DaveNg5144的个人主页 - 老虎社区

DaveNg5144

DaveNg5144

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2021-09-11

$Tilray Inc.(TLRY)$🤦🏻‍♀️

2021-02-17

Good

Index funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote>

2021-04-12

$Tiger Brokers(TIGR)$Hope today will go up

2021-08-17

$Velodyne Lidar Inc(VLDR)$Hopeless 🤦🏻‍♀️

2021-04-02

Like and comment please

US.weekly jobless claims total 719,000, above expected<blockquote>美国每周初请失业金人数总计71.9万人，高于预期</blockquote>

2021-08-14

$Alibaba(BABA)$[Angry]

2021-07-09

$Velodyne Lidar Inc(VLDR)$😭

2021-05-30

$AMC Entertainment(AMC)$Gogogo

2021-12-12

$Tiger Brokers(TIGR)$🤦🏻‍♀️

2021-08-19

$NVIDIA Corp(NVDA)$Gogogo

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target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$</a>&nbsp;还未发财报却也凭借一己之力搅动美股科技股板块。 11月4日，芯片巨头英伟达股价周四大涨12.04%，收于298.01美元，创去年3月以来最大单日涨幅，市值首次突破7000亿美元，达到7450亿美元。目前英伟达的市值位居全美第七，并且超过伯克希尔哈撒韦公司<a target=\"_blank\" href=\"https://laohu8.com/S/BRK.A\">$伯克希尔(BRK.A)$</a>&nbsp;。英伟达股价这一轮大涨背后，到底是有哪些因素在推波助澜？ 上涨导火线：富国银行一份报告掀巨浪 这次英伟达的股价一夜大涨不少，最直接的因素还是因富国银行发布的一份最新报告。 据报道：富国银行在一份报告中吹捧英伟达即将推出的产品扩张计划，并大幅上调了目标价，预计该股还有8%的上涨空间，随后该股从开盘跳涨。 富国银行的分析师雷克斯说：“NVIDIA Omniverse Enterprise代表着NVIDIA的一项重要的平台扩张战略，这也带来了一个不断深化的反复出现的软件故事。”Metaverse可能会在未来五年为NVIDIA带来100亿美元的增量市场机会。该公司将Omniverse视为其人工智能和HPC战略未来增长的关键支柱。 从长远来看，富国银行(Wells Fargo)认为，随着数字资产和数字双胞胎成为重要的经济驱动力，市场机会可能会更大。NVIDIA还可以从为Metaverse提供动力所需的大量计算中获得实质性好处，其中人工智能辅助设计和并行计算处于领先地位。 据悉英伟达于去年12月发布了其Omniverse平台的公开测试版，作为一个开放的虚拟平台，该平台允许创造者","listText":"进入美股新一季的财报季，除了不少知名科技股的财报吸引眼球之外，英伟达<a target=\"_blank\" href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$</a>&nbsp;还未发财报却也凭借一己之力搅动美股科技股板块。 11月4日，芯片巨头英伟达股价周四大涨12.04%，收于298.01美元，创去年3月以来最大单日涨幅，市值首次突破7000亿美元，达到7450亿美元。目前英伟达的市值位居全美第七，并且超过伯克希尔哈撒韦公司<a target=\"_blank\" href=\"https://laohu8.com/S/BRK.A\">$伯克希尔(BRK.A)$</a>&nbsp;。英伟达股价这一轮大涨背后，到底是有哪些因素在推波助澜？ 上涨导火线：富国银行一份报告掀巨浪 这次英伟达的股价一夜大涨不少，最直接的因素还是因富国银行发布的一份最新报告。 据报道：富国银行在一份报告中吹捧英伟达即将推出的产品扩张计划，并大幅上调了目标价，预计该股还有8%的上涨空间，随后该股从开盘跳涨。 富国银行的分析师雷克斯说：“NVIDIA Omniverse Enterprise代表着NVIDIA的一项重要的平台扩张战略，这也带来了一个不断深化的反复出现的软件故事。”Metaverse可能会在未来五年为NVIDIA带来100亿美元的增量市场机会。该公司将Omniverse视为其人工智能和HPC战略未来增长的关键支柱。 从长远来看，富国银行(Wells Fargo)认为，随着数字资产和数字双胞胎成为重要的经济驱动力，市场机会可能会更大。NVIDIA还可以从为Metaverse提供动力所需的大量计算中获得实质性好处，其中人工智能辅助设计和并行计算处于领先地位。 据悉英伟达于去年12月发布了其Omniverse平台的公开测试版，作为一个开放的虚拟平台，该平台允许创造者","text":"进入美股新一季的财报季，除了不少知名科技股的财报吸引眼球之外，英伟达$英伟达(NVDA)$ 还未发财报却也凭借一己之力搅动美股科技股板块。 11月4日，芯片巨头英伟达股价周四大涨12.04%，收于298.01美元，创去年3月以来最大单日涨幅，市值首次突破7000亿美元，达到7450亿美元。目前英伟达的市值位居全美第七，并且超过伯克希尔哈撒韦公司$伯克希尔(BRK.A)$ 。英伟达股价这一轮大涨背后，到底是有哪些因素在推波助澜？ 上涨导火线：富国银行一份报告掀巨浪 这次英伟达的股价一夜大涨不少，最直接的因素还是因富国银行发布的一份最新报告。 据报道：富国银行在一份报告中吹捧英伟达即将推出的产品扩张计划，并大幅上调了目标价，预计该股还有8%的上涨空间，随后该股从开盘跳涨。 富国银行的分析师雷克斯说：“NVIDIA Omniverse Enterprise代表着NVIDIA的一项重要的平台扩张战略，这也带来了一个不断深化的反复出现的软件故事。”Metaverse可能会在未来五年为NVIDIA带来100亿美元的增量市场机会。该公司将Omniverse视为其人工智能和HPC战略未来增长的关键支柱。 从长远来看，富国银行(Wells Fargo)认为，随着数字资产和数字双胞胎成为重要的经济驱动力，市场机会可能会更大。NVIDIA还可以从为Metaverse提供动力所需的大量计算中获得实质性好处，其中人工智能辅助设计和并行计算处于领先地位。 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Inc.(TLRY)$🤦🏻‍♀️","images":[{"img":"https://static.tigerbbs.com/7d860900f1cefcfd36456e915054a8f0","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/881357163","isVote":1,"tweetType":1,"viewCount":1507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":385266756,"gmtCreate":1613555660775,"gmtModify":1634553181830,"author":{"id":"3563596700956479","authorId":"3563596700956479","name":"DaveNg5144","avatar":"https://static.tigerbbs.com/f512a245bcf42ba3604520e2e90ef7a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563596700956479","authorIdStr":"3563596700956479"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/385266756","repostId":"1195476575","repostType":4,"repost":{"id":"1195476575","kind":"news","pubTimestamp":1613555269,"share":"https://www.laohu8.com/m/news/1195476575?lang=zh_CN&edition=full","pubTime":"2021-02-17 17:47","market":"us","language":"en","title":"Index funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195476575","media":"MarketWatch","summary":"How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S.","content":"<p>How indexed mutual funds and ETFs can capture the powerful gains when a company goes public</p><p><blockquote>指数共同基金和ETF如何在公司上市时获取强劲收益</blockquote></p><p> The U.S. market for IPOs (initial public offerings) was red hot in 2020.&nbsp; Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.&nbsp; The prices of these IPOs jumped during the initial day of trading by 36% on average.</p><p><blockquote>2020年，美国IPO（首次公开募股）市场非常火爆。不包括特殊目的收购工具，去年美国IPO筹集了830亿美元的总收益。这些IPO的价格在交易首日平均上涨了36%。</blockquote></p><p> Despite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.&nbsp; Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.</p><p><blockquote>尽管有这些高回报，指数基金——包括共同基金和交易所交易基金——几乎从未以首次发行价购买IPO。相反，指数基金等到IPO股票被添加到相关指数的日期附近才购买IPO股票——通常是在IPO后六个月至一年内的季度末。</blockquote></p><p> Yet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.&nbsp; For example, the price of Tesla&nbsp;spiked once it became likely that the company would be added to the S&amp;P500.</p><p><blockquote>然而，随着任何IPO指数纳入日期的临近，其价格通常会因预期会出现大量购买而飙升，从而推高指数基金必须为该股票支付的价格。例如，一旦特斯拉有可能被纳入标准普尔500指数，该公司的价格就会飙升。</blockquote></p><p> In this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.&nbsp; Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index&nbsp;to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.</p><p><blockquote>在这篇文章中，我概述了2010年至2018年关于IPO高初始回报的数据，以及阻碍指数基金在IPO被纳入指数之前购买IPO的担忧。然后，我提出了一个开创性的建议——允许任何跟踪罗素1000指数的指数基金通过早期购买IPO来满足这些担忧，当且仅当IPO相对于指数规模较大时。</blockquote></p><p> Like many other studies,the study that I co-authored with two experts on indexing&nbsp;found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.&nbsp; For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.</p><p><blockquote>与许多其他研究一样，我与两位指数专家合著的研究发现，IPO股价在交易的第一天就有很高的回报。在第一个交易日之后，该研究通过一种称为指数调整表现（IAP）的衡量标准评估了IPO回报，即证券的总回报与指数从交易第一天的收盘价到随后任何一天的收盘价的总回报之间的差额。例如，正的IAP表明，从第一个交易日收盘到IPO被纳入相关指数之日，IPO的表现优于指数。</blockquote></p><p> The study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.&nbsp; Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.</p><p><blockquote>该研究计算了2010年1月至2018年12月9年间所有932家美国IPO的这两个回报指标。在这932家IPO中，有115家在交易的前六个月内被纳入罗素1000指数。</blockquote></p><p> The study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.&nbsp; The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.&nbsp; IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.</p><p><blockquote>这项研究使用了罗素1000指数，因为它包括了美国股市所有上市股票总市值的92%。罗素1000指数包含了按市值排名前1000的美国公开交易公司。严格根据其市值，IPO在每个季度末被考虑纳入。</blockquote></p><p> The first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%. &nbsp;Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.</p><p><blockquote>这115家IPO的首日回报率非常高——平均为22%，中位数为10%。同样，研究发现了罗素1000指数中这115家IPO的IAP，发现了积极的趋势——IPO和指数纳入日期之间的平均IAP为6.89%，中位数为5.24%。</blockquote></p><p> Both of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.&nbsp; The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.&nbsp; Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.</p><p><blockquote>这两种趋势都表明，指数基金可以通过在IPO被纳入指数之前购买IPO来产生超额回报。最大的回报可以通过以初始发行价购买IPO并持有至指数纳入日来实现。指数基金也可以通过在IPO首日交易后购买IPO并持有至指数纳入日来实现显著的超额回报。</blockquote></p><p> <b>Risks in the returns</b></p><p><blockquote><b>回报中的风险</b></blockquote></p><p> Index funds would face several risks associated with such early purchases of IPOs.</p><p><blockquote>指数基金将面临与这种早期购买IPO相关的几个风险。</blockquote></p><p> First, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.&nbsp; An index fund might purchase an IPO stock that doesn’t get added to the index.&nbsp; In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.</p><p><blockquote>首先，也是最重要的一点，没有人知道哪些IPO会在IPO时被添加到指数中。指数基金可能会购买没有被添加到指数中的IPO股票。在这种情况下，该基金将不得不出售IPO股票，可能会亏本出售。IPO股票的价格将会下跌，因为当该股票被添加到指数中时，不再需要其他指数基金购买该股票。</blockquote></p><p> A second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public.&nbsp;Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.</p><p><blockquote>第二个担忧是，指数基金在IPO中不会获得足够大的配置来反映该股在指数中的未来地位——例如，当一家受欢迎的科技公司上市时。即便如此，指数基金仍然可以通过在IPO后的第二天购买更多此类股票并持有该股票直到其被纳入指数来产生超额回报。</blockquote></p><p> Third, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.&nbsp; Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.&nbsp; But investors would probably not be overly concerned if the fund beat the index it was designed to track.</p><p><blockquote>第三，由于指数基金将持有不包括在指数中的股票——至少在几个月内——该基金将经历跟踪误差。当指数基金投资组合的回报与其基准指数的回报存在重大差异时，就会出现跟踪误差。但如果该基金跑赢了它旨在跟踪的指数，投资者可能不会过度担心。</blockquote></p><p></p><p> Of course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.</p><p><blockquote>当然，这种指数基金的招股说明书必须明确，它将在首次公开募股和首日交易后购买股票。招股说明书还应描述基金在首次公开募股纳入指数之前购买所涉及的风险。</blockquote></p><p> To mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index. &nbsp; Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.</p><p><blockquote>为了减轻最重要的风险——IPO不会被纳入指数——我建议指数基金只有在IPO在罗素1000指数中的预期权重相对较大的情况下才应该购买IPO。预期权重等于IPO筹集的总收益除以指数中自由交易股票的总流通量。由于罗素1000指数由市值排名前1000的美国公司组成，IPO相对于该指数的规模越大，IPO被加入该指数的可能性就越大。</blockquote></p><p> This strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.&nbsp; In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.&nbsp; In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.</p><p><blockquote>这种策略可以通过调整早期购买IPO的规模阈值来适应指数基金不同的风险承受能力。在保守策略中，指数基金将只购买指数中预期权重最大的IPO，因为它们最有可能被纳入指数。相比之下，在更激进的策略中，购买IPO的规模阈值会更低。</blockquote></p><p> The study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)</p><p><blockquote>该研究考察了风险偏好的三个阈值，根据IPO在指数中的预期权重来定义：保守1.0个基点；务实为0.75个基点，进取为0.50个基点。（一个基点等于1%的1/100）</blockquote></p><p> The results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.</p><p><blockquote>下表总结的结果表明，在2010年至2018年期间，该策略将成功产生超额回报，而不会产生重大风险。</blockquote></p><p> For example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.&nbsp; Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.</p><p><blockquote>例如，在保守策略下本应在此期间购买的最大IPO 100%在前六个月内被纳入指数，并产生了15%以上的超额回报。在激进策略下，本应在此期间购买的88%的IPO在六个月内被纳入指数，并产生了接近17%的超额回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0fc52461985f7a3ca10fac53ba2ccf05\" tg-width=\"1260\" tg-height=\"476\"></p><p><blockquote></blockquote></p><p> My recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.</p><p><blockquote>我的建议是，基于罗素1000指数的指数基金在首次发行时购买相对较大的IPO，或者如有必要，在第一天交易后立即购买。尽管此类IPO随后不会被纳入该指数的风险不大，但该策略的超额回报超过了风险。</blockquote></p><p> I would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle.&nbsp;I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&amp;P 500, where stocks included are chosen by a committee.</p><p><blockquote>我不建议任何指数基金使用这种策略来购买通过将私人公司与特殊收购工具合并而实现的IPO。我也不建议任何基于其他指数的指数基金采用这种策略，因为这些指数很难预测IPO股票何时以及是否会被纳入指数，例如标普500，纳入的股票是由一个委员会选择的。</blockquote></p><p></p>","source":"market_watch","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>Index funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</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\">\nIndex funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-17 17:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How indexed mutual funds and ETFs can capture the powerful gains when a company goes public</p><p><blockquote>指数共同基金和ETF如何在公司上市时获取强劲收益</blockquote></p><p> The U.S. market for IPOs (initial public offerings) was red hot in 2020.&nbsp; Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.&nbsp; The prices of these IPOs jumped during the initial day of trading by 36% on average.</p><p><blockquote>2020年，美国IPO（首次公开募股）市场非常火爆。不包括特殊目的收购工具，去年美国IPO筹集了830亿美元的总收益。这些IPO的价格在交易首日平均上涨了36%。</blockquote></p><p> Despite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.&nbsp; Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.</p><p><blockquote>尽管有这些高回报，指数基金——包括共同基金和交易所交易基金——几乎从未以首次发行价购买IPO。相反，指数基金等到IPO股票被添加到相关指数的日期附近才购买IPO股票——通常是在IPO后六个月至一年内的季度末。</blockquote></p><p> Yet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.&nbsp; For example, the price of Tesla&nbsp;spiked once it became likely that the company would be added to the S&amp;P500.</p><p><blockquote>然而，随着任何IPO指数纳入日期的临近，其价格通常会因预期会出现大量购买而飙升，从而推高指数基金必须为该股票支付的价格。例如，一旦特斯拉有可能被纳入标准普尔500指数，该公司的价格就会飙升。</blockquote></p><p> In this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.&nbsp; Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index&nbsp;to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.</p><p><blockquote>在这篇文章中，我概述了2010年至2018年关于IPO高初始回报的数据，以及阻碍指数基金在IPO被纳入指数之前购买IPO的担忧。然后，我提出了一个开创性的建议——允许任何跟踪罗素1000指数的指数基金通过早期购买IPO来满足这些担忧，当且仅当IPO相对于指数规模较大时。</blockquote></p><p> Like many other studies,the study that I co-authored with two experts on indexing&nbsp;found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.&nbsp; For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.</p><p><blockquote>与许多其他研究一样，我与两位指数专家合著的研究发现，IPO股价在交易的第一天就有很高的回报。在第一个交易日之后，该研究通过一种称为指数调整表现（IAP）的衡量标准评估了IPO回报，即证券的总回报与指数从交易第一天的收盘价到随后任何一天的收盘价的总回报之间的差额。例如，正的IAP表明，从第一个交易日收盘到IPO被纳入相关指数之日，IPO的表现优于指数。</blockquote></p><p> The study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.&nbsp; Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.</p><p><blockquote>该研究计算了2010年1月至2018年12月9年间所有932家美国IPO的这两个回报指标。在这932家IPO中，有115家在交易的前六个月内被纳入罗素1000指数。</blockquote></p><p> The study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.&nbsp; The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.&nbsp; IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.</p><p><blockquote>这项研究使用了罗素1000指数，因为它包括了美国股市所有上市股票总市值的92%。罗素1000指数包含了按市值排名前1000的美国公开交易公司。严格根据其市值，IPO在每个季度末被考虑纳入。</blockquote></p><p> The first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%. &nbsp;Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.</p><p><blockquote>这115家IPO的首日回报率非常高——平均为22%，中位数为10%。同样，研究发现了罗素1000指数中这115家IPO的IAP，发现了积极的趋势——IPO和指数纳入日期之间的平均IAP为6.89%，中位数为5.24%。</blockquote></p><p> Both of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.&nbsp; The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.&nbsp; Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.</p><p><blockquote>这两种趋势都表明，指数基金可以通过在IPO被纳入指数之前购买IPO来产生超额回报。最大的回报可以通过以初始发行价购买IPO并持有至指数纳入日来实现。指数基金也可以通过在IPO首日交易后购买IPO并持有至指数纳入日来实现显著的超额回报。</blockquote></p><p> <b>Risks in the returns</b></p><p><blockquote><b>回报中的风险</b></blockquote></p><p> Index funds would face several risks associated with such early purchases of IPOs.</p><p><blockquote>指数基金将面临与这种早期购买IPO相关的几个风险。</blockquote></p><p> First, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.&nbsp; An index fund might purchase an IPO stock that doesn’t get added to the index.&nbsp; In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.</p><p><blockquote>首先，也是最重要的一点，没有人知道哪些IPO会在IPO时被添加到指数中。指数基金可能会购买没有被添加到指数中的IPO股票。在这种情况下，该基金将不得不出售IPO股票，可能会亏本出售。IPO股票的价格将会下跌，因为当该股票被添加到指数中时，不再需要其他指数基金购买该股票。</blockquote></p><p> A second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public.&nbsp;Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.</p><p><blockquote>第二个担忧是，指数基金在IPO中不会获得足够大的配置来反映该股在指数中的未来地位——例如，当一家受欢迎的科技公司上市时。即便如此，指数基金仍然可以通过在IPO后的第二天购买更多此类股票并持有该股票直到其被纳入指数来产生超额回报。</blockquote></p><p> Third, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.&nbsp; Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.&nbsp; But investors would probably not be overly concerned if the fund beat the index it was designed to track.</p><p><blockquote>第三，由于指数基金将持有不包括在指数中的股票——至少在几个月内——该基金将经历跟踪误差。当指数基金投资组合的回报与其基准指数的回报存在重大差异时，就会出现跟踪误差。但如果该基金跑赢了它旨在跟踪的指数，投资者可能不会过度担心。</blockquote></p><p></p><p> Of course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.</p><p><blockquote>当然，这种指数基金的招股说明书必须明确，它将在首次公开募股和首日交易后购买股票。招股说明书还应描述基金在首次公开募股纳入指数之前购买所涉及的风险。</blockquote></p><p> To mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index. &nbsp; Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.</p><p><blockquote>为了减轻最重要的风险——IPO不会被纳入指数——我建议指数基金只有在IPO在罗素1000指数中的预期权重相对较大的情况下才应该购买IPO。预期权重等于IPO筹集的总收益除以指数中自由交易股票的总流通量。由于罗素1000指数由市值排名前1000的美国公司组成，IPO相对于该指数的规模越大，IPO被加入该指数的可能性就越大。</blockquote></p><p> This strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.&nbsp; In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.&nbsp; In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.</p><p><blockquote>这种策略可以通过调整早期购买IPO的规模阈值来适应指数基金不同的风险承受能力。在保守策略中，指数基金将只购买指数中预期权重最大的IPO，因为它们最有可能被纳入指数。相比之下，在更激进的策略中，购买IPO的规模阈值会更低。</blockquote></p><p> The study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)</p><p><blockquote>该研究考察了风险偏好的三个阈值，根据IPO在指数中的预期权重来定义：保守1.0个基点；务实为0.75个基点，进取为0.50个基点。（一个基点等于1%的1/100）</blockquote></p><p> The results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.</p><p><blockquote>下表总结的结果表明，在2010年至2018年期间，该策略将成功产生超额回报，而不会产生重大风险。</blockquote></p><p> For example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.&nbsp; Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.</p><p><blockquote>例如，在保守策略下本应在此期间购买的最大IPO 100%在前六个月内被纳入指数，并产生了15%以上的超额回报。在激进策略下，本应在此期间购买的88%的IPO在六个月内被纳入指数，并产生了接近17%的超额回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0fc52461985f7a3ca10fac53ba2ccf05\" tg-width=\"1260\" tg-height=\"476\"></p><p><blockquote></blockquote></p><p> My recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.</p><p><blockquote>我的建议是，基于罗素1000指数的指数基金在首次发行时购买相对较大的IPO，或者如有必要，在第一天交易后立即购买。尽管此类IPO随后不会被纳入该指数的风险不大，但该策略的超额回报超过了风险。</blockquote></p><p> I would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle.&nbsp;I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&amp;P 500, where stocks included are chosen by a committee.</p><p><blockquote>我不建议任何指数基金使用这种策略来购买通过将私人公司与特殊收购工具合并而实现的IPO。我也不建议任何基于其他指数的指数基金采用这种策略，因为这些指数很难预测IPO股票何时以及是否会被纳入指数，例如标普500，纳入的股票是由一个委员会选择的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1195476575","content_text":"How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S. market for IPOs (initial public offerings) was red hot in 2020.  Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.  The prices of these IPOs jumped during the initial day of trading by 36% on average.\nDespite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.  Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.\nYet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.  For example, the price of Tesla spiked once it became likely that the company would be added to the S&P500.\nIn this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.  Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.\nLike many other studies,the study that I co-authored with two experts on indexing found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.  For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.\nThe study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.  Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.\nThe study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.  The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.  IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.\nThe first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%.  Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.\nBoth of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.  The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.  Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.\nRisks in the returns\nIndex funds would face several risks associated with such early purchases of IPOs.\nFirst, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.  An index fund might purchase an IPO stock that doesn’t get added to the index.  In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.\nA second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public. Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.\nThird, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.  Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.  But investors would probably not be overly concerned if the fund beat the index it was designed to track.\nOf course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.\nTo mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index.   Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.\nThis strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.  In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.  In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.\nThe study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)\nThe results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.\nFor example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.  Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.\n\nMy recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.\nI would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle. I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&P 500, where stocks included are chosen by a committee.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342310469,"gmtCreate":1618183983851,"gmtModify":1634294627125,"author":{"id":"3563596700956479","authorId":"3563596700956479","name":"DaveNg5144","avatar":"https://static.tigerbbs.com/f512a245bcf42ba3604520e2e90ef7a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563596700956479","authorIdStr":"3563596700956479"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Hope today will go up","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Hope today will go up","text":"$Tiger Brokers(TIGR)$Hope today will go up","images":[{"img":"https://static.tigerbbs.com/f05100a6a35cd874dad682c98d3bf0d3","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/342310469","isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":839876423,"gmtCreate":1629153919462,"gmtModify":1631886369719,"author":{"id":"3563596700956479","authorId":"3563596700956479","name":"DaveNg5144","avatar":"https://static.tigerbbs.com/f512a245bcf42ba3604520e2e90ef7a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563596700956479","authorIdStr":"3563596700956479"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VLDR\">$Velodyne Lidar Inc(VLDR)$</a>Hopeless 🤦🏻‍♀️","listText":"<a href=\"https://laohu8.com/S/VLDR\">$Velodyne Lidar Inc(VLDR)$</a>Hopeless 🤦🏻‍♀️","text":"$Velodyne Lidar Inc(VLDR)$Hopeless 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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/357770680","repostId":"1144081100","repostType":4,"repost":{"id":"1144081100","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1617280365,"share":"https://www.laohu8.com/m/news/1144081100?lang=zh_CN&edition=full","pubTime":"2021-04-01 20:32","market":"us","language":"en","title":"US.weekly jobless claims total 719,000, above expected<blockquote>美国每周初请失业金人数总计71.9万人，高于预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144081100","media":"Tiger Newspress","summary":"(April 1) First-time claims for jobless benefits were higher than expected last week, with 719,000 m","content":"<p>(April 1)&nbsp;First-time claims for jobless benefits were higher than expected last week, with 719,000 more workers heading to the unemployment line, the Labor Department reported Thursday.</p><p><blockquote>（4月1日）美国劳工部周四报告称，上周首次申请失业救济人数高于预期，又有71.9万名工人接近失业线。</blockquote></p><p>The total compared to the 675,000 estimate from Dow Jones and was above last week’s downwardly revised 658,000.</p><p><blockquote>与道琼斯估计的675,000人相比，这一总数高于上周向下修正的658,000人。</blockquote></p><p>While the number of weekly claims remains inordinately high by historical means, the trend is falling now that the U.S. economy continues to reopen and close to 3 million Americans receive vacations each day for Covid-19.</p><p><blockquote>虽然从历史角度来看，每周申请失业救济人数仍然过高，但随着美国经济继续重新开放，每天有近300万美国人因Covid-19休假，这一趋势正在下降。</blockquote></p><p>Continuing claims, which run a week behind the headline number, fell by 46,000 to just below 3.8 million.</p><p><blockquote>持续申请失业救济人数比总体数字落后一周，减少了46,000人，略低于380万人。</blockquote></p><p>The report comes a day ahead of the government’s nonfarm payrolls count for March, which is expected to show a gain of 675,000, to follow on February’s 379,000.</p><p><blockquote>该报告是在政府公布3月份非农就业人数的前一天发布的，预计3月份非农就业人数将比2月份的37.9万人增加675,000人。</blockquote></p><p>Along with the efforts to combat the virus, the Biden Administration continues to shovel money to boost an economy that is showing signs of solid growth. The president put forth a $2 trillion spending plan Thursday that will build on more than $5 trillion of stimulus either already spent or announced on programs aimed at pulling the nation out of the crisis slump.</p><p><blockquote>在努力抗击病毒的同时，拜登政府继续投入资金来提振显示出稳健增长迹象的经济。总统周四提出了一项2万亿美元的支出计划，该计划将建立在已经支出或宣布的超过5万亿美元的刺激计划的基础上，旨在使国家摆脱危机衰退。</blockquote></p><p>While the pace of job gains slowed in the early part of the winter, recent indications are that hiring has picked up.</p><p><blockquote>尽管初冬就业增长速度放缓，但最近的迹象表明招聘有所回升。</blockquote></p><p>Payroll processing firm ADP estimated that the companies added 517,000 workers in March, the fastest pace since September. Recent manufacturing reports also show plans ahead for more hiring, and job gains appear to be strongest in the battered hospitality sector, which took the worst of the losses due to social distancing and government-imposed restrictions.</p><p><blockquote>薪资处理公司ADP估计，这些公司3月份增加了517,000名员工，这是自9月份以来的最快速度。最近的制造业报告还显示了未来更多招聘的计划，而遭受重创的酒店业的就业增长似乎最为强劲，由于社交距离和政府施加的限制，该行业遭受的损失最为严重。</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>US.weekly jobless claims total 719,000, above expected<blockquote>美国每周初请失业金人数总计71.9万人，高于预期</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\">\nUS.weekly jobless claims total 719,000, above expected<blockquote>美国每周初请失业金人数总计71.9万人，高于预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-01 20:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 1)&nbsp;First-time claims for jobless benefits were higher than expected last week, with 719,000 more workers heading to the unemployment line, the Labor Department reported Thursday.</p><p><blockquote>（4月1日）美国劳工部周四报告称，上周首次申请失业救济人数高于预期，又有71.9万名工人接近失业线。</blockquote></p><p>The total compared to the 675,000 estimate from Dow Jones and was above last week’s downwardly revised 658,000.</p><p><blockquote>与道琼斯估计的675,000人相比，这一总数高于上周向下修正的658,000人。</blockquote></p><p>While the number of weekly claims remains inordinately high by historical means, the trend is falling now that the U.S. economy continues to reopen and close to 3 million Americans receive vacations each day for Covid-19.</p><p><blockquote>虽然从历史角度来看，每周申请失业救济人数仍然过高，但随着美国经济继续重新开放，每天有近300万美国人因Covid-19休假，这一趋势正在下降。</blockquote></p><p>Continuing claims, which run a week behind the headline number, fell by 46,000 to just below 3.8 million.</p><p><blockquote>持续申请失业救济人数比总体数字落后一周，减少了46,000人，略低于380万人。</blockquote></p><p>The report comes a day ahead of the government’s nonfarm payrolls count for March, which is expected to show a gain of 675,000, to follow on February’s 379,000.</p><p><blockquote>该报告是在政府公布3月份非农就业人数的前一天发布的，预计3月份非农就业人数将比2月份的37.9万人增加675,000人。</blockquote></p><p>Along with the efforts to combat the virus, the Biden Administration continues to shovel money to boost an economy that is showing signs of solid growth. The president put forth a $2 trillion spending plan Thursday that will build on more than $5 trillion of stimulus either already spent or announced on programs aimed at pulling the nation out of the crisis slump.</p><p><blockquote>在努力抗击病毒的同时，拜登政府继续投入资金来提振显示出稳健增长迹象的经济。总统周四提出了一项2万亿美元的支出计划，该计划将建立在已经支出或宣布的超过5万亿美元的刺激计划的基础上，旨在使国家摆脱危机衰退。</blockquote></p><p>While the pace of job gains slowed in the early part of the winter, recent indications are that hiring has picked up.</p><p><blockquote>尽管初冬就业增长速度放缓，但最近的迹象表明招聘有所回升。</blockquote></p><p>Payroll processing firm ADP estimated that the companies added 517,000 workers in March, the fastest pace since September. Recent manufacturing reports also show plans ahead for more hiring, and job gains appear to be strongest in the battered hospitality sector, which took the worst of the losses due to social distancing and government-imposed restrictions.</p><p><blockquote>薪资处理公司ADP估计，这些公司3月份增加了517,000名员工，这是自9月份以来的最快速度。最近的制造业报告还显示了未来更多招聘的计划，而遭受重创的酒店业的就业增长似乎最为强劲，由于社交距离和政府施加的限制，该行业遭受的损失最为严重。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144081100","content_text":"(April 1) First-time claims for jobless benefits were higher than expected last week, with 719,000 more workers heading to the unemployment line, the Labor Department reported Thursday.The total compared to the 675,000 estimate from Dow Jones and was above last week’s downwardly revised 658,000.While the number of weekly claims remains inordinately high by historical means, the trend is falling now that the U.S. economy continues to reopen and close to 3 million Americans receive vacations each day for Covid-19.Continuing claims, which run a week behind the headline number, fell by 46,000 to just below 3.8 million.The report comes a day ahead of the government’s nonfarm payrolls count for March, which is expected to show a gain of 675,000, to follow on February’s 379,000.Along with the efforts to combat the virus, the Biden Administration continues to shovel money to boost an economy that is showing signs of solid growth. The president put forth a $2 trillion spending plan Thursday that will build on more than $5 trillion of stimulus either already spent or announced on programs aimed at pulling the nation out of the crisis slump.While the pace of job gains slowed in the early part of the winter, recent indications are that hiring has picked up.Payroll processing firm ADP estimated that the companies added 517,000 workers in March, the fastest pace since September. Recent manufacturing reports also show plans ahead for more hiring, and job gains appear to be strongest in the battered hospitality sector, which took the worst of the losses due to social distancing and government-imposed restrictions.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897361725,"gmtCreate":1628890375767,"gmtModify":1631891416511,"author":{"id":"3563596700956479","authorId":"3563596700956479","name":"DaveNg5144","avatar":"https://static.tigerbbs.com/f512a245bcf42ba3604520e2e90ef7a1","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563596700956479","authorIdStr":"3563596700956479"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[Angry]&nbsp;","listText":"<a 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