MaeTan的个人主页 - 老虎社区

MaeTan

MaeTan

暂无个人介绍

IP属地：未知

376关注

22粉丝

0主题

0勋章

2021-12-15

I fully agree with what u have shared on Mara!!!! Buy more!

抱歉，原内容已删除

2021-11-15

Yes it was! Now is the week to make money

@MaddyLIM:Cheers to an awesome lead up to the weekend!!!

2021-11-08

Wonder if this news will affect Sundial too? Strangely it rose during pre-market

抱歉，原内容已删除

2021-11-03

Wonderful! Do continue to rise!

Sea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</blockquote>

2021-10-01

Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!

抱歉，原内容已删除

2021-09-20

I feel he’s very smart! Capitalizing on the dip! He could make his country rich in time to come!

抱歉，原内容已删除

2021-09-15

Wow! Apple is quite good! She is coming in fast & furious. I cannot keep up with her! Haha

Here's everything Apple unveiled at its big iPhone event<blockquote>以下是苹果在其大型 iPhone 活动上公布的所有内容</blockquote>

2021-09-02

Is Temasek finally investing in something good? 😊

抱歉，原内容已删除

2021-08-27

Every time Mr P speaks, market will experience a sell off. Please be nice to the stock market tonight.

抱歉，原内容已删除

2021-08-23

Just keep adding everyday!

抱歉，原内容已删除

2021-08-18

Kaput!

@MaddyLIM:What a XELA day!!!

2021-08-12

Nice!

Clover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote>

2021-08-06

Oh nooo… hmm too expensive then don’t buy ! Why must they say such things? 😅

抱歉，原内容已删除

2021-07-22

It’s so irritating that she keeps doing this to her own country’s stocks!

抱歉，原内容已删除

2021-07-20

Wow! Cool!!! Didn’t know about Tesla China- made cars !

抱歉，原内容已删除

2021-07-19

Hope this news will pull the other cannabis stocks along!

Canada Cannabis Sales Doubled In 2020, Hitting $2.6 Billion: Here's What's Next<blockquote>2020 年加拿大大麻销售额翻了一番，达到 26 亿美元：接下来是什么</blockquote>

2021-07-19

How much money must you fork out to do thisswap? Will it be at the expense of govt or the shareholders?

抱歉，原内容已删除

2021-07-15

Interesting to know that she’s still so positive with BTC! I will trust her !

抱歉，原内容已删除

2021-07-13

He must have good karma to have founded BTS ! 😊

抱歉，原内容已删除

2021-07-10

Wonderful to know that the bill market May last so long! 💪🏼

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

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3566205103165331","uuid":"3566205103165331","gmtCreate":1608712391287,"gmtModify":1617071123578,"name":"MaeTan","pinyin":"maetan","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":22,"headSize":376,"tweetSize":120,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"80.43%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.67%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":607466053,"gmtCreate":1639579664133,"gmtModify":1639579664440,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"I fully agree with what u have shared on Mara!!!! Buy more!","listText":"I fully agree with what u have shared on Mara!!!! Buy more!","text":"I fully agree with what u have shared on Mara!!!! Buy more!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/607466053","repostId":"2191967880","repostType":2,"isVote":1,"tweetType":1,"viewCount":4379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873844861,"gmtCreate":1636933133960,"gmtModify":1636933134168,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Yes it was! Now is the week to make money","listText":"Yes it was! Now is the week to make money","text":"Yes it was! Now is the week to make money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/873844861","repostId":"149758879","repostType":1,"repost":{"id":149758879,"gmtCreate":1625750381591,"gmtModify":1631890287201,"author":{"id":"3576843963312863","authorId":"3576843963312863","name":"MaddyLIM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576843963312863","authorIdStr":"3576843963312863"},"themes":[],"title":"","htmlText":"Cheers to an awesome lead up to the weekend!!!","listText":"Cheers to an awesome lead up to the weekend!!!","text":"Cheers to an awesome lead up to the weekend!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149758879","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845748271,"gmtCreate":1636371923029,"gmtModify":1636371923458,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wonder if this news will affect Sundial too? Strangely it rose during pre-market","listText":"Wonder if this news will affect Sundial too? Strangely it rose during pre-market","text":"Wonder if this news will affect Sundial too? Strangely it rose during pre-market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/845748271","repostId":"2181720059","repostType":4,"isVote":1,"tweetType":1,"viewCount":3706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841199714,"gmtCreate":1635894613240,"gmtModify":1635894624068,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wonderful! Do continue to rise!&nbsp;","listText":"Wonderful! Do continue to rise!&nbsp;","text":"Wonderful! Do continue to rise!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/841199714","repostId":"1196473052","repostType":4,"repost":{"id":"1196473052","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635867252,"share":"https://www.laohunote.com/m/news/1196473052?lang=zh_CN&edition=full","pubTime":"2021-11-02 23:34","market":"us","language":"en","title":"Sea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196473052","media":"Tiger Newspress","summary":"Sea Limited stock rose 1.8% to return to $360 in morning trading.Sea Limited plans to announce its t","content":"<p>Sea Limited stock rose 1.8% to return to $360&nbsp;in&nbsp;morning trading.Sea Limited&nbsp;plans to announce its third quarter 2021 results before the U.S. market opens on November 16, 2021, U.S. Eastern Time.</p><p><blockquote>Sea Limited 股价在早盘交易中上涨 1.8%，重返 360 美元。Sea Limited计划在美国东部时间2021年11月16日美国市场开盘前公布2021年第三季度业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83a11802a42006187d6abc47352eba1a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Sea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</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\">\nSea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-02 23:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sea Limited stock rose 1.8% to return to $360&nbsp;in&nbsp;morning trading.Sea Limited&nbsp;plans to announce its third quarter 2021 results before the U.S. market opens on November 16, 2021, U.S. Eastern Time.</p><p><blockquote>Sea Limited 股价在早盘交易中上涨 1.8%，重返 360 美元。Sea Limited计划在美国东部时间2021年11月16日美国市场开盘前公布2021年第三季度业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83a11802a42006187d6abc47352eba1a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196473052","content_text":"Sea Limited stock rose 1.8% to return to $360 in morning trading.Sea Limited plans to announce its third quarter 2021 results before the U.S. market opens on November 16, 2021, U.S. Eastern Time.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864815127,"gmtCreate":1633087480678,"gmtModify":1633087481169,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!&nbsp;","listText":"Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!&nbsp;","text":"Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/864815127","repostId":"2170131614","repostType":4,"isVote":1,"tweetType":1,"viewCount":3621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860194698,"gmtCreate":1632144521114,"gmtModify":1632802566144,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"I feel he’s very smart! Capitalizing on the dip! He could make his country rich in time to come!&nbsp;","listText":"I feel he’s very smart! Capitalizing on the dip! He could make his country rich in time to come!&nbsp;","text":"I feel he’s very smart! Capitalizing on the dip! He could make his country rich in time to come!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/860194698","repostId":"2168623500","repostType":4,"isVote":1,"tweetType":1,"viewCount":2969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882615015,"gmtCreate":1631683581637,"gmtModify":1631883821130,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wow! Apple is quite good! She is coming in fast &amp; furious. I cannot keep up with her! Haha","listText":"Wow! Apple is quite good! She is coming in fast &amp; furious. I cannot keep up with her! Haha","text":"Wow! Apple is quite good! She is coming in fast & furious. I cannot keep up with her! Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/882615015","repostId":"1126583585","repostType":4,"repost":{"id":"1126583585","kind":"news","pubTimestamp":1631676275,"share":"https://www.laohunote.com/m/news/1126583585?lang=zh_CN&edition=full","pubTime":"2021-09-15 11:24","market":"us","language":"en","title":"Here's everything Apple unveiled at its big iPhone event<blockquote>以下是苹果在其大型 iPhone 活动上公布的所有内容</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126583585","media":"CNN","summary":"(CNN Business)Apple unveiled four new iPhones, a new Apple Watch and new iPads on Tuesday during a v","content":"<p>(CNN Business)Apple unveiled four new iPhones, a new Apple Watch and new iPads on Tuesday during a virtual media event held from California.</p><p><blockquote>（CNN Business）苹果周二在加州举行的虚拟媒体活动中发布了四款新iPhone、一款新苹果手表和新iPad。</blockquote></p><p> The new smartphones -- the iPhone 13 mini, the iPhone 13, the iPhone 13 Pro and iPhone 13 Pro Max -- don't include any groundbreaking design changes or features, at least compared to last year's 5G announcement. There was no portless iPhone and no under-display touch ID. Neither was there Apple's once classic line: \"one more thing.\"</p><p><blockquote>新的智能手机——iPhone 13 mini、iPhone 13、iPhone 13 Pro和iPhone 13 Pro Max——没有包括任何突破性的设计变化或功能，至少与去年发布的5G相比是这样。没有无端口iPhone，也没有显示屏下的触摸ID。苹果曾经的经典台词也没有：“还有一件事。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df8633c3ef3e6487029e181fc8fc182e\" tg-width=\"780\" tg-height=\"438\" width=\"100%\" height=\"auto\"><span>Tim Cook and the new iPhone 13.</span></p><p><blockquote><p class=\"t-img-caption\"><span>蒂姆·库克和新的iPhone 13。</span></p></blockquote></p><p> Instead, the event marked a return to basics for Apple with predictable improvements that included better cameras, longer-lasting battery and faster processing on its devices. Still, there were some pleasant new additions, including a jaw dropping storage option for the Pro models and a new Portrait mode for shooting videos. And, contrary to some rumors, Apple made upgrades without raising the base price of its various models.</p><p><blockquote>相反，这一事件标志着苹果回归基础，可预见的改进包括更好的相机、更持久的电池和更快的设备处理速度。尽管如此，还是有一些令人愉快的新功能，包括专业型号的令人瞠目结舌的存储选项和用于拍摄视频的新肖像模式。而且，与一些传言相反，苹果在没有提高其各种车型的基本价格的情况下进行了升级。</blockquote></p><p> The stakes were high for Apple (AAPL) heading into the event. The iPhone continues to be a major revenue driver for the company and remains central to its ecosystem of products. The event also comes amid some uncertainty: A US judge ruled last week that Apple can no longer prohibit app developers from directing users to payment options outside the App Store. The company is facing antitrust scrutiny from regulators in the US and abroad. And Apple recently confronted weeks of controversy for its approach to combating child exploitation.</p><p><blockquote>苹果（AAPL）参加这项赛事的风险很高。iPhone 仍然是该公司的主要收入驱动力，并且仍然是其产品生态系统的核心。这一事件也是在一些不确定性中发生的：一名美国法官上周裁定，苹果不能再禁止应用开发者将用户引导到应用商店之外的支付选项。该公司正面临美国和国外监管机构的反垄断审查。苹果最近因其打击剥削儿童的方法而面临数周的争议。</blockquote></p><p> On Tuesday, Apple attempted to move past that. Here's a closer look at what was announced:</p><p><blockquote>周二，苹果试图超越这一点。以下是所宣布的内容：</blockquote></p><p> <h3>iPhone 13 Pro and iPhone 13 Pro Max</h3> The higher-end iPhone Pro line was arguably the highlight of Apple's event, at least among the iPhones. The 6.1-inch iPhone 13 Pro and 6.7-inch iPhone 13 Pro Max feature Apple's new, powerful A15 Bionic chip, which Apple said is the \"fastest CPU in any smartphone.\" It will give the iPhone improved machine learning capabilities, such as real-time video analysis and the ability to analyze text in photo.</p><p><blockquote><h3>iPhone 13 Pro 和 iPhone 13 Pro</h3>高端iPhone Pro系列可以说是苹果此次活动的亮点，至少在iPhone中是这样。6.1 英寸 iPhone 13 Pro 和 6.7 英寸 iPhone 13 Pro Max 配备了苹果全新强大的 A15 仿生芯片，苹果称其是“所有智能手机中最快的 CPU”。它将为iPhone提供改进的机器学习功能，如实时视频分析和分析照片中文本的能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5edf9d6380afa4342805a87a29d4f56\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>iPhone 13 Pro</span></p><p><blockquote><p class=\"t-img-caption\"><span>iPhone 13 Pro</span></p></blockquote></p><p> The Pro devices pack a five-core CPU with 50% faster graphics -- an upgrade that will appeal to many gamers -- as well as a bright Super Retna XDR display with a faster refresh rate, an all-day battery life and an option for one terabyte of storage, doubling the prior maximum storage capacity.</p><p><blockquote>Pro设备配备了五核CPU，图形速度提高了50%——这一升级将吸引许多游戏玩家——以及明亮的Super Retna XDR显示屏，具有更快的刷新率、全天电池寿命和1TB存储选项，是之前最大存储容量的两倍。</blockquote></p><p> The camera system got a solid refresh, too. It comes with a new 77 mm telephoto lens with 3 times optical zoom, as well as new wide and ultrawide cameras.</p><p><blockquote>相机系统也得到了可靠的刷新。它配备了一个新的77毫米长焦镜头，具有3倍光学变焦，以及新的广角和超广角摄像头。</blockquote></p><p> The Pro and Pro Max start at $999 and $1,099, respectively. (The iPhone Pro Max with one terabyte of storage costs $1,599.) The phones come in graphite, gold, silver and sierra blue. The entire new iPhone line will start shipping on Friday, September 24.</p><p><blockquote>Pro和Pro Max的起价分别为999美元和1099美元。（1TB存储空间的iPhone Pro Max售价1599美元。）这些手机有石墨色、金色、银色和塞拉蓝色。整个新iPhone系列将于9月24日星期五开始发货。</blockquote></p><p> <h3>iPhone 13 and iPhone 13 mini</h3> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1694977a928bede5c281137bba5a0606\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>iPhone 13</span></p><p><blockquote><h3>iPhone 13 和 iPhone 13 mini</h3><p class=\"t-img-caption\"><span>苹果13</span></p></blockquote></p><p> The 6.1-inch iPhone 13 and 5.4-inch iPhone 13 mini come with the same A15 Bionic chip as the Pro line. It also has a dual-camera system, which is arranged diagonally, and features longer-lasting batteries. Apple said the iPhone 13 will last 2.5 hours longer than the iPhone 12 and the iPhone 13 mini will go 1.5 hours longer on a single charge.</p><p><blockquote>6.1英寸的iPhone 13和5.4英寸的iPhone 13 mini配备了与Pro系列相同的A15仿生芯片。它还具有对角线排列的双摄像头系统，并具有更持久的电池。苹果表示，iPhone 13将比iPhone 12长2.5小时，iPhone 13 mini一次充电将长1.5小时。</blockquote></p><p> Other updates include a more efficient display, a new 5G chip, and a tool called Cinematic Mode, which is like the popular Portrait mode feature but for videos.</p><p><blockquote>其他更新包括更高效的显示屏、新的 5G 芯片和名为电影模式的工具，该工具类似于流行的人像模式功能，但用于视频。</blockquote></p><p> The iPhone 13 mini will start at $699 for 128 GB (more storage for its base model than ever before) and the iPhone 13 will cost $799, starting with 128 GB. The smartphones come in five new colors: pink, blue, black, white and red.</p><p><blockquote>iPhone 13 mini的128GB起价为699美元（其基本型号的存储空间比以往任何时候都多），iPhone 13的128GB起价为799美元。智能手机有五种新颜色：粉色、蓝色、黑色、白色和红色。</blockquote></p><p> <h3>iPad and iPad mini</h3> In somewhat of a surprise, Apple showed off updates to its iPad and iPad mini line. Under the hood, the 10.2-inch iPad features a powerful A13 chip with 20% faster performance than the previous model. Apple says it's now 3 times faster than a Chromebook.</p><p><blockquote><h3>iPad和iPad mini</h3>出人意料的是，苹果展示了其iPad和iPad mini系列的更新。在引擎盖下，10.2英寸的iPad配备了强大的A13芯片，性能比之前的型号快20%。苹果说它现在比Chromebook快3倍。</blockquote></p><p> The updated iPad comes with a new 12MP ultrawide camera with Center Stage, which uses machine learning to adjust the front-facing camera during FaceTime video calls, and more accessory support that works with the first-generation Apple Pencil. It also supports a True Tone feature that adjusts the screen's color temperature to ambient lighting.</p><p><blockquote>更新后的iPad配备了一个新的1200万像素超宽摄像头，带中央舞台，它使用机器学习在FaceTime视频评级期间调整前置摄像头，以及更多与第一代苹果铅笔配合使用的配件支持。它还支持真实色调功能，可根据环境光线调整屏幕的色温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55dc7f4fcbd17fbc6f361c90ff48b1ec\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>New iPad</span></p><p><blockquote><p class=\"t-img-caption\"><span>新iPad</span></p></blockquote></p><p></p><p> The 8.3-inch iPad mini now comes with smaller bezels, more rounded corners, upgraded cameras on the front and back, Apple's Liquid retina display, USB-C support, magnetic support for Apple Pencil, an updated speaker system, and new colors, such as pink and purple.</p><p><blockquote>8.3英寸的iPad mini现在配备了更小的边框、更圆润的边角、升级的前后摄像头、苹果的液体视网膜显示屏、USB-C支持、苹果铅笔的磁性支持、更新的扬声器系统以及新的颜色，如粉色和紫色。</blockquote></p><p> The full-size iPad costs $329 for 64GB storage -- double the storage that typically ships on an entry-level iPad. For schools, the device costs $299. Pre-orders start Tuesday and shipping begins next week. The iPad mini starts at $499.</p><p><blockquote>全尺寸iPad的64GB存储空间售价为329美元，是入门级iPad通常配备的存储空间的两倍。对于学校来说，该设备的价格为299美元。预购从周二开始，下周开始发货。iPad mini起价499美元。</blockquote></p><p> <h3>Apple Watch Series 7</h3> Apple unveiled the new Apple Watch Series 7, a slimmer device with a wider screen than its predecessor. The new watch has a display that is 20% larger than the Series 6. It can display 50% more text and also has a full keyboard that you can tap or swipe to type out text messages.</p><p><blockquote><h3>苹果手表系列 7</h3>苹果推出了新款苹果手表系列7，这是一款比前代产品更纤薄、屏幕更宽的设备。新手表的显示屏比Series 6大20%。它可以显示50%以上的文本，还有一个完整的键盘，你可以点击或滑动来输入文本消息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea65abf6e688a837ec55bdf18cec75ed\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>Apple Watch Series 7</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果手表系列 7</span></p></blockquote></p><p> The Apple Watch Series 7 starts at $399 and will be available later this fall.</p><p><blockquote>苹果手表系列7起售价399美元，将于今年秋季晚些时候上市。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's everything Apple unveiled at its big iPhone event<blockquote>以下是苹果在其大型 iPhone 活动上公布的所有内容</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\">\nHere's everything Apple unveiled at its big iPhone event<blockquote>以下是苹果在其大型 iPhone 活动上公布的所有内容</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-09-15 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(CNN Business)Apple unveiled four new iPhones, a new Apple Watch and new iPads on Tuesday during a virtual media event held from California.</p><p><blockquote>（CNN Business）苹果周二在加州举行的虚拟媒体活动中发布了四款新iPhone、一款新苹果手表和新iPad。</blockquote></p><p> The new smartphones -- the iPhone 13 mini, the iPhone 13, the iPhone 13 Pro and iPhone 13 Pro Max -- don't include any groundbreaking design changes or features, at least compared to last year's 5G announcement. There was no portless iPhone and no under-display touch ID. Neither was there Apple's once classic line: \"one more thing.\"</p><p><blockquote>新的智能手机——iPhone 13 mini、iPhone 13、iPhone 13 Pro和iPhone 13 Pro Max——没有包括任何突破性的设计变化或功能，至少与去年发布的5G相比是这样。没有无端口iPhone，也没有显示屏下的触摸ID。苹果曾经的经典台词也没有：“还有一件事。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df8633c3ef3e6487029e181fc8fc182e\" tg-width=\"780\" tg-height=\"438\" width=\"100%\" height=\"auto\"><span>Tim Cook and the new iPhone 13.</span></p><p><blockquote><p class=\"t-img-caption\"><span>蒂姆·库克和新的iPhone 13。</span></p></blockquote></p><p> Instead, the event marked a return to basics for Apple with predictable improvements that included better cameras, longer-lasting battery and faster processing on its devices. Still, there were some pleasant new additions, including a jaw dropping storage option for the Pro models and a new Portrait mode for shooting videos. And, contrary to some rumors, Apple made upgrades without raising the base price of its various models.</p><p><blockquote>相反，这一事件标志着苹果回归基础，可预见的改进包括更好的相机、更持久的电池和更快的设备处理速度。尽管如此，还是有一些令人愉快的新功能，包括专业型号的令人瞠目结舌的存储选项和用于拍摄视频的新肖像模式。而且，与一些传言相反，苹果在没有提高其各种车型的基本价格的情况下进行了升级。</blockquote></p><p> The stakes were high for Apple (AAPL) heading into the event. The iPhone continues to be a major revenue driver for the company and remains central to its ecosystem of products. The event also comes amid some uncertainty: A US judge ruled last week that Apple can no longer prohibit app developers from directing users to payment options outside the App Store. The company is facing antitrust scrutiny from regulators in the US and abroad. And Apple recently confronted weeks of controversy for its approach to combating child exploitation.</p><p><blockquote>苹果（AAPL）参加这项赛事的风险很高。iPhone 仍然是该公司的主要收入驱动力，并且仍然是其产品生态系统的核心。这一事件也是在一些不确定性中发生的：一名美国法官上周裁定，苹果不能再禁止应用开发者将用户引导到应用商店之外的支付选项。该公司正面临美国和国外监管机构的反垄断审查。苹果最近因其打击剥削儿童的方法而面临数周的争议。</blockquote></p><p> On Tuesday, Apple attempted to move past that. Here's a closer look at what was announced:</p><p><blockquote>周二，苹果试图超越这一点。以下是所宣布的内容：</blockquote></p><p> <h3>iPhone 13 Pro and iPhone 13 Pro Max</h3> The higher-end iPhone Pro line was arguably the highlight of Apple's event, at least among the iPhones. The 6.1-inch iPhone 13 Pro and 6.7-inch iPhone 13 Pro Max feature Apple's new, powerful A15 Bionic chip, which Apple said is the \"fastest CPU in any smartphone.\" It will give the iPhone improved machine learning capabilities, such as real-time video analysis and the ability to analyze text in photo.</p><p><blockquote><h3>iPhone 13 Pro 和 iPhone 13 Pro</h3>高端iPhone Pro系列可以说是苹果此次活动的亮点，至少在iPhone中是这样。6.1 英寸 iPhone 13 Pro 和 6.7 英寸 iPhone 13 Pro Max 配备了苹果全新强大的 A15 仿生芯片，苹果称其是“所有智能手机中最快的 CPU”。它将为iPhone提供改进的机器学习功能，如实时视频分析和分析照片中文本的能力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5edf9d6380afa4342805a87a29d4f56\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>iPhone 13 Pro</span></p><p><blockquote><p class=\"t-img-caption\"><span>iPhone 13 Pro</span></p></blockquote></p><p> The Pro devices pack a five-core CPU with 50% faster graphics -- an upgrade that will appeal to many gamers -- as well as a bright Super Retna XDR display with a faster refresh rate, an all-day battery life and an option for one terabyte of storage, doubling the prior maximum storage capacity.</p><p><blockquote>Pro设备配备了五核CPU，图形速度提高了50%——这一升级将吸引许多游戏玩家——以及明亮的Super Retna XDR显示屏，具有更快的刷新率、全天电池寿命和1TB存储选项，是之前最大存储容量的两倍。</blockquote></p><p> The camera system got a solid refresh, too. It comes with a new 77 mm telephoto lens with 3 times optical zoom, as well as new wide and ultrawide cameras.</p><p><blockquote>相机系统也得到了可靠的刷新。它配备了一个新的77毫米长焦镜头，具有3倍光学变焦，以及新的广角和超广角摄像头。</blockquote></p><p> The Pro and Pro Max start at $999 and $1,099, respectively. (The iPhone Pro Max with one terabyte of storage costs $1,599.) The phones come in graphite, gold, silver and sierra blue. The entire new iPhone line will start shipping on Friday, September 24.</p><p><blockquote>Pro和Pro Max的起价分别为999美元和1099美元。（1TB存储空间的iPhone Pro Max售价1599美元。）这些手机有石墨色、金色、银色和塞拉蓝色。整个新iPhone系列将于9月24日星期五开始发货。</blockquote></p><p> <h3>iPhone 13 and iPhone 13 mini</h3> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1694977a928bede5c281137bba5a0606\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>iPhone 13</span></p><p><blockquote><h3>iPhone 13 和 iPhone 13 mini</h3><p class=\"t-img-caption\"><span>苹果13</span></p></blockquote></p><p> The 6.1-inch iPhone 13 and 5.4-inch iPhone 13 mini come with the same A15 Bionic chip as the Pro line. It also has a dual-camera system, which is arranged diagonally, and features longer-lasting batteries. Apple said the iPhone 13 will last 2.5 hours longer than the iPhone 12 and the iPhone 13 mini will go 1.5 hours longer on a single charge.</p><p><blockquote>6.1英寸的iPhone 13和5.4英寸的iPhone 13 mini配备了与Pro系列相同的A15仿生芯片。它还具有对角线排列的双摄像头系统，并具有更持久的电池。苹果表示，iPhone 13将比iPhone 12长2.5小时，iPhone 13 mini一次充电将长1.5小时。</blockquote></p><p> Other updates include a more efficient display, a new 5G chip, and a tool called Cinematic Mode, which is like the popular Portrait mode feature but for videos.</p><p><blockquote>其他更新包括更高效的显示屏、新的 5G 芯片和名为电影模式的工具，该工具类似于流行的人像模式功能，但用于视频。</blockquote></p><p> The iPhone 13 mini will start at $699 for 128 GB (more storage for its base model than ever before) and the iPhone 13 will cost $799, starting with 128 GB. The smartphones come in five new colors: pink, blue, black, white and red.</p><p><blockquote>iPhone 13 mini的128GB起价为699美元（其基本型号的存储空间比以往任何时候都多），iPhone 13的128GB起价为799美元。智能手机有五种新颜色：粉色、蓝色、黑色、白色和红色。</blockquote></p><p> <h3>iPad and iPad mini</h3> In somewhat of a surprise, Apple showed off updates to its iPad and iPad mini line. Under the hood, the 10.2-inch iPad features a powerful A13 chip with 20% faster performance than the previous model. Apple says it's now 3 times faster than a Chromebook.</p><p><blockquote><h3>iPad和iPad mini</h3>出人意料的是，苹果展示了其iPad和iPad mini系列的更新。在引擎盖下，10.2英寸的iPad配备了强大的A13芯片，性能比之前的型号快20%。苹果说它现在比Chromebook快3倍。</blockquote></p><p> The updated iPad comes with a new 12MP ultrawide camera with Center Stage, which uses machine learning to adjust the front-facing camera during FaceTime video calls, and more accessory support that works with the first-generation Apple Pencil. It also supports a True Tone feature that adjusts the screen's color temperature to ambient lighting.</p><p><blockquote>更新后的iPad配备了一个新的1200万像素超宽摄像头，带中央舞台，它使用机器学习在FaceTime视频评级期间调整前置摄像头，以及更多与第一代苹果铅笔配合使用的配件支持。它还支持真实色调功能，可根据环境光线调整屏幕的色温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55dc7f4fcbd17fbc6f361c90ff48b1ec\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>New iPad</span></p><p><blockquote><p class=\"t-img-caption\"><span>新iPad</span></p></blockquote></p><p></p><p> The 8.3-inch iPad mini now comes with smaller bezels, more rounded corners, upgraded cameras on the front and back, Apple's Liquid retina display, USB-C support, magnetic support for Apple Pencil, an updated speaker system, and new colors, such as pink and purple.</p><p><blockquote>8.3英寸的iPad mini现在配备了更小的边框、更圆润的边角、升级的前后摄像头、苹果的液体视网膜显示屏、USB-C支持、苹果铅笔的磁性支持、更新的扬声器系统以及新的颜色，如粉色和紫色。</blockquote></p><p> The full-size iPad costs $329 for 64GB storage -- double the storage that typically ships on an entry-level iPad. For schools, the device costs $299. Pre-orders start Tuesday and shipping begins next week. The iPad mini starts at $499.</p><p><blockquote>全尺寸iPad的64GB存储空间售价为329美元，是入门级iPad通常配备的存储空间的两倍。对于学校来说，该设备的价格为299美元。预购从周二开始，下周开始发货。iPad mini起价499美元。</blockquote></p><p> <h3>Apple Watch Series 7</h3> Apple unveiled the new Apple Watch Series 7, a slimmer device with a wider screen than its predecessor. The new watch has a display that is 20% larger than the Series 6. It can display 50% more text and also has a full keyboard that you can tap or swipe to type out text messages.</p><p><blockquote><h3>苹果手表系列 7</h3>苹果推出了新款苹果手表系列7，这是一款比前代产品更纤薄、屏幕更宽的设备。新手表的显示屏比Series 6大20%。它可以显示50%以上的文本，还有一个完整的键盘，你可以点击或滑动来输入文本消息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea65abf6e688a837ec55bdf18cec75ed\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>Apple Watch Series 7</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果手表系列 7</span></p></blockquote></p><p> The Apple Watch Series 7 starts at $399 and will be available later this fall.</p><p><blockquote>苹果手表系列7起售价399美元，将于今年秋季晚些时候上市。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/09/14/tech/apple-event-highlights/index.html\">CNN</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://edition.cnn.com/2021/09/14/tech/apple-event-highlights/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126583585","content_text":"(CNN Business)Apple unveiled four new iPhones, a new Apple Watch and new iPads on Tuesday during a virtual media event held from California.\nThe new smartphones -- the iPhone 13 mini, the iPhone 13, the iPhone 13 Pro and iPhone 13 Pro Max -- don't include any groundbreaking design changes or features, at least compared to last year's 5G announcement. There was no portless iPhone and no under-display touch ID. Neither was there Apple's once classic line: \"one more thing.\"\nTim Cook and the new iPhone 13.\nInstead, the event marked a return to basics for Apple with predictable improvements that included better cameras, longer-lasting battery and faster processing on its devices. Still, there were some pleasant new additions, including a jaw dropping storage option for the Pro models and a new Portrait mode for shooting videos. And, contrary to some rumors, Apple made upgrades without raising the base price of its various models.\nThe stakes were high for Apple (AAPL) heading into the event. The iPhone continues to be a major revenue driver for the company and remains central to its ecosystem of products. The event also comes amid some uncertainty: A US judge ruled last week that Apple can no longer prohibit app developers from directing users to payment options outside the App Store. The company is facing antitrust scrutiny from regulators in the US and abroad. And Apple recently confronted weeks of controversy for its approach to combating child exploitation.\nOn Tuesday, Apple attempted to move past that. Here's a closer look at what was announced:\niPhone 13 Pro and iPhone 13 Pro Max\nThe higher-end iPhone Pro line was arguably the highlight of Apple's event, at least among the iPhones. The 6.1-inch iPhone 13 Pro and 6.7-inch iPhone 13 Pro Max feature Apple's new, powerful A15 Bionic chip, which Apple said is the \"fastest CPU in any smartphone.\" It will give the iPhone improved machine learning capabilities, such as real-time video analysis and the ability to analyze text in photo.\niPhone 13 Pro\nThe Pro devices pack a five-core CPU with 50% faster graphics -- an upgrade that will appeal to many gamers -- as well as a bright Super Retna XDR display with a faster refresh rate, an all-day battery life and an option for one terabyte of storage, doubling the prior maximum storage capacity.\nThe camera system got a solid refresh, too. It comes with a new 77 mm telephoto lens with 3 times optical zoom, as well as new wide and ultrawide cameras.\nThe Pro and Pro Max start at $999 and $1,099, respectively. (The iPhone Pro Max with one terabyte of storage costs $1,599.) The phones come in graphite, gold, silver and sierra blue. The entire new iPhone line will start shipping on Friday, September 24.\niPhone 13 and iPhone 13 mini\niPhone 13\nThe 6.1-inch iPhone 13 and 5.4-inch iPhone 13 mini come with the same A15 Bionic chip as the Pro line. It also has a dual-camera system, which is arranged diagonally, and features longer-lasting batteries. Apple said the iPhone 13 will last 2.5 hours longer than the iPhone 12 and the iPhone 13 mini will go 1.5 hours longer on a single charge.\nOther updates include a more efficient display, a new 5G chip, and a tool called Cinematic Mode, which is like the popular Portrait mode feature but for videos.\nThe iPhone 13 mini will start at $699 for 128 GB (more storage for its base model than ever before) and the iPhone 13 will cost $799, starting with 128 GB. The smartphones come in five new colors: pink, blue, black, white and red.\niPad and iPad mini\nIn somewhat of a surprise, Apple showed off updates to its iPad and iPad mini line. Under the hood, the 10.2-inch iPad features a powerful A13 chip with 20% faster performance than the previous model. Apple says it's now 3 times faster than a Chromebook.\nThe updated iPad comes with a new 12MP ultrawide camera with Center Stage, which uses machine learning to adjust the front-facing camera during FaceTime video calls, and more accessory support that works with the first-generation Apple Pencil. It also supports a True Tone feature that adjusts the screen's color temperature to ambient lighting.\nNew iPad\nThe 8.3-inch iPad mini now comes with smaller bezels, more rounded corners, upgraded cameras on the front and back, Apple's Liquid retina display, USB-C support, magnetic support for Apple Pencil, an updated speaker system, and new colors, such as pink and purple.\nThe full-size iPad costs $329 for 64GB storage -- double the storage that typically ships on an entry-level iPad. For schools, the device costs $299. Pre-orders start Tuesday and shipping begins next week. The iPad mini starts at $499.\nApple Watch Series 7\nApple unveiled the new Apple Watch Series 7, a slimmer device with a wider screen than its predecessor. The new watch has a display that is 20% larger than the Series 6. It can display 50% more text and also has a full keyboard that you can tap or swipe to type out text messages.\nApple Watch Series 7\nThe Apple Watch Series 7 starts at $399 and will be available later this fall.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812380076,"gmtCreate":1630552740895,"gmtModify":1631891007060,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Is Temasek finally investing in something good? 😊","listText":"Is Temasek finally investing in something good? 😊","text":"Is Temasek finally investing in something good? 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/812380076","repostId":"1121030066","repostType":4,"isVote":1,"tweetType":1,"viewCount":3416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819628719,"gmtCreate":1630067550431,"gmtModify":1704955428306,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Every time Mr P speaks, market will experience a sell off. Please be nice to the stock market tonight.&nbsp;","listText":"Every time Mr P speaks, market will experience a sell off. Please be nice to the stock market tonight.&nbsp;","text":"Every time Mr P speaks, market will experience a sell off. Please be nice to the stock market tonight.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819628719","repostId":"1132397844","repostType":4,"isVote":1,"tweetType":1,"viewCount":3036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835632716,"gmtCreate":1629709793135,"gmtModify":1631883982535,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Just keep adding everyday!&nbsp;","listText":"Just keep adding everyday!&nbsp;","text":"Just keep adding everyday!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/835632716","repostId":"1163822738","repostType":4,"isVote":1,"tweetType":1,"viewCount":3653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831948601,"gmtCreate":1629283203103,"gmtModify":1631891007088,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Kaput!","listText":"Kaput!","text":"Kaput!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/831948601","repostId":"145895847","repostType":1,"repost":{"id":145895847,"gmtCreate":1626215314589,"gmtModify":1631890287180,"author":{"id":"3576843963312863","authorId":"3576843963312863","name":"MaddyLIM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576843963312863","authorIdStr":"3576843963312863"},"themes":[],"title":"","htmlText":"What a XELA day!!!&nbsp;","listText":"What a XELA day!!!&nbsp;","text":"What a XELA day!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145895847","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895480532,"gmtCreate":1628765468326,"gmtModify":1631891007101,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/895480532","repostId":"1176507211","repostType":4,"repost":{"id":"1176507211","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628755698,"share":"https://www.laohunote.com/m/news/1176507211?lang=zh_CN&edition=full","pubTime":"2021-08-12 16:08","market":"us","language":"en","title":"Clover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176507211","media":"Tiger Newspress","summary":"Clover Health shares rose nearly 12% in premarket trading.\nHealth care technology company Clover Hea","content":"<p>Clover Health&nbsp;shares&nbsp;rose nearly&nbsp;12% in premarket&nbsp;trading.</p><p><blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/873c1d06cbd5a2c42b775f8b93fec480\" tg-width=\"910\" tg-height=\"651\" referrerpolicy=\"no-referrer\">Health care technology company&nbsp;<b>Clover Health</b>&nbsp;reported second-quarter earnings Wednesday afternoon.</p><p><blockquote>医疗保健技术公司<b>三叶草健康</b>周三下午公布了第二季度收益。</blockquote></p><p> Clover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.</p><p><blockquote>Clover Health 第二季度营收为 4.12 亿美元，同比增长 140%。本季度总收入超过了分析师预期的 2.054 亿美元。</blockquote></p><p> Clover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.</p><p><blockquote>Clover Health 预计整个财年的收入将在 14 亿至 15 亿美元之间。收入指引高于分析师 8.115 亿美元的预期。</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>Clover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</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\">\nClover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-12 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Clover Health&nbsp;shares&nbsp;rose nearly&nbsp;12% in premarket&nbsp;trading.</p><p><blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/873c1d06cbd5a2c42b775f8b93fec480\" tg-width=\"910\" tg-height=\"651\" referrerpolicy=\"no-referrer\">Health care technology company&nbsp;<b>Clover Health</b>&nbsp;reported second-quarter earnings Wednesday afternoon.</p><p><blockquote>医疗保健技术公司<b>三叶草健康</b>周三下午公布了第二季度收益。</blockquote></p><p> Clover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.</p><p><blockquote>Clover Health 第二季度营收为 4.12 亿美元，同比增长 140%。本季度总收入超过了分析师预期的 2.054 亿美元。</blockquote></p><p> Clover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.</p><p><blockquote>Clover Health 预计整个财年的收入将在 14 亿至 15 亿美元之间。收入指引高于分析师 8.115 亿美元的预期。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176507211","content_text":"Clover Health shares rose nearly 12% in premarket trading.\nHealth care technology company Clover Health reported second-quarter earnings Wednesday afternoon.\nClover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.\nClover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.","news_type":1,"symbols_score_info":{"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":1049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893801326,"gmtCreate":1628251904565,"gmtModify":1631891007123,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Oh nooo… hmm too expensive then don’t buy ! Why must they say such things? 😅","listText":"Oh nooo… hmm too expensive then don’t buy ! Why must they say such things? 😅","text":"Oh nooo… hmm too expensive then don’t buy ! Why must they say such things? 😅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893801326","repostId":"1124982476","repostType":4,"isVote":1,"tweetType":1,"viewCount":1103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172283885,"gmtCreate":1626962484947,"gmtModify":1631891007128,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"It’s so irritating that she keeps doing this to her own country’s stocks!&nbsp;","listText":"It’s so irritating that she keeps doing this to her own country’s stocks!&nbsp;","text":"It’s so irritating that she keeps doing this to her own country’s stocks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172283885","repostId":"1175825882","repostType":4,"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171746254,"gmtCreate":1626768573378,"gmtModify":1631891007140,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wow! Cool!!! Didn’t know about Tesla China- made cars !&nbsp;","listText":"Wow! Cool!!! Didn’t know about Tesla China- made cars !&nbsp;","text":"Wow! Cool!!! Didn’t know about Tesla China- made cars !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/171746254","repostId":"1120865210","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173641406,"gmtCreate":1626659415305,"gmtModify":1631884320986,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Hope this news will pull the other cannabis stocks along!&nbsp;","listText":"Hope this news will pull the other cannabis stocks along!&nbsp;","text":"Hope this news will pull the other cannabis stocks along!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173641406","repostId":"1145016620","repostType":4,"repost":{"id":"1145016620","kind":"news","pubTimestamp":1626656005,"share":"https://www.laohunote.com/m/news/1145016620?lang=zh_CN&edition=full","pubTime":"2021-07-19 08:53","market":"us","language":"en","title":"Canada Cannabis Sales Doubled In 2020, Hitting $2.6 Billion: Here's What's Next<blockquote>2020 年加拿大大麻销售额翻了一番，达到 26 亿美元：接下来是什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145016620","media":"Benzinga","summary":"Last year brought triple-digit growth to Canada’s legal cannabis market. According to the Brightfiel","content":"<p><div> Last year brought triple-digit growth to Canada’s legal cannabis market. According to the Brightfield Group’s latest “Canadian Cannabis Market” report, this was largely driven by:  Increased brick-and...</p><p><blockquote><div>去年，加拿大合法大麻市场实现了三位数的增长。根据 Brightfield Group 最新发布的《加拿大大麻市场 》报告，这在很大程度上是由以下因素推动的： 砖和...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cannabis/21/07/22032389/canada-cannabis-sales-doubled-in-2020-hitting-2-6-billion-heres-whats-next\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cannabis/21/07/22032389/canada-cannabis-sales-doubled-in-2020-hitting-2-6-billion-heres-whats-next\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Canada Cannabis Sales Doubled In 2020, Hitting $2.6 Billion: Here's What's Next<blockquote>2020 年加拿大大麻销售额翻了一番，达到 26 亿美元：接下来是什么</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\">\nCanada Cannabis Sales Doubled In 2020, Hitting $2.6 Billion: Here's What's Next<blockquote>2020 年加拿大大麻销售额翻了一番，达到 26 亿美元：接下来是什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-19 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Last year brought triple-digit growth to Canada’s legal cannabis market. According to the Brightfield Group’s latest “Canadian Cannabis Market” report, this was largely driven by:  Increased brick-and...</p><p><blockquote><div>去年，加拿大合法大麻市场实现了三位数的增长。根据 Brightfield Group 最新发布的《加拿大大麻市场 》报告，这在很大程度上是由以下因素推动的： 砖和...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cannabis/21/07/22032389/canada-cannabis-sales-doubled-in-2020-hitting-2-6-billion-heres-whats-next\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cannabis/21/07/22032389/canada-cannabis-sales-doubled-in-2020-hitting-2-6-billion-heres-whats-next\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cannabis/21/07/22032389/canada-cannabis-sales-doubled-in-2020-hitting-2-6-billion-heres-whats-next\">Benzinga</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":{"TLRY":"Tilray Inc."},"source_url":"https://www.benzinga.com/markets/cannabis/21/07/22032389/canada-cannabis-sales-doubled-in-2020-hitting-2-6-billion-heres-whats-next","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145016620","content_text":"Last year brought triple-digit growth to Canada’s legal cannabis market. According to the Brightfield Group’s latest “Canadian Cannabis Market” report, this was largely driven by:\n\nIncreased brick-and-mortar retail access – especially in Ontario, British Columbia and Quebec;\nAn expansion in e-commerce and click-and-collect offerings;\nPricing that was more competitive with the illicit market;\nRetailers adapting to a pandemic context, helping prompt vast growth despite an unprecedented backdrop of lockdowns and store closures.\n\nThe Rise Of Value Brands\nAs the product selection continued to diversify and prices became more competitive in the Canadian cannabis market, an array of value brands emerged.\nWith lower prices, we saw increased customer conversion from illicit to legal markets.\nThis not only brought valuable traffic from heavier users to the former, but it also spurred an influx of completely new consumers making a foray into regulated markets as prices made the commitment of “giving weed a shot” much lower and less intimidating.\nCommenting on the findings, Jamie Schau, international research manager at the Brightfield Group, said, “The Canadian market is witnessing impressive growth, with adult-use cannabis growing 118% in 2020 and in line to grow another 60% this year. That growth has ushered in a new era of adult-use cannabis, one that has brought not only an ever-evolving set of both 1.0 and 2.0 product offerings, but increasingly sophisticated and strategic competitors across the supply chain, and more diverse and demanding consumers.”\nImproving The Experience\nAnother big trend of 2020 was that of Canadian licensed producers focusing on improving product quality, branding and consumer experiences. This, in turn, led to ameliorated brand recognition and loyalty across the market, the report says.\nAnd we can only expect this trend to continue in the next stage of Canadian cannabis, the researchers assure. Brands will seek to appeal to a deeper, more diverse pool of consumers with their product offerings and messaging – all while balancing regulatory compliance with the innovation and quality a more mature market will demand.\nAs the market evolves, we will also witness continued partnerships and consolidation, with companies coming together to streamline and play to their strengths to successfully compete in a crowded field.\nBy The Numbers\nKey findings of Brightfield’s report include:\n\nAdult-use sales increased significantly, from roughly $1.2 billion in 2019 to $2.6 billion 2020.\nAdult-use sales are set to grow another 60% by the end of 2021.\nRetail openings and price drops were notable catalysts for growth in 2020, especially in Ontario and British Columbia.\nPartnerships and M&A are ramping up — most notably, partnerships between Canadian LPs and U.S. brands.\nValue brands (especially in the flower category) continue to perform well as competitive prices have helped convert legacy users to the legal market and drive growth in demand.\nDistribution of THC drinks surged towards the end of the year, despite an overall lackluster year in sales. Brightfield projects the market share of drinks in Canada will grow to 7% by 2026.\n\n“We look forward to watching the market continue to mature as retail openings and price competitiveness make cannabis more approachable for Canadian consumers, and compelling brands and products continue to surge,” Schau ended.","news_type":1,"symbols_score_info":{"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173649879,"gmtCreate":1626659277391,"gmtModify":1631891007160,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"How much money must you fork out to do thisswap? Will it be at the expense of govt or the shareholders?&nbsp;","listText":"How much money must you fork out to do thisswap? Will it be at the expense of govt or the shareholders?&nbsp;","text":"How much money must you fork out to do thisswap? Will it be at the expense of govt or the shareholders?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173649879","repostId":"1153389888","repostType":4,"isVote":1,"tweetType":1,"viewCount":935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147058927,"gmtCreate":1626322219569,"gmtModify":1631891007167,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Interesting to know that she’s still so positive with BTC! I will trust her !","listText":"Interesting to know that she’s still so positive with BTC! I will trust her !","text":"Interesting to know that she’s still so positive with BTC! I will trust her !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/147058927","repostId":"1181885000","repostType":4,"isVote":1,"tweetType":1,"viewCount":1139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142243952,"gmtCreate":1626156132576,"gmtModify":1631891007180,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"He must have good karma to have founded BTS ! 😊","listText":"He must have good karma to have founded BTS ! 😊","text":"He must have good karma to have founded BTS ! 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142243952","repostId":"1101858948","repostType":4,"isVote":1,"tweetType":1,"viewCount":1018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148088933,"gmtCreate":1625900533922,"gmtModify":1631892695658,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566205103165331","authorIdStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wonderful to know that the bill market May last so long! 💪🏼","listText":"Wonderful to know that the bill market May last so long! 💪🏼","text":"Wonderful to know that the bill market May last so long! 💪🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148088933","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohunote.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":864815127,"gmtCreate":1633087480678,"gmtModify":1633087481169,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!&nbsp;","listText":"Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!&nbsp;","text":"Whenever Bitcoin jumps, it always pulls the other alternative coins along! You are a good friend, BTC!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/864815127","repostId":"2170131614","repostType":4,"isVote":1,"tweetType":1,"viewCount":3621,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845748271,"gmtCreate":1636371923029,"gmtModify":1636371923458,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wonder if this news will affect Sundial too? Strangely it rose during pre-market","listText":"Wonder if this news will affect Sundial too? Strangely it rose during pre-market","text":"Wonder if this news will affect Sundial too? Strangely it rose during pre-market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/845748271","repostId":"2181720059","repostType":4,"isVote":1,"tweetType":1,"viewCount":3706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":111743961,"gmtCreate":1622703299953,"gmtModify":1634098973841,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"So we should buy today?&nbsp;","listText":"So we should buy today?&nbsp;","text":"So we should buy today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/111743961","repostId":"1192697639","repostType":4,"repost":{"id":"1192697639","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622703096,"share":"https://www.laohunote.com/m/news/1192697639?lang=zh_CN&edition=full","pubTime":"2021-06-03 14:51","market":"us","language":"en","title":"BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192697639","media":"Benzinga Earnings","summary":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken A","content":"<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</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>BlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</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\">\nBlackBerry Overtakes AMC To Become Top WallStreetBets Interest<blockquote>黑莓超越 AMC 成为华尔街博彩最感兴趣的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-03 14:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>BlackBerry Limited</b>&nbsp;continues to see increased interest from retail investors and has now overtaken&nbsp;<b>AMC Entertainment Holdings Inc.</b>&nbsp;to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.</p><p><blockquote><b>黑莓有限公司</b>散户投资者的兴趣继续增加，现已超过<b>AMC院线控股公司。</b>成为 Reddit 的 r/WallStreetBets 论坛上被提及次数最多的股票。</blockquote></p><p> <b>What Happened</b>: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>Quiver Quantitative 的数据显示，过去 24 小时内，加拿大科技公司黑莓在 Reddit 论坛上被提及 7,957 次。</blockquote></p><p> In comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer&nbsp;<b>GameStop Corp.</b>&nbsp;was a distant third, with 2,220 mentions.</p><p><blockquote>相比之下，AMC院线连锁影院在同一时期被谈论了大约7834次。游戏零售商<b>游戏驿站公司</b>远远排在第三位，有2220次被提及。</blockquote></p><p> The enterprise software solutions company's rise to the top is recent.&nbsp;AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.</p><p><blockquote>这家企业软件解决方案公司最近才登上榜首。 AMC 仍然是过去 7 天和 30 天期间最受关注的股票。黑莓是过去 7 天内第二大谈论股票，也是过去 30 天内第三大谈论股票。</blockquote></p><p> <b>Why It Matters:</b>The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.</p><p><blockquote><b>为什么重要：</b>Quiver 量化数据显示，黑莓在过去一周已成为散户投资者最喜欢的股票。周二有报道称，黑莓收购了 GameStop，成为华尔街投注论坛上被提及次数第二多的股票，仅次于AMC院线。</blockquote></p><p> Retail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.</p><p><blockquote>散户投资者继续涌入黑莓和其他 Reddit 最受欢迎的股票，试图进行新的空头挤压。</blockquote></p><p> BlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had&nbsp;dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.</p><p><blockquote>今年 1 月下旬，黑莓的股价在一次史诗般的空头挤压中创下 28.77 美元的高点，但此后大幅下跌。该股现已连续六个交易日上涨，年初至今涨幅为 130.02%。</blockquote></p><p> <b>Price Action:</b>BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.</p><p><blockquote><b>价格行为：</b>黑莓股价在周三的常规交易时段大涨 31.9%，报 15.25 美元，在盘后交易时段进一步上涨近 3.1%，报 15.72 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","AMC":"AMC院线","GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192697639","content_text":"BlackBerry Limited continues to see increased interest from retail investors and has now overtaken AMC Entertainment Holdings Inc. to emerge as the most-mentioned stock on Reddit’s r/WallStreetBets forum.\nWhat Happened: Canada-based tech company BlackBerry had 7,957 mentions on the Reddit forum during the last 24 hours, data from Quiver Quantitative showed.\nIn comparison, movie theatre chain AMC Entertainment was talked about 7,834 times during the same period. Gaming retailer GameStop Corp. was a distant third, with 2,220 mentions.\nThe enterprise software solutions company's rise to the top is recent. AMC remains the most-talked-about stock over trailing 7-day and 30-day periods. BlackBerry is the second-most talked-about stock in a trailing 7-day period and the third-most talked-about stock over the past 30 days.\nWhy It Matters:The Quiver Quantitative data shows that BlackBerry has emerged as a favorite stock of retail investors over the past week. It was reported on Tuesday that BlackBerryovertookGameStop and emerged as the second-most mentioned stock just behind AMC Entertainment on the WallStreetBets forum.\nRetail investors are continuing to pile into BlackBerry and other Reddit-favorite stocks as they attempt a new short squeeze.\nBlackBerry’s shares hit a high of $28.77 in late January this year amid an epic short squeeze but had dropped significantly since then. The stock has now risen for six straight sessions and its year-to-date gains stand at 130.02%.\nPrice Action:BlackBerry shares surged 31.9% higher in Wednesday’s regular trading session at $15.25 and further rose almost 3.1% in the after-hours session to $15.72.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"BB":0.9}},"isVote":1,"tweetType":1,"viewCount":1045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127505921,"gmtCreate":1624854421063,"gmtModify":1631892695785,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Is this the calm before the storm? When will the storm start? How bad will the storm be? So many questions in my mind....","listText":"Is this the calm before the storm? When will the storm start? How bad will the storm be? So many questions in my mind....","text":"Is this the calm before the storm? When will the storm start? How bad will the storm be? So many questions in my mind....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/127505921","repostId":"1177492181","repostType":4,"repost":{"id":"1177492181","kind":"news","pubTimestamp":1624849703,"share":"https://www.laohunote.com/m/news/1177492181?lang=zh_CN&edition=full","pubTime":"2021-06-28 11:08","market":"us","language":"en","title":"The Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177492181","media":"WSJ","summary":"The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has ","content":"<p>The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.</p><p><blockquote>美国股市表面上尽可能平静，但背后却比几十年来更加动荡。</blockquote></p><p> The S&amp;P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&amp;P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.</p><p><blockquote>标普500如此安静，几乎令人不安。自 10 月底以来，该指数从未根据收盘价进行过 5% 的调整；难怪开始锁定购买股票的新日内交易者认为市场只会上涨。标准普尔上一次如此平静是在 2017 年，那是一段平静时期，随着 2018 年初的波动性崩盘而结束——尽管当时平静的时间甚至更长。</blockquote></p><p> Yet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.</p><p><blockquote>然而，看看各类股票的表现，它们的波动幅度比平时要大得多。投资者一直在以危机之外前所未有的速度在行业之间转换押注；3月份出现了自2002年以来表现最好和最差的行业之间的最大差距。</blockquote></p><p> The link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.</p><p><blockquote>以相关性衡量，成长型股票和廉价“价值”股票之间的联系是自 1995 年以来最弱的；投资者正在利用它们作为押注经济复苏或反对经济复苏的代理人。</blockquote></p><p> Meanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.</p><p><blockquote>与此同时，大盘股和小盘股上一次如此独立地走势是在 2000 年的互联网泡沫时期，这从来都不是一个令人放心的迹象。</blockquote></p><p> I think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.</p><p><blockquote>我认为这是蒂娜的另一个方面：除了股票没有其他选择。由于国债、公司债券和现金回报率微薄或为零，股票提供了最大的收益希望。以前会将资金从股票转向债券，反之亦然的投资者现在只是从一种股票转向另一种股票——因此一种股票的下跌会被另一种股票的上涨所抵消。</blockquote></p><p> There is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.</p><p><blockquote>当然，不能保证它会继续这样下去。让足够的恐惧发挥作用，无论现金收益率有多低，投资者都会赶紧退出，就像他们去年 3 月所做的那样。但是，尽管形势看起来很好，但很难证明购买收益率远低于通货膨胀率的长期债券是合理的。时光看起来确实不错。</blockquote></p><p> A widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.</p><p><blockquote>持谨慎态度的人普遍认为，股市之所以持续上涨，是因为廉价资金和政府刺激措施助长了巨大的泡沫。自 2000 年以来，股票从未如此昂贵，而时尚股票的疯狂过度交易则明显带有泡沫心态。一组深受散户交易员欢迎的小型股票经常出现在今年交易量最大的榜单上，特别是 GameStoPandAMC Entertainment，但也有维珍银河和黑莓等热门股票。</blockquote></p><p> It is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&amp;P 500, and from its intraday peak in July to the October low it fell 13%.</p><p><blockquote>不可否认，股票比平时贵得多。但泡沫在膨胀时通常会有很大的波动性，而不是外表平静、内心动荡，因为价格的每一次小幅下跌都会被其他人放大，他们担心泡沫即将破裂。1999年，标普500至少有9次跌幅超过5%，从7月份的盘中峰值到10月份的低点，跌幅达13%。</blockquote></p><p> This time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.</p><p><blockquote>这一次，对股市最明显的威胁是美联储，而不是市场的高估。如果美联储加息，现金和债券突然看起来更具吸引力，蒂娜购买异常昂贵股票的理由就会被削弱。</blockquote></p><p> “You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”</p><p><blockquote>“花旗集团首席全球股票策略师罗伯特-巴克兰（Robert Buckland）说：”市场内部波动很大，但市场波动却不大。“如果除了拥有指数之外还有其他选择，情况可能会有所改变”。</blockquote></p><p> This month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&amp;P fell just over 2% in three days before resuming its upward climb.</p><p><blockquote>本月的美联储恐慌表明，当股票还有其他选择时，股票价格是多么敏感。美联储在吸收现金的逆回购协议（一种隔夜担保存款）中提供 0.05% 而不是 0% 的利率，略低于底线，并立即额外吸收了 2350 亿美元。关于两年内加息而不是之前预测的三年的说法增加了股市的压力，标准普尔指数在三天内下跌了 2% 多一点，然后恢复了向上攀升。</blockquote></p><p> If that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.</p><p><blockquote>如果这是对美联储几乎什么都没做的反应，想象一下，如果美联储开始正常的加息周期并使现金再次具有吸引力，市场会有多害怕。我认为这种情况不太可能很快发生，但可能将市场深处的动荡带到表面的头号威胁是美联储。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</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 Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-06-28 11:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.</p><p><blockquote>美国股市表面上尽可能平静，但背后却比几十年来更加动荡。</blockquote></p><p> The S&amp;P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&amp;P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.</p><p><blockquote>标普500如此安静，几乎令人不安。自 10 月底以来，该指数从未根据收盘价进行过 5% 的调整；难怪开始锁定购买股票的新日内交易者认为市场只会上涨。标准普尔上一次如此平静是在 2017 年，那是一段平静时期，随着 2018 年初的波动性崩盘而结束——尽管当时平静的时间甚至更长。</blockquote></p><p> Yet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.</p><p><blockquote>然而，看看各类股票的表现，它们的波动幅度比平时要大得多。投资者一直在以危机之外前所未有的速度在行业之间转换押注；3月份出现了自2002年以来表现最好和最差的行业之间的最大差距。</blockquote></p><p> The link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.</p><p><blockquote>以相关性衡量，成长型股票和廉价“价值”股票之间的联系是自 1995 年以来最弱的；投资者正在利用它们作为押注经济复苏或反对经济复苏的代理人。</blockquote></p><p> Meanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.</p><p><blockquote>与此同时，大盘股和小盘股上一次如此独立地走势是在 2000 年的互联网泡沫时期，这从来都不是一个令人放心的迹象。</blockquote></p><p> I think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.</p><p><blockquote>我认为这是蒂娜的另一个方面：除了股票没有其他选择。由于国债、公司债券和现金回报率微薄或为零，股票提供了最大的收益希望。以前会将资金从股票转向债券，反之亦然的投资者现在只是从一种股票转向另一种股票——因此一种股票的下跌会被另一种股票的上涨所抵消。</blockquote></p><p> There is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.</p><p><blockquote>当然，不能保证它会继续这样下去。让足够的恐惧发挥作用，无论现金收益率有多低，投资者都会赶紧退出，就像他们去年 3 月所做的那样。但是，尽管形势看起来很好，但很难证明购买收益率远低于通货膨胀率的长期债券是合理的。时光看起来确实不错。</blockquote></p><p> A widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.</p><p><blockquote>持谨慎态度的人普遍认为，股市之所以持续上涨，是因为廉价资金和政府刺激措施助长了巨大的泡沫。自 2000 年以来，股票从未如此昂贵，而时尚股票的疯狂过度交易则明显带有泡沫心态。一组深受散户交易员欢迎的小型股票经常出现在今年交易量最大的榜单上，特别是 GameStoPandAMC Entertainment，但也有维珍银河和黑莓等热门股票。</blockquote></p><p> It is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&amp;P 500, and from its intraday peak in July to the October low it fell 13%.</p><p><blockquote>不可否认，股票比平时贵得多。但泡沫在膨胀时通常会有很大的波动性，而不是外表平静、内心动荡，因为价格的每一次小幅下跌都会被其他人放大，他们担心泡沫即将破裂。1999年，标普500至少有9次跌幅超过5%，从7月份的盘中峰值到10月份的低点，跌幅达13%。</blockquote></p><p> This time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.</p><p><blockquote>这一次，对股市最明显的威胁是美联储，而不是市场的高估。如果美联储加息，现金和债券突然看起来更具吸引力，蒂娜购买异常昂贵股票的理由就会被削弱。</blockquote></p><p> “You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”</p><p><blockquote>“花旗集团首席全球股票策略师罗伯特-巴克兰（Robert Buckland）说：”市场内部波动很大，但市场波动却不大。“如果除了拥有指数之外还有其他选择，情况可能会有所改变”。</blockquote></p><p> This month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&amp;P fell just over 2% in three days before resuming its upward climb.</p><p><blockquote>本月的美联储恐慌表明，当股票还有其他选择时，股票价格是多么敏感。美联储在吸收现金的逆回购协议（一种隔夜担保存款）中提供 0.05% 而不是 0% 的利率，略低于底线，并立即额外吸收了 2350 亿美元。关于两年内加息而不是之前预测的三年的说法增加了股市的压力，标准普尔指数在三天内下跌了 2% 多一点，然后恢复了向上攀升。</blockquote></p><p> If that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.</p><p><blockquote>如果这是对美联储几乎什么都没做的反应，想象一下，如果美联储开始正常的加息周期并使现金再次具有吸引力，市场会有多害怕。我认为这种情况不太可能很快发生，但可能将市场深处的动荡带到表面的头号威胁是美联储。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/the-stock-market-hasnt-been-this-placid-in-years-11624740199?mod=itp_wsj\">WSJ</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"},"source_url":"https://www.wsj.com/articles/the-stock-market-hasnt-been-this-placid-in-years-11624740199?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177492181","content_text":"The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.\nThe S&P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.\nYet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.\nThe link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.\nMeanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.\nI think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.\nThere is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.\nA widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.\nIt is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&P 500, and from its intraday peak in July to the October low it fell 13%.\nThis time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.\n“You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”\nThis month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&P fell just over 2% in three days before resuming its upward climb.\nIf that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":841199714,"gmtCreate":1635894613240,"gmtModify":1635894624068,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wonderful! Do continue to rise!&nbsp;","listText":"Wonderful! Do continue to rise!&nbsp;","text":"Wonderful! Do continue to rise!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/841199714","repostId":"1196473052","repostType":4,"repost":{"id":"1196473052","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635867252,"share":"https://www.laohunote.com/m/news/1196473052?lang=zh_CN&edition=full","pubTime":"2021-11-02 23:34","market":"us","language":"en","title":"Sea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196473052","media":"Tiger Newspress","summary":"Sea Limited stock rose 1.8% to return to $360 in morning trading.Sea Limited plans to announce its t","content":"<p>Sea Limited stock rose 1.8% to return to $360&nbsp;in&nbsp;morning trading.Sea Limited&nbsp;plans to announce its third quarter 2021 results before the U.S. market opens on November 16, 2021, U.S. Eastern Time.</p><p><blockquote>Sea Limited 股价在早盘交易中上涨 1.8%，重返 360 美元。Sea Limited计划在美国东部时间2021年11月16日美国市场开盘前公布2021年第三季度业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83a11802a42006187d6abc47352eba1a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Sea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</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\">\nSea Limited stock rose 1.8% to return to $360<blockquote>Sea Limited 股价上涨 1.8%，重返 360 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-02 23:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sea Limited stock rose 1.8% to return to $360&nbsp;in&nbsp;morning trading.Sea Limited&nbsp;plans to announce its third quarter 2021 results before the U.S. market opens on November 16, 2021, U.S. Eastern Time.</p><p><blockquote>Sea Limited 股价在早盘交易中上涨 1.8%，重返 360 美元。Sea Limited计划在美国东部时间2021年11月16日美国市场开盘前公布2021年第三季度业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/83a11802a42006187d6abc47352eba1a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196473052","content_text":"Sea Limited stock rose 1.8% to return to $360 in morning trading.Sea Limited plans to announce its third quarter 2021 results before the U.S. market opens on November 16, 2021, U.S. Eastern Time.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":895480532,"gmtCreate":1628765468326,"gmtModify":1631891007101,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/895480532","repostId":"1176507211","repostType":4,"repost":{"id":"1176507211","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628755698,"share":"https://www.laohunote.com/m/news/1176507211?lang=zh_CN&edition=full","pubTime":"2021-08-12 16:08","market":"us","language":"en","title":"Clover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176507211","media":"Tiger Newspress","summary":"Clover Health shares rose nearly 12% in premarket trading.\nHealth care technology company Clover Hea","content":"<p>Clover Health&nbsp;shares&nbsp;rose nearly&nbsp;12% in premarket&nbsp;trading.</p><p><blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/873c1d06cbd5a2c42b775f8b93fec480\" tg-width=\"910\" tg-height=\"651\" referrerpolicy=\"no-referrer\">Health care technology company&nbsp;<b>Clover Health</b>&nbsp;reported second-quarter earnings Wednesday afternoon.</p><p><blockquote>医疗保健技术公司<b>三叶草健康</b>周三下午公布了第二季度收益。</blockquote></p><p> Clover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.</p><p><blockquote>Clover Health 第二季度营收为 4.12 亿美元，同比增长 140%。本季度总收入超过了分析师预期的 2.054 亿美元。</blockquote></p><p> Clover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.</p><p><blockquote>Clover Health 预计整个财年的收入将在 14 亿至 15 亿美元之间。收入指引高于分析师 8.115 亿美元的预期。</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>Clover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</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\">\nClover Health shares rose nearly 12% in premarket trading.<blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-12 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Clover Health&nbsp;shares&nbsp;rose nearly&nbsp;12% in premarket&nbsp;trading.</p><p><blockquote>Clover Health 股价在盘前交易中上涨近 12%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/873c1d06cbd5a2c42b775f8b93fec480\" tg-width=\"910\" tg-height=\"651\" referrerpolicy=\"no-referrer\">Health care technology company&nbsp;<b>Clover Health</b>&nbsp;reported second-quarter earnings Wednesday afternoon.</p><p><blockquote>医疗保健技术公司<b>三叶草健康</b>周三下午公布了第二季度收益。</blockquote></p><p> Clover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.</p><p><blockquote>Clover Health 第二季度营收为 4.12 亿美元，同比增长 140%。本季度总收入超过了分析师预期的 2.054 亿美元。</blockquote></p><p> Clover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.</p><p><blockquote>Clover Health 预计整个财年的收入将在 14 亿至 15 亿美元之间。收入指引高于分析师 8.115 亿美元的预期。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176507211","content_text":"Clover Health shares rose nearly 12% in premarket trading.\nHealth care technology company Clover Health reported second-quarter earnings Wednesday afternoon.\nClover Health had revenue of $412 million in the second quarter, up 140% year-over-year. The revenue total beat analysts’ estimate of $205.4 million for the quarter.\nClover Health sees full fiscal year revenue coming in the range of $1.4 billion to $1.5 billion. The revenue guidance is ahead of an $811.5 million estimate from analysts.","news_type":1,"symbols_score_info":{"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":1049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148088933,"gmtCreate":1625900533922,"gmtModify":1631892695658,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Wonderful to know that the bill market May last so long! 💪🏼","listText":"Wonderful to know that the bill market May last so long! 💪🏼","text":"Wonderful to know that the bill market May last so long! 💪🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/148088933","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohunote.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835632716,"gmtCreate":1629709793135,"gmtModify":1631883982535,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Just keep adding everyday!&nbsp;","listText":"Just keep adding everyday!&nbsp;","text":"Just keep adding everyday!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/835632716","repostId":"1163822738","repostType":4,"isVote":1,"tweetType":1,"viewCount":3653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139885719,"gmtCreate":1621606731231,"gmtModify":1634187688919,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Sure anot? Coin base will profit even if crypto crashes???","listText":"Sure anot? Coin base will profit even if crypto crashes???","text":"Sure anot? Coin base will profit even if crypto crashes???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/139885719","repostId":"1178134052","repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohunote.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币 - 购买 Coinbase 的 5 个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li>  <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li>  <li>We share 5 reasons why.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Movus/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>虽然如果看涨预测成真，BTC 具有巨大的上涨潜力，但我们投资的是最佳风险回报状况，而不仅仅是最佳回报潜力。</li><li>我们相信 COIN 为投资者提供了当今加密货币市场中最佳的风险回报。</li><li>我们分享5个原因。</li></ul><p class=\"t-img-caption\"><span>摄影：Movus/iStock 社论来自 Getty Images</span></p></blockquote></p><p> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.</p><p><blockquote>虽然比特币 (BTC-USD) 对 Ark Investment (ARKK) Cathie Wood play out 等公司的每枚硬币有 50 万美元以上的巨大上行潜力，但我们投资的是最佳风险回报状况，而不仅仅是最佳回报潜力。</blockquote></p><p> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:</p><p><blockquote>因此，由于我们相信比特币基地（COIN）为投资者提供了当今加密市场中最好的风险回报，我们更愿意在那里投资，而不是直接投资于当今市场上的单个加密货币。在下面的段落中，我们分享了5个原因：</blockquote></p><p> <b>#1. COIN Is A Growing Business</b></p><p><blockquote><b>#1.硬币是一项不断增长的业务</b></blockquote></p><p> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.</p><p><blockquote>作为一项高利润的业务，硬币产生实际现金流，导致其内在价值随着时间的推移而增长。因此，它是一个真正的财富复合器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有 COIN 股票是一项投资，有可能根据不断增长的现金流和改善的业务基本面增加个人财富。</blockquote></p><p> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.</p><p><blockquote>相比之下，比特币既不繁殖也不产生现金流。它所能做的只是根据人们不断变化的拥有它的愿望，相对于美元或其他资产的价格增加或减少。因此，持有它不是一种投资，而是对未来比特币的需求将比现在更大的猜测。</blockquote></p><p> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:</p><p><blockquote>正如沃伦·巴菲特在 2011 年致股东的信中所说：</blockquote></p><p>   <i>If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.</i>  Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.</p><p><blockquote><i>如果你永远拥有一盎司黄金，在它结束时你仍然会拥有一盎司……所有者的灵感不是来自资产本身所能产生的东西——它将永远没有生命——而是来自于这样一种信念：其他人将来会更加渴望它。</i>比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们事实上确实拥有一些黄金（GLD），但我们也不将其视为一种投资，而是一种资产，其目的是作为一种保险机制，作为一种经过时间考验和抗通货膨胀的交换媒介。为了在我们的投资组合中投资黄金，我们转而购买金矿商。我们认为硬币在我们接触加密世界时也有类似的目的。</blockquote></p><p> <b>#2. COIN Is Diversified Across 100+ Cryptocurrencies</b></p><p><blockquote><b>#2.COIN 拥有 100 多种加密货币</b></blockquote></p><p> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:</p><p><blockquote>比特币是数量不断增加的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下降。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略竞争对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其波动，过去两周已经清楚地表明：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.</p><p><blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效地控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然它仍有可能对 COIN 的现金流和股价造成重大损害，但对 COIN 的影响将远小于比特币面临的影响，而且它将能够用其他加密货币代替比特币向前发展。</blockquote></p><p> <b>#3. COIN Profits Even When Cryptocurrencies Are Crashing</b></p><p><blockquote><b>#3.即使加密货币崩盘，硬币也能盈利</b></blockquote></p><p> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.</p><p><blockquote>虽然比特币的盈亏命题直接随着比特币的价格而上升和下降，但COIN的利润与加密货币价格上涨没有直接联系。相反，它的大部分利润来自交易费，这意味着只要加密货币有大量交易量，它们就会获得高额利润。此外，由于它交易一百多种加密货币，它不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote></p><p></p><p> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.</p><p><blockquote>因此，无论人们是蜂拥而至，试图加入加密货币的潮流，还是在加密货币抛售中竞相退出，硬币都将获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote></p><p> <b>#4. COIN Is Diversifying Into Ancillary Businesses</b></p><p><blockquote><b>#4.COIN 正在向辅助业务多元化发展</b></blockquote></p><p> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.</p><p><blockquote>虽然COIN的运营地位与比特币相似，因为它享有显著的网络优势和先发地位，但它也面临着来自其他不断创新并试图获得优势的类似平台的激烈竞争。然而，COIN在这个领域比比特币享有一个关键优势：它是一家拥有智能管理执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小军队，而比特币是一个毫无生气和静态的资产。</blockquote></p><p> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.</p><p><blockquote>虽然这可能是一件幸事，因为比特币不包含犯任何战略错误或错误分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个主要的负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而硬币可以不断发展并跟上或领先于创新的步伐，以维持和加强其竞争优势。</blockquote></p><p> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.</p><p><blockquote>事实上，COIN 已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为，尽管竞争日益激烈，但对加密货币的需求不断加速意味着该业务的利润率不太可能很快被压缩，但他们确实预计从长远来看，利润率会被压缩，就像任何利润丰厚、没有巨大准入壁垒的业务一样。</blockquote></p><p> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.</p><p><blockquote>因此，管理层今天正在进行多项投资，以增加多元化的收入来源，从而从长远来看带来更稳定和更安全的收入。5年内， 管理层预计50%以上的收入将来自交易费以外的来源。</blockquote></p><p> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.</p><p><blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，Visa（V）是一家为使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构提供的托管/金库业务，这些交易甚至还没有进入公众的视野，使它们集虚拟基础设施、网络安全、交易所和金融科技业务于一身。</blockquote></p><p> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.</p><p><blockquote>他们还投资了他们的许多前员工后来发现的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也不会受到前公司内部人士构建的新技术和应用程序的干扰。</blockquote></p><p> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.</p><p><blockquote>目前只有5000万会员和约10亿估计潜在用户，硬币的增长跑道仍然巨大，很容易在未来几年导致指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长。</blockquote></p><p> <b>#5. COIN Is Easier To Value Than Cryptocurrencies</b></p><p><blockquote><b>#5.硬币比加密货币更容易估值</b></blockquote></p><p> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.</p><p><blockquote>最后但并非最不重要的一点是，硬币产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于投机、消费者不断变化的突发奇想，以及创新管道不会出现更好的东西的希望，但COIN带来了实际的盈利能力和新的商业创新。因此，我们可以更好地了解硬币比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.</p><p><blockquote>正如我们之前关于黄金所说，流行的加密货币在多元化投资组合中占有一席之地当然是有理由的。事实上，我们还预计，如果比特币能够继续被世界各地的公司和机构接受和使用，它将具有比COIN更高的上行潜力。</blockquote></p><p></p><p> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.</p><p><blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并试图最大化我们的风险回报状况。鉴于 COIN 产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密崩溃期间也可能获利，正在多元化成为一家加密基础设施公司，并且具有实际的内在价值，而不仅仅是一种投机资产，COIN 是我们投资加密货币领域的首选。</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>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币 - 购买 Coinbase 的 5 个理由</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\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币 - 购买 Coinbase 的 5 个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-05-21 21:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li>  <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li>  <li>We share 5 reasons why.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Movus/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>虽然如果看涨预测成真，BTC 具有巨大的上涨潜力，但我们投资的是最佳风险回报状况，而不仅仅是最佳回报潜力。</li><li>我们相信 COIN 为投资者提供了当今加密货币市场中最佳的风险回报。</li><li>我们分享5个原因。</li></ul><p class=\"t-img-caption\"><span>摄影：Movus/iStock 社论来自 Getty Images</span></p></blockquote></p><p> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.</p><p><blockquote>虽然比特币 (BTC-USD) 对 Ark Investment (ARKK) Cathie Wood play out 等公司的每枚硬币有 50 万美元以上的巨大上行潜力，但我们投资的是最佳风险回报状况，而不仅仅是最佳回报潜力。</blockquote></p><p> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:</p><p><blockquote>因此，由于我们相信比特币基地（COIN）为投资者提供了当今加密市场中最好的风险回报，我们更愿意在那里投资，而不是直接投资于当今市场上的单个加密货币。在下面的段落中，我们分享了5个原因：</blockquote></p><p> <b>#1. COIN Is A Growing Business</b></p><p><blockquote><b>#1.硬币是一项不断增长的业务</b></blockquote></p><p> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.</p><p><blockquote>作为一项高利润的业务，硬币产生实际现金流，导致其内在价值随着时间的推移而增长。因此，它是一个真正的财富复合器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有 COIN 股票是一项投资，有可能根据不断增长的现金流和改善的业务基本面增加个人财富。</blockquote></p><p> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.</p><p><blockquote>相比之下，比特币既不繁殖也不产生现金流。它所能做的只是根据人们不断变化的拥有它的愿望，相对于美元或其他资产的价格增加或减少。因此，持有它不是一种投资，而是对未来比特币的需求将比现在更大的猜测。</blockquote></p><p> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:</p><p><blockquote>正如沃伦·巴菲特在 2011 年致股东的信中所说：</blockquote></p><p>   <i>If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.</i>  Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.</p><p><blockquote><i>如果你永远拥有一盎司黄金，在它结束时你仍然会拥有一盎司……所有者的灵感不是来自资产本身所能产生的东西——它将永远没有生命——而是来自于这样一种信念：其他人将来会更加渴望它。</i>比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们事实上确实拥有一些黄金（GLD），但我们也不将其视为一种投资，而是一种资产，其目的是作为一种保险机制，作为一种经过时间考验和抗通货膨胀的交换媒介。为了在我们的投资组合中投资黄金，我们转而购买金矿商。我们认为硬币在我们接触加密世界时也有类似的目的。</blockquote></p><p> <b>#2. COIN Is Diversified Across 100+ Cryptocurrencies</b></p><p><blockquote><b>#2.COIN 拥有 100 多种加密货币</b></blockquote></p><p> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:</p><p><blockquote>比特币是数量不断增加的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下降。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略竞争对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其波动，过去两周已经清楚地表明：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.</p><p><blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效地控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然它仍有可能对 COIN 的现金流和股价造成重大损害，但对 COIN 的影响将远小于比特币面临的影响，而且它将能够用其他加密货币代替比特币向前发展。</blockquote></p><p> <b>#3. COIN Profits Even When Cryptocurrencies Are Crashing</b></p><p><blockquote><b>#3.即使加密货币崩盘，硬币也能盈利</b></blockquote></p><p> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.</p><p><blockquote>虽然比特币的盈亏命题直接随着比特币的价格而上升和下降，但COIN的利润与加密货币价格上涨没有直接联系。相反，它的大部分利润来自交易费，这意味着只要加密货币有大量交易量，它们就会获得高额利润。此外，由于它交易一百多种加密货币，它不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote></p><p></p><p> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.</p><p><blockquote>因此，无论人们是蜂拥而至，试图加入加密货币的潮流，还是在加密货币抛售中竞相退出，硬币都将获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote></p><p> <b>#4. COIN Is Diversifying Into Ancillary Businesses</b></p><p><blockquote><b>#4.COIN 正在向辅助业务多元化发展</b></blockquote></p><p> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.</p><p><blockquote>虽然COIN的运营地位与比特币相似，因为它享有显著的网络优势和先发地位，但它也面临着来自其他不断创新并试图获得优势的类似平台的激烈竞争。然而，COIN在这个领域比比特币享有一个关键优势：它是一家拥有智能管理执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小军队，而比特币是一个毫无生气和静态的资产。</blockquote></p><p> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.</p><p><blockquote>虽然这可能是一件幸事，因为比特币不包含犯任何战略错误或错误分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个主要的负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而硬币可以不断发展并跟上或领先于创新的步伐，以维持和加强其竞争优势。</blockquote></p><p> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.</p><p><blockquote>事实上，COIN 已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为，尽管竞争日益激烈，但对加密货币的需求不断加速意味着该业务的利润率不太可能很快被压缩，但他们确实预计从长远来看，利润率会被压缩，就像任何利润丰厚、没有巨大准入壁垒的业务一样。</blockquote></p><p> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.</p><p><blockquote>因此，管理层今天正在进行多项投资，以增加多元化的收入来源，从而从长远来看带来更稳定和更安全的收入。5年内， 管理层预计50%以上的收入将来自交易费以外的来源。</blockquote></p><p> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.</p><p><blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，Visa（V）是一家为使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构提供的托管/金库业务，这些交易甚至还没有进入公众的视野，使它们集虚拟基础设施、网络安全、交易所和金融科技业务于一身。</blockquote></p><p> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.</p><p><blockquote>他们还投资了他们的许多前员工后来发现的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也不会受到前公司内部人士构建的新技术和应用程序的干扰。</blockquote></p><p> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.</p><p><blockquote>目前只有5000万会员和约10亿估计潜在用户，硬币的增长跑道仍然巨大，很容易在未来几年导致指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长。</blockquote></p><p> <b>#5. COIN Is Easier To Value Than Cryptocurrencies</b></p><p><blockquote><b>#5.硬币比加密货币更容易估值</b></blockquote></p><p> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.</p><p><blockquote>最后但并非最不重要的一点是，硬币产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于投机、消费者不断变化的突发奇想，以及创新管道不会出现更好的东西的希望，但COIN带来了实际的盈利能力和新的商业创新。因此，我们可以更好地了解硬币比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote></p><p> <b>Investor Takeaway</b></p><p><blockquote><b>投资者要点</b></blockquote></p><p> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.</p><p><blockquote>正如我们之前关于黄金所说，流行的加密货币在多元化投资组合中占有一席之地当然是有理由的。事实上，我们还预计，如果比特币能够继续被世界各地的公司和机构接受和使用，它将具有比COIN更高的上行潜力。</blockquote></p><p></p><p> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.</p><p><blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并试图最大化我们的风险回报状况。鉴于 COIN 产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密崩溃期间也可能获利，正在多元化成为一家加密基础设施公司，并且具有实际的内在价值，而不仅仅是一种投机资产，COIN 是我们投资加密货币领域的首选。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":873844861,"gmtCreate":1636933133960,"gmtModify":1636933134168,"author":{"id":"3566205103165331","authorId":"3566205103165331","name":"MaeTan","avatar":"https://static.tigerbbs.com/9b4c7db40f5ec74ea810182d08212cf4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566205103165331","idStr":"3566205103165331"},"themes":[],"title":"","htmlText":"Yes it was! Now is the week to make money","listText":"Yes it was! Now is the week to make money","text":"Yes it was! Now is the week to make money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/873844861","repostId":"149758879","repostType":1,"repost":{"id":149758879,"gmtCreate":1625750381591,"gmtModify":1631890287201,"author":{"id":"3576843963312863","authorId":"3576843963312863","name":"MaddyLIM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576843963312863","idStr":"3576843963312863"},"themes":[],"title":"","htmlText":"Cheers to an awesome lead up to the weekend!!!","listText":"Cheers to an awesome lead up to the weekend!!!","text":"Cheers to an awesome lead up to the weekend!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149758879","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3846,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}