAC. They highlighted another reason SPACs got so hot last year, which is that SPAC sponsors shifted their focus from value to growth. Between 2010 and 2019, over half of SPAC acquisitions were in the industrials, financials and energy sectors, but last year, 60% of the SPAC mergers completed were in tech, consumer discretionary and healthcare.\nThe SPAC market doesn't show any signs of slowing down, so if it is in a bubble, it hasn't reached its popping point yet. Goldman Sachs noted that in the first three weeks of this year, 56 SPACs were brought to market in the U.S.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386405031,"gmtCreate":1613227557623,"gmtModify":1634554123310,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/386405031","repostId":"2110049742","repostType":4,"isVote":1,"tweetType":1,"viewCount":1402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389372396,"gmtCreate":1612704123615,"gmtModify":1703764380371,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Bad news&nbsp;","listText":"Bad news&nbsp;","text":"Bad news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389372396","repostId":"1142907763","repostType":4,"repost":{"id":"1142907763","kind":"news","pubTimestamp":1612514969,"share":"https://www.laohu8.com/m/news/1142907763?lang=zh_CN&edition=full","pubTime":"2021-02-05 16:49","market":"us","language":"en","title":"Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142907763","media":"globenewswire","summary":"Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stak","content":"<p><i>Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate LuckinCoffee’s Restructuring of its Financial Obligations</i></p><p><blockquote><i>开曼法院与美国破产法院之间的协调，以保护利益相关者的利益并促进瑞幸咖啡重组其财务义务</i></blockquote></p><p> <i>All Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected</i></p><p><blockquote><i>公司所有门店保持营业并为中国客户提供服务；预计不会对日常运营产生重大影响</i></blockquote></p><p> <i>Company Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees</i></p><p><blockquote><i>公司在日常业务过程中继续履行贸易义务，包括向供应商、销售商和员工付款</i></blockquote></p><p> BEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez &amp; Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez &amp; Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1and related relief.</p><p><blockquote>北京，2021年2月5日(环球通讯社)--瑞星咖啡公司（“公司”）（场外交易代码：LKNCY）的联合临时清算人（“JPLs”）、Alvarez&amp;Marsal Cayman Islands Limited的Alexander Lawson和Alvarez&amp;Marsal Asia Limited的Wing Sze Tiffany Wong今天根据美国法典第11篇第15章向美国纽约南区破产法院（“美国破产法院”）提交了一份经过验证的请愿书（“第15章请愿书”）。第15章呈请寻求（其中包括）美国承认本公司在开曼群岛大法院（“开曼法院”）金融服务部2020年第157号案件（ASCJ）（“开曼程序”）1待决的临时清算及相关救济。</blockquote></p><p> The Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.</p><p><blockquote>为了所有利益相关者的利益，公司正在与其利益相关者就公司财务义务的重组进行谈判，以加强公司的资产负债表，并使其能够作为持续经营企业摆脱开曼诉讼。第15章申请中寻求的救济是公司重组的重要组成部分。这项救济将通过允许开曼法院和美国破产法院之间的协调来促进公司资产的集中管理，以保护利益相关者的利益，同时促进公司的重组。</blockquote></p><p> All Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.</p><p><blockquote>公司的所有商店仍然营业，为中国的客户提供高质量、实惠和便利的产品。根据美国破产法第15章提交请愿书预计不会对公司的日常运营产生重大影响。公司在日常业务过程中继续履行其贸易义务，包括向供应商、销售商和员工付款。</blockquote></p><p> ______</p><p><blockquote>______</blockquote></p><p> 1The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.</p><p><blockquote>1本公司早前披露开曼诉讼于2020年7月15日展开。</blockquote></p><p> <b>Safe Harbor Statement</b></p><p><blockquote><b>安全港声明</b></blockquote></p><p></p><p> This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including Joint Provisional Liquidators. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings, investigations in connection with the Company; the outcome and effect of the ongoing restructuring of the Company’s financial obligations; the Company’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of the Company’s previously issued financial results; the timing of the completion or outcome of the audit of the Company’s financial statements; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s coffee industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; PRC governmental policies and regulations relating to the Company’s industry; the potential effects of COVID-19; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p><p><blockquote>本公告包含经修订的1934年证券交易法第21E节含义内的前瞻性陈述。这些前瞻性陈述是根据1995年美国私人证券诉讼改革法案的“安全港”条款做出的。这些陈述可以通过术语来识别，例如“将”、“期望”、“预期”、“未来”、“打算”、“计划”、“相信”、“估计”、“潜力”、“继续”、“正在进行”、“目标”、“指导”和类似的陈述。公司还可能在向美国证券交易委员会（“SEC”）提交的定期报告、向股东提交的年度报告、新闻稿和其他书面材料以及口头声明中做出书面或口头前瞻性陈述。其管理人员、董事或员工向第三方（包括联合临时清算人）。任何非历史事实的陈述，包括有关公司信念和期望的陈述，都是前瞻性陈述。前瞻性陈述涉及固有的风险和不确定性。许多因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异，包括但不限于以下内容：与公司相关的现有或未来法律和政府诉讼、调查的费用、时间和结果；公司财务义务正在进行的重组的结果和影响；公司的增长战略；其未来业务发展、经营业绩及财务状况；公司先前发布的某些财务业绩中识别的非依赖以及由此导致的重述的影响；公司财务报表审计的完成时间或结果；内部控制的有效性；其留住和吸引客户的能力；其维持及提升其品牌知名度及声誉的能力；其维持和改进质量控制政策和措施的能力；其与供应商和业务合作伙伴建立和维护关系的能力；中国咖啡行业或中国食品及饮料行业的趋势及竞争；其收入和某些成本或费用项目的变化；中国咖啡行业或中国食品及饮料行业整体的预期增长；与本公司所处行业有关的中国政府政策及法规；新冠肺炎的潜在影响以及全球和中国的总体经济和商业状况以及与上述任何内容相关或相关的假设。有关这些和其他风险、不确定性或因素的更多信息包含在公司向SEC提交的文件中。本新闻稿和附件中提供的所有信息均截至本新闻稿发布之日，公司不承担更新任何前瞻性声明的义务，除非适用法律要求。</blockquote></p><p> <b>About Luckin Coffee Inc.</b></p><p><blockquote><b>关于瑞星咖啡公司。</b></blockquote></p><p> Luckin Coffee Inc.&nbsp;(OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in&nbsp;China. </p><p><blockquote>瑞星咖啡公司（场外交易代码：LKNCY）开创了一个技术驱动的零售网络，为顾客提供高品质、高性价比和高便利性的咖啡和其他产品。在大数据分析、人工智能和专有技术的支持下，该公司追求成为每个人日常生活一部分的使命，从咖啡开始。该公司成立于2017年，总部位于中国。</blockquote></p><p></p>","source":"lsy1573717531661","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>Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</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\">\nLuckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">globenewswire</strong><span class=\"h-time small\">2021-02-05 16:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate LuckinCoffee’s Restructuring of its Financial Obligations</i></p><p><blockquote><i>开曼法院与美国破产法院之间的协调，以保护利益相关者的利益并促进瑞幸咖啡重组其财务义务</i></blockquote></p><p> <i>All Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected</i></p><p><blockquote><i>公司所有门店保持营业并为中国客户提供服务；预计不会对日常运营产生重大影响</i></blockquote></p><p> <i>Company Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees</i></p><p><blockquote><i>公司在日常业务过程中继续履行贸易义务，包括向供应商、销售商和员工付款</i></blockquote></p><p> BEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez &amp; Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez &amp; Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1and related relief.</p><p><blockquote>北京，2021年2月5日(环球通讯社)--瑞星咖啡公司（“公司”）（场外交易代码：LKNCY）的联合临时清算人（“JPLs”）、Alvarez&amp;Marsal Cayman Islands Limited的Alexander Lawson和Alvarez&amp;Marsal Asia Limited的Wing Sze Tiffany Wong今天根据美国法典第11篇第15章向美国纽约南区破产法院（“美国破产法院”）提交了一份经过验证的请愿书（“第15章请愿书”）。第15章呈请寻求（其中包括）美国承认本公司在开曼群岛大法院（“开曼法院”）金融服务部2020年第157号案件（ASCJ）（“开曼程序”）1待决的临时清算及相关救济。</blockquote></p><p> The Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.</p><p><blockquote>为了所有利益相关者的利益，公司正在与其利益相关者就公司财务义务的重组进行谈判，以加强公司的资产负债表，并使其能够作为持续经营企业摆脱开曼诉讼。第15章申请中寻求的救济是公司重组的重要组成部分。这项救济将通过允许开曼法院和美国破产法院之间的协调来促进公司资产的集中管理，以保护利益相关者的利益，同时促进公司的重组。</blockquote></p><p> All Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.</p><p><blockquote>公司的所有商店仍然营业，为中国的客户提供高质量、实惠和便利的产品。根据美国破产法第15章提交请愿书预计不会对公司的日常运营产生重大影响。公司在日常业务过程中继续履行其贸易义务，包括向供应商、销售商和员工付款。</blockquote></p><p> ______</p><p><blockquote>______</blockquote></p><p> 1The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.</p><p><blockquote>1本公司早前披露开曼诉讼于2020年7月15日展开。</blockquote></p><p> <b>Safe Harbor Statement</b></p><p><blockquote><b>安全港声明</b></blockquote></p><p></p><p> This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including Joint Provisional Liquidators. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings, investigations in connection with the Company; the outcome and effect of the ongoing restructuring of the Company’s financial obligations; the Company’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of the Company’s previously issued financial results; the timing of the completion or outcome of the audit of the Company’s financial statements; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s coffee industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; PRC governmental policies and regulations relating to the Company’s industry; the potential effects of COVID-19; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p><p><blockquote>本公告包含经修订的1934年证券交易法第21E节含义内的前瞻性陈述。这些前瞻性陈述是根据1995年美国私人证券诉讼改革法案的“安全港”条款做出的。这些陈述可以通过术语来识别，例如“将”、“期望”、“预期”、“未来”、“打算”、“计划”、“相信”、“估计”、“潜力”、“继续”、“正在进行”、“目标”、“指导”和类似的陈述。公司还可能在向美国证券交易委员会（“SEC”）提交的定期报告、向股东提交的年度报告、新闻稿和其他书面材料以及口头声明中做出书面或口头前瞻性陈述。其管理人员、董事或员工向第三方（包括联合临时清算人）。任何非历史事实的陈述，包括有关公司信念和期望的陈述，都是前瞻性陈述。前瞻性陈述涉及固有的风险和不确定性。许多因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异，包括但不限于以下内容：与公司相关的现有或未来法律和政府诉讼、调查的费用、时间和结果；公司财务义务正在进行的重组的结果和影响；公司的增长战略；其未来业务发展、经营业绩及财务状况；公司先前发布的某些财务业绩中识别的非依赖以及由此导致的重述的影响；公司财务报表审计的完成时间或结果；内部控制的有效性；其留住和吸引客户的能力；其维持及提升其品牌知名度及声誉的能力；其维持和改进质量控制政策和措施的能力；其与供应商和业务合作伙伴建立和维护关系的能力；中国咖啡行业或中国食品及饮料行业的趋势及竞争；其收入和某些成本或费用项目的变化；中国咖啡行业或中国食品及饮料行业整体的预期增长；与本公司所处行业有关的中国政府政策及法规；新冠肺炎的潜在影响以及全球和中国的总体经济和商业状况以及与上述任何内容相关或相关的假设。有关这些和其他风险、不确定性或因素的更多信息包含在公司向SEC提交的文件中。本新闻稿和附件中提供的所有信息均截至本新闻稿发布之日，公司不承担更新任何前瞻性声明的义务，除非适用法律要求。</blockquote></p><p> <b>About Luckin Coffee Inc.</b></p><p><blockquote><b>关于瑞星咖啡公司。</b></blockquote></p><p> Luckin Coffee Inc.&nbsp;(OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in&nbsp;China. </p><p><blockquote>瑞星咖啡公司（场外交易代码：LKNCY）开创了一个技术驱动的零售网络，为顾客提供高品质、高性价比和高便利性的咖啡和其他产品。在大数据分析、人工智能和专有技术的支持下，该公司追求成为每个人日常生活一部分的使命，从咖啡开始。该公司成立于2017年，总部位于中国。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"http://www.globenewswire.com/news-release/2021/02/05/2170477/0/en/Luckin-Coffee-s-Restructuring-Efforts-Move-Forward-with-Commencement-of-its-Chapter-15-Case-in-the-United-States.html\">globenewswire</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":"https://static.tigerbbs.com/3d12f820102df1859c1d25e4011ee104","relate_stocks":{"LKNCY":"瑞幸咖啡"},"source_url":"http://www.globenewswire.com/news-release/2021/02/05/2170477/0/en/Luckin-Coffee-s-Restructuring-Efforts-Move-Forward-with-Commencement-of-its-Chapter-15-Case-in-the-United-States.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142907763","content_text":"Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate LuckinCoffee’s Restructuring of its Financial Obligations\nAll Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected\nCompany Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees\nBEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1and related relief.\nThe Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.\nAll Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.\n______\n1The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.\nSafe Harbor Statement\nThis announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including Joint Provisional Liquidators. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings, investigations in connection with the Company; the outcome and effect of the ongoing restructuring of the Company’s financial obligations; the Company’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of the Company’s previously issued financial results; the timing of the completion or outcome of the audit of the Company’s financial statements; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s coffee industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; PRC governmental policies and regulations relating to the Company’s industry; the potential effects of COVID-19; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.\nAbout Luckin Coffee Inc.\nLuckin Coffee Inc. (OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China.","news_type":1,"symbols_score_info":{"LK":0.9,"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":1464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322807970,"gmtCreate":1615790729590,"gmtModify":1703492980482,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hope so&nbsp;","listText":"Hope so&nbsp;","text":"Hope so","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322807970","repostId":"1127934735","repostType":4,"repost":{"id":"1127934735","kind":"news","pubTimestamp":1615787526,"share":"https://www.laohu8.com/m/news/1127934735?lang=zh_CN&edition=full","pubTime":"2021-03-15 13:52","market":"us","language":"en","title":"Where Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127934735","media":"Motley Fool","summary":"The theater operator looks like it has enough money to survive, but movie studios could undercut its","content":"<p>The theater operator looks like it has enough money to survive, but movie studios could undercut its recovery efforts.</p><p><blockquote>这家影院运营商看起来有足够的资金生存，但电影制片厂可能会削弱其复苏努力。</blockquote></p><p> With&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;reporting fourth-quarter results that,while ugly, were still better than what Wall Street expected, now is a good time to look at where the theater operator could end up this time next year.</p><p><blockquote>与<b>AMC院线</b>（纽约证券交易所股票代码：AMC）公布的第四季度业绩虽然丑陋，但仍好于华尔街的预期，现在是看看这家影院运营商明年这个时候可能会走向何方的好时机。</blockquote></p><p> The earnings themselves aren't especially helpful, since it mostly had no business, no revenue, and mounting losses, but the report does provide clues about where AMC is heading and what investors can expect.</p><p><blockquote>收益本身并没有特别大的帮助，因为它基本上没有业务，没有收入，而且亏损不断增加，但该报告确实提供了有关AMC发展方向以及投资者可以期待什么的线索。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1390495a1043ac5dbc446d3cf48bff\" tg-width=\"2000\" tg-height=\"1335\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Awaiting the grand reopening</b></p><p><blockquote><b>等待盛大的重新开业</b></blockquote></p><p> AMC's operations were obviously crushed by the COVID-19 pandemic and the strict limitations imposed on movie theaters. But the fact it was able to generate $162 million in revenue even though only 67% of its theaters were open and operating at just 20% to 40% capacity indicates there is still substantial demand for the big-screen experience.</p><p><blockquote>AMC的运营显然受到了COVID-19大流行和对电影院的严格限制的打击。但事实上，尽管只有67%的影院开放且仅以20%至40%的容量运营，但该公司仍能产生1.62亿美元的收入，这表明对大银幕体验的需求仍然很大。</blockquote></p><p> AMC said some 8 million people visited its cinemas globally (the international situation was even worse, with only 30% of its theaters open), which is just a fraction of pre-pandemic levels but not bad when fighting for survival.</p><p><blockquote>AMC表示，全球约有800万人参观了其影院（国际情况更糟，只有30%的影院开放），这只是大流行前水平的一小部分，但在为生存而战时还不错。</blockquote></p><p> And on that front, AMC should indeed survive, and could even thrive as a sense of normalcy returns to our everyday activities. A few states are allowing businesses to reopen without restrictions now. Other states are moving more slowly but could end up following suit as the pandemic comes under control.</p><p><blockquote>在这方面，AMC确实应该生存下来，甚至可以随着我们日常活动恢复正常感而蓬勃发展。一些州现在允许企业不受限制地重新开业。其他州的行动较慢，但随着疫情得到控制，最终可能会效仿。</blockquote></p><p> Setting the stage</p><p><blockquote>搭建舞台</blockquote></p><p> Movies will be returning to the theaters this year, too. Studios that delayed releasing their films until theaters were mostly up and running again will now do so over the coming months, including a number of much-anticipated potential blockbusters.</p><p><blockquote>电影今年也将重返影院。那些将电影推迟到影院基本恢复运营后才上映的电影公司现在将在未来几个月内上映，其中包括一些备受期待的潜在大片。</blockquote></p><p> CEO Adam Aron said, \"We look forward to returning to an environment of unfettered movie theater access for our guests, and we are eager to showcase the sizable and widely anticipated slate of new films that our studio partners have to offer.\"</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)表示：“我们期待着为客人重返不受限制的电影院环境，我们渴望展示我们的工作室合作伙伴提供的大量且广受期待的新电影。”</blockquote></p><p> Long-delayed titles including superhero flicks such as&nbsp;<i>Spider-Man: No Way Home</i>&nbsp;and&nbsp;<i>Black Widow</i>&nbsp;are due to appear later this year, as are sci-fi films like<i>Dune</i>and action movies such as the new James Bond title&nbsp;<i>No Time to Die</i>.</p><p><blockquote>拖延已久的电影，包括超级英雄电影，例如<i>蜘蛛侠：英雄无归</i>和<i>黑寡妇</i>将于今年晚些时候上映，科幻电影也是如此<i>沙丘</i>和动作片，如新的詹姆斯·邦德标题<i>007：无暇赴死</i>.</blockquote></p><p> <b>Split decision</b></p><p><blockquote><b>分裂决策</b></blockquote></p><p> Tempering the enthusiasm for their release, however, is that many films will now also be released either to on-demand streaming services only or will simultaneously appear in theaters and on streaming.</p><p><blockquote>然而，许多电影现在要么只在点播流媒体服务上发行，要么同时在影院和流媒体上上映，这降低了人们对其上映的热情。</blockquote></p><p> <b>Disney</b>&nbsp;(NYSE:DIS)&nbsp;was originally supposed to release the children's movie&nbsp;<i>Raya and the Last Dragon</i>&nbsp;into theaters last November. It got moved to mid-March and became a day-and-date release to theaters and Disney+ as a premium offering, similar to how the company made<i>Mulan</i>available last year.</p><p><blockquote><b>迪斯尼</b>（纽约证券交易所股票代码：DIS）原本应该发行儿童电影<i>拉亚和最后的龙</i>去年11月进入影院。它被推迟到3月中旬，并成为影院和Disney+的优质产品，类似于该公司的制作方式<i>花木兰</i>去年上市。</blockquote></p><p> Yet the reception it received was lukewarm at best. While AMC carried the movie,<b>Cinemark</b>&nbsp;(NYSE:CNK), the country's third-largest theater chain,refused to show it&nbsp;(presumably because of the release to Disney+, which undercuts the ability of theaters to generate revenue at a particularly vulnerable moment).</p><p><blockquote>然而，它受到的接待充其量是不冷不热的。在AMC进行这部电影的同时，<b>喜满客</b>美国第三大连锁影院（纽约证券交易所代码：CNK）拒绝放映这部电影（大概是因为向Disney+上映，这削弱了影院在特别脆弱的时刻创收的能力）。</blockquote></p><p> The film only generated around $8 million from the 2,400 or so theaters it was shown in on its opening weekend (no word on how much Disney generated from the pay-per-view showing), which suggests there could still be hiccups for theaters along the way.</p><p><blockquote>这部电影在首映周末仅从2400家左右的影院中获得了约800万美元的收入（没有消息表明迪士尼从按次付费放映中获得了多少收入），这表明影院在此过程中仍可能出现问题。</blockquote></p><p> A financial shipwreck</p><p><blockquote>金融沉船</blockquote></p><p> Yet as Aron detailed in AMC's earning release, the theater operator has taken sufficient steps financially to shore up its ledger sheet to make it through the rest of the year.</p><p><blockquote>然而，正如阿伦在AMC的财报中详细介绍的那样，这家影院运营商已经采取了足够的财务措施来支撑其账本，以度过今年剩余时间。</blockquote></p><p> AMC raised approximately $2.2 billion in new debt and equity capital, secured more than $1 billion in concessions from creditors and landlords, sold over $80 million in assets, and was able to convert $600 million worth of debt into equity. It now has $1 billion in cash on hand.</p><p><blockquote>AMC筹集了约22亿美元的新债务和股权资本，从债权人和房东那里获得了超过10亿美元的优惠，出售了超过8000万美元的资产，并能够将价值6亿美元的债务转换为股权。它现在手头有10亿美元现金。</blockquote></p><p> That should be sufficient capital to keep its theaters operating until the industry gets back on its feet and a steady stream of movies is once again filling screens, but all that restructuring has left AMC's financial situation in much worse shape.</p><p><blockquote>这应该足以维持影院运营，直到该行业重新站稳脚跟，源源不断的电影再次充斥银幕，但所有这些重组都让AMC的财务状况变得更加糟糕。</blockquote></p><p> Fortunately, the bills won't come due for a few years yet, but the theater chain still needs to prove the new normal for Hollywood is one where it can be profitable. Investors would be better off waiting for a sign that's possible and&nbsp;consumers actually wantto return en masse before diving in.</p><p><blockquote>幸运的是，这些账单几年后才会到期，但连锁影院仍需要证明好莱坞的新常态是可以盈利的。投资者最好等待一个可能的迹象，消费者实际上希望在投入之前集体回归。</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>Where Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</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\">\nWhere Will AMC Be in 1 Year?<blockquote>一年后AMC会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-15 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The theater operator looks like it has enough money to survive, but movie studios could undercut its recovery efforts.</p><p><blockquote>这家影院运营商看起来有足够的资金生存，但电影制片厂可能会削弱其复苏努力。</blockquote></p><p> With&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;reporting fourth-quarter results that,while ugly, were still better than what Wall Street expected, now is a good time to look at where the theater operator could end up this time next year.</p><p><blockquote>与<b>AMC院线</b>（纽约证券交易所股票代码：AMC）公布的第四季度业绩虽然丑陋，但仍好于华尔街的预期，现在是看看这家影院运营商明年这个时候可能会走向何方的好时机。</blockquote></p><p> The earnings themselves aren't especially helpful, since it mostly had no business, no revenue, and mounting losses, but the report does provide clues about where AMC is heading and what investors can expect.</p><p><blockquote>收益本身并没有特别大的帮助，因为它基本上没有业务，没有收入，而且亏损不断增加，但该报告确实提供了有关AMC发展方向以及投资者可以期待什么的线索。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef1390495a1043ac5dbc446d3cf48bff\" tg-width=\"2000\" tg-height=\"1335\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Awaiting the grand reopening</b></p><p><blockquote><b>等待盛大的重新开业</b></blockquote></p><p> AMC's operations were obviously crushed by the COVID-19 pandemic and the strict limitations imposed on movie theaters. But the fact it was able to generate $162 million in revenue even though only 67% of its theaters were open and operating at just 20% to 40% capacity indicates there is still substantial demand for the big-screen experience.</p><p><blockquote>AMC的运营显然受到了COVID-19大流行和对电影院的严格限制的打击。但事实上，尽管只有67%的影院开放且仅以20%至40%的容量运营，但该公司仍能产生1.62亿美元的收入，这表明对大银幕体验的需求仍然很大。</blockquote></p><p> AMC said some 8 million people visited its cinemas globally (the international situation was even worse, with only 30% of its theaters open), which is just a fraction of pre-pandemic levels but not bad when fighting for survival.</p><p><blockquote>AMC表示，全球约有800万人参观了其影院（国际情况更糟，只有30%的影院开放），这只是大流行前水平的一小部分，但在为生存而战时还不错。</blockquote></p><p> And on that front, AMC should indeed survive, and could even thrive as a sense of normalcy returns to our everyday activities. A few states are allowing businesses to reopen without restrictions now. Other states are moving more slowly but could end up following suit as the pandemic comes under control.</p><p><blockquote>在这方面，AMC确实应该生存下来，甚至可以随着我们日常活动恢复正常感而蓬勃发展。一些州现在允许企业不受限制地重新开业。其他州的行动较慢，但随着疫情得到控制，最终可能会效仿。</blockquote></p><p> Setting the stage</p><p><blockquote>搭建舞台</blockquote></p><p> Movies will be returning to the theaters this year, too. Studios that delayed releasing their films until theaters were mostly up and running again will now do so over the coming months, including a number of much-anticipated potential blockbusters.</p><p><blockquote>电影今年也将重返影院。那些将电影推迟到影院基本恢复运营后才上映的电影公司现在将在未来几个月内上映，其中包括一些备受期待的潜在大片。</blockquote></p><p> CEO Adam Aron said, \"We look forward to returning to an environment of unfettered movie theater access for our guests, and we are eager to showcase the sizable and widely anticipated slate of new films that our studio partners have to offer.\"</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)表示：“我们期待着为客人重返不受限制的电影院环境，我们渴望展示我们的工作室合作伙伴提供的大量且广受期待的新电影。”</blockquote></p><p> Long-delayed titles including superhero flicks such as&nbsp;<i>Spider-Man: No Way Home</i>&nbsp;and&nbsp;<i>Black Widow</i>&nbsp;are due to appear later this year, as are sci-fi films like<i>Dune</i>and action movies such as the new James Bond title&nbsp;<i>No Time to Die</i>.</p><p><blockquote>拖延已久的电影，包括超级英雄电影，例如<i>蜘蛛侠：英雄无归</i>和<i>黑寡妇</i>将于今年晚些时候上映，科幻电影也是如此<i>沙丘</i>和动作片，如新的詹姆斯·邦德标题<i>007：无暇赴死</i>.</blockquote></p><p> <b>Split decision</b></p><p><blockquote><b>分裂决策</b></blockquote></p><p> Tempering the enthusiasm for their release, however, is that many films will now also be released either to on-demand streaming services only or will simultaneously appear in theaters and on streaming.</p><p><blockquote>然而，许多电影现在要么只在点播流媒体服务上发行，要么同时在影院和流媒体上上映，这降低了人们对其上映的热情。</blockquote></p><p> <b>Disney</b>&nbsp;(NYSE:DIS)&nbsp;was originally supposed to release the children's movie&nbsp;<i>Raya and the Last Dragon</i>&nbsp;into theaters last November. It got moved to mid-March and became a day-and-date release to theaters and Disney+ as a premium offering, similar to how the company made<i>Mulan</i>available last year.</p><p><blockquote><b>迪斯尼</b>（纽约证券交易所股票代码：DIS）原本应该发行儿童电影<i>拉亚和最后的龙</i>去年11月进入影院。它被推迟到3月中旬，并成为影院和Disney+的优质产品，类似于该公司的制作方式<i>花木兰</i>去年上市。</blockquote></p><p> Yet the reception it received was lukewarm at best. While AMC carried the movie,<b>Cinemark</b>&nbsp;(NYSE:CNK), the country's third-largest theater chain,refused to show it&nbsp;(presumably because of the release to Disney+, which undercuts the ability of theaters to generate revenue at a particularly vulnerable moment).</p><p><blockquote>然而，它受到的接待充其量是不冷不热的。在AMC进行这部电影的同时，<b>喜满客</b>美国第三大连锁影院（纽约证券交易所代码：CNK）拒绝放映这部电影（大概是因为向Disney+上映，这削弱了影院在特别脆弱的时刻创收的能力）。</blockquote></p><p> The film only generated around $8 million from the 2,400 or so theaters it was shown in on its opening weekend (no word on how much Disney generated from the pay-per-view showing), which suggests there could still be hiccups for theaters along the way.</p><p><blockquote>这部电影在首映周末仅从2400家左右的影院中获得了约800万美元的收入（没有消息表明迪士尼从按次付费放映中获得了多少收入），这表明影院在此过程中仍可能出现问题。</blockquote></p><p> A financial shipwreck</p><p><blockquote>金融沉船</blockquote></p><p> Yet as Aron detailed in AMC's earning release, the theater operator has taken sufficient steps financially to shore up its ledger sheet to make it through the rest of the year.</p><p><blockquote>然而，正如阿伦在AMC的财报中详细介绍的那样，这家影院运营商已经采取了足够的财务措施来支撑其账本，以度过今年剩余时间。</blockquote></p><p> AMC raised approximately $2.2 billion in new debt and equity capital, secured more than $1 billion in concessions from creditors and landlords, sold over $80 million in assets, and was able to convert $600 million worth of debt into equity. It now has $1 billion in cash on hand.</p><p><blockquote>AMC筹集了约22亿美元的新债务和股权资本，从债权人和房东那里获得了超过10亿美元的优惠，出售了超过8000万美元的资产，并能够将价值6亿美元的债务转换为股权。它现在手头有10亿美元现金。</blockquote></p><p> That should be sufficient capital to keep its theaters operating until the industry gets back on its feet and a steady stream of movies is once again filling screens, but all that restructuring has left AMC's financial situation in much worse shape.</p><p><blockquote>这应该足以维持影院运营，直到该行业重新站稳脚跟，源源不断的电影再次充斥银幕，但所有这些重组都让AMC的财务状况变得更加糟糕。</blockquote></p><p> Fortunately, the bills won't come due for a few years yet, but the theater chain still needs to prove the new normal for Hollywood is one where it can be profitable. Investors would be better off waiting for a sign that's possible and&nbsp;consumers actually wantto return en masse before diving in.</p><p><blockquote>幸运的是，这些账单几年后才会到期，但连锁影院仍需要证明好莱坞的新常态是可以盈利的。投资者最好等待一个可能的迹象，消费者实际上希望在投入之前集体回归。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/14/where-will-amc-be-in-1-year/\">Motley Fool</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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/03/14/where-will-amc-be-in-1-year/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127934735","content_text":"The theater operator looks like it has enough money to survive, but movie studios could undercut its recovery efforts.\nWith AMC Entertainment (NYSE:AMC) reporting fourth-quarter results that,while ugly, were still better than what Wall Street expected, now is a good time to look at where the theater operator could end up this time next year.\nThe earnings themselves aren't especially helpful, since it mostly had no business, no revenue, and mounting losses, but the report does provide clues about where AMC is heading and what investors can expect.\nIMAGE SOURCE: GETTY IMAGES.\nAwaiting the grand reopening\nAMC's operations were obviously crushed by the COVID-19 pandemic and the strict limitations imposed on movie theaters. But the fact it was able to generate $162 million in revenue even though only 67% of its theaters were open and operating at just 20% to 40% capacity indicates there is still substantial demand for the big-screen experience.\nAMC said some 8 million people visited its cinemas globally (the international situation was even worse, with only 30% of its theaters open), which is just a fraction of pre-pandemic levels but not bad when fighting for survival.\nAnd on that front, AMC should indeed survive, and could even thrive as a sense of normalcy returns to our everyday activities. A few states are allowing businesses to reopen without restrictions now. Other states are moving more slowly but could end up following suit as the pandemic comes under control.\nSetting the stage\nMovies will be returning to the theaters this year, too. Studios that delayed releasing their films until theaters were mostly up and running again will now do so over the coming months, including a number of much-anticipated potential blockbusters.\nCEO Adam Aron said, \"We look forward to returning to an environment of unfettered movie theater access for our guests, and we are eager to showcase the sizable and widely anticipated slate of new films that our studio partners have to offer.\"\nLong-delayed titles including superhero flicks such as Spider-Man: No Way Home and Black Widow are due to appear later this year, as are sci-fi films likeDuneand action movies such as the new James Bond title No Time to Die.\nSplit decision\nTempering the enthusiasm for their release, however, is that many films will now also be released either to on-demand streaming services only or will simultaneously appear in theaters and on streaming.\nDisney (NYSE:DIS) was originally supposed to release the children's movie Raya and the Last Dragon into theaters last November. It got moved to mid-March and became a day-and-date release to theaters and Disney+ as a premium offering, similar to how the company madeMulanavailable last year.\nYet the reception it received was lukewarm at best. While AMC carried the movie,Cinemark (NYSE:CNK), the country's third-largest theater chain,refused to show it (presumably because of the release to Disney+, which undercuts the ability of theaters to generate revenue at a particularly vulnerable moment).\nThe film only generated around $8 million from the 2,400 or so theaters it was shown in on its opening weekend (no word on how much Disney generated from the pay-per-view showing), which suggests there could still be hiccups for theaters along the way.\nA financial shipwreck\nYet as Aron detailed in AMC's earning release, the theater operator has taken sufficient steps financially to shore up its ledger sheet to make it through the rest of the year.\nAMC raised approximately $2.2 billion in new debt and equity capital, secured more than $1 billion in concessions from creditors and landlords, sold over $80 million in assets, and was able to convert $600 million worth of debt into equity. It now has $1 billion in cash on hand.\nThat should be sufficient capital to keep its theaters operating until the industry gets back on its feet and a steady stream of movies is once again filling screens, but all that restructuring has left AMC's financial situation in much worse shape.\nFortunately, the bills won't come due for a few years yet, but the theater chain still needs to prove the new normal for Hollywood is one where it can be profitable. Investors would be better off waiting for a sign that's possible and consumers actually wantto return en masse before diving in.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382127290,"gmtCreate":1613392585810,"gmtModify":1634553778902,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382127290","repostId":"1179092967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381317989,"gmtCreate":1612930920641,"gmtModify":1703767083784,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381317989","repostId":"1162909934","repostType":4,"isVote":1,"tweetType":1,"viewCount":1351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389293496,"gmtCreate":1612775783815,"gmtModify":1703764820237,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hate this stock that caused all the volatility&nbsp;","listText":"Hate this stock that caused all the volatility&nbsp;","text":"Hate this stock that caused all the volatility","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389293496","repostId":"1112029759","repostType":4,"repost":{"id":"1112029759","kind":"news","pubTimestamp":1612772887,"share":"https://www.laohu8.com/m/news/1112029759?lang=zh_CN&edition=full","pubTime":"2021-02-08 16:28","market":"us","language":"en","title":"GAME OVER?<blockquote>游戏结束了？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112029759","media":"Alpha Sources","summary":"Summary\n\nMarket observers and participants have been temporarily distracted in the past week by the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop.</li>  <li>People with time on their hands, and a stimulus cheque(?), have decided to take a punt.</li>  <li>In the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S.</li> </ul> Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop(NYSE:GME). It won't be the last time the world stops to watch such an event in the same way that people, who would otherwise never watch a race, are glued to the screen when F1 drivers crash into the barrier or each other. Pundits have tried to turn this into more than it is, but until people turn up with actual pitchforks in front of Mr. Griffin's $60M penthouse pad in Chicago, I am inclined to side with George Pearkes' take on the matter; move on, nothing (much) to see. People with time on their hands, and a stimulus cheque(?), have decided to take a punt. On the face of it, they have been successful, but most will have bought and sold too late to avoid the gut-wrenching losses that are all but inevitable in the context of the kind of volatility, which GameStop has exhibited recently. Meanwhile, in the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S., where it is, or isn't, going, and what this means for other asset classes, the economy, not to mention the Fed's reaction function? Friday's NFP report was, as ever, a case in point.</p><p><blockquote><ul><li>过去一周，Reddit勇敢的散户投资者和懒惰的做空对冲基金之间围绕游戏驿站命运的斗争暂时分散了市场观察人士和参与者的注意力。</li><li>手头有时间和刺激支票的人（？），已经决定赌一把。</li><li>在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国长期债券上。</li></ul>过去一周，Reddit勇敢的散户投资者和懒惰的卖空对冲基金之间围绕游戏驿站（NYSE：GME）命运的斗争暂时分散了市场观察人士和参与者的注意力。这不会是世界最后一次停下来观看这样的赛事，就像当F1车手撞上护栏或彼此时，人们永远不会观看比赛一样粘在屏幕上。专家们试图把事情变得更多，但在人们拿着真正的干草叉出现在格里芬先生位于芝加哥价值6000万美元的顶层公寓前之前，我倾向于支持乔治·皮克斯(George Pearkes)对此事的看法；继续前进，没什么可看的。手头有时间和刺激支票的人（？），已经决定赌一把。从表面上看，他们取得了成功，但大多数人的买卖都为时已晚，无法避免在游戏驿站最近表现出的波动性背景下几乎不可避免的令人痛苦的损失。与此同时，在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国的长期债券上，它将走向何方，或者不会走向何方，以及这对其他资产类别、经济意味着什么，更不用说美联储的反应功能了？周五的NFP报告一如既往地是一个恰当的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0806d48b06c52b0a3455cab07a14ea63\" tg-width=\"683\" tg-height=\"842\"><img src=\"https://static.tigerbbs.com/297dbf4221a3446fd377f35f00902c20\" tg-width=\"679\" tg-height=\"841\"><img src=\"https://static.tigerbbs.com/1438069ebc8444d62ddb472ee616f2b6\" tg-width=\"675\" tg-height=\"845\"><img src=\"https://static.tigerbbs.com/2ee09dda230f6474fc308a9e8b76e213\" tg-width=\"679\" tg-height=\"843\"><img src=\"https://static.tigerbbs.com/e16a71ed37b979658ae95643fa504af9\" tg-width=\"673\" tg-height=\"842\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1612772507148","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>GAME OVER?<blockquote>游戏结束了？</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\">\nGAME OVER?<blockquote>游戏结束了？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Alpha Sources</strong><span class=\"h-time small\">2021-02-08 16:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop.</li>  <li>People with time on their hands, and a stimulus cheque(?), have decided to take a punt.</li>  <li>In the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S.</li> </ul> Market observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop(NYSE:GME). It won't be the last time the world stops to watch such an event in the same way that people, who would otherwise never watch a race, are glued to the screen when F1 drivers crash into the barrier or each other. Pundits have tried to turn this into more than it is, but until people turn up with actual pitchforks in front of Mr. Griffin's $60M penthouse pad in Chicago, I am inclined to side with George Pearkes' take on the matter; move on, nothing (much) to see. People with time on their hands, and a stimulus cheque(?), have decided to take a punt. On the face of it, they have been successful, but most will have bought and sold too late to avoid the gut-wrenching losses that are all but inevitable in the context of the kind of volatility, which GameStop has exhibited recently. Meanwhile, in the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S., where it is, or isn't, going, and what this means for other asset classes, the economy, not to mention the Fed's reaction function? Friday's NFP report was, as ever, a case in point.</p><p><blockquote><ul><li>过去一周，Reddit勇敢的散户投资者和懒惰的做空对冲基金之间围绕游戏驿站命运的斗争暂时分散了市场观察人士和参与者的注意力。</li><li>手头有时间和刺激支票的人（？），已经决定赌一把。</li><li>在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国长期债券上。</li></ul>过去一周，Reddit勇敢的散户投资者和懒惰的卖空对冲基金之间围绕游戏驿站（NYSE：GME）命运的斗争暂时分散了市场观察人士和参与者的注意力。这不会是世界最后一次停下来观看这样的赛事，就像当F1车手撞上护栏或彼此时，人们永远不会观看比赛一样粘在屏幕上。专家们试图把事情变得更多，但在人们拿着真正的干草叉出现在格里芬先生位于芝加哥价值6000万美元的顶层公寓前之前，我倾向于支持乔治·皮克斯(George Pearkes)对此事的看法；继续前进，没什么可看的。手头有时间和刺激支票的人（？），已经决定赌一把。从表面上看，他们取得了成功，但大多数人的买卖都为时已晚，无法避免在游戏驿站最近表现出的波动性背景下几乎不可避免的令人痛苦的损失。与此同时，在无聊而尘土飞扬的全球宏观交易世界中，投资者的目光仍然集中在美国的长期债券上，它将走向何方，或者不会走向何方，以及这对其他资产类别、经济意味着什么，更不用说美联储的反应功能了？周五的NFP报告一如既往地是一个恰当的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0806d48b06c52b0a3455cab07a14ea63\" tg-width=\"683\" tg-height=\"842\"><img src=\"https://static.tigerbbs.com/297dbf4221a3446fd377f35f00902c20\" tg-width=\"679\" tg-height=\"841\"><img src=\"https://static.tigerbbs.com/1438069ebc8444d62ddb472ee616f2b6\" tg-width=\"675\" tg-height=\"845\"><img src=\"https://static.tigerbbs.com/2ee09dda230f6474fc308a9e8b76e213\" tg-width=\"679\" tg-height=\"843\"><img src=\"https://static.tigerbbs.com/e16a71ed37b979658ae95643fa504af9\" tg-width=\"673\" tg-height=\"842\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"http://www.clausvistesen.com/alphasources-blog/gameover?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link\">Alpha Sources</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":{"GME":"游戏驿站","AMC":"AMC院线"},"source_url":"http://www.clausvistesen.com/alphasources-blog/gameover?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112029759","content_text":"Summary\n\nMarket observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop.\nPeople with time on their hands, and a stimulus cheque(?), have decided to take a punt.\nIn the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S.\n\nMarket observers and participants have been temporarily distracted in the past week by the battle between Reddit's plucky retail investors and lazy short-selling hedge funds over the fate of GameStop(NYSE:GME). It won't be the last time the world stops to watch such an event in the same way that people, who would otherwise never watch a race, are glued to the screen when F1 drivers crash into the barrier or each other. Pundits have tried to turn this into more than it is, but until people turn up with actual pitchforks in front of Mr. Griffin's $60M penthouse pad in Chicago, I am inclined to side with George Pearkes' take on the matter; move on, nothing (much) to see. People with time on their hands, and a stimulus cheque(?), have decided to take a punt. On the face of it, they have been successful, but most will have bought and sold too late to avoid the gut-wrenching losses that are all but inevitable in the context of the kind of volatility, which GameStop has exhibited recently. Meanwhile, in the boring and dusty world of global macro trading, investors' eyes are still focused on the long bond in the U.S., where it is, or isn't, going, and what this means for other asset classes, the economy, not to mention the Fed's reaction function? Friday's NFP report was, as ever, a case in point.","news_type":1,"symbols_score_info":{"GME":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389371981,"gmtCreate":1612703101243,"gmtModify":1703764376244,"author":{"id":"3558062658909791","authorId":"3558062658909791","name":"Huhubi","avatar":"https://static.tigerbbs.com/51184698b590a2d3e0ab427a11aaeb88","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558062658909791","authorIdStr":"3558062658909791"},"themes":[],"htmlText":"Hope it goes up&nbsp;","listText":"Hope it goes up&nbsp;","text":"Hope it goes up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389371981","repostId":"2109727286","repostType":4,"isVote":1,"tweetType":1,"viewCount":1500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}