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RogerLew

RogerLew

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2021-02-25

[得意]

The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>

2021-02-25

Good[财迷]

Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>

2021-02-15

Good

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2021-02-13

Up up up

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2021-02-13

[捂脸]

抱歉，原内容已删除

2021-02-25

[喷血] [捂脸] [汗颜]

抱歉，原内容已删除

2021-02-27

[财迷] [财迷]

Why QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>

2021-02-26

[得意]

Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>

2021-02-25

[得意]

抱歉，原内容已删除

2021-02-13

[财迷] [财迷]

抱歉，原内容已删除

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22:23","market":"us","language":"en","title":"Top tech stocks are in correction territory. Here's why<blockquote>顶级科技股正处于调整区域。原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177211195","media":"CNN Business","summary":"London (CNN Business) - Apple (AAPL) shares are down more than 15% from their January high. Amazon's","content":"<p><b>London (CNN Business)&nbsp;-&nbsp;</b>Apple&nbsp;(AAPL)&nbsp;shares are down more than 15% from their January high. Amazon's stock is off 11% from a recent peak in early February. And chipmaker&nbsp;Nvidia&nbsp;(NVDA)&nbsp;has seen its shares plunge nearly 19% since the middle of last month.</p><p><blockquote><b>伦敦（CNN商业）——</b>苹果(AAPL)股价较1月份高点下跌超过15%。亚马逊股价较2月初的近期峰值下跌11%。芯片制造商英伟达(NVDA)的股价自上个月中旬以来已暴跌近19%。</blockquote></p><p>What's happening: Tech companies are getting hammered by the recent&nbsp;sell-off in markets. Many stocks in the sector have entered a correction, logging declines of at least 10% from their recent peaks.</p><p><blockquote>正在发生的事情：科技公司受到最近市场抛售的打击。该行业的许多股票已进入回调，较近期峰值下跌至少10%。</blockquote></p><p>The tech-heavy Nasdaq Composite may not be far behind. The index finished Friday more than 8% below the record high notched on Feb. 12. Futures point to another rough trading session on Monday.</p><p><blockquote>以科技股为主的纳斯达克综合指数可能也不甘落后。该指数周五收盘较2月12日创下的历史新高低8%以上。期货指向周一另一个艰难的交易时段。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fc50317ec0fe580acd1407307915d8fa\" tg-width=\"1070\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Breaking it down: Investors have become increasingly worried that the reopening of many big economies later this year will lead to a spike in prices as people rush out to restaurants and book vacations. That could put pressure on central banks like the Federal Reserve to hike interest rates sooner than expected.</p><p><blockquote>分解一下：投资者越来越担心，随着人们涌向餐馆和预订假期，今年晚些时候许多大型经济体的重新开放将导致价格飙升。这可能会给美联储等央行带来压力，要求其比预期更早加息。</blockquote></p><p>Rock-bottom rates have been a boon for fast-growing tech companies. They've helped keep yields on government bonds extremely low, boosting interest in riskier investments like stocks that offer better returns.</p><p><blockquote>最低利率对快速增长的科技公司来说是一个福音。它们帮助将政府债券的收益率保持在极低的水平，提高了人们对风险较高的投资的兴趣，例如提供更好回报的股票。</blockquote></p><p>But now, bond yields are rising on&nbsp;inflation concerns. That could make assets like US Treasuries start to appear more enticing — triggering outflows from the tech names that have been so popular over the past 11 months.</p><p><blockquote>但现在，由于通胀担忧，债券收益率正在上升。这可能会让美国国债等资产开始显得更具吸引力，引发过去11个月如此受欢迎的科技股资金外流。</blockquote></p><p>Jeroen Blokland, a portfolio manager at Robeco, thinks that as estimates for economic growth continue to improve, so-called \"value\" stocks in sectors like banking — which benefit from a healthy economy — may begin to get a second look.</p><p><blockquote>荷宝(Robeco)投资组合经理耶鲁安·布洛克兰(Jeroen Blokland)认为，随着对经济增长的预期不断改善，受益于健康经济的银行业等行业的所谓“价值”股票可能会开始受到重新审视。</blockquote></p><p>\"If you believe in this whole reopening and estimates of GDP growth ... that means growth is less scarce,\" he told me. \"[Then the] value sector has at least the possibility to play catch up.\"</p><p><blockquote>“如果你相信整个重新开放和对GDP增长的估计……这意味着增长不那么稀缺，”他告诉我。“[那么]价值板块至少有可能迎头赶上。”</blockquote></p><p>See here: The KBW Bank Index, which tracks top US lenders, is up more than 20% this year. The Nasdaq, meanwhile, has almost wiped out all of its 2021 gains.</p><p><blockquote>请参阅此处：追踪美国顶级银行的KBW银行指数今年上涨了20%以上。与此同时，纳斯达克几乎抹去了2021年的所有涨幅。</blockquote></p><p>Many strategists think the declines are healthy, and that share prices of many tech companies shot up too much, too fast.</p><p><blockquote>许多策略师认为下跌是健康的，许多科技公司的股价上涨太多、太快。</blockquote></p><p>Continued selling may hinge on what we hear from central bankers in the coming days. The European Central Bank, which meets later this week, has stated clearly that it will take some action if it believes the rapid increase in bond yields will lead to tighter financial conditions. Fed Chair Jerome Powell has been less explicit.</p><p><blockquote>持续抛售可能取决于未来几天我们从央行行长那里听到的消息。本周晚些时候召开会议的欧洲央行已经明确表示，如果认为债券收益率快速上升将导致金融状况收紧，将采取一些行动。美联储主席杰罗姆·鲍威尔没有那么明确。</blockquote></p><p>Blokland thinks that if the yield on the 10-year US Treasury note marches significantly higher this week, Powell may have no choice but to strongly assert that the Fed will act as necessary to ensure the economic recovery isn't affected by market turmoil.</p><p><blockquote>布洛克兰认为，如果本周10年期美国国债收益率大幅走高，鲍威尔可能别无选择，只能强烈断言美联储将采取必要行动，确保经济复苏不受市场动荡的影响。</blockquote></p><p>\"If we have another week like last week, [he has] to do something,\" Blokland said.</p><p><blockquote>“如果我们再有像上周那样的一周，[他]就必须做点什么，”布洛克兰说。</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>Top tech stocks are in correction territory. 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Here's why<blockquote>顶级科技股正处于调整区域。原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-03-08 22:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>London (CNN Business)&nbsp;-&nbsp;</b>Apple&nbsp;(AAPL)&nbsp;shares are down more than 15% from their January high. Amazon's stock is off 11% from a recent peak in early February. And chipmaker&nbsp;Nvidia&nbsp;(NVDA)&nbsp;has seen its shares plunge nearly 19% since the middle of last month.</p><p><blockquote><b>伦敦（CNN商业）——</b>苹果(AAPL)股价较1月份高点下跌超过15%。亚马逊股价较2月初的近期峰值下跌11%。芯片制造商英伟达(NVDA)的股价自上个月中旬以来已暴跌近19%。</blockquote></p><p>What's happening: Tech companies are getting hammered by the recent&nbsp;sell-off in markets. Many stocks in the sector have entered a correction, logging declines of at least 10% from their recent peaks.</p><p><blockquote>正在发生的事情：科技公司受到最近市场抛售的打击。该行业的许多股票已进入回调，较近期峰值下跌至少10%。</blockquote></p><p>The tech-heavy Nasdaq Composite may not be far behind. The index finished Friday more than 8% below the record high notched on Feb. 12. Futures point to another rough trading session on Monday.</p><p><blockquote>以科技股为主的纳斯达克综合指数可能也不甘落后。该指数周五收盘较2月12日创下的历史新高低8%以上。期货指向周一另一个艰难的交易时段。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fc50317ec0fe580acd1407307915d8fa\" tg-width=\"1070\" tg-height=\"651\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Breaking it down: Investors have become increasingly worried that the reopening of many big economies later this year will lead to a spike in prices as people rush out to restaurants and book vacations. That could put pressure on central banks like the Federal Reserve to hike interest rates sooner than expected.</p><p><blockquote>分解一下：投资者越来越担心，随着人们涌向餐馆和预订假期，今年晚些时候许多大型经济体的重新开放将导致价格飙升。这可能会给美联储等央行带来压力，要求其比预期更早加息。</blockquote></p><p>Rock-bottom rates have been a boon for fast-growing tech companies. They've helped keep yields on government bonds extremely low, boosting interest in riskier investments like stocks that offer better returns.</p><p><blockquote>最低利率对快速增长的科技公司来说是一个福音。它们帮助将政府债券的收益率保持在极低的水平，提高了人们对风险较高的投资的兴趣，例如提供更好回报的股票。</blockquote></p><p>But now, bond yields are rising on&nbsp;inflation concerns. That could make assets like US Treasuries start to appear more enticing — triggering outflows from the tech names that have been so popular over the past 11 months.</p><p><blockquote>但现在，由于通胀担忧，债券收益率正在上升。这可能会让美国国债等资产开始显得更具吸引力，引发过去11个月如此受欢迎的科技股资金外流。</blockquote></p><p>Jeroen Blokland, a portfolio manager at Robeco, thinks that as estimates for economic growth continue to improve, so-called \"value\" stocks in sectors like banking — which benefit from a healthy economy — may begin to get a second look.</p><p><blockquote>荷宝(Robeco)投资组合经理耶鲁安·布洛克兰(Jeroen Blokland)认为，随着对经济增长的预期不断改善，受益于健康经济的银行业等行业的所谓“价值”股票可能会开始受到重新审视。</blockquote></p><p>\"If you believe in this whole reopening and estimates of GDP growth ... that means growth is less scarce,\" he told me. \"[Then the] value sector has at least the possibility to play catch up.\"</p><p><blockquote>“如果你相信整个重新开放和对GDP增长的估计……这意味着增长不那么稀缺，”他告诉我。“[那么]价值板块至少有可能迎头赶上。”</blockquote></p><p>See here: The KBW Bank Index, which tracks top US lenders, is up more than 20% this year. The Nasdaq, meanwhile, has almost wiped out all of its 2021 gains.</p><p><blockquote>请参阅此处：追踪美国顶级银行的KBW银行指数今年上涨了20%以上。与此同时，纳斯达克几乎抹去了2021年的所有涨幅。</blockquote></p><p>Many strategists think the declines are healthy, and that share prices of many tech companies shot up too much, too fast.</p><p><blockquote>许多策略师认为下跌是健康的，许多科技公司的股价上涨太多、太快。</blockquote></p><p>Continued selling may hinge on what we hear from central bankers in the coming days. The European Central Bank, which meets later this week, has stated clearly that it will take some action if it believes the rapid increase in bond yields will lead to tighter financial conditions. Fed Chair Jerome Powell has been less explicit.</p><p><blockquote>持续抛售可能取决于未来几天我们从央行行长那里听到的消息。本周晚些时候召开会议的欧洲央行已经明确表示，如果认为债券收益率快速上升将导致金融状况收紧，将采取一些行动。美联储主席杰罗姆·鲍威尔没有那么明确。</blockquote></p><p>Blokland thinks that if the yield on the 10-year US Treasury note marches significantly higher this week, Powell may have no choice but to strongly assert that the Fed will act as necessary to ensure the economic recovery isn't affected by market turmoil.</p><p><blockquote>布洛克兰认为，如果本周10年期美国国债收益率大幅走高，鲍威尔可能别无选择，只能强烈断言美联储将采取必要行动，确保经济复苏不受市场动荡的影响。</blockquote></p><p>\"If we have another week like last week, [he has] to do something,\" Blokland said.</p><p><blockquote>“如果我们再有像上周那样的一周，[他]就必须做点什么，”布洛克兰说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/08/investing/premarket-stocks-trading/index.html\">CNN Business</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":{"GOOG":"谷歌","NVDA":"英伟达",".IXIC":"NASDAQ Composite","AMZN":"亚马逊","MSFT":"微软","AAPL":"苹果","NFLX":"奈飞","FB":"ProShares S&P 500 Dynamic Buffer ETF","GOOGL":"谷歌A"},"source_url":"https://edition.cnn.com/2021/03/08/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177211195","content_text":"London (CNN Business) - Apple (AAPL) shares are down more than 15% from their January high. Amazon's stock is off 11% from a recent peak in early February. And chipmaker Nvidia (NVDA) has seen its shares plunge nearly 19% since the middle of last month.What's happening: Tech companies are getting hammered by the recent sell-off in markets. Many stocks in the sector have entered a correction, logging declines of at least 10% from their recent peaks.The tech-heavy Nasdaq Composite may not be far behind. The index finished Friday more than 8% below the record high notched on Feb. 12. Futures point to another rough trading session on Monday.Breaking it down: Investors have become increasingly worried that the reopening of many big economies later this year will lead to a spike in prices as people rush out to restaurants and book vacations. That could put pressure on central banks like the Federal Reserve to hike interest rates sooner than expected.Rock-bottom rates have been a boon for fast-growing tech companies. They've helped keep yields on government bonds extremely low, boosting interest in riskier investments like stocks that offer better returns.But now, bond yields are rising on inflation concerns. That could make assets like US Treasuries start to appear more enticing — triggering outflows from the tech names that have been so popular over the past 11 months.Jeroen Blokland, a portfolio manager at Robeco, thinks that as estimates for economic growth continue to improve, so-called \"value\" stocks in sectors like banking — which benefit from a healthy economy — may begin to get a second look.\"If you believe in this whole reopening and estimates of GDP growth ... that means growth is less scarce,\" he told me. \"[Then the] value sector has at least the possibility to play catch up.\"See here: The KBW Bank Index, which tracks top US lenders, is up more than 20% this year. The Nasdaq, meanwhile, has almost wiped out all of its 2021 gains.Many strategists think the declines are healthy, and that share prices of many tech companies shot up too much, too fast.Continued selling may hinge on what we hear from central bankers in the coming days. The European Central Bank, which meets later this week, has stated clearly that it will take some action if it believes the rapid increase in bond yields will lead to tighter financial conditions. Fed Chair Jerome Powell has been less explicit.Blokland thinks that if the yield on the 10-year US Treasury note marches significantly higher this week, Powell may have no choice but to strongly assert that the Fed will act as necessary to ensure the economic recovery isn't affected by market turmoil.\"If we have another week like last week, [he has] to do something,\" Blokland said.","news_type":1,"symbols_score_info":{"MSFT":0.9,"GOOG":0.9,"GOOGL":0.9,".IXIC":0.9,"NFLX":0.9,"NVDA":0.9,"FB":0.9,"AMZN":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":366902294,"gmtCreate":1614376666318,"gmtModify":1703477059099,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[财迷]&nbsp;[财迷]&nbsp;","listText":"[财迷]&nbsp;[财迷]&nbsp;","text":"[财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366902294","repostId":"1103930774","repostType":4,"repost":{"id":"1103930774","kind":"news","pubTimestamp":1614334872,"share":"https://www.laohu8.com/m/news/1103930774?lang=zh_CN&edition=full","pubTime":"2021-02-26 18:21","market":"us","language":"en","title":"Why QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103930774","media":"Motley Fool ","summary":"The CEO of the solid-state EV battery maker that has garnered much investor interest gave an intervi","content":"<p>The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.</p><p><blockquote>备受投资者关注的固态电动汽车电池制造商的首席执行官今天接受了采访。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> The stock of aspiring solid-state battery technology company&nbsp;<b>QuantumScape</b>&nbsp;(NYSE:QS)&nbsp;has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.</p><p><blockquote>有抱负的固态电池技术公司股票<b>量子景观</b>（纽约证券交易所股票代码：QS）确实经历了起起落落。今天该股的走势反映了这种模式。在开盘上涨10%后，周四收盘下跌超过3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Shares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the&nbsp;electric-vehicle (EV)&nbsp;sector as a speculative stock hoping to revolutionize EV battery technology.</p><p><blockquote>该公司股价在2020年底飙升三位数后，今年迄今已下跌超过30%。该公司倾向于将电动汽车（EV）行业作为投机性股票进行交易，希望彻底改变电动汽车电池技术。</blockquote></p><p> Today, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.</p><p><blockquote>今天，QuantumScape首席执行官Jagdeep Singh接受了雅虎的采访！金融，这可能导致该股交易波动。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> During today's interview, Singh reiterated some positive developments the company shared with investors&nbsp;last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.</p><p><blockquote>在今天的采访中，辛格重申了该公司上周在财报中与投资者分享的一些积极进展。该公司正在努力将固态电池技术商业化，该技术可以为电动汽车制造商提供更安全、充电更快、续航里程更长的电池。</blockquote></p><p> The company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.</p><p><blockquote>该公司报告称，它已经成功制造了第一个四层多层电池。这有助于确认该技术是可行的。辛格补充说，他计划在今年年底前扩大该技术，使其拥有8至10层电池。这将使该公司能够向汽车制造商提供样品电池。</blockquote></p><p> Singh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.</p><p><blockquote>辛格还表示，其他行业也对这项技术感兴趣。“像电网的固定存储这样的东西，对于电池来说是一个非常重要的应用，”辛格在采访中表示。</blockquote></p><p> Successful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.</p><p><blockquote>然而，成功的商业生产还远未得到保证。任何投资都应该完全属于投资组合的投机部分。投资者应该预计业务发展和股票都会起起落落，正如今天的涨跌所看到的那样。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</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\">\nWhy QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool </strong><span class=\"h-time small\">2021-02-26 18:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.</p><p><blockquote>备受投资者关注的固态电动汽车电池制造商的首席执行官今天接受了采访。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> The stock of aspiring solid-state battery technology company&nbsp;<b>QuantumScape</b>&nbsp;(NYSE:QS)&nbsp;has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.</p><p><blockquote>有抱负的固态电池技术公司股票<b>量子景观</b>（纽约证券交易所股票代码：QS）确实经历了起起落落。今天该股的走势反映了这种模式。在开盘上涨10%后，周四收盘下跌超过3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Shares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the&nbsp;electric-vehicle (EV)&nbsp;sector as a speculative stock hoping to revolutionize EV battery technology.</p><p><blockquote>该公司股价在2020年底飙升三位数后，今年迄今已下跌超过30%。该公司倾向于将电动汽车（EV）行业作为投机性股票进行交易，希望彻底改变电动汽车电池技术。</blockquote></p><p> Today, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.</p><p><blockquote>今天，QuantumScape首席执行官Jagdeep Singh接受了雅虎的采访！金融，这可能导致该股交易波动。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> During today's interview, Singh reiterated some positive developments the company shared with investors&nbsp;last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.</p><p><blockquote>在今天的采访中，辛格重申了该公司上周在财报中与投资者分享的一些积极进展。该公司正在努力将固态电池技术商业化，该技术可以为电动汽车制造商提供更安全、充电更快、续航里程更长的电池。</blockquote></p><p> The company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.</p><p><blockquote>该公司报告称，它已经成功制造了第一个四层多层电池。这有助于确认该技术是可行的。辛格补充说，他计划在今年年底前扩大该技术，使其拥有8至10层电池。这将使该公司能够向汽车制造商提供样品电池。</blockquote></p><p> Singh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.</p><p><blockquote>辛格还表示，其他行业也对这项技术感兴趣。“像电网的固定存储这样的东西，对于电池来说是一个非常重要的应用，”辛格在采访中表示。</blockquote></p><p> Successful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.</p><p><blockquote>然而，成功的商业生产还远未得到保证。任何投资都应该完全属于投资组合的投机部分。投资者应该预计业务发展和股票都会起起落落，正如今天的涨跌所看到的那样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/25/why-quantumscape-stock-rose-then-fell-today/\">Motley Fool </a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QS":"Quantumscape Corp."},"source_url":"https://www.fool.com/investing/2021/02/25/why-quantumscape-stock-rose-then-fell-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103930774","content_text":"The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.\nWhat happened\nThe stock of aspiring solid-state battery technology company QuantumScape (NYSE:QS) has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.\nSo what\nShares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the electric-vehicle (EV) sector as a speculative stock hoping to revolutionize EV battery technology.\nToday, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.\nNow what\nDuring today's interview, Singh reiterated some positive developments the company shared with investors last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.\nThe company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.\nSingh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.\nSuccessful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.","news_type":1,"symbols_score_info":{"QS":0.9}},"isVote":1,"tweetType":1,"viewCount":3418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":368516555,"gmtCreate":1614337442377,"gmtModify":1703476556288,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368516555","repostId":"1125238969","repostType":4,"repost":{"id":"1125238969","kind":"news","pubTimestamp":1614311542,"share":"https://www.laohu8.com/m/news/1125238969?lang=zh_CN&edition=full","pubTime":"2021-02-26 11:52","market":"us","language":"en","title":"Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125238969","media":"Barrons","summary":"“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerN","content":"<p>“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.</p><p><blockquote>如果科技行业继续下滑，“归咎于比特币”可能会成为一个新的口号。</blockquote></p><p>Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.</p><p><blockquote>半导体制造商英伟达（股票代码：NVDA）在最近的交易中下跌8.2%，至532.3美元，以科技股为主的纳斯达克综合指数普遍暴跌。该芯片股之所以脱颖而出，是因为该公司周三发布了强劲的收益报告，其中包括比特币和其他加密货币相关产品的提振。</blockquote></p><p>Payments app&nbsp;Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong&nbsp;earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as&nbsp;Bitcoin prices have slumped.</p><p><blockquote>与此同时，支付应用Square(SQ)也继续下滑，下跌4.3%，至227.11美元。该公司周二发布的相对强劲的收益报告包括来自比特币的投资和运营收益，该公司表示计划“加倍投资”数字硬币。这可能会给该股带来压力，随着比特币股价暴跌，该股在过去几个交易日下跌了近20%。</blockquote></p><p>Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.</p><p><blockquote>科技股面临压力还有其他原因：估值过高使得该行业容易受到公司预测疲软的影响。债券收益率上升会给未来现金流的现值带来压力，从而构成威胁。大型科技公司也是一个拥挤的行业，随着投资者寻找更具周期性的投资或估值较低的行业，它可能会失去青睐。</blockquote></p><p>But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.</p><p><blockquote>但英伟达、Square、特斯拉(TSLA)和其他股票的交易模式也可能是比特币影响力日益增强的标志。公司正在将资本直接投入比特币以及相关产品和服务，在过去一年价格飙升超过350%之际扩大风险敞口。尽管最近有所下滑，但比特币今年仍上涨了67%。</blockquote></p><p>Crypto is&nbsp;certainly gathering momentum.Mastercard&nbsp;(MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a&nbsp;Mastercard&nbsp;executive noted at a conference on Thursday.</p><p><blockquote>加密货币无疑正在积聚势头。万事达卡（MA）本月表示，将开始直接在其网络上支持加密货币，并指出许多消费者已经在使用信用卡购买加密资产。但万事达卡高管在周四的一次会议上指出，将比特币变成一种可行的日常购物货币仍然是一个挑战。</blockquote></p><p>“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a&nbsp;report&nbsp;on MarketWatch. “It’s too volatile and it takes too long to transact.”</p><p><blockquote>据MarketWatch报道，万事达卡执行副主席安·凯恩斯(Ann Cairns)表示：“比特币的行为不像一种支付工具。”“波动性太大，交易时间太长。”</blockquote></p><p>Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.</p><p><blockquote>无论是成为一种资产类别还是支付工具，比特币的崛起（以及潜在的衰落）正在席卷科技、银行和其他行业。</blockquote></p><p>Nvidia, for instance, issued animpressiveearnings report, as<i>Barron’s</i>noted. But it’s also becoming more of a crypto play.</p><p><blockquote>例如，英伟达发布了一份令人印象深刻的收益报告，<i>巴伦周刊</i>注意到。但它也变得更像是一种加密游戏。</blockquote></p><p>The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.</p><p><blockquote>该公司表示，加密货币在本季度可能产生了1亿至3亿美元的积极影响。该公司正在推出一系列新的加密货币挖掘处理器（CMP），用于专业的加密挖掘。</blockquote></p><p>“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.</p><p><blockquote>英伟达告诉投资者：“加密货币最近开始被公司和金融机构接受，并显示出持久力的迹象。”该公司补充说，其新的CMP系列将使公司更好地了解加密货币对收入的贡献。</blockquote></p><p>Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.</p><p><blockquote>一些分析师质疑这一趋势的可持续性。例如，Piper Sandler的Harsh Kumar重申了跑赢大盘对该股的评级，但对英伟达对加密货币的敞口不断增加提出警告。</blockquote></p><p>“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”</p><p><blockquote>“随着加密货币再次出现，加密货币和核心游戏优势之间的界限变得模糊，”他写道。“我们认为投资者可能会质疑这些趋势的可持续性，特别是考虑到过去的加密货币问题。”</blockquote></p><p>Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.</p><p><blockquote>如上所述，支付应用Square现在也直接卷入了比特币的争论。虽然核心业务趋势看起来很健康，但投资者可能担心随着价格见顶，Square正在向加密领域扩张。该公司在之前购买了5000万美元的基础上，在本季度购买了1.7亿美元的比特币，并正在将其Cash应用程序作为购买、存储并最终交易加密货币的机制进行营销。</blockquote></p><p>Wall Street has mixed views on that idea. Competitors like&nbsp;PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes&nbsp;JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.</p><p><blockquote>华尔街对这一想法看法不一。JMP分析师David Scharf指出，PayPal控股公司(PYPL)等竞争对手以及其他“新银行”竞争对手也在进军比特币。这引发了人们对Cash App长期“粘性”以及其增长能否持续的质疑。</blockquote></p><p>Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.</p><p><blockquote>事实上，Cash App现在约占Square毛利润的一半，该公司指望比特币来刺激需求。这使得Square股票成为比特币的一种衍生品；过去一年，股价与比特币股价的相关性越来越大，而且这种关系可能只会变得越来越紧密。</blockquote></p><p>Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.</p><p><blockquote>Square的股票也可能没有完全考虑到比特币的波动性，该公司已经经历了几个繁荣-萧条周期。Scharf表示，该股预计2022年Ebitda（息税折旧摊销前利润）约为100，看起来估值已充分，他维持了市场表现评级。</blockquote></p><p></p><p>Guggenheim’s Jeff Cantwell&nbsp;took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.</p><p><blockquote>古根海姆博物馆的杰夫·坎特威尔站在了这场辩论的对立面。周四，他将Square股票评级上调至买入，部分原因是比特币前景乐观。他写道：“我们认为比特币正处于长期走高的轨道上。”他补充说，这应该会推动现金应用程序使用量和其他指标的增加。</blockquote></p><p>He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.</p><p><blockquote>他认为比特币不会很快成为用于主流购买的货币。但他指出，这无关紧要，因为比特币正在变成“数字黄金”——一种价值储存手段和一种资产类别。他指出，全球有5000万个数字比特币钱包，用户群庞大且不断增长。Square正在尽自己的一份力量将比特币纳入主流。</blockquote></p><p>Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.</p><p><blockquote>Cantwell预计Square股价将达到288美元。比特币可能也必须尽自己的一份力量让股票达到这一目标。</blockquote></p><p></p>","source":"lsy1601382232898","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>Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</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\">\nBitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-26 11:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.</p><p><blockquote>如果科技行业继续下滑，“归咎于比特币”可能会成为一个新的口号。</blockquote></p><p>Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.</p><p><blockquote>半导体制造商英伟达（股票代码：NVDA）在最近的交易中下跌8.2%，至532.3美元，以科技股为主的纳斯达克综合指数普遍暴跌。该芯片股之所以脱颖而出，是因为该公司周三发布了强劲的收益报告，其中包括比特币和其他加密货币相关产品的提振。</blockquote></p><p>Payments app&nbsp;Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong&nbsp;earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as&nbsp;Bitcoin prices have slumped.</p><p><blockquote>与此同时，支付应用Square(SQ)也继续下滑，下跌4.3%，至227.11美元。该公司周二发布的相对强劲的收益报告包括来自比特币的投资和运营收益，该公司表示计划“加倍投资”数字硬币。这可能会给该股带来压力，随着比特币股价暴跌，该股在过去几个交易日下跌了近20%。</blockquote></p><p>Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.</p><p><blockquote>科技股面临压力还有其他原因：估值过高使得该行业容易受到公司预测疲软的影响。债券收益率上升会给未来现金流的现值带来压力，从而构成威胁。大型科技公司也是一个拥挤的行业，随着投资者寻找更具周期性的投资或估值较低的行业，它可能会失去青睐。</blockquote></p><p>But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.</p><p><blockquote>但英伟达、Square、特斯拉(TSLA)和其他股票的交易模式也可能是比特币影响力日益增强的标志。公司正在将资本直接投入比特币以及相关产品和服务，在过去一年价格飙升超过350%之际扩大风险敞口。尽管最近有所下滑，但比特币今年仍上涨了67%。</blockquote></p><p>Crypto is&nbsp;certainly gathering momentum.Mastercard&nbsp;(MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a&nbsp;Mastercard&nbsp;executive noted at a conference on Thursday.</p><p><blockquote>加密货币无疑正在积聚势头。万事达卡（MA）本月表示，将开始直接在其网络上支持加密货币，并指出许多消费者已经在使用信用卡购买加密资产。但万事达卡高管在周四的一次会议上指出，将比特币变成一种可行的日常购物货币仍然是一个挑战。</blockquote></p><p>“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a&nbsp;report&nbsp;on MarketWatch. “It’s too volatile and it takes too long to transact.”</p><p><blockquote>据MarketWatch报道，万事达卡执行副主席安·凯恩斯(Ann Cairns)表示：“比特币的行为不像一种支付工具。”“波动性太大，交易时间太长。”</blockquote></p><p>Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.</p><p><blockquote>无论是成为一种资产类别还是支付工具，比特币的崛起（以及潜在的衰落）正在席卷科技、银行和其他行业。</blockquote></p><p>Nvidia, for instance, issued animpressiveearnings report, as<i>Barron’s</i>noted. But it’s also becoming more of a crypto play.</p><p><blockquote>例如，英伟达发布了一份令人印象深刻的收益报告，<i>巴伦周刊</i>注意到。但它也变得更像是一种加密游戏。</blockquote></p><p>The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.</p><p><blockquote>该公司表示，加密货币在本季度可能产生了1亿至3亿美元的积极影响。该公司正在推出一系列新的加密货币挖掘处理器（CMP），用于专业的加密挖掘。</blockquote></p><p>“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.</p><p><blockquote>英伟达告诉投资者：“加密货币最近开始被公司和金融机构接受，并显示出持久力的迹象。”该公司补充说，其新的CMP系列将使公司更好地了解加密货币对收入的贡献。</blockquote></p><p>Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.</p><p><blockquote>一些分析师质疑这一趋势的可持续性。例如，Piper Sandler的Harsh Kumar重申了跑赢大盘对该股的评级，但对英伟达对加密货币的敞口不断增加提出警告。</blockquote></p><p>“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”</p><p><blockquote>“随着加密货币再次出现，加密货币和核心游戏优势之间的界限变得模糊，”他写道。“我们认为投资者可能会质疑这些趋势的可持续性，特别是考虑到过去的加密货币问题。”</blockquote></p><p>Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.</p><p><blockquote>如上所述，支付应用Square现在也直接卷入了比特币的争论。虽然核心业务趋势看起来很健康，但投资者可能担心随着价格见顶，Square正在向加密领域扩张。该公司在之前购买了5000万美元的基础上，在本季度购买了1.7亿美元的比特币，并正在将其Cash应用程序作为购买、存储并最终交易加密货币的机制进行营销。</blockquote></p><p>Wall Street has mixed views on that idea. Competitors like&nbsp;PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes&nbsp;JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.</p><p><blockquote>华尔街对这一想法看法不一。JMP分析师David Scharf指出，PayPal控股公司(PYPL)等竞争对手以及其他“新银行”竞争对手也在进军比特币。这引发了人们对Cash App长期“粘性”以及其增长能否持续的质疑。</blockquote></p><p>Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.</p><p><blockquote>事实上，Cash App现在约占Square毛利润的一半，该公司指望比特币来刺激需求。这使得Square股票成为比特币的一种衍生品；过去一年，股价与比特币股价的相关性越来越大，而且这种关系可能只会变得越来越紧密。</blockquote></p><p>Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.</p><p><blockquote>Square的股票也可能没有完全考虑到比特币的波动性，该公司已经经历了几个繁荣-萧条周期。Scharf表示，该股预计2022年Ebitda（息税折旧摊销前利润）约为100，看起来估值已充分，他维持了市场表现评级。</blockquote></p><p></p><p>Guggenheim’s Jeff Cantwell&nbsp;took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.</p><p><blockquote>古根海姆博物馆的杰夫·坎特威尔站在了这场辩论的对立面。周四，他将Square股票评级上调至买入，部分原因是比特币前景乐观。他写道：“我们认为比特币正处于长期走高的轨道上。”他补充说，这应该会推动现金应用程序使用量和其他指标的增加。</blockquote></p><p>He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.</p><p><blockquote>他认为比特币不会很快成为用于主流购买的货币。但他指出，这无关紧要，因为比特币正在变成“数字黄金”——一种价值储存手段和一种资产类别。他指出，全球有5000万个数字比特币钱包，用户群庞大且不断增长。Square正在尽自己的一份力量将比特币纳入主流。</blockquote></p><p>Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.</p><p><blockquote>Cantwell预计Square股价将达到288美元。比特币可能也必须尽自己的一份力量让股票达到这一目标。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-may-be-weighing-on-tech-stocks-again-investors-should-be-wary-51614284904?mod=hp_LEAD_2_B_1\">Barrons</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","NVDA":"英伟达",".SPX":"S&P 500 Index","TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale","PYPL":"PayPal"},"source_url":"https://www.barrons.com/articles/bitcoin-may-be-weighing-on-tech-stocks-again-investors-should-be-wary-51614284904?mod=hp_LEAD_2_B_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125238969","content_text":"“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.Payments app Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as Bitcoin prices have slumped.Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.Crypto is certainly gathering momentum.Mastercard (MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a Mastercard executive noted at a conference on Thursday.“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a report on MarketWatch. “It’s too volatile and it takes too long to transact.”Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.Nvidia, for instance, issued animpressiveearnings report, asBarron’snoted. But it’s also becoming more of a crypto play.The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.Wall Street has mixed views on that idea. Competitors like PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.Guggenheim’s Jeff Cantwell took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.","news_type":1,"symbols_score_info":{"PYPL":0.9,"BTCmain":0.9,".SPX":0.9,"GBTC":0.9,"NVDA":0.9,"SQ":0.9,"TSLA":0.9,".DJI":0.9,"XBTmain":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361364852,"gmtCreate":1614207547376,"gmtModify":1634550747176,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361364852","repostId":"1197533827","repostType":4,"repost":{"id":"1197533827","kind":"news","pubTimestamp":1614160523,"share":"https://www.laohu8.com/m/news/1197533827?lang=zh_CN&edition=full","pubTime":"2021-02-24 17:55","market":"us","language":"en","title":"The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197533827","media":"MarketWatch","summary":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-199","content":"<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p><p><blockquote>准备好恢复正常吧。Lucid的SPAC和ARK Invest的ETF带有20世纪90年代末科技泡沫的气息。</blockquote></p><p> Ignore stock valuations and companies’ fundamentals at your peril.</p><p><blockquote>忽视股票估值和公司基本面，后果自负。</blockquote></p><p> Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p><p><blockquote>Churchill Capital Corp.是一家特殊目的收购公司（SPAC），曾有传言称将与特斯拉的追随者Lucid Motors合并，周一晚上终于宣布确实会这样做。在华尔街的典型反应中，市场在长期“买入谣言”后“卖出消息”。</blockquote></p><p> CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p><p><blockquote>CCIV较作为空白支票公司上市时上涨了500%，今天股市已经抹去了周一中午预期市值的一半。本月早些时候，我曾警告过这只股票是应避免的众多“随机数生成器”(RNG)之一。几周来一直以每股40美元、50美元、60美元甚至70美元的价格购买CCIV的人和机构突然发现价值大幅缩水。</blockquote></p><p> They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p><p><blockquote>他们现在可能正在环顾其他RNG SPAC，并想知道是否真的应该看看估值。</blockquote></p><p> Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc.&nbsp;at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p><p><blockquote>在更广泛的背景下回顾本周丑陋的股市走势，您可能会注意到，特斯拉公司的股价为900美元——此前该公司报告了一个不太好的季度，其中包括一些有关毛利率扩张的问题——看起来可能已经是顶级制造商本身。</blockquote></p><p> Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p><p><blockquote>许多有问题的电动汽车股票在本周受到惩罚之前持续上涨了一两周。至少一两天。一个月后回顾一下非特斯拉电动汽车股票的表现将会很有趣。我预计大多数价格甚至会比今天的报价低得多，今天的报价比上周的报价低得多。</blockquote></p><p> <b>Piling into ARK</b></p><p><blockquote><b>堆积成方舟</b></blockquote></p><p> These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF&nbsp;being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p><p><blockquote>如今，每个人都想成为方舟投资公司的凯西·伍德。她是特斯拉和比特币BTCUSD、6.03%以及我和我的长期追随者甚至比她更早进入的其他一些主题的早期看涨者。她的主动管理ETF（最著名的ARK Innovation ETF）表现非常好，几年来她的评论一直很准确。</blockquote></p><p> But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since&nbsp;I wrote this in 2001 for TheStreet.com.&nbsp;(I just realized this article was published just two weeks after 9/11.):</p><p><blockquote>但我有个坏消息。尽管我是Cathie's的粉丝并祝愿她和她的投资者一切顺利，但我还是忍不住想起了乔治·吉尔德(George Gilder)的故事，自从我2001年为TheStreet.com撰写这篇文章以来，我已经和他成为了几十年的朋友。（我刚刚意识到这篇文章是在9/11后两周发表的。）：</blockquote></p><p> <i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p><p><blockquote><i>“投资者在评估投资组合中的公司时需要注意一些规则：现金为王，因为现金流变得越来越难以持续判断。因此，简单浏览一下公司的资产负债表就可以告诉你很多关于它是否值得投资。既然电信股票每日大幅上涨的情况已经一去不复返了，任何生存能力值得怀疑的企业的潜在回报都不值得你冒资本风险。寻找账面上的实际收入。正如科技大师乔治·吉尔德和他的追随者所认识到的（至少，我希望他们现在已经认识到了），伟大的技术并不能转化为伟大的投资。公司需要销售渠道，他们需要有直接用途的产品。你可能会惊讶我没有在列表中提到盈利能力。盈利能力自然很重要，但即使是像思科这样的公司也可能无法在本季度甚至更长时间内实现盈利，因为他们必须继续根据需求调整产能、员工和库存。</i></blockquote></p><p> <i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p><p><blockquote><i>让我在这里重复一遍警告：你永远不会看到我们在20世纪90年代末几乎每天都能看到的那种回报，至少在电信和电信科技股票中是这样。这就是为什么这些科技共同基金人士不断宣扬坚持到底，却需要很长时间才能恢复平衡的另一个原因。”</i></blockquote></p><p> <b>The hangover</b></p><p><blockquote><b>宿醉</b></blockquote></p><p> Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p><p><blockquote>电信和电信科技股再也没有看到20世纪90年代末那样的回报。我认为电动汽车股票以及凯西·伍德（Cathie Wood）和她的一群盲目追随者最近投入的许多其他最爱股票也是如此，因为他们不顾估值而投入资金。</blockquote></p><p> Here’s what George had to say&nbsp;in 2002:</p><p><blockquote>以下是乔治在2002年所说的话：</blockquote></p><p></p><p> <i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p><p><blockquote><i>“回想起来，很明显我应该巧妙地说，‘嘿，JDS Uniphase的事情已经失控了，不值得你为此付出代价，’”他说。每个月，他都考虑向他的订户提供警告，但每次他都决定不这样做。他亲眼目睹了其他人所说的“吉尔德效应”：在他将一家公司加入他的名单后，该公司的股票急剧上涨。股票价格在时事通讯发布后一小时内上涨超过50%的情况并非闻所未闻。如果我说，‘嘿，这是一个顶部，你们都应该卖出’，这将是一个灾难性的事件，”他说。“我会考虑告诉人们他们应该卖掉一半的股份，每次我都会得出结论，我的订阅者会被激怒。我也想知道如果我这么做了会导致什么后果。”在吉尔德现在评级的市场“歇斯底里的高峰”，他的读者中有整整50%都报名阅读了这份报告。“我的一半订户会永远感激[警告]，但另一半——新订户——会被激怒，因为他们刚刚进来，”他说。“太可怕了，我真的不知道该怎么办了。”最后他什么也没做。很快，他就有了一系列全新的干扰。“过去，我们的投资者会议会在两周内售罄，”吉尔德说。“但2001年，我们发出同样的文献资料，同样的邀请函，就有五七个人报名。”他失去了为聚会预留酒店空间的押金。简讯续订率直线下降。一笔巨额税单到期了。到2002年春天，他已经解雇了近一半的员工。“你可能前一刻还非常富有，下一刻，你就无法向你的合作伙伴支付最后一百万美元，然后你的房子突然就被留置权了，”他说。</i></blockquote></p><p> Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p><p><blockquote>1999年乔治排行榜上名列前茅的许多最佳股票最终下跌了99%或更多。许多人归零，即使他们的技术和想法继续发展，并建立了我们现在每天都在使用的互联网。</blockquote></p><p> CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p><p><blockquote>对于那些忽视估值和基本面的人来说，CCIV可能预示着更多痛苦。</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>The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</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 days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-24 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p><p><blockquote>准备好恢复正常吧。Lucid的SPAC和ARK Invest的ETF带有20世纪90年代末科技泡沫的气息。</blockquote></p><p> Ignore stock valuations and companies’ fundamentals at your peril.</p><p><blockquote>忽视股票估值和公司基本面，后果自负。</blockquote></p><p> Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p><p><blockquote>Churchill Capital Corp.是一家特殊目的收购公司（SPAC），曾有传言称将与特斯拉的追随者Lucid Motors合并，周一晚上终于宣布确实会这样做。在华尔街的典型反应中，市场在长期“买入谣言”后“卖出消息”。</blockquote></p><p> CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p><p><blockquote>CCIV较作为空白支票公司上市时上涨了500%，今天股市已经抹去了周一中午预期市值的一半。本月早些时候，我曾警告过这只股票是应避免的众多“随机数生成器”(RNG)之一。几周来一直以每股40美元、50美元、60美元甚至70美元的价格购买CCIV的人和机构突然发现价值大幅缩水。</blockquote></p><p> They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p><p><blockquote>他们现在可能正在环顾其他RNG SPAC，并想知道是否真的应该看看估值。</blockquote></p><p> Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc.&nbsp;at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p><p><blockquote>在更广泛的背景下回顾本周丑陋的股市走势，您可能会注意到，特斯拉公司的股价为900美元——此前该公司报告了一个不太好的季度，其中包括一些有关毛利率扩张的问题——看起来可能已经是顶级制造商本身。</blockquote></p><p> Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p><p><blockquote>许多有问题的电动汽车股票在本周受到惩罚之前持续上涨了一两周。至少一两天。一个月后回顾一下非特斯拉电动汽车股票的表现将会很有趣。我预计大多数价格甚至会比今天的报价低得多，今天的报价比上周的报价低得多。</blockquote></p><p> <b>Piling into ARK</b></p><p><blockquote><b>堆积成方舟</b></blockquote></p><p> These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF&nbsp;being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p><p><blockquote>如今，每个人都想成为方舟投资公司的凯西·伍德。她是特斯拉和比特币BTCUSD、6.03%以及我和我的长期追随者甚至比她更早进入的其他一些主题的早期看涨者。她的主动管理ETF（最著名的ARK Innovation ETF）表现非常好，几年来她的评论一直很准确。</blockquote></p><p> But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since&nbsp;I wrote this in 2001 for TheStreet.com.&nbsp;(I just realized this article was published just two weeks after 9/11.):</p><p><blockquote>但我有个坏消息。尽管我是Cathie's的粉丝并祝愿她和她的投资者一切顺利，但我还是忍不住想起了乔治·吉尔德(George Gilder)的故事，自从我2001年为TheStreet.com撰写这篇文章以来，我已经和他成为了几十年的朋友。（我刚刚意识到这篇文章是在9/11后两周发表的。）：</blockquote></p><p> <i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p><p><blockquote><i>“投资者在评估投资组合中的公司时需要注意一些规则：现金为王，因为现金流变得越来越难以持续判断。因此，简单浏览一下公司的资产负债表就可以告诉你很多关于它是否值得投资。既然电信股票每日大幅上涨的情况已经一去不复返了，任何生存能力值得怀疑的企业的潜在回报都不值得你冒资本风险。寻找账面上的实际收入。正如科技大师乔治·吉尔德和他的追随者所认识到的（至少，我希望他们现在已经认识到了），伟大的技术并不能转化为伟大的投资。公司需要销售渠道，他们需要有直接用途的产品。你可能会惊讶我没有在列表中提到盈利能力。盈利能力自然很重要，但即使是像思科这样的公司也可能无法在本季度甚至更长时间内实现盈利，因为他们必须继续根据需求调整产能、员工和库存。</i></blockquote></p><p> <i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p><p><blockquote><i>让我在这里重复一遍警告：你永远不会看到我们在20世纪90年代末几乎每天都能看到的那种回报，至少在电信和电信科技股票中是这样。这就是为什么这些科技共同基金人士不断宣扬坚持到底，却需要很长时间才能恢复平衡的另一个原因。”</i></blockquote></p><p> <b>The hangover</b></p><p><blockquote><b>宿醉</b></blockquote></p><p> Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p><p><blockquote>电信和电信科技股再也没有看到20世纪90年代末那样的回报。我认为电动汽车股票以及凯西·伍德（Cathie Wood）和她的一群盲目追随者最近投入的许多其他最爱股票也是如此，因为他们不顾估值而投入资金。</blockquote></p><p> Here’s what George had to say&nbsp;in 2002:</p><p><blockquote>以下是乔治在2002年所说的话：</blockquote></p><p></p><p> <i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p><p><blockquote><i>“回想起来，很明显我应该巧妙地说，‘嘿，JDS Uniphase的事情已经失控了，不值得你为此付出代价，’”他说。每个月，他都考虑向他的订户提供警告，但每次他都决定不这样做。他亲眼目睹了其他人所说的“吉尔德效应”：在他将一家公司加入他的名单后，该公司的股票急剧上涨。股票价格在时事通讯发布后一小时内上涨超过50%的情况并非闻所未闻。如果我说，‘嘿，这是一个顶部，你们都应该卖出’，这将是一个灾难性的事件，”他说。“我会考虑告诉人们他们应该卖掉一半的股份，每次我都会得出结论，我的订阅者会被激怒。我也想知道如果我这么做了会导致什么后果。”在吉尔德现在评级的市场“歇斯底里的高峰”，他的读者中有整整50%都报名阅读了这份报告。“我的一半订户会永远感激[警告]，但另一半——新订户——会被激怒，因为他们刚刚进来，”他说。“太可怕了，我真的不知道该怎么办了。”最后他什么也没做。很快，他就有了一系列全新的干扰。“过去，我们的投资者会议会在两周内售罄，”吉尔德说。“但2001年，我们发出同样的文献资料，同样的邀请函，就有五七个人报名。”他失去了为聚会预留酒店空间的押金。简讯续订率直线下降。一笔巨额税单到期了。到2002年春天，他已经解雇了近一半的员工。“你可能前一刻还非常富有，下一刻，你就无法向你的合作伙伴支付最后一百万美元，然后你的房子突然就被留置权了，”他说。</i></blockquote></p><p> Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p><p><blockquote>1999年乔治排行榜上名列前茅的许多最佳股票最终下跌了99%或更多。许多人归零，即使他们的技术和想法继续发展，并建立了我们现在每天都在使用的互联网。</blockquote></p><p> CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p><p><blockquote>对于那些忽视估值和基本面的人来说，CCIV可能预示着更多痛苦。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?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",".SPX":"S&P 500 Index","TSLA":"特斯拉","ARKK":"ARK Innovation ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1197533827","content_text":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.\nIgnore stock valuations and companies’ fundamentals at your peril.\nChurchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”\nCCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.\nThey’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.\nReviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc. at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.\nMany questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.\nPiling into ARK\nThese days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF being the most famous, has performed very well, and her commentary has been spot on for a couple years now.\nBut I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since I wrote this in 2001 for TheStreet.com. (I just realized this article was published just two weeks after 9/11.):\n“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.\nLet me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”\nThe hangover\nTelecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.\nHere’s what George had to say in 2002:\n“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.\nMany of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.\nCCIV is likely a harbinger of more pain for those who ignore valuations and 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[捂脸] [汗颜]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361362632","repostId":"2113356373","repostType":4,"isVote":1,"tweetType":1,"viewCount":4077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361362934,"gmtCreate":1614207428428,"gmtModify":1634550749378,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[财迷]&nbsp;[生气]&nbsp;[鬼脸]&nbsp;","listText":"[财迷]&nbsp;[生气]&nbsp;[鬼脸]&nbsp;","text":"[财迷] [生气] [鬼脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361362934","repostId":"1159016557","repostType":4,"isVote":1,"tweetType":1,"viewCount":1226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361366510,"gmtCreate":1614207398430,"gmtModify":1634550749750,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"Good[财迷]&nbsp;","listText":"Good[财迷]&nbsp;","text":"Good[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361366510","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohu8.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格走软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格走软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">Barrons</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.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, 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17:55","market":"us","language":"en","title":"The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197533827","media":"MarketWatch","summary":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-199","content":"<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p><p><blockquote>准备好恢复正常吧。Lucid的SPAC和ARK Invest的ETF带有20世纪90年代末科技泡沫的气息。</blockquote></p><p> Ignore stock valuations and companies’ fundamentals at your peril.</p><p><blockquote>忽视股票估值和公司基本面，后果自负。</blockquote></p><p> Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p><p><blockquote>Churchill Capital Corp.是一家特殊目的收购公司（SPAC），曾有传言称将与特斯拉的追随者Lucid Motors合并，周一晚上终于宣布确实会这样做。在华尔街的典型反应中，市场在长期“买入谣言”后“卖出消息”。</blockquote></p><p> CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p><p><blockquote>CCIV较作为空白支票公司上市时上涨了500%，今天股市已经抹去了周一中午预期市值的一半。本月早些时候，我曾警告过这只股票是应避免的众多“随机数生成器”(RNG)之一。几周来一直以每股40美元、50美元、60美元甚至70美元的价格购买CCIV的人和机构突然发现价值大幅缩水。</blockquote></p><p> They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p><p><blockquote>他们现在可能正在环顾其他RNG SPAC，并想知道是否真的应该看看估值。</blockquote></p><p> Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc.&nbsp;at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p><p><blockquote>在更广泛的背景下回顾本周丑陋的股市走势，您可能会注意到，特斯拉公司的股价为900美元——此前该公司报告了一个不太好的季度，其中包括一些有关毛利率扩张的问题——看起来可能已经是顶级制造商本身。</blockquote></p><p> Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p><p><blockquote>许多有问题的电动汽车股票在本周受到惩罚之前持续上涨了一两周。至少一两天。一个月后回顾一下非特斯拉电动汽车股票的表现将会很有趣。我预计大多数价格甚至会比今天的报价低得多，今天的报价比上周的报价低得多。</blockquote></p><p> <b>Piling into ARK</b></p><p><blockquote><b>堆积成方舟</b></blockquote></p><p> These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF&nbsp;being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p><p><blockquote>如今，每个人都想成为方舟投资公司的凯西·伍德。她是特斯拉和比特币BTCUSD、6.03%以及我和我的长期追随者甚至比她更早进入的其他一些主题的早期看涨者。她的主动管理ETF（最著名的ARK Innovation ETF）表现非常好，几年来她的评论一直很准确。</blockquote></p><p> But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since&nbsp;I wrote this in 2001 for TheStreet.com.&nbsp;(I just realized this article was published just two weeks after 9/11.):</p><p><blockquote>但我有个坏消息。尽管我是Cathie's的粉丝并祝愿她和她的投资者一切顺利，但我还是忍不住想起了乔治·吉尔德(George Gilder)的故事，自从我2001年为TheStreet.com撰写这篇文章以来，我已经和他成为了几十年的朋友。（我刚刚意识到这篇文章是在9/11后两周发表的。）：</blockquote></p><p> <i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p><p><blockquote><i>“投资者在评估投资组合中的公司时需要注意一些规则：现金为王，因为现金流变得越来越难以持续判断。因此，简单浏览一下公司的资产负债表就可以告诉你很多关于它是否值得投资。既然电信股票每日大幅上涨的情况已经一去不复返了，任何生存能力值得怀疑的企业的潜在回报都不值得你冒资本风险。寻找账面上的实际收入。正如科技大师乔治·吉尔德和他的追随者所认识到的（至少，我希望他们现在已经认识到了），伟大的技术并不能转化为伟大的投资。公司需要销售渠道，他们需要有直接用途的产品。你可能会惊讶我没有在列表中提到盈利能力。盈利能力自然很重要，但即使是像思科这样的公司也可能无法在本季度甚至更长时间内实现盈利，因为他们必须继续根据需求调整产能、员工和库存。</i></blockquote></p><p> <i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p><p><blockquote><i>让我在这里重复一遍警告：你永远不会看到我们在20世纪90年代末几乎每天都能看到的那种回报，至少在电信和电信科技股票中是这样。这就是为什么这些科技共同基金人士不断宣扬坚持到底，却需要很长时间才能恢复平衡的另一个原因。”</i></blockquote></p><p> <b>The hangover</b></p><p><blockquote><b>宿醉</b></blockquote></p><p> Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p><p><blockquote>电信和电信科技股再也没有看到20世纪90年代末那样的回报。我认为电动汽车股票以及凯西·伍德（Cathie Wood）和她的一群盲目追随者最近投入的许多其他最爱股票也是如此，因为他们不顾估值而投入资金。</blockquote></p><p> Here’s what George had to say&nbsp;in 2002:</p><p><blockquote>以下是乔治在2002年所说的话：</blockquote></p><p></p><p> <i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p><p><blockquote><i>“回想起来，很明显我应该巧妙地说，‘嘿，JDS Uniphase的事情已经失控了，不值得你为此付出代价，’”他说。每个月，他都考虑向他的订户提供警告，但每次他都决定不这样做。他亲眼目睹了其他人所说的“吉尔德效应”：在他将一家公司加入他的名单后，该公司的股票急剧上涨。股票价格在时事通讯发布后一小时内上涨超过50%的情况并非闻所未闻。如果我说，‘嘿，这是一个顶部，你们都应该卖出’，这将是一个灾难性的事件，”他说。“我会考虑告诉人们他们应该卖掉一半的股份，每次我都会得出结论，我的订阅者会被激怒。我也想知道如果我这么做了会导致什么后果。”在吉尔德现在评级的市场“歇斯底里的高峰”，他的读者中有整整50%都报名阅读了这份报告。“我的一半订户会永远感激[警告]，但另一半——新订户——会被激怒，因为他们刚刚进来，”他说。“太可怕了，我真的不知道该怎么办了。”最后他什么也没做。很快，他就有了一系列全新的干扰。“过去，我们的投资者会议会在两周内售罄，”吉尔德说。“但2001年，我们发出同样的文献资料，同样的邀请函，就有五七个人报名。”他失去了为聚会预留酒店空间的押金。简讯续订率直线下降。一笔巨额税单到期了。到2002年春天，他已经解雇了近一半的员工。“你可能前一刻还非常富有，下一刻，你就无法向你的合作伙伴支付最后一百万美元，然后你的房子突然就被留置权了，”他说。</i></blockquote></p><p> Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p><p><blockquote>1999年乔治排行榜上名列前茅的许多最佳股票最终下跌了99%或更多。许多人归零，即使他们的技术和想法继续发展，并建立了我们现在每天都在使用的互联网。</blockquote></p><p> CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p><p><blockquote>对于那些忽视估值和基本面的人来说，CCIV可能预示着更多痛苦。</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>The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</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 days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-24 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p><p><blockquote>准备好恢复正常吧。Lucid的SPAC和ARK Invest的ETF带有20世纪90年代末科技泡沫的气息。</blockquote></p><p> Ignore stock valuations and companies’ fundamentals at your peril.</p><p><blockquote>忽视股票估值和公司基本面，后果自负。</blockquote></p><p> Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p><p><blockquote>Churchill Capital Corp.是一家特殊目的收购公司（SPAC），曾有传言称将与特斯拉的追随者Lucid Motors合并，周一晚上终于宣布确实会这样做。在华尔街的典型反应中，市场在长期“买入谣言”后“卖出消息”。</blockquote></p><p> CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p><p><blockquote>CCIV较作为空白支票公司上市时上涨了500%，今天股市已经抹去了周一中午预期市值的一半。本月早些时候，我曾警告过这只股票是应避免的众多“随机数生成器”(RNG)之一。几周来一直以每股40美元、50美元、60美元甚至70美元的价格购买CCIV的人和机构突然发现价值大幅缩水。</blockquote></p><p> They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p><p><blockquote>他们现在可能正在环顾其他RNG SPAC，并想知道是否真的应该看看估值。</blockquote></p><p> Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc.&nbsp;at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p><p><blockquote>在更广泛的背景下回顾本周丑陋的股市走势，您可能会注意到，特斯拉公司的股价为900美元——此前该公司报告了一个不太好的季度，其中包括一些有关毛利率扩张的问题——看起来可能已经是顶级制造商本身。</blockquote></p><p> Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p><p><blockquote>许多有问题的电动汽车股票在本周受到惩罚之前持续上涨了一两周。至少一两天。一个月后回顾一下非特斯拉电动汽车股票的表现将会很有趣。我预计大多数价格甚至会比今天的报价低得多，今天的报价比上周的报价低得多。</blockquote></p><p> <b>Piling into ARK</b></p><p><blockquote><b>堆积成方舟</b></blockquote></p><p> These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF&nbsp;being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p><p><blockquote>如今，每个人都想成为方舟投资公司的凯西·伍德。她是特斯拉和比特币BTCUSD、6.03%以及我和我的长期追随者甚至比她更早进入的其他一些主题的早期看涨者。她的主动管理ETF（最著名的ARK Innovation ETF）表现非常好，几年来她的评论一直很准确。</blockquote></p><p> But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since&nbsp;I wrote this in 2001 for TheStreet.com.&nbsp;(I just realized this article was published just two weeks after 9/11.):</p><p><blockquote>但我有个坏消息。尽管我是Cathie's的粉丝并祝愿她和她的投资者一切顺利，但我还是忍不住想起了乔治·吉尔德(George Gilder)的故事，自从我2001年为TheStreet.com撰写这篇文章以来，我已经和他成为了几十年的朋友。（我刚刚意识到这篇文章是在9/11后两周发表的。）：</blockquote></p><p> <i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p><p><blockquote><i>“投资者在评估投资组合中的公司时需要注意一些规则：现金为王，因为现金流变得越来越难以持续判断。因此，简单浏览一下公司的资产负债表就可以告诉你很多关于它是否值得投资。既然电信股票每日大幅上涨的情况已经一去不复返了，任何生存能力值得怀疑的企业的潜在回报都不值得你冒资本风险。寻找账面上的实际收入。正如科技大师乔治·吉尔德和他的追随者所认识到的（至少，我希望他们现在已经认识到了），伟大的技术并不能转化为伟大的投资。公司需要销售渠道，他们需要有直接用途的产品。你可能会惊讶我没有在列表中提到盈利能力。盈利能力自然很重要，但即使是像思科这样的公司也可能无法在本季度甚至更长时间内实现盈利，因为他们必须继续根据需求调整产能、员工和库存。</i></blockquote></p><p> <i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p><p><blockquote><i>让我在这里重复一遍警告：你永远不会看到我们在20世纪90年代末几乎每天都能看到的那种回报，至少在电信和电信科技股票中是这样。这就是为什么这些科技共同基金人士不断宣扬坚持到底，却需要很长时间才能恢复平衡的另一个原因。”</i></blockquote></p><p> <b>The hangover</b></p><p><blockquote><b>宿醉</b></blockquote></p><p> Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p><p><blockquote>电信和电信科技股再也没有看到20世纪90年代末那样的回报。我认为电动汽车股票以及凯西·伍德（Cathie Wood）和她的一群盲目追随者最近投入的许多其他最爱股票也是如此，因为他们不顾估值而投入资金。</blockquote></p><p> Here’s what George had to say&nbsp;in 2002:</p><p><blockquote>以下是乔治在2002年所说的话：</blockquote></p><p></p><p> <i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p><p><blockquote><i>“回想起来，很明显我应该巧妙地说，‘嘿，JDS Uniphase的事情已经失控了，不值得你为此付出代价，’”他说。每个月，他都考虑向他的订户提供警告，但每次他都决定不这样做。他亲眼目睹了其他人所说的“吉尔德效应”：在他将一家公司加入他的名单后，该公司的股票急剧上涨。股票价格在时事通讯发布后一小时内上涨超过50%的情况并非闻所未闻。如果我说，‘嘿，这是一个顶部，你们都应该卖出’，这将是一个灾难性的事件，”他说。“我会考虑告诉人们他们应该卖掉一半的股份，每次我都会得出结论，我的订阅者会被激怒。我也想知道如果我这么做了会导致什么后果。”在吉尔德现在评级的市场“歇斯底里的高峰”，他的读者中有整整50%都报名阅读了这份报告。“我的一半订户会永远感激[警告]，但另一半——新订户——会被激怒，因为他们刚刚进来，”他说。“太可怕了，我真的不知道该怎么办了。”最后他什么也没做。很快，他就有了一系列全新的干扰。“过去，我们的投资者会议会在两周内售罄，”吉尔德说。“但2001年，我们发出同样的文献资料，同样的邀请函，就有五七个人报名。”他失去了为聚会预留酒店空间的押金。简讯续订率直线下降。一笔巨额税单到期了。到2002年春天，他已经解雇了近一半的员工。“你可能前一刻还非常富有，下一刻，你就无法向你的合作伙伴支付最后一百万美元，然后你的房子突然就被留置权了，”他说。</i></blockquote></p><p> Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p><p><blockquote>1999年乔治排行榜上名列前茅的许多最佳股票最终下跌了99%或更多。许多人归零，即使他们的技术和想法继续发展，并建立了我们现在每天都在使用的互联网。</blockquote></p><p> CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p><p><blockquote>对于那些忽视估值和基本面的人来说，CCIV可能预示着更多痛苦。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?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",".SPX":"S&P 500 Index","TSLA":"特斯拉","ARKK":"ARK Innovation ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1197533827","content_text":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.\nIgnore stock valuations and companies’ fundamentals at your peril.\nChurchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”\nCCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.\nThey’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.\nReviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc. at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.\nMany questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.\nPiling into ARK\nThese days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF being the most famous, has performed very well, and her commentary has been spot on for a couple years now.\nBut I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since I wrote this in 2001 for TheStreet.com. (I just realized this article was published just two weeks after 9/11.):\n“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.\nLet me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”\nThe hangover\nTelecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.\nHere’s what George had to say in 2002:\n“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.\nMany of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.\nCCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"ARKK":0.9,".IXIC":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361366510,"gmtCreate":1614207398430,"gmtModify":1634550749750,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"Good[财迷]&nbsp;","listText":"Good[财迷]&nbsp;","text":"Good[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361366510","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohu8.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格走软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格走软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">Barrons</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.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":382184946,"gmtCreate":1613386904685,"gmtModify":1634553787858,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382184946","repostId":"2110049692","repostType":4,"isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386612977,"gmtCreate":1613172057699,"gmtModify":1634554289382,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/386612977","repostId":"2110350049","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386616486,"gmtCreate":1613171985045,"gmtModify":1634554289624,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[捂脸]&nbsp;","listText":"[捂脸]&nbsp;","text":"[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/386616486","repostId":"2110350049","repostType":4,"isVote":1,"tweetType":1,"viewCount":1119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":361362632,"gmtCreate":1614207458826,"gmtModify":1634550749002,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[喷血]&nbsp;[捂脸]&nbsp;[汗颜]&nbsp;","listText":"[喷血]&nbsp;[捂脸]&nbsp;[汗颜]&nbsp;","text":"[喷血] [捂脸] [汗颜]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361362632","repostId":"2113356373","repostType":4,"isVote":1,"tweetType":1,"viewCount":4077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":366902294,"gmtCreate":1614376666318,"gmtModify":1703477059099,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[财迷]&nbsp;[财迷]&nbsp;","listText":"[财迷]&nbsp;[财迷]&nbsp;","text":"[财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366902294","repostId":"1103930774","repostType":4,"repost":{"id":"1103930774","kind":"news","pubTimestamp":1614334872,"share":"https://www.laohu8.com/m/news/1103930774?lang=zh_CN&edition=full","pubTime":"2021-02-26 18:21","market":"us","language":"en","title":"Why QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103930774","media":"Motley Fool ","summary":"The CEO of the solid-state EV battery maker that has garnered much investor interest gave an intervi","content":"<p>The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.</p><p><blockquote>备受投资者关注的固态电动汽车电池制造商的首席执行官今天接受了采访。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> The stock of aspiring solid-state battery technology company&nbsp;<b>QuantumScape</b>&nbsp;(NYSE:QS)&nbsp;has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.</p><p><blockquote>有抱负的固态电池技术公司股票<b>量子景观</b>（纽约证券交易所股票代码：QS）确实经历了起起落落。今天该股的走势反映了这种模式。在开盘上涨10%后，周四收盘下跌超过3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Shares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the&nbsp;electric-vehicle (EV)&nbsp;sector as a speculative stock hoping to revolutionize EV battery technology.</p><p><blockquote>该公司股价在2020年底飙升三位数后，今年迄今已下跌超过30%。该公司倾向于将电动汽车（EV）行业作为投机性股票进行交易，希望彻底改变电动汽车电池技术。</blockquote></p><p> Today, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.</p><p><blockquote>今天，QuantumScape首席执行官Jagdeep Singh接受了雅虎的采访！金融，这可能导致该股交易波动。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> During today's interview, Singh reiterated some positive developments the company shared with investors&nbsp;last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.</p><p><blockquote>在今天的采访中，辛格重申了该公司上周在财报中与投资者分享的一些积极进展。该公司正在努力将固态电池技术商业化，该技术可以为电动汽车制造商提供更安全、充电更快、续航里程更长的电池。</blockquote></p><p> The company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.</p><p><blockquote>该公司报告称，它已经成功制造了第一个四层多层电池。这有助于确认该技术是可行的。辛格补充说，他计划在今年年底前扩大该技术，使其拥有8至10层电池。这将使该公司能够向汽车制造商提供样品电池。</blockquote></p><p> Singh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.</p><p><blockquote>辛格还表示，其他行业也对这项技术感兴趣。“像电网的固定存储这样的东西，对于电池来说是一个非常重要的应用，”辛格在采访中表示。</blockquote></p><p> Successful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.</p><p><blockquote>然而，成功的商业生产还远未得到保证。任何投资都应该完全属于投资组合的投机部分。投资者应该预计业务发展和股票都会起起落落，正如今天的涨跌所看到的那样。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</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\">\nWhy QuantumScape Stock Rose Then Fell Thursday<blockquote>为什么QuantumScape股票周四先涨后跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool </strong><span class=\"h-time small\">2021-02-26 18:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.</p><p><blockquote>备受投资者关注的固态电动汽车电池制造商的首席执行官今天接受了采访。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> The stock of aspiring solid-state battery technology company&nbsp;<b>QuantumScape</b>&nbsp;(NYSE:QS)&nbsp;has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.</p><p><blockquote>有抱负的固态电池技术公司股票<b>量子景观</b>（纽约证券交易所股票代码：QS）确实经历了起起落落。今天该股的走势反映了这种模式。在开盘上涨10%后，周四收盘下跌超过3%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Shares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the&nbsp;electric-vehicle (EV)&nbsp;sector as a speculative stock hoping to revolutionize EV battery technology.</p><p><blockquote>该公司股价在2020年底飙升三位数后，今年迄今已下跌超过30%。该公司倾向于将电动汽车（EV）行业作为投机性股票进行交易，希望彻底改变电动汽车电池技术。</blockquote></p><p> Today, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.</p><p><blockquote>今天，QuantumScape首席执行官Jagdeep Singh接受了雅虎的采访！金融，这可能导致该股交易波动。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> During today's interview, Singh reiterated some positive developments the company shared with investors&nbsp;last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.</p><p><blockquote>在今天的采访中，辛格重申了该公司上周在财报中与投资者分享的一些积极进展。该公司正在努力将固态电池技术商业化，该技术可以为电动汽车制造商提供更安全、充电更快、续航里程更长的电池。</blockquote></p><p> The company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.</p><p><blockquote>该公司报告称，它已经成功制造了第一个四层多层电池。这有助于确认该技术是可行的。辛格补充说，他计划在今年年底前扩大该技术，使其拥有8至10层电池。这将使该公司能够向汽车制造商提供样品电池。</blockquote></p><p> Singh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.</p><p><blockquote>辛格还表示，其他行业也对这项技术感兴趣。“像电网的固定存储这样的东西，对于电池来说是一个非常重要的应用，”辛格在采访中表示。</blockquote></p><p> Successful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.</p><p><blockquote>然而，成功的商业生产还远未得到保证。任何投资都应该完全属于投资组合的投机部分。投资者应该预计业务发展和股票都会起起落落，正如今天的涨跌所看到的那样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/25/why-quantumscape-stock-rose-then-fell-today/\">Motley Fool </a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QS":"Quantumscape Corp."},"source_url":"https://www.fool.com/investing/2021/02/25/why-quantumscape-stock-rose-then-fell-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103930774","content_text":"The CEO of the solid-state EV battery maker that has garnered much investor interest gave an interview today.\nWhat happened\nThe stock of aspiring solid-state battery technology company QuantumScape (NYSE:QS) has certainly seen ups and downs. Movement in the stock today mirrored that pattern. After an early 10% jump, shares closed more than 3% lower on Thursday.\nSo what\nShares of the company are down more than 30% year to date after a triple-digit spike in late 2020. The company tends to trade with the electric-vehicle (EV) sector as a speculative stock hoping to revolutionize EV battery technology.\nToday, QuantumScape CEO Jagdeep Singh gave an interview to Yahoo! Finance, which may have contributed to the stock's volatile trading.\nNow what\nDuring today's interview, Singh reiterated some positive developments the company shared with investors last week in its earnings release. The company is working toward commercializing the solid-state battery technology that could provide EV makers with a safer, faster-charging battery that can also deliver longer ranges.\nThe company reported it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. Singh added that he plans to scale up the technology to have an eight to 10-layer cell by the end of this year. That would allow the company to deliver sample cells to automotive manufacturers.\nSingh also said there is interest from other sectors for the technology. \"Things like stationary storage for the grid, that's a really important application for batteries,\" Singh stated in the interview.\nSuccessful commercial production is far from guaranteed, however. Any investment should be squarely in a speculative portion of a portfolio. And investors should expect ups and downs for both the business developments and the stock, as was seen with today's jump and drop.","news_type":1,"symbols_score_info":{"QS":0.9}},"isVote":1,"tweetType":1,"viewCount":3418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":368516555,"gmtCreate":1614337442377,"gmtModify":1703476556288,"author":{"id":"3565581649361282","authorId":"3565581649361282","name":"RogerLew","avatar":"https://static.tigerbbs.com/39451a8c1f91c27044d0e98cc2627e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565581649361282","authorIdStr":"3565581649361282"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368516555","repostId":"1125238969","repostType":4,"repost":{"id":"1125238969","kind":"news","pubTimestamp":1614311542,"share":"https://www.laohu8.com/m/news/1125238969?lang=zh_CN&edition=full","pubTime":"2021-02-26 11:52","market":"us","language":"en","title":"Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125238969","media":"Barrons","summary":"“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerN","content":"<p>“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.</p><p><blockquote>如果科技行业继续下滑，“归咎于比特币”可能会成为一个新的口号。</blockquote></p><p>Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.</p><p><blockquote>半导体制造商英伟达（股票代码：NVDA）在最近的交易中下跌8.2%，至532.3美元，以科技股为主的纳斯达克综合指数普遍暴跌。该芯片股之所以脱颖而出，是因为该公司周三发布了强劲的收益报告，其中包括比特币和其他加密货币相关产品的提振。</blockquote></p><p>Payments app&nbsp;Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong&nbsp;earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as&nbsp;Bitcoin prices have slumped.</p><p><blockquote>与此同时，支付应用Square(SQ)也继续下滑，下跌4.3%，至227.11美元。该公司周二发布的相对强劲的收益报告包括来自比特币的投资和运营收益，该公司表示计划“加倍投资”数字硬币。这可能会给该股带来压力，随着比特币股价暴跌，该股在过去几个交易日下跌了近20%。</blockquote></p><p>Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.</p><p><blockquote>科技股面临压力还有其他原因：估值过高使得该行业容易受到公司预测疲软的影响。债券收益率上升会给未来现金流的现值带来压力，从而构成威胁。大型科技公司也是一个拥挤的行业，随着投资者寻找更具周期性的投资或估值较低的行业，它可能会失去青睐。</blockquote></p><p>But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.</p><p><blockquote>但英伟达、Square、特斯拉(TSLA)和其他股票的交易模式也可能是比特币影响力日益增强的标志。公司正在将资本直接投入比特币以及相关产品和服务，在过去一年价格飙升超过350%之际扩大风险敞口。尽管最近有所下滑，但比特币今年仍上涨了67%。</blockquote></p><p>Crypto is&nbsp;certainly gathering momentum.Mastercard&nbsp;(MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a&nbsp;Mastercard&nbsp;executive noted at a conference on Thursday.</p><p><blockquote>加密货币无疑正在积聚势头。万事达卡（MA）本月表示，将开始直接在其网络上支持加密货币，并指出许多消费者已经在使用信用卡购买加密资产。但万事达卡高管在周四的一次会议上指出，将比特币变成一种可行的日常购物货币仍然是一个挑战。</blockquote></p><p>“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a&nbsp;report&nbsp;on MarketWatch. “It’s too volatile and it takes too long to transact.”</p><p><blockquote>据MarketWatch报道，万事达卡执行副主席安·凯恩斯(Ann Cairns)表示：“比特币的行为不像一种支付工具。”“波动性太大，交易时间太长。”</blockquote></p><p>Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.</p><p><blockquote>无论是成为一种资产类别还是支付工具，比特币的崛起（以及潜在的衰落）正在席卷科技、银行和其他行业。</blockquote></p><p>Nvidia, for instance, issued animpressiveearnings report, as<i>Barron’s</i>noted. But it’s also becoming more of a crypto play.</p><p><blockquote>例如，英伟达发布了一份令人印象深刻的收益报告，<i>巴伦周刊</i>注意到。但它也变得更像是一种加密游戏。</blockquote></p><p>The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.</p><p><blockquote>该公司表示，加密货币在本季度可能产生了1亿至3亿美元的积极影响。该公司正在推出一系列新的加密货币挖掘处理器（CMP），用于专业的加密挖掘。</blockquote></p><p>“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.</p><p><blockquote>英伟达告诉投资者：“加密货币最近开始被公司和金融机构接受，并显示出持久力的迹象。”该公司补充说，其新的CMP系列将使公司更好地了解加密货币对收入的贡献。</blockquote></p><p>Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.</p><p><blockquote>一些分析师质疑这一趋势的可持续性。例如，Piper Sandler的Harsh Kumar重申了跑赢大盘对该股的评级，但对英伟达对加密货币的敞口不断增加提出警告。</blockquote></p><p>“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”</p><p><blockquote>“随着加密货币再次出现，加密货币和核心游戏优势之间的界限变得模糊，”他写道。“我们认为投资者可能会质疑这些趋势的可持续性，特别是考虑到过去的加密货币问题。”</blockquote></p><p>Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.</p><p><blockquote>如上所述，支付应用Square现在也直接卷入了比特币的争论。虽然核心业务趋势看起来很健康，但投资者可能担心随着价格见顶，Square正在向加密领域扩张。该公司在之前购买了5000万美元的基础上，在本季度购买了1.7亿美元的比特币，并正在将其Cash应用程序作为购买、存储并最终交易加密货币的机制进行营销。</blockquote></p><p>Wall Street has mixed views on that idea. Competitors like&nbsp;PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes&nbsp;JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.</p><p><blockquote>华尔街对这一想法看法不一。JMP分析师David Scharf指出，PayPal控股公司(PYPL)等竞争对手以及其他“新银行”竞争对手也在进军比特币。这引发了人们对Cash App长期“粘性”以及其增长能否持续的质疑。</blockquote></p><p>Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.</p><p><blockquote>事实上，Cash App现在约占Square毛利润的一半，该公司指望比特币来刺激需求。这使得Square股票成为比特币的一种衍生品；过去一年，股价与比特币股价的相关性越来越大，而且这种关系可能只会变得越来越紧密。</blockquote></p><p>Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.</p><p><blockquote>Square的股票也可能没有完全考虑到比特币的波动性，该公司已经经历了几个繁荣-萧条周期。Scharf表示，该股预计2022年Ebitda（息税折旧摊销前利润）约为100，看起来估值已充分，他维持了市场表现评级。</blockquote></p><p></p><p>Guggenheim’s Jeff Cantwell&nbsp;took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.</p><p><blockquote>古根海姆博物馆的杰夫·坎特威尔站在了这场辩论的对立面。周四，他将Square股票评级上调至买入，部分原因是比特币前景乐观。他写道：“我们认为比特币正处于长期走高的轨道上。”他补充说，这应该会推动现金应用程序使用量和其他指标的增加。</blockquote></p><p>He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.</p><p><blockquote>他认为比特币不会很快成为用于主流购买的货币。但他指出，这无关紧要，因为比特币正在变成“数字黄金”——一种价值储存手段和一种资产类别。他指出，全球有5000万个数字比特币钱包，用户群庞大且不断增长。Square正在尽自己的一份力量将比特币纳入主流。</blockquote></p><p>Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.</p><p><blockquote>Cantwell预计Square股价将达到288美元。比特币可能也必须尽自己的一份力量让股票达到这一目标。</blockquote></p><p></p>","source":"lsy1601382232898","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>Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</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\">\nBitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-26 11:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.</p><p><blockquote>如果科技行业继续下滑，“归咎于比特币”可能会成为一个新的口号。</blockquote></p><p>Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.</p><p><blockquote>半导体制造商英伟达（股票代码：NVDA）在最近的交易中下跌8.2%，至532.3美元，以科技股为主的纳斯达克综合指数普遍暴跌。该芯片股之所以脱颖而出，是因为该公司周三发布了强劲的收益报告，其中包括比特币和其他加密货币相关产品的提振。</blockquote></p><p>Payments app&nbsp;Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong&nbsp;earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as&nbsp;Bitcoin prices have slumped.</p><p><blockquote>与此同时，支付应用Square(SQ)也继续下滑，下跌4.3%，至227.11美元。该公司周二发布的相对强劲的收益报告包括来自比特币的投资和运营收益，该公司表示计划“加倍投资”数字硬币。这可能会给该股带来压力，随着比特币股价暴跌，该股在过去几个交易日下跌了近20%。</blockquote></p><p>Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.</p><p><blockquote>科技股面临压力还有其他原因：估值过高使得该行业容易受到公司预测疲软的影响。债券收益率上升会给未来现金流的现值带来压力，从而构成威胁。大型科技公司也是一个拥挤的行业，随着投资者寻找更具周期性的投资或估值较低的行业，它可能会失去青睐。</blockquote></p><p>But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.</p><p><blockquote>但英伟达、Square、特斯拉(TSLA)和其他股票的交易模式也可能是比特币影响力日益增强的标志。公司正在将资本直接投入比特币以及相关产品和服务，在过去一年价格飙升超过350%之际扩大风险敞口。尽管最近有所下滑，但比特币今年仍上涨了67%。</blockquote></p><p>Crypto is&nbsp;certainly gathering momentum.Mastercard&nbsp;(MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a&nbsp;Mastercard&nbsp;executive noted at a conference on Thursday.</p><p><blockquote>加密货币无疑正在积聚势头。万事达卡（MA）本月表示，将开始直接在其网络上支持加密货币，并指出许多消费者已经在使用信用卡购买加密资产。但万事达卡高管在周四的一次会议上指出，将比特币变成一种可行的日常购物货币仍然是一个挑战。</blockquote></p><p>“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a&nbsp;report&nbsp;on MarketWatch. “It’s too volatile and it takes too long to transact.”</p><p><blockquote>据MarketWatch报道，万事达卡执行副主席安·凯恩斯(Ann Cairns)表示：“比特币的行为不像一种支付工具。”“波动性太大，交易时间太长。”</blockquote></p><p>Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.</p><p><blockquote>无论是成为一种资产类别还是支付工具，比特币的崛起（以及潜在的衰落）正在席卷科技、银行和其他行业。</blockquote></p><p>Nvidia, for instance, issued animpressiveearnings report, as<i>Barron’s</i>noted. But it’s also becoming more of a crypto play.</p><p><blockquote>例如，英伟达发布了一份令人印象深刻的收益报告，<i>巴伦周刊</i>注意到。但它也变得更像是一种加密游戏。</blockquote></p><p>The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.</p><p><blockquote>该公司表示，加密货币在本季度可能产生了1亿至3亿美元的积极影响。该公司正在推出一系列新的加密货币挖掘处理器（CMP），用于专业的加密挖掘。</blockquote></p><p>“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.</p><p><blockquote>英伟达告诉投资者：“加密货币最近开始被公司和金融机构接受，并显示出持久力的迹象。”该公司补充说，其新的CMP系列将使公司更好地了解加密货币对收入的贡献。</blockquote></p><p>Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.</p><p><blockquote>一些分析师质疑这一趋势的可持续性。例如，Piper Sandler的Harsh Kumar重申了跑赢大盘对该股的评级，但对英伟达对加密货币的敞口不断增加提出警告。</blockquote></p><p>“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”</p><p><blockquote>“随着加密货币再次出现，加密货币和核心游戏优势之间的界限变得模糊，”他写道。“我们认为投资者可能会质疑这些趋势的可持续性，特别是考虑到过去的加密货币问题。”</blockquote></p><p>Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.</p><p><blockquote>如上所述，支付应用Square现在也直接卷入了比特币的争论。虽然核心业务趋势看起来很健康，但投资者可能担心随着价格见顶，Square正在向加密领域扩张。该公司在之前购买了5000万美元的基础上，在本季度购买了1.7亿美元的比特币，并正在将其Cash应用程序作为购买、存储并最终交易加密货币的机制进行营销。</blockquote></p><p>Wall Street has mixed views on that idea. Competitors like&nbsp;PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes&nbsp;JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.</p><p><blockquote>华尔街对这一想法看法不一。JMP分析师David Scharf指出，PayPal控股公司(PYPL)等竞争对手以及其他“新银行”竞争对手也在进军比特币。这引发了人们对Cash App长期“粘性”以及其增长能否持续的质疑。</blockquote></p><p>Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.</p><p><blockquote>事实上，Cash App现在约占Square毛利润的一半，该公司指望比特币来刺激需求。这使得Square股票成为比特币的一种衍生品；过去一年，股价与比特币股价的相关性越来越大，而且这种关系可能只会变得越来越紧密。</blockquote></p><p>Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.</p><p><blockquote>Square的股票也可能没有完全考虑到比特币的波动性，该公司已经经历了几个繁荣-萧条周期。Scharf表示，该股预计2022年Ebitda（息税折旧摊销前利润）约为100，看起来估值已充分，他维持了市场表现评级。</blockquote></p><p></p><p>Guggenheim’s Jeff Cantwell&nbsp;took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.</p><p><blockquote>古根海姆博物馆的杰夫·坎特威尔站在了这场辩论的对立面。周四，他将Square股票评级上调至买入，部分原因是比特币前景乐观。他写道：“我们认为比特币正处于长期走高的轨道上。”他补充说，这应该会推动现金应用程序使用量和其他指标的增加。</blockquote></p><p>He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.</p><p><blockquote>他认为比特币不会很快成为用于主流购买的货币。但他指出，这无关紧要，因为比特币正在变成“数字黄金”——一种价值储存手段和一种资产类别。他指出，全球有5000万个数字比特币钱包，用户群庞大且不断增长。Square正在尽自己的一份力量将比特币纳入主流。</blockquote></p><p>Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.</p><p><blockquote>Cantwell预计Square股价将达到288美元。比特币可能也必须尽自己的一份力量让股票达到这一目标。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-may-be-weighing-on-tech-stocks-again-investors-should-be-wary-51614284904?mod=hp_LEAD_2_B_1\">Barrons</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","NVDA":"英伟达",".SPX":"S&P 500 Index","TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale","PYPL":"PayPal"},"source_url":"https://www.barrons.com/articles/bitcoin-may-be-weighing-on-tech-stocks-again-investors-should-be-wary-51614284904?mod=hp_LEAD_2_B_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125238969","content_text":"“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.Payments app Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as Bitcoin prices have slumped.Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.Crypto is certainly gathering momentum.Mastercard (MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a Mastercard executive noted at a conference on Thursday.“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a report on MarketWatch. “It’s too volatile and it takes too long to transact.”Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.Nvidia, for instance, issued animpressiveearnings report, asBarron’snoted. But it’s also becoming more of a crypto play.The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.Wall Street has mixed views on that idea. Competitors like PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.Guggenheim’s Jeff Cantwell took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.Cantwell sees Square stock hitting $288. 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