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2021-12-18

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Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>

2021-07-11

Hmm

The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>

2021-12-24

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2021-12-18

Hmm

Cerner Shares Surge On Reports Of $30 Billion Oracle Takeover Bid<blockquote>甲骨文出价300亿美元收购Cerner股价飙升</blockquote>

2021-12-18

Hmmm Disney

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2021-06-28

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2021-09-30

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2021-12-24

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2021-12-17

Hmm

Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>

2021-11-03

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@小虎活动:[Halloween Game] Trade or Treat!

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14:49","market":"us","language":"en","title":"Cerner Shares Surge On Reports Of $30 Billion Oracle Takeover Bid<blockquote>甲骨文出价300亿美元收购Cerner股价飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106862392","media":"The Street","summary":"Cerner Corp. -Get Cerner Corporation Report shares surged Friday after the Wall Street Journal repor","content":"<p><a href=\"https://laohu8.com/S/CERN\">Cerner Corp.</a> -Get Cerner Corporation Report&nbsp;shares surged Friday after the Wall Street Journal reported that <a href=\"https://laohu8.com/S/ORCL\">Oracle&nbsp;</a> -Get Oracle Corporation Report&nbsp;is preparing to buy the electronic medical records company in a deal worth as much as $30 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/CERN\">塞尔纳公司。</a>-获取Cerner Corporation报告《华尔街日报》报道后，股价周五飙升<a href=\"https://laohu8.com/S/ORCL\">神谕</a>——获取甲骨文公司报告称，该公司正准备以高达300亿美元的交易收购这家电子病历公司。</blockquote></p><p> A takeover of Cerner, the biggest designer of software used by doctors and hospitals to mange and store medical records, would not only be one of the biggest M&amp;A deals of the year, it would also be the biggest in Oracle's corporate history -- more than 3 times the size of its $10 billion purchase of PeopleSoft in 2005 -- and a bold statement from CEO Safra Catz, who assumed sole control of the cloud and software group in 2019.</p><p><blockquote>收购Cerner（医生和医院用于管理和存储医疗记录的软件的最大设计者）不仅将是今年最大的并购交易之一，也将是甲骨文公司历史上最大的一笔交易——超过其2005年斥资100亿美元收购PeopleSoft规模的3倍，首席执行官萨夫拉·卡茨(Safra Catz)也发表了大胆声明，他于2019年接管了该云和软件集团的唯一控制权。</blockquote></p><p> Cerner, which posted third quarter revenues of $1.468 billion in October,&nbsp;has a 25% share of the medical records market, according to SVB Leerrink.</p><p><blockquote>根据SVB Leerrink的数据，Cerner 10月份公布的第三季度收入为14.68亿美元，占据医疗记录市场25%的份额。</blockquote></p><p> \"We view the potential deal as a positive for CERN as it will allow the company to undergo its transition from an EHR to a healthcare platform within the cover of a far larger organization, and with the benefit of a premium takeout valuation,\" said Leerink analysts Stephanie Davis. \"We are cautious on potential pushback from Oracle shareholders creating risk to a deal announcement, as the deal would mark a transition away from the company’s core organic growth acceleration story while the check size implies likely dilution to holders.\"</p><p><blockquote>Leerink表示：“我们认为这笔潜在交易对CERN来说是积极的，因为它将使该公司能够在一个更大的组织的保护下从EHR过渡到医疗保健平台，并受益于溢价外卖估值。”分析师斯蒂芬妮·戴维斯。“我们对甲骨文股东的潜在抵制给交易公告带来风险持谨慎态度，因为该交易将标志着该公司核心有机增长加速故事的转变，而支票规模意味着持有人可能会被稀释。”</blockquote></p><p> Cerner shares ended up $10.28, or 12.9%, at $89.77. Oracle shares fell $6.60, or, 6.4%, to $96.62.</p><p><blockquote>Cerner股价收盘上涨10.28美元，涨幅12.9%，至89.77美元。甲骨文股价下跌6.60美元，跌幅6.4%，至96.62美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/22804ede647ca4b70ab697475b6acc79\" tg-width=\"966\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Oracle shares traded at an all-time high last week, giving the cloud and software group a market value of around $290 billion, following&nbsp;better-than-expected second quarter earnings and a robust near-term outlook.</p><p><blockquote>甲骨文股价上周创下历史新高，这家云和软件集团的市值约为2900亿美元，此前第二季度盈利好于预期，近期前景强劲。</blockquote></p><p> Oracle, which earns the bulk of its revenues from its cloud services and license support unit, beat Street earnings forecasts by a dime with an adjusted second quarter bottom line of $1.12 per share.</p><p><blockquote>甲骨文的大部分收入来自其云服务和许可证支持部门，调整后的第二季度净利润为每股1.12美元，超出了华尔街的盈利预期。</blockquote></p><p> Cloud division revenues topped $7.5 billion as companies continue to spend on hybrid work solutions in a post-pandemic world, while overall revenues grew by 6% to $10.4 billon.</p><p><blockquote>随着公司在大流行后的世界中继续在混合工作解决方案上投入资金，云部门的收入突破了75亿美元，而总收入增长了6%，达到104亿美元。</blockquote></p><p> Bookings grew at an even faster pace, rising 11% from last year's levels, giving Oracle the confidence to forecast current quarter revenues in the region of $10.7 billion to $10.9 billion, based on growth forecasts, with profits of between $1.19 and $1.23 per share.</p><p><blockquote>预订量增长速度更快，比去年增长11%，这让甲骨文有信心根据增长预测预测本季度收入在107亿美元至109亿美元之间，每股利润在1.19美元至1.23美元之间。</blockquote></p><p></p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nCerner Shares Surge On Reports Of $30 Billion Oracle Takeover Bid<blockquote>甲骨文出价300亿美元收购Cerner股价飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-12-18 14:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/CERN\">Cerner Corp.</a> -Get Cerner Corporation Report&nbsp;shares surged Friday after the Wall Street Journal reported that <a href=\"https://laohu8.com/S/ORCL\">Oracle&nbsp;</a> -Get Oracle Corporation Report&nbsp;is preparing to buy the electronic medical records company in a deal worth as much as $30 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/CERN\">塞尔纳公司。</a>-获取Cerner Corporation报告《华尔街日报》报道后，股价周五飙升<a href=\"https://laohu8.com/S/ORCL\">神谕</a>——获取甲骨文公司报告称，该公司正准备以高达300亿美元的交易收购这家电子病历公司。</blockquote></p><p> A takeover of Cerner, the biggest designer of software used by doctors and hospitals to mange and store medical records, would not only be one of the biggest M&amp;A deals of the year, it would also be the biggest in Oracle's corporate history -- more than 3 times the size of its $10 billion purchase of PeopleSoft in 2005 -- and a bold statement from CEO Safra Catz, who assumed sole control of the cloud and software group in 2019.</p><p><blockquote>收购Cerner（医生和医院用于管理和存储医疗记录的软件的最大设计者）不仅将是今年最大的并购交易之一，也将是甲骨文公司历史上最大的一笔交易——超过其2005年斥资100亿美元收购PeopleSoft规模的3倍，首席执行官萨夫拉·卡茨(Safra Catz)也发表了大胆声明，他于2019年接管了该云和软件集团的唯一控制权。</blockquote></p><p> Cerner, which posted third quarter revenues of $1.468 billion in October,&nbsp;has a 25% share of the medical records market, according to SVB Leerrink.</p><p><blockquote>根据SVB Leerrink的数据，Cerner 10月份公布的第三季度收入为14.68亿美元，占据医疗记录市场25%的份额。</blockquote></p><p> \"We view the potential deal as a positive for CERN as it will allow the company to undergo its transition from an EHR to a healthcare platform within the cover of a far larger organization, and with the benefit of a premium takeout valuation,\" said Leerink analysts Stephanie Davis. \"We are cautious on potential pushback from Oracle shareholders creating risk to a deal announcement, as the deal would mark a transition away from the company’s core organic growth acceleration story while the check size implies likely dilution to holders.\"</p><p><blockquote>Leerink表示：“我们认为这笔潜在交易对CERN来说是积极的，因为它将使该公司能够在一个更大的组织的保护下从EHR过渡到医疗保健平台，并受益于溢价外卖估值。”分析师斯蒂芬妮·戴维斯。“我们对甲骨文股东的潜在抵制给交易公告带来风险持谨慎态度，因为该交易将标志着该公司核心有机增长加速故事的转变，而支票规模意味着持有人可能会被稀释。”</blockquote></p><p> Cerner shares ended up $10.28, or 12.9%, at $89.77. Oracle shares fell $6.60, or, 6.4%, to $96.62.</p><p><blockquote>Cerner股价收盘上涨10.28美元，涨幅12.9%，至89.77美元。甲骨文股价下跌6.60美元，跌幅6.4%，至96.62美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/22804ede647ca4b70ab697475b6acc79\" tg-width=\"966\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Oracle shares traded at an all-time high last week, giving the cloud and software group a market value of around $290 billion, following&nbsp;better-than-expected second quarter earnings and a robust near-term outlook.</p><p><blockquote>甲骨文股价上周创下历史新高，这家云和软件集团的市值约为2900亿美元，此前第二季度盈利好于预期，近期前景强劲。</blockquote></p><p> Oracle, which earns the bulk of its revenues from its cloud services and license support unit, beat Street earnings forecasts by a dime with an adjusted second quarter bottom line of $1.12 per share.</p><p><blockquote>甲骨文的大部分收入来自其云服务和许可证支持部门，调整后的第二季度净利润为每股1.12美元，超出了华尔街的盈利预期。</blockquote></p><p> Cloud division revenues topped $7.5 billion as companies continue to spend on hybrid work solutions in a post-pandemic world, while overall revenues grew by 6% to $10.4 billon.</p><p><blockquote>随着公司在大流行后的世界中继续在混合工作解决方案上投入资金，云部门的收入突破了75亿美元，而总收入增长了6%，达到104亿美元。</blockquote></p><p> Bookings grew at an even faster pace, rising 11% from last year's levels, giving Oracle the confidence to forecast current quarter revenues in the region of $10.7 billion to $10.9 billion, based on growth forecasts, with profits of between $1.19 and $1.23 per share.</p><p><blockquote>预订量增长速度更快，比去年增长11%，这让甲骨文有信心根据增长预测预测本季度收入在107亿美元至109亿美元之间，每股利润在1.19美元至1.23美元之间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/markets/cerner-shares-surge-on-reports-of-30-billion-oracle-takeover-bid\">The Street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文","CERN":"美国塞纳"},"source_url":"https://www.thestreet.com/markets/cerner-shares-surge-on-reports-of-30-billion-oracle-takeover-bid","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106862392","content_text":"Cerner Corp. -Get Cerner Corporation Report shares surged Friday after the Wall Street Journal reported that Oracle  -Get Oracle Corporation Report is preparing to buy the electronic medical records company in a deal worth as much as $30 billion.\nA takeover of Cerner, the biggest designer of software used by doctors and hospitals to mange and store medical records, would not only be one of the biggest M&A deals of the year, it would also be the biggest in Oracle's corporate history -- more than 3 times the size of its $10 billion purchase of PeopleSoft in 2005 -- and a bold statement from CEO Safra Catz, who assumed sole control of the cloud and software group in 2019.\nCerner, which posted third quarter revenues of $1.468 billion in October, has a 25% share of the medical records market, according to SVB Leerrink.\n\"We view the potential deal as a positive for CERN as it will allow the company to undergo its transition from an EHR to a healthcare platform within the cover of a far larger organization, and with the benefit of a premium takeout valuation,\" said Leerink analysts Stephanie Davis. \"We are cautious on potential pushback from Oracle shareholders creating risk to a deal announcement, as the deal would mark a transition away from the company’s core organic growth acceleration story while the check size implies likely dilution to holders.\"\nCerner shares ended up $10.28, or 12.9%, at $89.77. Oracle shares fell $6.60, or, 6.4%, to $96.62.\n\nOracle shares traded at an all-time high last week, giving the cloud and software group a market value of around $290 billion, following better-than-expected second quarter earnings and a robust near-term outlook.\nOracle, which earns the bulk of its revenues from its cloud services and license support unit, beat Street earnings forecasts by a dime with an adjusted second quarter bottom line of $1.12 per share.\nCloud division revenues topped $7.5 billion as companies continue to spend on hybrid work solutions in a post-pandemic world, while overall revenues grew by 6% to $10.4 billon.\nBookings grew at an even faster pace, rising 11% from last year's levels, giving Oracle the confidence to forecast current quarter revenues in the region of $10.7 billion to $10.9 billion, based on growth forecasts, with profits of between $1.19 and $1.23 per share.","news_type":1,"symbols_score_info":{"CERN":0.9,"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":3128,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699568071,"gmtCreate":1639841823903,"gmtModify":1639841824020,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699568071","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohu8.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</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>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-18 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699563761,"gmtCreate":1639841695060,"gmtModify":1639841695174,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm Disney&nbsp;","listText":"Hmmm Disney&nbsp;","text":"Hmmm Disney","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699563761","repostId":"2192754259","repostType":4,"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699096157,"gmtCreate":1639718342273,"gmtModify":1639718342383,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"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/699096157","repostId":"1141867982","repostType":4,"repost":{"id":"1141867982","kind":"news","pubTimestamp":1639708874,"share":"https://www.laohu8.com/m/news/1141867982?lang=zh_CN&edition=full","pubTime":"2021-12-17 10:41","market":"us","language":"en","title":"Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141867982","media":"Seeking Alpha","summary":"Summary\n\nArk Invest continues to sell shares of the EV company.\nWeight in the top fund now is below ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Ark Invest continues to sell shares of the EV company.</li>  <li>Weight in the top fund now is below 7.75%.</li>  <li>Lack of purchases for undervalued stock is telling.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Ark Invest继续出售这家电动汽车公司的股票。</li><li>顶级基金的权重目前低于7.75%。</li><li>缺乏对被低估股票的购买很能说明问题。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> When it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.</p><p><blockquote>谈到电动汽车制造商特斯拉(TSLA)，近年来最大、最直言不讳的看涨者之一是凯西·伍德(Cathie Wood)。方舟投资管理公司的领导人一直在各种财经媒体上宣扬她对公司及其股票的热爱。然而，尽管情绪积极，她的公司最近仍在大量出售特斯拉股票。</blockquote></p><p> As those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.</p><p><blockquote>正如那些关注我的特斯拉报道的人所知，自2020年3月下旬以来，我一直在跟踪Ark Invest的每日特斯拉持有量。该股票主要由Ark的三只主动ETF持有——创新ETF(ARKK)、自主技术和机器人ETF(ARKQ)和下一代互联网ETF(ARKW)。最近，Ark Invest推出了一只持有特斯拉的透明ETF（CTRU），但这是一只跟踪特定指数的指数型ETF，目前规模非常小。透明度ETF不像主动型ETF那样进行大量的每日配置变动，因此它对于今天的论点并不重要。</blockquote></p><p> For its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.</p><p><blockquote>对于其主动ETF，Ark Invest每天都会发送一封电子邮件，详细介绍该公司的配置交易。这些是以个人名义进行的特定买入或卖出，以改变股票在六只活跃ETF之一中的权重。每天也有由于流入或赎回而导致的头寸变化，但这些都没有显示在电子邮件中。要看到这些变化，你必须像我一样每天跟踪持有量。下图显示了周三ARKK的配置变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb55e624d01be71b7bccdfe2b1836d3f\" tg-width=\"640\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>Source: Ark Invest Daily Trades E-mail</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Ark Invest每日交易电子邮件</span></p></blockquote></p><p> ARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.</p><p><blockquote>ARKK被称为Ark Invest“母舰”，因为它是该公司的旗舰基金，约占该公司管理总资产的52%。周三该ETF的特斯拉抛售是过去19个交易日中的第12次，Ark Invest周三还在持有该股的另外两只活跃ETF中另外出售了22,579股股票。这延续了7月下旬开始的抛售模式，自7月7日以来，Ark Invest尚未在这三只基金中的任何一只基金中以配置的方式购买特斯拉。</blockquote></p><p> Before counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).</p><p><blockquote>在计算周三因资金流入和赎回而产生的任何变化之前，特斯拉周三的三笔出售将使特斯拉在主动ETF中的总持有量达到约190万股。在各自的峰值时，这些ETF合计持有超过557.5万股，因此这是该公司情绪的巨大转变（三只ETF的单日合计总峰值超过551.5万股）。</blockquote></p><p> The massive Tesla sales recently are especially strange when you consider&nbsp;last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.</p><p><blockquote>当你考虑到上周CNBC的亮相时，特斯拉最近的大规模销售尤其奇怪。凯西·伍德(Cathie Wood)在网络上表示特斯拉被低估，并重申了该股3,000美元的基本目标价。当时股价约为1,050美元，但她当天出售了股票，此后一直如此，尽管特斯拉股价在周三的交易中跌破930美元，然后在美联储决定后随市场反弹。</blockquote></p><p> Now there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest&nbsp;actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.</p><p><blockquote>现在将会有凯西·伍德的捍卫者谈论个人名义的头寸限制。Ark Invest实际上在今年早些时候取消了这些限制，此前允许其ETF以任何特定名称持有最多30%的股份。如下图所示，特斯拉在ARKK的日收盘权重从未超过13%，因此股价也从未接近过这一限制。Cathie Wood有一个“自我施加的限制”，阻止任何配置购买基金中超过10%的股票，但对于她何时必须出售任何股票，没有固定的指导方针。</blockquote></p><p> I bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.</p><p><blockquote>我提出这些百分比是因为它与Ark的特斯拉销售额有关。会有人说凯西是因为这些限制而卖出的，但这是一个错误的理论。是的，特斯拉股价近年来确实上涨了，但当你对该股的目标价为3,000美元时，为什么你目前的价格低于1,000美元呢？看看下图，它显示了过去420个交易日特斯拉在ARKK的权重。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/428535a6d7a7e5ffe7a9d198bb5ba675\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Last data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表上的最后一个数据点是截至12/15的权重。来源：ARKK网站每日追踪</span></p></blockquote></p><p></p><p> Tesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.</p><p><blockquote>截至周三，特斯拉在旗舰基金中的权重为7.73%。我还要指出，直到上周，在我的跟踪期间，特斯拉的股价还没有低于8.50%，但即使特斯拉的权重处于至少21个月以来的最低点，凯西·伍德仍在继续出售股票。此前，当特斯拉股价回到10.00%以下时，Ark Invest通常会很快再次买入股票。我要指出的是，在过去的几个月里，她减少的特斯拉头寸中约有860,000股是由于她的基金从历史高点暴跌而被赎回。</blockquote></p><p> In the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.</p><p><blockquote>最后，凯西·伍德关于特斯拉的行为与她所做的声明完全相反。这位基金经理周三继续出售这家电动汽车制造商的股票，尽管该公司在其旗舰基金中的权重已经处于400多个交易日以来的最低水平。在三只活跃的Ark Invest ETF中，股票总持有量下降了近三分之二，尽管其中不到四分之一的下降是由于赎回造成的。就在上周，她称特斯拉被低估，并重申了3000美元的目标价，但她最近的交易历史却讲述了一个截然不同的故事。</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>Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</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\">\nTesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-17 10:41</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>Ark Invest continues to sell shares of the EV company.</li>  <li>Weight in the top fund now is below 7.75%.</li>  <li>Lack of purchases for undervalued stock is telling.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Ark Invest继续出售这家电动汽车公司的股票。</li><li>顶级基金的权重目前低于7.75%。</li><li>缺乏对被低估股票的购买很能说明问题。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> When it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.</p><p><blockquote>谈到电动汽车制造商特斯拉(TSLA)，近年来最大、最直言不讳的看涨者之一是凯西·伍德(Cathie Wood)。方舟投资管理公司的领导人一直在各种财经媒体上宣扬她对公司及其股票的热爱。然而，尽管情绪积极，她的公司最近仍在大量出售特斯拉股票。</blockquote></p><p> As those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.</p><p><blockquote>正如那些关注我的特斯拉报道的人所知，自2020年3月下旬以来，我一直在跟踪Ark Invest的每日特斯拉持有量。该股票主要由Ark的三只主动ETF持有——创新ETF(ARKK)、自主技术和机器人ETF(ARKQ)和下一代互联网ETF(ARKW)。最近，Ark Invest推出了一只持有特斯拉的透明ETF（CTRU），但这是一只跟踪特定指数的指数型ETF，目前规模非常小。透明度ETF不像主动型ETF那样进行大量的每日配置变动，因此它对于今天的论点并不重要。</blockquote></p><p> For its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.</p><p><blockquote>对于其主动ETF，Ark Invest每天都会发送一封电子邮件，详细介绍该公司的配置交易。这些是以个人名义进行的特定买入或卖出，以改变股票在六只活跃ETF之一中的权重。每天也有由于流入或赎回而导致的头寸变化，但这些都没有显示在电子邮件中。要看到这些变化，你必须像我一样每天跟踪持有量。下图显示了周三ARKK的配置变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb55e624d01be71b7bccdfe2b1836d3f\" tg-width=\"640\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>Source: Ark Invest Daily Trades E-mail</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Ark Invest每日交易电子邮件</span></p></blockquote></p><p> ARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.</p><p><blockquote>ARKK被称为Ark Invest“母舰”，因为它是该公司的旗舰基金，约占该公司管理总资产的52%。周三该ETF的特斯拉抛售是过去19个交易日中的第12次，Ark Invest周三还在持有该股的另外两只活跃ETF中另外出售了22,579股股票。这延续了7月下旬开始的抛售模式，自7月7日以来，Ark Invest尚未在这三只基金中的任何一只基金中以配置的方式购买特斯拉。</blockquote></p><p> Before counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).</p><p><blockquote>在计算周三因资金流入和赎回而产生的任何变化之前，特斯拉周三的三笔出售将使特斯拉在主动ETF中的总持有量达到约190万股。在各自的峰值时，这些ETF合计持有超过557.5万股，因此这是该公司情绪的巨大转变（三只ETF的单日合计总峰值超过551.5万股）。</blockquote></p><p> The massive Tesla sales recently are especially strange when you consider&nbsp;last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.</p><p><blockquote>当你考虑到上周CNBC的亮相时，特斯拉最近的大规模销售尤其奇怪。凯西·伍德(Cathie Wood)在网络上表示特斯拉被低估，并重申了该股3,000美元的基本目标价。当时股价约为1,050美元，但她当天出售了股票，此后一直如此，尽管特斯拉股价在周三的交易中跌破930美元，然后在美联储决定后随市场反弹。</blockquote></p><p> Now there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest&nbsp;actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.</p><p><blockquote>现在将会有凯西·伍德的捍卫者谈论个人名义的头寸限制。Ark Invest实际上在今年早些时候取消了这些限制，此前允许其ETF以任何特定名称持有最多30%的股份。如下图所示，特斯拉在ARKK的日收盘权重从未超过13%，因此股价也从未接近过这一限制。Cathie Wood有一个“自我施加的限制”，阻止任何配置购买基金中超过10%的股票，但对于她何时必须出售任何股票，没有固定的指导方针。</blockquote></p><p> I bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.</p><p><blockquote>我提出这些百分比是因为它与Ark的特斯拉销售额有关。会有人说凯西是因为这些限制而卖出的，但这是一个错误的理论。是的，特斯拉股价近年来确实上涨了，但当你对该股的目标价为3,000美元时，为什么你目前的价格低于1,000美元呢？看看下图，它显示了过去420个交易日特斯拉在ARKK的权重。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/428535a6d7a7e5ffe7a9d198bb5ba675\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Last data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表上的最后一个数据点是截至12/15的权重。来源：ARKK网站每日追踪</span></p></blockquote></p><p></p><p> Tesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.</p><p><blockquote>截至周三，特斯拉在旗舰基金中的权重为7.73%。我还要指出，直到上周，在我的跟踪期间，特斯拉的股价还没有低于8.50%，但即使特斯拉的权重处于至少21个月以来的最低点，凯西·伍德仍在继续出售股票。此前，当特斯拉股价回到10.00%以下时，Ark Invest通常会很快再次买入股票。我要指出的是，在过去的几个月里，她减少的特斯拉头寸中约有860,000股是由于她的基金从历史高点暴跌而被赎回。</blockquote></p><p> In the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.</p><p><blockquote>最后，凯西·伍德关于特斯拉的行为与她所做的声明完全相反。这位基金经理周三继续出售这家电动汽车制造商的股票，尽管该公司在其旗舰基金中的权重已经处于400多个交易日以来的最低水平。在三只活跃的Ark Invest ETF中，股票总持有量下降了近三分之二，尽管其中不到四分之一的下降是由于赎回造成的。就在上周，她称特斯拉被低估，并重申了3000美元的目标价，但她最近的交易历史却讲述了一个截然不同的故事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475631-tesla-cathie-wood-share-sales\">Seeking Alpha</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":{"ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4475631-tesla-cathie-wood-share-sales","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141867982","content_text":"Summary\n\nArk Invest continues to sell shares of the EV company.\nWeight in the top fund now is below 7.75%.\nLack of purchases for undervalued stock is telling.\n\nJustin Sullivan/Getty Images News\nWhen it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.\nAs those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.\nFor its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.\nSource: Ark Invest Daily Trades E-mail\nARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.\nBefore counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).\nThe massive Tesla sales recently are especially strange when you consider last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.\nNow there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.\nI bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.\nLast data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily\nTesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.\nIn the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":2483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841630861,"gmtCreate":1635905107301,"gmtModify":1635905107301,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841630861","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858261014,"gmtCreate":1635060519538,"gmtModify":1635060519678,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"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/858261014","repostId":"851681374","repostType":1,"repost":{"id":851681374,"gmtCreate":1634903240237,"gmtModify":1634950642491,"author":{"id":"3558937605407666","authorId":"3558937605407666","name":"46d9935c","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558937605407666","idStr":"3558937605407666"},"themes":[],"title":"新加坡银行股的主要驱动因素","htmlText":"新加坡银行好好啊[财迷]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/D05.SI\">$星展集团控股(D05.SI)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/O39.SI\">$华侨银行(O39.SI)$</a>&nbsp;和<a target=\"_blank\" href=\"https://laohu8.com/S/U11.SI\">$大华银行(U11.SI)$</a>&nbsp;是东南亚三大银行。各个银行在东南亚有多元化跨境业务如私行，资产管理，公司和个人贷款，投行等等服务。三大银行的股息也挺大的。在过去五年三家平均股息回报率为4.3%[得意]&nbsp;3.8%[财迷]&nbsp;和3.7%[可爱]&nbsp;真的不错。三家也是<a target=\"_blank\" href=\"https://laohu8.com/S/S68.SI\">$新加坡交易所(S68.SI)$</a>&nbsp;市值最大的公司，所以他们是海指关键成分股，海指ETF是<a target=\"_blank\" href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;[开心]&nbsp;投资这些业务保守，收入分散的银行时，大家什么都不要做，只要等到股息到账[暗中观察]&nbsp;别忘记了新加坡对投资者很友好，就没有资本利得税，也对股息没有任何税或预扣。欢迎各位看一看新加坡交易所官方文章关于国家三大银行。 在全球范围内，银行板块是2021年迄今表现最为强劲的股票板块之一，与能源板块录得相似回报。在新加坡，星展银行、华侨银行和大华银行在过去20年间跻身东盟地区十大银行股之列，2021年迄今的平均总回报率为23%。 对利率","listText":"新加坡银行好好啊[财迷]&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/D05.SI\">$星展集团控股(D05.SI)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/O39.SI\">$华侨银行(O39.SI)$</a>&nbsp;和<a target=\"_blank\" href=\"https://laohu8.com/S/U11.SI\">$大华银行(U11.SI)$</a>&nbsp;是东南亚三大银行。各个银行在东南亚有多元化跨境业务如私行，资产管理，公司和个人贷款，投行等等服务。三大银行的股息也挺大的。在过去五年三家平均股息回报率为4.3%[得意]&nbsp;3.8%[财迷]&nbsp;和3.7%[可爱]&nbsp;真的不错。三家也是<a target=\"_blank\" href=\"https://laohu8.com/S/S68.SI\">$新加坡交易所(S68.SI)$</a>&nbsp;市值最大的公司，所以他们是海指关键成分股，海指ETF是<a target=\"_blank\" href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;[开心]&nbsp;投资这些业务保守，收入分散的银行时，大家什么都不要做，只要等到股息到账[暗中观察]&nbsp;别忘记了新加坡对投资者很友好，就没有资本利得税，也对股息没有任何税或预扣。欢迎各位看一看新加坡交易所官方文章关于国家三大银行。 在全球范围内，银行板块是2021年迄今表现最为强劲的股票板块之一，与能源板块录得相似回报。在新加坡，星展银行、华侨银行和大华银行在过去20年间跻身东盟地区十大银行股之列，2021年迄今的平均总回报率为23%。 对利率","text":"新加坡银行好好啊[财迷] $星展集团控股(D05.SI)$ $华侨银行(O39.SI)$ 和$大华银行(U11.SI)$ 是东南亚三大银行。各个银行在东南亚有多元化跨境业务如私行，资产管理，公司和个人贷款，投行等等服务。三大银行的股息也挺大的。在过去五年三家平均股息回报率为4.3%[得意] 3.8%[财迷] 和3.7%[可爱] 真的不错。三家也是$新加坡交易所(S68.SI)$ 市值最大的公司，所以他们是海指关键成分股，海指ETF是$STI ETF(ES3.SI)$ [开心] 投资这些业务保守，收入分散的银行时，大家什么都不要做，只要等到股息到账[暗中观察] 别忘记了新加坡对投资者很友好，就没有资本利得税，也对股息没有任何税或预扣。欢迎各位看一看新加坡交易所官方文章关于国家三大银行。 在全球范围内，银行板块是2021年迄今表现最为强劲的股票板块之一，与能源板块录得相似回报。在新加坡，星展银行、华侨银行和大华银行在过去20年间跻身东盟地区十大银行股之列，2021年迄今的平均总回报率为23%。 对利率","images":[{"img":"https://static.tigerbbs.com/844f36048be5378ce4d452ef21d6618a","width":"612","height":"1096"},{"img":"https://static.tigerbbs.com/41fc953dc026c8f3529a591143044f48","width":"688","height":"287"},{"img":"https://static.tigerbbs.com/373d638ad28b8aa2916b1bdd102d798d","width":"688","height":"546"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/851681374","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859921453,"gmtCreate":1634651498872,"gmtModify":1634651880278,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"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/859921453","repostId":"859911683","repostType":1,"repost":{"id":859911683,"gmtCreate":1634650348839,"gmtModify":1634650348839,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667586584720","idStr":"3527667586584720"},"themes":[],"title":"开盘：三大股指高开，雾芯科技涨近7%，B站涨逾4%","htmlText":"10月19日，美股小幅高开，道指涨0.32%，纳指涨0.34%，标普500指数涨0.37%。 金银矿业股集体走高，泛美白银、赫拉克矿业涨逾4%，巴里克黄金涨2%。 热门中概股多数上涨，雾芯科技涨近7%，哔哩哔哩涨逾4%，阿里巴巴涨逾2%。","listText":"10月19日，美股小幅高开，道指涨0.32%，纳指涨0.34%，标普500指数涨0.37%。 金银矿业股集体走高，泛美白银、赫拉克矿业涨逾4%，巴里克黄金涨2%。 热门中概股多数上涨，雾芯科技涨近7%，哔哩哔哩涨逾4%，阿里巴巴涨逾2%。","text":"10月19日，美股小幅高开，道指涨0.32%，纳指涨0.34%，标普500指数涨0.37%。 金银矿业股集体走高，泛美白银、赫拉克矿业涨逾4%，巴里克黄金涨2%。 热门中概股多数上涨，雾芯科技涨近7%，哔哩哔哩涨逾4%，阿里巴巴涨逾2%。","images":[{"img":"https://static.tigerbbs.com/1b9195c8eb4064235cbbe10c5067e091","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859911683","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865260576,"gmtCreate":1632988357544,"gmtModify":1632988357721,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"hmm","listText":"hmm","text":"hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865260576","repostId":"2171986054","repostType":4,"isVote":1,"tweetType":1,"viewCount":2864,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":148451952,"gmtCreate":1626009569776,"gmtModify":1631891921426,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148451952","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohu8.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济蓬勃发展，盈利上升，美联储给予前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（豪尔赫·格雷罗/法新社，盖蒂图片社摄）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经大幅上涨17%，确实可能会出现回调。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于这六个原因，我们仍处于股市三到五年牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1.有巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。总而言之，被压抑的私营部门需求将有助于推动美国今年的GDP增长达到8%，并在此后几年达到3.5%-4.5%。Leuthold Group首席策略师兼经济学家吉姆·保尔森指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年，家庭组建激增。这有助于解释家庭需求的大幅上升。一旦你买了房子，你就必须用东西填满它。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未用完的储蓄，因为他们为疫情做好了准备。个人储蓄率接近GDP的16%，而战后的平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表显著改善。债务收入比是20世纪90年代以来的最低水平。消费者将继续利用更多的银行贷款和信用卡容量，因为就业和经济保持强劲，他们的信心增强。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会提高，这必然会促进经济增长。劳动参与率还有提高的空间，在我们达到可能限制经济增长的充分就业之前，留下了闲置的就业能力。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们看看企业被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听说的所有短缺的东西吗？这就是为什么会发生这种情况。为了应对长期的疫情，企业大幅削减库存。这是有史以来最大的库存清理。但现在，企业不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司也削减了产能，并再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平，去年飙升至历史新高，增长了近23%。这创造了持续的增长，它告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>：我们今年将看到7%-8%的GDP增长，明年将达到4%-4.5%，之后将高于平均水平的增长，支持股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2.被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得如此之快，分析师们跟不上。分析师预计标普500今年的每股收益为190美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激通常需要六到八个月才能生效，最近的很多刺激都发生在这个窗口内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计，2021年标普500的盈利将更接近220美元，而不是普遍预期的190美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>保尔森表示：“分析师仍然低估了利润的改善程度以及将会改善多少。”“我们从政策官员那里得到了戏剧性的过度反应。他们解决了崩溃的问题，但在基本面上创造了巨大的改善。这在利润复苏方面仍在发挥作用。”</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出现。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3.城里有一个新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通胀。在此过程中，央行扼杀了经济增长。这就是过去20年是战后经济增长最慢的原因之一。然而现在，美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的衡量标准来衡量这一点。以GDP增长减去10年期国债收益率MUBMUSD10Y，1.359%。该指标在1980年至2010年的大部分时间里都为负值，当时美联储保持增长降温以遏制通胀。但现在，美联储的政策正在帮助将10年期国债收益率保持在远低于GDP增长的水平，从而使经济过热。这就是1950-1965年的情况，一些分析家将其看涨期权为“资本主义的黄金时代”，因为增长的下滑路径。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4.通货膨胀不会杀死公牛</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通胀短期内可能会上升。但从中期来看，通胀杀手将获胜。这是一个综述。人口老龄化，老年人消费减少。企业资本支出的繁荣将继续提高企业的生产率。这使他们能够避免将上升的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地制造商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>五、估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹的阶段，通常会出现以下动态。股市连续几个月横盘整理，主要是因为对通胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，压低了股票估值。在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中，这种动态大约在这一点上发挥了作用。简而言之，我们将看到盈利大幅飙升，而股市则标志着时间的到来，甚至是回调。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将降低股票估值，消除投资者的主要担忧之一——高估值。如果标普500的盈利在年底达到220美元，并且该指数因回调而达到4,000至4,100点，那么股票的市盈率将达到18-19倍，低于1990年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>与往常一样，道琼斯工业平均指数DJIA+1.30%和罗素2000小盘股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们重新进入横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6.情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一名逆向投资者，我将过度情绪视为是时候筹集一些现金的迹象。我们还没有看到这一点。一个简单的衡量标准是投资者情报牛熊比率。最近的价格是3.92。那是在警告路径附近，对我来说从4点开始。另一方面，共同基金现金最近为4.6万亿美元，接近历史高位。这代表了投资者的谨慎态度。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来持续的经济复苏和股市多年牛市，那么遵循这三个主题是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性股票。</b>继续投资对经济敏感的企业，并在回调时增持这些企业。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果您想要收益，请选择支付股息但具有资本增值潜力的股票，而不是销售消费品等稳定增长的公司。关于这个主题，在我的股票信Brush Up on Stocks（链接在下面的简介中）中，我最近建议或重申了零售业的家得宝、市场和投资银行名称B.Riley Financial以及消费者金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长率往往更高。小心中国。它的人口正在老龄化。劳动力增长有限可能会限制经济增长。另一个挑战是，持续的美中紧张局势以及持续关税和贸易壁垒的相关威胁导致全球公司将供应链转移到其他地方。</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 bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</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 bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济蓬勃发展，盈利上升，美联储给予前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（豪尔赫·格雷罗/法新社，盖蒂图片社摄）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经大幅上涨17%，确实可能会出现回调。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于这六个原因，我们仍处于股市三到五年牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1.有巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。总而言之，被压抑的私营部门需求将有助于推动美国今年的GDP增长达到8%，并在此后几年达到3.5%-4.5%。Leuthold Group首席策略师兼经济学家吉姆·保尔森指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年，家庭组建激增。这有助于解释家庭需求的大幅上升。一旦你买了房子，你就必须用东西填满它。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未用完的储蓄，因为他们为疫情做好了准备。个人储蓄率接近GDP的16%，而战后的平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表显著改善。债务收入比是20世纪90年代以来的最低水平。消费者将继续利用更多的银行贷款和信用卡容量，因为就业和经济保持强劲，他们的信心增强。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会提高，这必然会促进经济增长。劳动参与率还有提高的空间，在我们达到可能限制经济增长的充分就业之前，留下了闲置的就业能力。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们看看企业被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听说的所有短缺的东西吗？这就是为什么会发生这种情况。为了应对长期的疫情，企业大幅削减库存。这是有史以来最大的库存清理。但现在，企业不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司也削减了产能，并再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平，去年飙升至历史新高，增长了近23%。这创造了持续的增长，它告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>：我们今年将看到7%-8%的GDP增长，明年将达到4%-4.5%，之后将高于平均水平的增长，支持股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2.被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得如此之快，分析师们跟不上。分析师预计标普500今年的每股收益为190美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激通常需要六到八个月才能生效，最近的很多刺激都发生在这个窗口内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计，2021年标普500的盈利将更接近220美元，而不是普遍预期的190美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>保尔森表示：“分析师仍然低估了利润的改善程度以及将会改善多少。”“我们从政策官员那里得到了戏剧性的过度反应。他们解决了崩溃的问题，但在基本面上创造了巨大的改善。这在利润复苏方面仍在发挥作用。”</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出现。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3.城里有一个新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通胀。在此过程中，央行扼杀了经济增长。这就是过去20年是战后经济增长最慢的原因之一。然而现在，美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的衡量标准来衡量这一点。以GDP增长减去10年期国债收益率MUBMUSD10Y，1.359%。该指标在1980年至2010年的大部分时间里都为负值，当时美联储保持增长降温以遏制通胀。但现在，美联储的政策正在帮助将10年期国债收益率保持在远低于GDP增长的水平，从而使经济过热。这就是1950-1965年的情况，一些分析家将其看涨期权为“资本主义的黄金时代”，因为增长的下滑路径。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4.通货膨胀不会杀死公牛</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通胀短期内可能会上升。但从中期来看，通胀杀手将获胜。这是一个综述。人口老龄化，老年人消费减少。企业资本支出的繁荣将继续提高企业的生产率。这使他们能够避免将上升的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地制造商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>五、估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹的阶段，通常会出现以下动态。股市连续几个月横盘整理，主要是因为对通胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，压低了股票估值。在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中，这种动态大约在这一点上发挥了作用。简而言之，我们将看到盈利大幅飙升，而股市则标志着时间的到来，甚至是回调。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将降低股票估值，消除投资者的主要担忧之一——高估值。如果标普500的盈利在年底达到220美元，并且该指数因回调而达到4,000至4,100点，那么股票的市盈率将达到18-19倍，低于1990年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>与往常一样，道琼斯工业平均指数DJIA+1.30%和罗素2000小盘股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们重新进入横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6.情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一名逆向投资者，我将过度情绪视为是时候筹集一些现金的迹象。我们还没有看到这一点。一个简单的衡量标准是投资者情报牛熊比率。最近的价格是3.92。那是在警告路径附近，对我来说从4点开始。另一方面，共同基金现金最近为4.6万亿美元，接近历史高位。这代表了投资者的谨慎态度。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来持续的经济复苏和股市多年牛市，那么遵循这三个主题是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性股票。</b>继续投资对经济敏感的企业，并在回调时增持这些企业。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果您想要收益，请选择支付股息但具有资本增值潜力的股票，而不是销售消费品等稳定增长的公司。关于这个主题，在我的股票信Brush Up on Stocks（链接在下面的简介中）中，我最近建议或重申了零售业的家得宝、市场和投资银行名称B.Riley Financial以及消费者金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长率往往更高。小心中国。它的人口正在老龄化。劳动力增长有限可能会限制经济增长。另一个挑战是，持续的美中紧张局势以及持续关税和贸易壁垒的相关威胁导致全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?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":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127777503,"gmtCreate":1624872364202,"gmtModify":1631891921436,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm&nbsp;","listText":"Hmmm&nbsp;","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127777503","repostId":"1164912248","repostType":4,"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185950380,"gmtCreate":1623631196940,"gmtModify":1631891921451,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185950380","repostId":"1146430910","repostType":4,"isVote":1,"tweetType":1,"viewCount":824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180486062,"gmtCreate":1623219966356,"gmtModify":1631891921462,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180486062","repostId":"2142629459","repostType":4,"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112589769,"gmtCreate":1622886119051,"gmtModify":1631891921476,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112589769","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</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>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"MQ":"Marqeta, Inc.","LFST":"LifeStance Health Group, Inc.","ZME":"掌门教育","TASK":"TaskUs Inc.",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","BZ":"BOSS直聘",".SPX":"S&P 500 Index","MNDY":"Monday.com Ltd.","DIBS":"1stdibs.com Inc.","ZETA":"Zeta Global Holdings Corp."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"TASK":0.9,"ZETA":0.9,".SPX":0.9,"DIBS":0.9,"LFST":0.9,"MQ":0.9,".IXIC":0.9,"ZME":0.9,"MNDY":0.9,".DJI":0.9,"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118027403,"gmtCreate":1622709077402,"gmtModify":1631891921488,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"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/118027403","repostId":"111714242","repostType":1,"repost":{"id":111714242,"gmtCreate":1622699138086,"gmtModify":1744960689407,"author":{"id":"3545995761422355","authorId":"3545995761422355","name":"不二说价值","avatar":"https://static.tigerbbs.com/56fa489972246881ba23cfecebfd4c45","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3545995761422355","idStr":"3545995761422355"},"themes":[],"title":"AMC单日翻倍，本次登月有何不同？登月常态化可能已经到来！","htmlText":"昨晚又是让股友们激动的一天,WSB概念股又一次登月（to the moon）了[开心]&nbsp;本轮领头羊<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>&nbsp;单日最高涨幅接近130%，收盘也几乎翻倍。距离WSB概念股第一次暴动的一月末已经4个多月过去了，想必很多股友都记忆犹新。不过就我观察，本次登月行动已经和上一次已经有所不同，所以写下来分享给大家，希望对大家未来参与登月有所帮助。一月末，针对散户首次登月，我写过一篇关于美股散户化的文章，当时就预测这类事件未来可能会更疯狂。不过我的风格相对保守，自己不参与，当时也建议股友们少参与。现在看来，股市里虽然没有第一次疯狂，但币圈里，狗狗币，SHIBA等的登月，在涨幅上已经超过<a target=\"_blank\" href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>&nbsp;之前的程度了，可以说是更疯狂。当时做出保守建议背后，有两个重要的因素，但这一次却都改变了。一是恐慌指数<a target=\"_blank\" href=\"https://laohu8.com/S/VIX\">$标普500波动率指数(VIX)$</a>&nbsp;的没有飙升。下图可以看到在1月27日，GME带头飙升的第一天，VIX指数从23涨到了37，涨幅超过60%，后面几天也保持在高位。一般而言，VIX指数保持在20以下的时候整体股市会处于稳步攀升的状态，一旦VIX暴涨，大部分情况都意味着大盘面临暴跌的风险，个股也是风声鹤唳。而那几天其他股票的确也都出现了不小的跌幅。而GME这些股票也差不多在一周左右的时间从最高483元，跌回了50元左右，坑杀了一批追高的朋友。但这一次登月时，VIX却一直保持在17左右的低位，几乎没有受到AMC","listText":"昨晚又是让股友们激动的一天,WSB概念股又一次登月（to the moon）了[开心]&nbsp;本轮领头羊<a target=\"_blank\" href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>&nbsp;单日最高涨幅接近130%，收盘也几乎翻倍。距离WSB概念股第一次暴动的一月末已经4个多月过去了，想必很多股友都记忆犹新。不过就我观察，本次登月行动已经和上一次已经有所不同，所以写下来分享给大家，希望对大家未来参与登月有所帮助。一月末，针对散户首次登月，我写过一篇关于美股散户化的文章，当时就预测这类事件未来可能会更疯狂。不过我的风格相对保守，自己不参与，当时也建议股友们少参与。现在看来，股市里虽然没有第一次疯狂，但币圈里，狗狗币，SHIBA等的登月，在涨幅上已经超过<a target=\"_blank\" href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>&nbsp;之前的程度了，可以说是更疯狂。当时做出保守建议背后，有两个重要的因素，但这一次却都改变了。一是恐慌指数<a target=\"_blank\" href=\"https://laohu8.com/S/VIX\">$标普500波动率指数(VIX)$</a>&nbsp;的没有飙升。下图可以看到在1月27日，GME带头飙升的第一天，VIX指数从23涨到了37，涨幅超过60%，后面几天也保持在高位。一般而言，VIX指数保持在20以下的时候整体股市会处于稳步攀升的状态，一旦VIX暴涨，大部分情况都意味着大盘面临暴跌的风险，个股也是风声鹤唳。而那几天其他股票的确也都出现了不小的跌幅。而GME这些股票也差不多在一周左右的时间从最高483元，跌回了50元左右，坑杀了一批追高的朋友。但这一次登月时，VIX却一直保持在17左右的低位，几乎没有受到AMC","text":"昨晚又是让股友们激动的一天,WSB概念股又一次登月（to the moon）了[开心] 本轮领头羊$AMC院线(AMC)$ 单日最高涨幅接近130%，收盘也几乎翻倍。距离WSB概念股第一次暴动的一月末已经4个多月过去了，想必很多股友都记忆犹新。不过就我观察，本次登月行动已经和上一次已经有所不同，所以写下来分享给大家，希望对大家未来参与登月有所帮助。一月末，针对散户首次登月，我写过一篇关于美股散户化的文章，当时就预测这类事件未来可能会更疯狂。不过我的风格相对保守，自己不参与，当时也建议股友们少参与。现在看来，股市里虽然没有第一次疯狂，但币圈里，狗狗币，SHIBA等的登月，在涨幅上已经超过$游戏驿站(GME)$ 之前的程度了，可以说是更疯狂。当时做出保守建议背后，有两个重要的因素，但这一次却都改变了。一是恐慌指数$标普500波动率指数(VIX)$ 的没有飙升。下图可以看到在1月27日，GME带头飙升的第一天，VIX指数从23涨到了37，涨幅超过60%，后面几天也保持在高位。一般而言，VIX指数保持在20以下的时候整体股市会处于稳步攀升的状态，一旦VIX暴涨，大部分情况都意味着大盘面临暴跌的风险，个股也是风声鹤唳。而那几天其他股票的确也都出现了不小的跌幅。而GME这些股票也差不多在一周左右的时间从最高483元，跌回了50元左右，坑杀了一批追高的朋友。但这一次登月时，VIX却一直保持在17左右的低位，几乎没有受到AMC","images":[{"img":"https://static.tigerbbs.com/f40d6390db3383f459a6054c8f0ba1b0","width":"640","height":"360"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111714242","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":699568071,"gmtCreate":1639841823903,"gmtModify":1639841824020,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699568071","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohu8.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</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>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</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\">\nWall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-18 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":148451952,"gmtCreate":1626009569776,"gmtModify":1631891921426,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148451952","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohu8.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济蓬勃发展，盈利上升，美联储给予前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（豪尔赫·格雷罗/法新社，盖蒂图片社摄）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经大幅上涨17%，确实可能会出现回调。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于这六个原因，我们仍处于股市三到五年牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1.有巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。总而言之，被压抑的私营部门需求将有助于推动美国今年的GDP增长达到8%，并在此后几年达到3.5%-4.5%。Leuthold Group首席策略师兼经济学家吉姆·保尔森指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年，家庭组建激增。这有助于解释家庭需求的大幅上升。一旦你买了房子，你就必须用东西填满它。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未用完的储蓄，因为他们为疫情做好了准备。个人储蓄率接近GDP的16%，而战后的平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表显著改善。债务收入比是20世纪90年代以来的最低水平。消费者将继续利用更多的银行贷款和信用卡容量，因为就业和经济保持强劲，他们的信心增强。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会提高，这必然会促进经济增长。劳动参与率还有提高的空间，在我们达到可能限制经济增长的充分就业之前，留下了闲置的就业能力。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们看看企业被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听说的所有短缺的东西吗？这就是为什么会发生这种情况。为了应对长期的疫情，企业大幅削减库存。这是有史以来最大的库存清理。但现在，企业不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司也削减了产能，并再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平，去年飙升至历史新高，增长了近23%。这创造了持续的增长，它告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>：我们今年将看到7%-8%的GDP增长，明年将达到4%-4.5%，之后将高于平均水平的增长，支持股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2.被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得如此之快，分析师们跟不上。分析师预计标普500今年的每股收益为190美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激通常需要六到八个月才能生效，最近的很多刺激都发生在这个窗口内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计，2021年标普500的盈利将更接近220美元，而不是普遍预期的190美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>保尔森表示：“分析师仍然低估了利润的改善程度以及将会改善多少。”“我们从政策官员那里得到了戏剧性的过度反应。他们解决了崩溃的问题，但在基本面上创造了巨大的改善。这在利润复苏方面仍在发挥作用。”</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出现。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3.城里有一个新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通胀。在此过程中，央行扼杀了经济增长。这就是过去20年是战后经济增长最慢的原因之一。然而现在，美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的衡量标准来衡量这一点。以GDP增长减去10年期国债收益率MUBMUSD10Y，1.359%。该指标在1980年至2010年的大部分时间里都为负值，当时美联储保持增长降温以遏制通胀。但现在，美联储的政策正在帮助将10年期国债收益率保持在远低于GDP增长的水平，从而使经济过热。这就是1950-1965年的情况，一些分析家将其看涨期权为“资本主义的黄金时代”，因为增长的下滑路径。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4.通货膨胀不会杀死公牛</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通胀短期内可能会上升。但从中期来看，通胀杀手将获胜。这是一个综述。人口老龄化，老年人消费减少。企业资本支出的繁荣将继续提高企业的生产率。这使他们能够避免将上升的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地制造商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>五、估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹的阶段，通常会出现以下动态。股市连续几个月横盘整理，主要是因为对通胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，压低了股票估值。在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中，这种动态大约在这一点上发挥了作用。简而言之，我们将看到盈利大幅飙升，而股市则标志着时间的到来，甚至是回调。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将降低股票估值，消除投资者的主要担忧之一——高估值。如果标普500的盈利在年底达到220美元，并且该指数因回调而达到4,000至4,100点，那么股票的市盈率将达到18-19倍，低于1990年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>与往常一样，道琼斯工业平均指数DJIA+1.30%和罗素2000小盘股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们重新进入横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6.情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一名逆向投资者，我将过度情绪视为是时候筹集一些现金的迹象。我们还没有看到这一点。一个简单的衡量标准是投资者情报牛熊比率。最近的价格是3.92。那是在警告路径附近，对我来说从4点开始。另一方面，共同基金现金最近为4.6万亿美元，接近历史高位。这代表了投资者的谨慎态度。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来持续的经济复苏和股市多年牛市，那么遵循这三个主题是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性股票。</b>继续投资对经济敏感的企业，并在回调时增持这些企业。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果您想要收益，请选择支付股息但具有资本增值潜力的股票，而不是销售消费品等稳定增长的公司。关于这个主题，在我的股票信Brush Up on Stocks（链接在下面的简介中）中，我最近建议或重申了零售业的家得宝、市场和投资银行名称B.Riley Financial以及消费者金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长率往往更高。小心中国。它的人口正在老龄化。劳动力增长有限可能会限制经济增长。另一个挑战是，持续的美中紧张局势以及持续关税和贸易壁垒的相关威胁导致全球公司将供应链转移到其他地方。</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 bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</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 bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济蓬勃发展，盈利上升，美联储给予前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（豪尔赫·格雷罗/法新社，盖蒂图片社摄）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经大幅上涨17%，确实可能会出现回调。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于这六个原因，我们仍处于股市三到五年牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1.有巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。总而言之，被压抑的私营部门需求将有助于推动美国今年的GDP增长达到8%，并在此后几年达到3.5%-4.5%。Leuthold Group首席策略师兼经济学家吉姆·保尔森指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年，家庭组建激增。这有助于解释家庭需求的大幅上升。一旦你买了房子，你就必须用东西填满它。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未用完的储蓄，因为他们为疫情做好了准备。个人储蓄率接近GDP的16%，而战后的平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表显著改善。债务收入比是20世纪90年代以来的最低水平。消费者将继续利用更多的银行贷款和信用卡容量，因为就业和经济保持强劲，他们的信心增强。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会提高，这必然会促进经济增长。劳动参与率还有提高的空间，在我们达到可能限制经济增长的充分就业之前，留下了闲置的就业能力。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们看看企业被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听说的所有短缺的东西吗？这就是为什么会发生这种情况。为了应对长期的疫情，企业大幅削减库存。这是有史以来最大的库存清理。但现在，企业不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司也削减了产能，并再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平，去年飙升至历史新高，增长了近23%。这创造了持续的增长，它告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>：我们今年将看到7%-8%的GDP增长，明年将达到4%-4.5%，之后将高于平均水平的增长，支持股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2.被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得如此之快，分析师们跟不上。分析师预计标普500今年的每股收益为190美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激通常需要六到八个月才能生效，最近的很多刺激都发生在这个窗口内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计，2021年标普500的盈利将更接近220美元，而不是普遍预期的190美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>保尔森表示：“分析师仍然低估了利润的改善程度以及将会改善多少。”“我们从政策官员那里得到了戏剧性的过度反应。他们解决了崩溃的问题，但在基本面上创造了巨大的改善。这在利润复苏方面仍在发挥作用。”</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出现。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3.城里有一个新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通胀。在此过程中，央行扼杀了经济增长。这就是过去20年是战后经济增长最慢的原因之一。然而现在，美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的衡量标准来衡量这一点。以GDP增长减去10年期国债收益率MUBMUSD10Y，1.359%。该指标在1980年至2010年的大部分时间里都为负值，当时美联储保持增长降温以遏制通胀。但现在，美联储的政策正在帮助将10年期国债收益率保持在远低于GDP增长的水平，从而使经济过热。这就是1950-1965年的情况，一些分析家将其看涨期权为“资本主义的黄金时代”，因为增长的下滑路径。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4.通货膨胀不会杀死公牛</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通胀短期内可能会上升。但从中期来看，通胀杀手将获胜。这是一个综述。人口老龄化，老年人消费减少。企业资本支出的繁荣将继续提高企业的生产率。这使他们能够避免将上升的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地制造商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>五、估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹的阶段，通常会出现以下动态。股市连续几个月横盘整理，主要是因为对通胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，压低了股票估值。在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中，这种动态大约在这一点上发挥了作用。简而言之，我们将看到盈利大幅飙升，而股市则标志着时间的到来，甚至是回调。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将降低股票估值，消除投资者的主要担忧之一——高估值。如果标普500的盈利在年底达到220美元，并且该指数因回调而达到4,000至4,100点，那么股票的市盈率将达到18-19倍，低于1990年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>与往常一样，道琼斯工业平均指数DJIA+1.30%和罗素2000小盘股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们重新进入横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6.情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一名逆向投资者，我将过度情绪视为是时候筹集一些现金的迹象。我们还没有看到这一点。一个简单的衡量标准是投资者情报牛熊比率。最近的价格是3.92。那是在警告路径附近，对我来说从4点开始。另一方面，共同基金现金最近为4.6万亿美元，接近历史高位。这代表了投资者的谨慎态度。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来持续的经济复苏和股市多年牛市，那么遵循这三个主题是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性股票。</b>继续投资对经济敏感的企业，并在回调时增持这些企业。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果您想要收益，请选择支付股息但具有资本增值潜力的股票，而不是销售消费品等稳定增长的公司。关于这个主题，在我的股票信Brush Up on Stocks（链接在下面的简介中）中，我最近建议或重申了零售业的家得宝、市场和投资银行名称B.Riley Financial以及消费者金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长率往往更高。小心中国。它的人口正在老龄化。劳动力增长有限可能会限制经济增长。另一个挑战是，持续的美中紧张局势以及持续关税和贸易壁垒的相关威胁导致全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?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":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":698803198,"gmtCreate":1640329279427,"gmtModify":1640329420769,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698803198","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":2316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699568864,"gmtCreate":1639841859411,"gmtModify":1639841859496,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699568864","repostId":"1106862392","repostType":4,"repost":{"id":"1106862392","kind":"news","pubTimestamp":1639810154,"share":"https://www.laohu8.com/m/news/1106862392?lang=zh_CN&edition=full","pubTime":"2021-12-18 14:49","market":"us","language":"en","title":"Cerner Shares Surge On Reports Of $30 Billion Oracle Takeover Bid<blockquote>甲骨文出价300亿美元收购Cerner股价飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106862392","media":"The Street","summary":"Cerner Corp. -Get Cerner Corporation Report shares surged Friday after the Wall Street Journal repor","content":"<p><a href=\"https://laohu8.com/S/CERN\">Cerner Corp.</a> -Get Cerner Corporation Report&nbsp;shares surged Friday after the Wall Street Journal reported that <a href=\"https://laohu8.com/S/ORCL\">Oracle&nbsp;</a> -Get Oracle Corporation Report&nbsp;is preparing to buy the electronic medical records company in a deal worth as much as $30 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/CERN\">塞尔纳公司。</a>-获取Cerner Corporation报告《华尔街日报》报道后，股价周五飙升<a href=\"https://laohu8.com/S/ORCL\">神谕</a>——获取甲骨文公司报告称，该公司正准备以高达300亿美元的交易收购这家电子病历公司。</blockquote></p><p> A takeover of Cerner, the biggest designer of software used by doctors and hospitals to mange and store medical records, would not only be one of the biggest M&amp;A deals of the year, it would also be the biggest in Oracle's corporate history -- more than 3 times the size of its $10 billion purchase of PeopleSoft in 2005 -- and a bold statement from CEO Safra Catz, who assumed sole control of the cloud and software group in 2019.</p><p><blockquote>收购Cerner（医生和医院用于管理和存储医疗记录的软件的最大设计者）不仅将是今年最大的并购交易之一，也将是甲骨文公司历史上最大的一笔交易——超过其2005年斥资100亿美元收购PeopleSoft规模的3倍，首席执行官萨夫拉·卡茨(Safra Catz)也发表了大胆声明，他于2019年接管了该云和软件集团的唯一控制权。</blockquote></p><p> Cerner, which posted third quarter revenues of $1.468 billion in October,&nbsp;has a 25% share of the medical records market, according to SVB Leerrink.</p><p><blockquote>根据SVB Leerrink的数据，Cerner 10月份公布的第三季度收入为14.68亿美元，占据医疗记录市场25%的份额。</blockquote></p><p> \"We view the potential deal as a positive for CERN as it will allow the company to undergo its transition from an EHR to a healthcare platform within the cover of a far larger organization, and with the benefit of a premium takeout valuation,\" said Leerink analysts Stephanie Davis. \"We are cautious on potential pushback from Oracle shareholders creating risk to a deal announcement, as the deal would mark a transition away from the company’s core organic growth acceleration story while the check size implies likely dilution to holders.\"</p><p><blockquote>Leerink表示：“我们认为这笔潜在交易对CERN来说是积极的，因为它将使该公司能够在一个更大的组织的保护下从EHR过渡到医疗保健平台，并受益于溢价外卖估值。”分析师斯蒂芬妮·戴维斯。“我们对甲骨文股东的潜在抵制给交易公告带来风险持谨慎态度，因为该交易将标志着该公司核心有机增长加速故事的转变，而支票规模意味着持有人可能会被稀释。”</blockquote></p><p> Cerner shares ended up $10.28, or 12.9%, at $89.77. Oracle shares fell $6.60, or, 6.4%, to $96.62.</p><p><blockquote>Cerner股价收盘上涨10.28美元，涨幅12.9%，至89.77美元。甲骨文股价下跌6.60美元，跌幅6.4%，至96.62美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/22804ede647ca4b70ab697475b6acc79\" tg-width=\"966\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Oracle shares traded at an all-time high last week, giving the cloud and software group a market value of around $290 billion, following&nbsp;better-than-expected second quarter earnings and a robust near-term outlook.</p><p><blockquote>甲骨文股价上周创下历史新高，这家云和软件集团的市值约为2900亿美元，此前第二季度盈利好于预期，近期前景强劲。</blockquote></p><p> Oracle, which earns the bulk of its revenues from its cloud services and license support unit, beat Street earnings forecasts by a dime with an adjusted second quarter bottom line of $1.12 per share.</p><p><blockquote>甲骨文的大部分收入来自其云服务和许可证支持部门，调整后的第二季度净利润为每股1.12美元，超出了华尔街的盈利预期。</blockquote></p><p> Cloud division revenues topped $7.5 billion as companies continue to spend on hybrid work solutions in a post-pandemic world, while overall revenues grew by 6% to $10.4 billon.</p><p><blockquote>随着公司在大流行后的世界中继续在混合工作解决方案上投入资金，云部门的收入突破了75亿美元，而总收入增长了6%，达到104亿美元。</blockquote></p><p> Bookings grew at an even faster pace, rising 11% from last year's levels, giving Oracle the confidence to forecast current quarter revenues in the region of $10.7 billion to $10.9 billion, based on growth forecasts, with profits of between $1.19 and $1.23 per share.</p><p><blockquote>预订量增长速度更快，比去年增长11%，这让甲骨文有信心根据增长预测预测本季度收入在107亿美元至109亿美元之间，每股利润在1.19美元至1.23美元之间。</blockquote></p><p></p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cerner Shares Surge On Reports Of $30 Billion Oracle Takeover Bid<blockquote>甲骨文出价300亿美元收购Cerner股价飙升</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nCerner Shares Surge On Reports Of $30 Billion Oracle Takeover Bid<blockquote>甲骨文出价300亿美元收购Cerner股价飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-12-18 14:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/CERN\">Cerner Corp.</a> -Get Cerner Corporation Report&nbsp;shares surged Friday after the Wall Street Journal reported that <a href=\"https://laohu8.com/S/ORCL\">Oracle&nbsp;</a> -Get Oracle Corporation Report&nbsp;is preparing to buy the electronic medical records company in a deal worth as much as $30 billion.</p><p><blockquote><a href=\"https://laohu8.com/S/CERN\">塞尔纳公司。</a>-获取Cerner Corporation报告《华尔街日报》报道后，股价周五飙升<a href=\"https://laohu8.com/S/ORCL\">神谕</a>——获取甲骨文公司报告称，该公司正准备以高达300亿美元的交易收购这家电子病历公司。</blockquote></p><p> A takeover of Cerner, the biggest designer of software used by doctors and hospitals to mange and store medical records, would not only be one of the biggest M&amp;A deals of the year, it would also be the biggest in Oracle's corporate history -- more than 3 times the size of its $10 billion purchase of PeopleSoft in 2005 -- and a bold statement from CEO Safra Catz, who assumed sole control of the cloud and software group in 2019.</p><p><blockquote>收购Cerner（医生和医院用于管理和存储医疗记录的软件的最大设计者）不仅将是今年最大的并购交易之一，也将是甲骨文公司历史上最大的一笔交易——超过其2005年斥资100亿美元收购PeopleSoft规模的3倍，首席执行官萨夫拉·卡茨(Safra Catz)也发表了大胆声明，他于2019年接管了该云和软件集团的唯一控制权。</blockquote></p><p> Cerner, which posted third quarter revenues of $1.468 billion in October,&nbsp;has a 25% share of the medical records market, according to SVB Leerrink.</p><p><blockquote>根据SVB Leerrink的数据，Cerner 10月份公布的第三季度收入为14.68亿美元，占据医疗记录市场25%的份额。</blockquote></p><p> \"We view the potential deal as a positive for CERN as it will allow the company to undergo its transition from an EHR to a healthcare platform within the cover of a far larger organization, and with the benefit of a premium takeout valuation,\" said Leerink analysts Stephanie Davis. \"We are cautious on potential pushback from Oracle shareholders creating risk to a deal announcement, as the deal would mark a transition away from the company’s core organic growth acceleration story while the check size implies likely dilution to holders.\"</p><p><blockquote>Leerink表示：“我们认为这笔潜在交易对CERN来说是积极的，因为它将使该公司能够在一个更大的组织的保护下从EHR过渡到医疗保健平台，并受益于溢价外卖估值。”分析师斯蒂芬妮·戴维斯。“我们对甲骨文股东的潜在抵制给交易公告带来风险持谨慎态度，因为该交易将标志着该公司核心有机增长加速故事的转变，而支票规模意味着持有人可能会被稀释。”</blockquote></p><p> Cerner shares ended up $10.28, or 12.9%, at $89.77. Oracle shares fell $6.60, or, 6.4%, to $96.62.</p><p><blockquote>Cerner股价收盘上涨10.28美元，涨幅12.9%，至89.77美元。甲骨文股价下跌6.60美元，跌幅6.4%，至96.62美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/22804ede647ca4b70ab697475b6acc79\" tg-width=\"966\" tg-height=\"636\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Oracle shares traded at an all-time high last week, giving the cloud and software group a market value of around $290 billion, following&nbsp;better-than-expected second quarter earnings and a robust near-term outlook.</p><p><blockquote>甲骨文股价上周创下历史新高，这家云和软件集团的市值约为2900亿美元，此前第二季度盈利好于预期，近期前景强劲。</blockquote></p><p> Oracle, which earns the bulk of its revenues from its cloud services and license support unit, beat Street earnings forecasts by a dime with an adjusted second quarter bottom line of $1.12 per share.</p><p><blockquote>甲骨文的大部分收入来自其云服务和许可证支持部门，调整后的第二季度净利润为每股1.12美元，超出了华尔街的盈利预期。</blockquote></p><p> Cloud division revenues topped $7.5 billion as companies continue to spend on hybrid work solutions in a post-pandemic world, while overall revenues grew by 6% to $10.4 billon.</p><p><blockquote>随着公司在大流行后的世界中继续在混合工作解决方案上投入资金，云部门的收入突破了75亿美元，而总收入增长了6%，达到104亿美元。</blockquote></p><p> Bookings grew at an even faster pace, rising 11% from last year's levels, giving Oracle the confidence to forecast current quarter revenues in the region of $10.7 billion to $10.9 billion, based on growth forecasts, with profits of between $1.19 and $1.23 per share.</p><p><blockquote>预订量增长速度更快，比去年增长11%，这让甲骨文有信心根据增长预测预测本季度收入在107亿美元至109亿美元之间，每股利润在1.19美元至1.23美元之间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/markets/cerner-shares-surge-on-reports-of-30-billion-oracle-takeover-bid\">The Street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文","CERN":"美国塞纳"},"source_url":"https://www.thestreet.com/markets/cerner-shares-surge-on-reports-of-30-billion-oracle-takeover-bid","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106862392","content_text":"Cerner Corp. -Get Cerner Corporation Report shares surged Friday after the Wall Street Journal reported that Oracle  -Get Oracle Corporation Report is preparing to buy the electronic medical records company in a deal worth as much as $30 billion.\nA takeover of Cerner, the biggest designer of software used by doctors and hospitals to mange and store medical records, would not only be one of the biggest M&A deals of the year, it would also be the biggest in Oracle's corporate history -- more than 3 times the size of its $10 billion purchase of PeopleSoft in 2005 -- and a bold statement from CEO Safra Catz, who assumed sole control of the cloud and software group in 2019.\nCerner, which posted third quarter revenues of $1.468 billion in October, has a 25% share of the medical records market, according to SVB Leerrink.\n\"We view the potential deal as a positive for CERN as it will allow the company to undergo its transition from an EHR to a healthcare platform within the cover of a far larger organization, and with the benefit of a premium takeout valuation,\" said Leerink analysts Stephanie Davis. \"We are cautious on potential pushback from Oracle shareholders creating risk to a deal announcement, as the deal would mark a transition away from the company’s core organic growth acceleration story while the check size implies likely dilution to holders.\"\nCerner shares ended up $10.28, or 12.9%, at $89.77. Oracle shares fell $6.60, or, 6.4%, to $96.62.\n\nOracle shares traded at an all-time high last week, giving the cloud and software group a market value of around $290 billion, following better-than-expected second quarter earnings and a robust near-term outlook.\nOracle, which earns the bulk of its revenues from its cloud services and license support unit, beat Street earnings forecasts by a dime with an adjusted second quarter bottom line of $1.12 per share.\nCloud division revenues topped $7.5 billion as companies continue to spend on hybrid work solutions in a post-pandemic world, while overall revenues grew by 6% to $10.4 billon.\nBookings grew at an even faster pace, rising 11% from last year's levels, giving Oracle the confidence to forecast current quarter revenues in the region of $10.7 billion to $10.9 billion, based on growth forecasts, with profits of between $1.19 and $1.23 per share.","news_type":1,"symbols_score_info":{"CERN":0.9,"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":3128,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699563761,"gmtCreate":1639841695060,"gmtModify":1639841695174,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Hmmm Disney&nbsp;","listText":"Hmmm Disney&nbsp;","text":"Hmmm 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10:41","market":"us","language":"en","title":"Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141867982","media":"Seeking Alpha","summary":"Summary\n\nArk Invest continues to sell shares of the EV company.\nWeight in the top fund now is below ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Ark Invest continues to sell shares of the EV company.</li>  <li>Weight in the top fund now is below 7.75%.</li>  <li>Lack of purchases for undervalued stock is telling.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Ark Invest继续出售这家电动汽车公司的股票。</li><li>顶级基金的权重目前低于7.75%。</li><li>缺乏对被低估股票的购买很能说明问题。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> When it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.</p><p><blockquote>谈到电动汽车制造商特斯拉(TSLA)，近年来最大、最直言不讳的看涨者之一是凯西·伍德(Cathie Wood)。方舟投资管理公司的领导人一直在各种财经媒体上宣扬她对公司及其股票的热爱。然而，尽管情绪积极，她的公司最近仍在大量出售特斯拉股票。</blockquote></p><p> As those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.</p><p><blockquote>正如那些关注我的特斯拉报道的人所知，自2020年3月下旬以来，我一直在跟踪Ark Invest的每日特斯拉持有量。该股票主要由Ark的三只主动ETF持有——创新ETF(ARKK)、自主技术和机器人ETF(ARKQ)和下一代互联网ETF(ARKW)。最近，Ark Invest推出了一只持有特斯拉的透明ETF（CTRU），但这是一只跟踪特定指数的指数型ETF，目前规模非常小。透明度ETF不像主动型ETF那样进行大量的每日配置变动，因此它对于今天的论点并不重要。</blockquote></p><p> For its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.</p><p><blockquote>对于其主动ETF，Ark Invest每天都会发送一封电子邮件，详细介绍该公司的配置交易。这些是以个人名义进行的特定买入或卖出，以改变股票在六只活跃ETF之一中的权重。每天也有由于流入或赎回而导致的头寸变化，但这些都没有显示在电子邮件中。要看到这些变化，你必须像我一样每天跟踪持有量。下图显示了周三ARKK的配置变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb55e624d01be71b7bccdfe2b1836d3f\" tg-width=\"640\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>Source: Ark Invest Daily Trades E-mail</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Ark Invest每日交易电子邮件</span></p></blockquote></p><p> ARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.</p><p><blockquote>ARKK被称为Ark Invest“母舰”，因为它是该公司的旗舰基金，约占该公司管理总资产的52%。周三该ETF的特斯拉抛售是过去19个交易日中的第12次，Ark Invest周三还在持有该股的另外两只活跃ETF中另外出售了22,579股股票。这延续了7月下旬开始的抛售模式，自7月7日以来，Ark Invest尚未在这三只基金中的任何一只基金中以配置的方式购买特斯拉。</blockquote></p><p> Before counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).</p><p><blockquote>在计算周三因资金流入和赎回而产生的任何变化之前，特斯拉周三的三笔出售将使特斯拉在主动ETF中的总持有量达到约190万股。在各自的峰值时，这些ETF合计持有超过557.5万股，因此这是该公司情绪的巨大转变（三只ETF的单日合计总峰值超过551.5万股）。</blockquote></p><p> The massive Tesla sales recently are especially strange when you consider&nbsp;last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.</p><p><blockquote>当你考虑到上周CNBC的亮相时，特斯拉最近的大规模销售尤其奇怪。凯西·伍德(Cathie Wood)在网络上表示特斯拉被低估，并重申了该股3,000美元的基本目标价。当时股价约为1,050美元，但她当天出售了股票，此后一直如此，尽管特斯拉股价在周三的交易中跌破930美元，然后在美联储决定后随市场反弹。</blockquote></p><p> Now there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest&nbsp;actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.</p><p><blockquote>现在将会有凯西·伍德的捍卫者谈论个人名义的头寸限制。Ark Invest实际上在今年早些时候取消了这些限制，此前允许其ETF以任何特定名称持有最多30%的股份。如下图所示，特斯拉在ARKK的日收盘权重从未超过13%，因此股价也从未接近过这一限制。Cathie Wood有一个“自我施加的限制”，阻止任何配置购买基金中超过10%的股票，但对于她何时必须出售任何股票，没有固定的指导方针。</blockquote></p><p> I bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.</p><p><blockquote>我提出这些百分比是因为它与Ark的特斯拉销售额有关。会有人说凯西是因为这些限制而卖出的，但这是一个错误的理论。是的，特斯拉股价近年来确实上涨了，但当你对该股的目标价为3,000美元时，为什么你目前的价格低于1,000美元呢？看看下图，它显示了过去420个交易日特斯拉在ARKK的权重。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/428535a6d7a7e5ffe7a9d198bb5ba675\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Last data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表上的最后一个数据点是截至12/15的权重。来源：ARKK网站每日追踪</span></p></blockquote></p><p></p><p> Tesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.</p><p><blockquote>截至周三，特斯拉在旗舰基金中的权重为7.73%。我还要指出，直到上周，在我的跟踪期间，特斯拉的股价还没有低于8.50%，但即使特斯拉的权重处于至少21个月以来的最低点，凯西·伍德仍在继续出售股票。此前，当特斯拉股价回到10.00%以下时，Ark Invest通常会很快再次买入股票。我要指出的是，在过去的几个月里，她减少的特斯拉头寸中约有860,000股是由于她的基金从历史高点暴跌而被赎回。</blockquote></p><p> In the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.</p><p><blockquote>最后，凯西·伍德关于特斯拉的行为与她所做的声明完全相反。这位基金经理周三继续出售这家电动汽车制造商的股票，尽管该公司在其旗舰基金中的权重已经处于400多个交易日以来的最低水平。在三只活跃的Ark Invest ETF中，股票总持有量下降了近三分之二，尽管其中不到四分之一的下降是由于赎回造成的。就在上周，她称特斯拉被低估，并重申了3000美元的目标价，但她最近的交易历史却讲述了一个截然不同的故事。</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>Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</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\">\nTesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-17 10:41</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>Ark Invest continues to sell shares of the EV company.</li>  <li>Weight in the top fund now is below 7.75%.</li>  <li>Lack of purchases for undervalued stock is telling.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Ark Invest继续出售这家电动汽车公司的股票。</li><li>顶级基金的权重目前低于7.75%。</li><li>缺乏对被低估股票的购买很能说明问题。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> When it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.</p><p><blockquote>谈到电动汽车制造商特斯拉(TSLA)，近年来最大、最直言不讳的看涨者之一是凯西·伍德(Cathie Wood)。方舟投资管理公司的领导人一直在各种财经媒体上宣扬她对公司及其股票的热爱。然而，尽管情绪积极，她的公司最近仍在大量出售特斯拉股票。</blockquote></p><p> As those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.</p><p><blockquote>正如那些关注我的特斯拉报道的人所知，自2020年3月下旬以来，我一直在跟踪Ark Invest的每日特斯拉持有量。该股票主要由Ark的三只主动ETF持有——创新ETF(ARKK)、自主技术和机器人ETF(ARKQ)和下一代互联网ETF(ARKW)。最近，Ark Invest推出了一只持有特斯拉的透明ETF（CTRU），但这是一只跟踪特定指数的指数型ETF，目前规模非常小。透明度ETF不像主动型ETF那样进行大量的每日配置变动，因此它对于今天的论点并不重要。</blockquote></p><p> For its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.</p><p><blockquote>对于其主动ETF，Ark Invest每天都会发送一封电子邮件，详细介绍该公司的配置交易。这些是以个人名义进行的特定买入或卖出，以改变股票在六只活跃ETF之一中的权重。每天也有由于流入或赎回而导致的头寸变化，但这些都没有显示在电子邮件中。要看到这些变化，你必须像我一样每天跟踪持有量。下图显示了周三ARKK的配置变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb55e624d01be71b7bccdfe2b1836d3f\" tg-width=\"640\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>Source: Ark Invest Daily Trades E-mail</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Ark Invest每日交易电子邮件</span></p></blockquote></p><p> ARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.</p><p><blockquote>ARKK被称为Ark Invest“母舰”，因为它是该公司的旗舰基金，约占该公司管理总资产的52%。周三该ETF的特斯拉抛售是过去19个交易日中的第12次，Ark Invest周三还在持有该股的另外两只活跃ETF中另外出售了22,579股股票。这延续了7月下旬开始的抛售模式，自7月7日以来，Ark Invest尚未在这三只基金中的任何一只基金中以配置的方式购买特斯拉。</blockquote></p><p> Before counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).</p><p><blockquote>在计算周三因资金流入和赎回而产生的任何变化之前，特斯拉周三的三笔出售将使特斯拉在主动ETF中的总持有量达到约190万股。在各自的峰值时，这些ETF合计持有超过557.5万股，因此这是该公司情绪的巨大转变（三只ETF的单日合计总峰值超过551.5万股）。</blockquote></p><p> The massive Tesla sales recently are especially strange when you consider&nbsp;last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.</p><p><blockquote>当你考虑到上周CNBC的亮相时，特斯拉最近的大规模销售尤其奇怪。凯西·伍德(Cathie Wood)在网络上表示特斯拉被低估，并重申了该股3,000美元的基本目标价。当时股价约为1,050美元，但她当天出售了股票，此后一直如此，尽管特斯拉股价在周三的交易中跌破930美元，然后在美联储决定后随市场反弹。</blockquote></p><p> Now there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest&nbsp;actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.</p><p><blockquote>现在将会有凯西·伍德的捍卫者谈论个人名义的头寸限制。Ark Invest实际上在今年早些时候取消了这些限制，此前允许其ETF以任何特定名称持有最多30%的股份。如下图所示，特斯拉在ARKK的日收盘权重从未超过13%，因此股价也从未接近过这一限制。Cathie Wood有一个“自我施加的限制”，阻止任何配置购买基金中超过10%的股票，但对于她何时必须出售任何股票，没有固定的指导方针。</blockquote></p><p> I bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.</p><p><blockquote>我提出这些百分比是因为它与Ark的特斯拉销售额有关。会有人说凯西是因为这些限制而卖出的，但这是一个错误的理论。是的，特斯拉股价近年来确实上涨了，但当你对该股的目标价为3,000美元时，为什么你目前的价格低于1,000美元呢？看看下图，它显示了过去420个交易日特斯拉在ARKK的权重。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/428535a6d7a7e5ffe7a9d198bb5ba675\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Last data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表上的最后一个数据点是截至12/15的权重。来源：ARKK网站每日追踪</span></p></blockquote></p><p></p><p> Tesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.</p><p><blockquote>截至周三，特斯拉在旗舰基金中的权重为7.73%。我还要指出，直到上周，在我的跟踪期间，特斯拉的股价还没有低于8.50%，但即使特斯拉的权重处于至少21个月以来的最低点，凯西·伍德仍在继续出售股票。此前，当特斯拉股价回到10.00%以下时，Ark Invest通常会很快再次买入股票。我要指出的是，在过去的几个月里，她减少的特斯拉头寸中约有860,000股是由于她的基金从历史高点暴跌而被赎回。</blockquote></p><p> In the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.</p><p><blockquote>最后，凯西·伍德关于特斯拉的行为与她所做的声明完全相反。这位基金经理周三继续出售这家电动汽车制造商的股票，尽管该公司在其旗舰基金中的权重已经处于400多个交易日以来的最低水平。在三只活跃的Ark Invest ETF中，股票总持有量下降了近三分之二，尽管其中不到四分之一的下降是由于赎回造成的。就在上周，她称特斯拉被低估，并重申了3000美元的目标价，但她最近的交易历史却讲述了一个截然不同的故事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475631-tesla-cathie-wood-share-sales\">Seeking Alpha</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":{"ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4475631-tesla-cathie-wood-share-sales","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141867982","content_text":"Summary\n\nArk Invest continues to sell shares of the EV company.\nWeight in the top fund now is below 7.75%.\nLack of purchases for undervalued stock is telling.\n\nJustin Sullivan/Getty Images News\nWhen it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.\nAs those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.\nFor its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.\nSource: Ark Invest Daily Trades E-mail\nARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.\nBefore counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).\nThe massive Tesla sales recently are especially strange when you consider last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.\nNow there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.\nI bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.\nLast data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily\nTesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.\nIn the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":2483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841630861,"gmtCreate":1635905107301,"gmtModify":1635905107301,"author":{"id":"3562033506721314","authorId":"3562033506721314","name":"noobish","avatar":"https://static.tigerbbs.com/ba9d7c92fbb05a9bf827db5bbd5ade61","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562033506721314","idStr":"3562033506721314"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841630861","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}