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atf_nato

atf_nato

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2021-06-26

I hope so

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2021-03-30

Finally unblock

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2021-02-14

Why?

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2021-06-15

Goes without saying

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2021-06-11

Rise of the robots

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2021-03-13

Will it really?

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2021-06-18

All that glitters is not gold?

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2021-06-12

Very often, the line is blur

Investor, Trader, Speculator: Which One Are You?<blockquote>投资者、交易者、投机者：你是哪一个？</blockquote>

2021-02-23

How will STi fare today?

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2021-02-13

Yup

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2021-06-09

[Glance] [Smug] [Drowsy]

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2021-06-08

Another EV related

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2021-03-24

IPOs vs SPACs

Why SPACs Won’t Replace Traditional IPOs -- and Vice Versa<blockquote>为什么SPAC不会取代传统IPO——反之亦然</blockquote>

2021-05-29

Nice!

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2021-05-06

[OMG]

This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</blockquote>

2021-03-15

Lol

Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>

2021-03-08

How to play this?

U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>

2021-03-01

Great

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2021-02-26

STI can be different?

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2021-02-12

Interesting

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I’ve had it.</p><p><blockquote>了解投机和投资之间的区别对于避免鲁莽风险至关重要。我受够了。</blockquote></p><p> The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p><p><blockquote>关于金融最基本的区别之一，《华尔街日报》是错误的，而且几十年来一直是错误的。我再也受不了了。</blockquote></p><p> If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p><p><blockquote>如果你购买一只股票纯粹是因为它上涨了很多，而没有对其进行任何研究，那么你就不是——正如《华尔街日报》及其编辑奇怪地坚持这样称呼你的那样——“投资者”。如果你购买加密货币是因为，嘿，这听起来很有趣，你也不是投资者。</blockquote></p><p> Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p><p><blockquote>每当你购买任何金融资产是因为你有一个只是为了好玩，或者因为某个名人正在大肆宣传它，而其他人似乎也在购买它，你就不是在投资。</blockquote></p><p> You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p><p><blockquote>你绝对是一个交易者：刚刚购买了一项资产的人。你可能是一个投机者：认为其他人会比你付出更多的钱。</blockquote></p><p> Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p><p><blockquote>当然，有些人购买像GameStopCorp.GME 5.88%这样的模因股票<i>是</i>投资者。他们阅读公司的财务报表，研究基础业务的健康状况，并了解还有谁在做空股票。同样，许多数字硬币的买家也投入了时间和精力来了解加密货币的工作原理以及它如何重塑金融。</blockquote></p><p> An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p><p><blockquote>投资者依赖于内部回报来源：收益、收入、资产价值的增长。投机者依赖外部回报来源：主要是其他人是否会支付更多，而不考虑基本价值。</blockquote></p><p> The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p><p><blockquote>投资者这个词来自拉丁语“investire”，意思是穿着或打扮自己，包围或包围。你永远不会在不知道衣服是什么颜色或由什么材料制成的情况下穿衣服。同样，你不能投资你一无所知的资产。</blockquote></p><p> Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p><p><blockquote>然而，《华尔街日报》及其编辑长期以来一直将几乎所有购买任何东西的人称为“投资者”。1962年7月12日，《华尔街日报》发表了经典著作《证券分析》和《聪明的投资者》的作者本杰明·格雷厄姆写给编辑的一封信。格雷厄姆抱怨说，那年6月，《华尔街日报》发表了一篇文章，标题是“许多小投资者押注进一步下跌，卖空零星股票”。</blockquote></p><p> He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p><p><blockquote>他写道：“根据‘投资’的什么定义，人们可以给那些通过卖空零头在股市上下注的小人物起‘投资者’这个名字呢？”（做空奇数手就是借入并卖出少于100股的股票，押注股票会下跌——无论在当时还是现在，这都是一个昂贵且有风险的赌注。）</blockquote></p><p> “If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p><p><blockquote>“如果这些人是投资者，”格雷厄姆问道，“我们应该如何定义‘投机’和‘投机者’？难道目前未能区分投资和投机的做法不仅会对个人，而且会对整个金融界造成严重伤害吗——就像20世纪20年代末那样？”</blockquote></p><p> Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p><p><blockquote>格雷厄姆并不是一个认为市场应该是富人专属游乐场的势利小人。他写了《聪明的投资者》，明确的目的是帮助不太富裕的人明智地参与股市。</blockquote></p><p> In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p><p><blockquote>格雷厄姆在那本书（本专栏就是以其命名的）中说：“彻头彻尾的投机既不违法、不道德，也（对大多数人来说）不会让钱包发胖。”</blockquote></p><p> However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p><p><blockquote>然而，他警告说，这会带来三种危险：“（1）当你认为自己在投资时进行投机；（2）当你缺乏适当的知识和技能时，认真地投机而不是作为一种消遣；以及（3）冒更多钱的风险投机超出了你的承受能力。”</blockquote></p><p> Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p><p><blockquote>大多数投资者每隔一段时间就会投机一点。就像彩票或偶尔去赛马场或赌场一样，一点点是无害的乐趣。很多都不是。</blockquote></p><p> If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p><p><blockquote>如果你认为你在投机时是在投资，你会将哪怕是短暂的成功归因于技能，即使运气是最可能的解释。这会导致你冒鲁莽的风险。</blockquote></p><p> Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p><p><blockquote>把投机看得太重，它会变成一种痴迷和上瘾。你变得无法接受你的损失，也无法关注未来超过几分钟。接下来你知道的是，你在篝火上投入了更多的钱。</blockquote></p><p> I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p><p><blockquote>我认为，将交易者和投机者称为“投资者”会将许多新来者推向他们不应该承担的风险和他们无法承受的损失的滑坡。我热切地希望《华尔街日报》及其编辑最终不再使用“投资者”作为任何进行交易的人的默认术语。</blockquote></p><p> “ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p><p><blockquote>“‘投资者’在英语中作为一个包罗万象的术语有着悠久的历史，指的是那些投入资本并期望回报的人，无论时间长短，无论他们阅读的投资专栏有多少，”《华尔街日报》财经编辑查尔斯·福雷尔在回应我的投诉时说道。“至少可以追溯到19世纪中叶，‘投资’甚至被用来描述赌马——这种活动与基本面分析的脱节程度肯定不亚于购买狗狗币。”</blockquote></p><p></p><p> I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p><p><blockquote>我听到了，老板，但我还是认为你错了。《华尔街日报》不可能仅仅因为字典上说我们可以，就说一个休闲赌徒在赛马场“投资”。</blockquote></p><p> Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p><p><blockquote>将新手投机者称为“投资者”是营销人员助长过度交易的最有力方式之一。</blockquote></p><p> Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p><p><blockquote>在最近的Instagram帖子中，一位名叫拉娜·罗迪斯(Lana Rhoades)的前色情明星穿着——嗯，大部分是穿着——比基尼，举着似乎是格雷厄姆的《聪明的投资者》。据IMDb.com报道，她主演了《Tushy》和《Make Me Meow》等视频。</blockquote></p><p> In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p><p><blockquote>在她被近180万人“点赞”的帖子中，罗迪斯宣布她将推广一种名为PAWGCoin的加密货币。</blockquote></p><p> The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p><p><blockquote>该货币的网站称，这枚硬币是为“那些向发达的后躯致敬的人”准备的。（我得到可靠消息，PAWG代表胖屁股白人女孩。）</blockquote></p><p> PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p><p><blockquote>据追踪此类数字货币的网站Poocoin.io称，自Rhoades女士6月初开始推广PAWGcoin以来，PAWGcoin已上涨约900%。</blockquote></p><p> Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p><p><blockquote>罗迪斯女士在推特上写道“我每天早上也阅读《华尔街日报》”，但记者无法联系到她置评。PAWGcoin的网站鼓励访问者“立即投资”。</blockquote></p><p> In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</p><p><blockquote>在罗迪斯的Instagram帖子中，她举着一本打开的《聪明的投资者》，封面是颠倒的。她似乎是闭着眼睛读的。</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>Investor, Trader, Speculator: Which One Are You?<blockquote>投资者、交易者、投机者：你是哪一个？</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\">\nInvestor, Trader, Speculator: Which One Are You?<blockquote>投资者、交易者、投机者：你是哪一个？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-12 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Understanding the difference between speculation and investing is essential to avoiding reckless risk.  I’ve had it.</p><p><blockquote>了解投机和投资之间的区别对于避免鲁莽风险至关重要。我受够了。</blockquote></p><p> The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p><p><blockquote>关于金融最基本的区别之一，《华尔街日报》是错误的，而且几十年来一直是错误的。我再也受不了了。</blockquote></p><p> If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p><p><blockquote>如果你购买一只股票纯粹是因为它上涨了很多，而没有对其进行任何研究，那么你就不是——正如《华尔街日报》及其编辑奇怪地坚持这样称呼你的那样——“投资者”。如果你购买加密货币是因为，嘿，这听起来很有趣，你也不是投资者。</blockquote></p><p> Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p><p><blockquote>每当你购买任何金融资产是因为你有一个只是为了好玩，或者因为某个名人正在大肆宣传它，而其他人似乎也在购买它，你就不是在投资。</blockquote></p><p> You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p><p><blockquote>你绝对是一个交易者：刚刚购买了一项资产的人。你可能是一个投机者：认为其他人会比你付出更多的钱。</blockquote></p><p> Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p><p><blockquote>当然，有些人购买像GameStopCorp.GME 5.88%这样的模因股票<i>是</i>投资者。他们阅读公司的财务报表，研究基础业务的健康状况，并了解还有谁在做空股票。同样，许多数字硬币的买家也投入了时间和精力来了解加密货币的工作原理以及它如何重塑金融。</blockquote></p><p> An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p><p><blockquote>投资者依赖于内部回报来源：收益、收入、资产价值的增长。投机者依赖外部回报来源：主要是其他人是否会支付更多，而不考虑基本价值。</blockquote></p><p> The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p><p><blockquote>投资者这个词来自拉丁语“investire”，意思是穿着或打扮自己，包围或包围。你永远不会在不知道衣服是什么颜色或由什么材料制成的情况下穿衣服。同样，你不能投资你一无所知的资产。</blockquote></p><p> Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p><p><blockquote>然而，《华尔街日报》及其编辑长期以来一直将几乎所有购买任何东西的人称为“投资者”。1962年7月12日，《华尔街日报》发表了经典著作《证券分析》和《聪明的投资者》的作者本杰明·格雷厄姆写给编辑的一封信。格雷厄姆抱怨说，那年6月，《华尔街日报》发表了一篇文章，标题是“许多小投资者押注进一步下跌，卖空零星股票”。</blockquote></p><p> He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p><p><blockquote>他写道：“根据‘投资’的什么定义，人们可以给那些通过卖空零头在股市上下注的小人物起‘投资者’这个名字呢？”（做空奇数手就是借入并卖出少于100股的股票，押注股票会下跌——无论在当时还是现在，这都是一个昂贵且有风险的赌注。）</blockquote></p><p> “If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p><p><blockquote>“如果这些人是投资者，”格雷厄姆问道，“我们应该如何定义‘投机’和‘投机者’？难道目前未能区分投资和投机的做法不仅会对个人，而且会对整个金融界造成严重伤害吗——就像20世纪20年代末那样？”</blockquote></p><p> Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p><p><blockquote>格雷厄姆并不是一个认为市场应该是富人专属游乐场的势利小人。他写了《聪明的投资者》，明确的目的是帮助不太富裕的人明智地参与股市。</blockquote></p><p> In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p><p><blockquote>格雷厄姆在那本书（本专栏就是以其命名的）中说：“彻头彻尾的投机既不违法、不道德，也（对大多数人来说）不会让钱包发胖。”</blockquote></p><p> However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p><p><blockquote>然而，他警告说，这会带来三种危险：“（1）当你认为自己在投资时进行投机；（2）当你缺乏适当的知识和技能时，认真地投机而不是作为一种消遣；以及（3）冒更多钱的风险投机超出了你的承受能力。”</blockquote></p><p> Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p><p><blockquote>大多数投资者每隔一段时间就会投机一点。就像彩票或偶尔去赛马场或赌场一样，一点点是无害的乐趣。很多都不是。</blockquote></p><p> If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p><p><blockquote>如果你认为你在投机时是在投资，你会将哪怕是短暂的成功归因于技能，即使运气是最可能的解释。这会导致你冒鲁莽的风险。</blockquote></p><p> Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p><p><blockquote>把投机看得太重，它会变成一种痴迷和上瘾。你变得无法接受你的损失，也无法关注未来超过几分钟。接下来你知道的是，你在篝火上投入了更多的钱。</blockquote></p><p> I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p><p><blockquote>我认为，将交易者和投机者称为“投资者”会将许多新来者推向他们不应该承担的风险和他们无法承受的损失的滑坡。我热切地希望《华尔街日报》及其编辑最终不再使用“投资者”作为任何进行交易的人的默认术语。</blockquote></p><p> “ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p><p><blockquote>“‘投资者’在英语中作为一个包罗万象的术语有着悠久的历史，指的是那些投入资本并期望回报的人，无论时间长短，无论他们阅读的投资专栏有多少，”《华尔街日报》财经编辑查尔斯·福雷尔在回应我的投诉时说道。“至少可以追溯到19世纪中叶，‘投资’甚至被用来描述赌马——这种活动与基本面分析的脱节程度肯定不亚于购买狗狗币。”</blockquote></p><p></p><p> I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p><p><blockquote>我听到了，老板，但我还是认为你错了。《华尔街日报》不可能仅仅因为字典上说我们可以，就说一个休闲赌徒在赛马场“投资”。</blockquote></p><p> Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p><p><blockquote>将新手投机者称为“投资者”是营销人员助长过度交易的最有力方式之一。</blockquote></p><p> Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p><p><blockquote>在最近的Instagram帖子中，一位名叫拉娜·罗迪斯(Lana Rhoades)的前色情明星穿着——嗯，大部分是穿着——比基尼，举着似乎是格雷厄姆的《聪明的投资者》。据IMDb.com报道，她主演了《Tushy》和《Make Me Meow》等视频。</blockquote></p><p> In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p><p><blockquote>在她被近180万人“点赞”的帖子中，罗迪斯宣布她将推广一种名为PAWGCoin的加密货币。</blockquote></p><p> The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p><p><blockquote>该货币的网站称，这枚硬币是为“那些向发达的后躯致敬的人”准备的。（我得到可靠消息，PAWG代表胖屁股白人女孩。）</blockquote></p><p> PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p><p><blockquote>据追踪此类数字货币的网站Poocoin.io称，自Rhoades女士6月初开始推广PAWGcoin以来，PAWGcoin已上涨约900%。</blockquote></p><p> Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p><p><blockquote>罗迪斯女士在推特上写道“我每天早上也阅读《华尔街日报》”，但记者无法联系到她置评。PAWGcoin的网站鼓励访问者“立即投资”。</blockquote></p><p> In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</p><p><blockquote>在罗迪斯的Instagram帖子中，她举着一本打开的《聪明的投资者》，封面是颠倒的。她似乎是闭着眼睛读的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">The Wall Street Journal</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181073471,"gmtCreate":1623369059093,"gmtModify":1631889589561,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Rise of the robots","listText":"Rise of the robots","text":"Rise of the 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[Drowsy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/180893811","repostId":"1160645804","repostType":4,"isVote":1,"tweetType":1,"viewCount":2937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117262404,"gmtCreate":1623144373908,"gmtModify":1631889589563,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Another EV related","listText":"Another EV related","text":"Another EV 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Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622852714,"share":"https://www.laohu8.com/m/news/1194036411?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:25","market":"us","language":"en","title":"What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194036411","media":"Benzinga","summary":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Re","content":"<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司的</b>（纳斯达克：AAPL）最近表现不佳，周五CNBC的“快钱半场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion联合创始人皮特·纳贾里安(Pete Najarian)告诉CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能会成为该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近的暂停之后，该股似乎准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果·看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners的Jim Lebenthal对苹果有更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>Lebenthal告诉CNBC，过去五年苹果的复合年增长率为40%。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷式财报后将呈走高趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股价处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal表示，未来一到三年，该股的交易价格将大幅上涨，并补充说，他预计到2021年底该股的交易价格将达到每股150美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>苹果在52周内的交易价格最高为145.09美元，最低为80.19美元。今年迄今已下跌5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨1.90%，至125.89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>What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-06-05 08:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司的</b>（纳斯达克：AAPL）最近表现不佳，周五CNBC的“快钱半场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion联合创始人皮特·纳贾里安(Pete Najarian)告诉CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能会成为该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近的暂停之后，该股似乎准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果·看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners的Jim Lebenthal对苹果有更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>Lebenthal告诉CNBC，过去五年苹果的复合年增长率为40%。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷式财报后将呈走高趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股价处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal表示，未来一到三年，该股的交易价格将大幅上涨，并补充说，他预计到2021年底该股的交易价格将达到每股150美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>苹果在52周内的交易价格最高为145.09美元，最低为80.19美元。今年迄今已下跌5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨1.90%，至125.89美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194036411","content_text":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Report\" on Friday discussed possible outlooks.\nShort-Term Catalyst:Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher, Market Rebellion co-founder Pete Najarian told CNBC.\nApple's margins, earnings and free cash flow are all increasing, he said, adding that after its recent pause, the stock seems primed for another move to the upside.\nNajarian bought Apple call options this week after seeing a spike in call buying activity.\nApple is scheduled to have its Worldwide Developers Conference on June 7.\nLong-Term Outlook:Cerity Partners' Jim Lebenthal has a longer-term outlook on Apple.\nApple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.\nThe stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces another blowout earnings report during the next earnings season.\nApple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.\nOver the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.\nAAPL Price Action:Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.\nAt last check Friday at publication, the stock was up 1.90% at $125.89.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118745104,"gmtCreate":1622763813108,"gmtModify":1631892008331,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Ouch","listText":"Ouch","text":"Ouch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/118745104","repostId":"1150431596","repostType":4,"repost":{"id":"1150431596","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622733096,"share":"https://www.laohu8.com/m/news/1150431596?lang=zh_CN&edition=full","pubTime":"2021-06-03 23:11","market":"us","language":"en","title":"AMC And GameStop Short Sellers Have Taken A $12B Loss In 2021<blockquote>AMC和游戏驿站卖空者在2021年损失了120B美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150431596","media":"Benzinga","summary":"Shares of so-called meme stocks AMC Entertainment Holdings Inc and GameStop Corp. both dropped on Th","content":"<p>Shares of so-called meme stocks&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;and&nbsp;<b>GameStop Corp.</b>&nbsp;both dropped on Thursday morning, providing some relief to short sellers reeling from heavy Wednesday losses.</p><p><blockquote>所谓模因股票的份额<b>AMC院线控股公司</b>和<b>游戏驿站公司。</b>周四上午，两者均下跌，为周三重挫的卖空者提供了一些缓解。</blockquote></p><p> AMC shares hit new all-time highs of $72.62 this week as a social media-driven buying frenzy has inflicted major pain on short sellers.</p><p><blockquote>由于社交媒体驱动的购买狂潮给卖空者带来了巨大痛苦，AMC股价本周创下72.62美元的历史新高。</blockquote></p><p> <b>The Numbers:</b>On Wednesday, AMC short sellers took a whopping $2.77 billion loss, according to S3 Partners analyst Ihor Dusaniwsky. That loss brought AMC short sellers’ two-day losses up to $3.3 billion and their 7-day losses up to $4.54 billion.</p><p><blockquote><b>数字：</b>S3 Partners分析师Ihor Dusaniwsky表示，周三，AMC卖空者遭受了27.7亿美元的巨额损失。这一损失使AMC卖空者的两天损失高达33亿美元，7天损失高达45.4亿美元。</blockquote></p><p> Year to date, AMC short sellers have now logged mark-to-market losses of $5.22 billion, Dusaniwsky said.</p><p><blockquote>杜萨尼夫斯基表示，今年迄今为止，AMC卖空者按市值计算已损失52.2亿美元。</blockquote></p><p> AMC’s short interest now stands at about $2.91 billion, or about 18.2% of the stock’s float.</p><p><blockquote>AMC的空头权益目前约为29.1亿美元，约占该股流通股的18.2%。</blockquote></p><p> Even after Wednesday’s big gain by AMC, GameStop short sellers have still taken the heavier blow so far in 2021. Dusaniwsky said GameStop short sellers lost $375.7 million on Wednesday, bringing their year-to-date losses up to $7.15 billion.</p><p><blockquote>即使在AMC周三大幅上涨之后，游戏驿站卖空者在2021年迄今为止仍然遭受了更沉重的打击。Dusaniwsky表示，游戏驿站卖空者周三损失了3.757亿美元，使他们今年迄今的损失达到71.5亿美元。</blockquote></p><p> GameStop now has $2.82 billion in short interest, or about 19.8% of the stock’s float.</p><p><blockquote>游戏驿站目前拥有28.2亿美元的空头权益，约占该股流通股的19.8%。</blockquote></p><p> As of Wednesday’s close, GameStop and AMC short sellers have endured combined losses of $12.3 billion in 2021, according to S3.</p><p><blockquote>根据S3的数据，截至周三收盘，游戏驿站和AMC卖空者在2021年总共损失了123亿美元。</blockquote></p><p> <b>Benzinga’s Take:</b>AMC itself warned investors on Thursday that investing in its stock at current prices could result in them losing “all or a substantial portion” of their money.</p><p><blockquote><b>Benzinga的看法：</b>AMC本身周四警告投资者，以当前价格投资其股票可能会导致他们损失“全部或大部分”资金。</blockquote></p><p> Given the unprecedented trading action in both AMC and GameStop so far in 2021, it’s difficult to have too much sympathy for anyone who is short either stock at this point.</p><p><blockquote>鉴于AMC和游戏驿站在2021年迄今为止采取了前所未有的交易行动，目前很难对任何做空这两只股票的人表示太多同情。</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>AMC And GameStop Short Sellers Have Taken A $12B Loss In 2021<blockquote>AMC和游戏驿站卖空者在2021年损失了120B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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC And GameStop Short Sellers Have Taken A $12B Loss In 2021<blockquote>AMC和游戏驿站卖空者在2021年损失了120B美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-06-03 23:11</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Shares of so-called meme stocks&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;and&nbsp;<b>GameStop Corp.</b>&nbsp;both dropped on Thursday morning, providing some relief to short sellers reeling from heavy Wednesday losses.</p><p><blockquote>所谓模因股票的份额<b>AMC院线控股公司</b>和<b>游戏驿站公司。</b>周四上午，两者均下跌，为周三重挫的卖空者提供了一些缓解。</blockquote></p><p> AMC shares hit new all-time highs of $72.62 this week as a social media-driven buying frenzy has inflicted major pain on short sellers.</p><p><blockquote>由于社交媒体驱动的购买狂潮给卖空者带来了巨大痛苦，AMC股价本周创下72.62美元的历史新高。</blockquote></p><p> <b>The Numbers:</b>On Wednesday, AMC short sellers took a whopping $2.77 billion loss, according to S3 Partners analyst Ihor Dusaniwsky. That loss brought AMC short sellers’ two-day losses up to $3.3 billion and their 7-day losses up to $4.54 billion.</p><p><blockquote><b>数字：</b>S3 Partners分析师Ihor Dusaniwsky表示，周三，AMC卖空者遭受了27.7亿美元的巨额损失。这一损失使AMC卖空者的两天损失高达33亿美元，7天损失高达45.4亿美元。</blockquote></p><p> Year to date, AMC short sellers have now logged mark-to-market losses of $5.22 billion, Dusaniwsky said.</p><p><blockquote>杜萨尼夫斯基表示，今年迄今为止，AMC卖空者按市值计算已损失52.2亿美元。</blockquote></p><p> AMC’s short interest now stands at about $2.91 billion, or about 18.2% of the stock’s float.</p><p><blockquote>AMC的空头权益目前约为29.1亿美元，约占该股流通股的18.2%。</blockquote></p><p> Even after Wednesday’s big gain by AMC, GameStop short sellers have still taken the heavier blow so far in 2021. Dusaniwsky said GameStop short sellers lost $375.7 million on Wednesday, bringing their year-to-date losses up to $7.15 billion.</p><p><blockquote>即使在AMC周三大幅上涨之后，游戏驿站卖空者在2021年迄今为止仍然遭受了更沉重的打击。Dusaniwsky表示，游戏驿站卖空者周三损失了3.757亿美元，使他们今年迄今的损失达到71.5亿美元。</blockquote></p><p> GameStop now has $2.82 billion in short interest, or about 19.8% of the stock’s float.</p><p><blockquote>游戏驿站目前拥有28.2亿美元的空头权益，约占该股流通股的19.8%。</blockquote></p><p> As of Wednesday’s close, GameStop and AMC short sellers have endured combined losses of $12.3 billion in 2021, according to S3.</p><p><blockquote>根据S3的数据，截至周三收盘，游戏驿站和AMC卖空者在2021年总共损失了123亿美元。</blockquote></p><p> <b>Benzinga’s Take:</b>AMC itself warned investors on Thursday that investing in its stock at current prices could result in them losing “all or a substantial portion” of their money.</p><p><blockquote><b>Benzinga的看法：</b>AMC本身周四警告投资者，以当前价格投资其股票可能会导致他们损失“全部或大部分”资金。</blockquote></p><p> Given the unprecedented trading action in both AMC and GameStop so far in 2021, it’s difficult to have too much sympathy for anyone who is short either stock at this point.</p><p><blockquote>鉴于AMC和游戏驿站在2021年迄今为止采取了前所未有的交易行动，目前很难对任何做空这两只股票的人表示太多同情。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150431596","content_text":"Shares of so-called meme stocks AMC Entertainment Holdings Inc and GameStop Corp. both dropped on Thursday morning, providing some relief to short sellers reeling from heavy Wednesday losses.\nAMC shares hit new all-time highs of $72.62 this week as a social media-driven buying frenzy has inflicted major pain on short sellers.\nThe Numbers:On Wednesday, AMC short sellers took a whopping $2.77 billion loss, according to S3 Partners analyst Ihor Dusaniwsky. That loss brought AMC short sellers’ two-day losses up to $3.3 billion and their 7-day losses up to $4.54 billion.\nYear to date, AMC short sellers have now logged mark-to-market losses of $5.22 billion, Dusaniwsky said.\nAMC’s short interest now stands at about $2.91 billion, or about 18.2% of the stock’s float.\nEven after Wednesday’s big gain by AMC, GameStop short sellers have still taken the heavier blow so far in 2021. Dusaniwsky said GameStop short sellers lost $375.7 million on Wednesday, bringing their year-to-date losses up to $7.15 billion.\nGameStop now has $2.82 billion in short interest, or about 19.8% of the stock’s float.\nAs of Wednesday’s close, GameStop and AMC short sellers have endured combined losses of $12.3 billion in 2021, according to S3.\nBenzinga’s Take:AMC itself warned investors on Thursday that investing in its stock at current prices could result in them losing “all or a substantial portion” of their money.\nGiven the unprecedented trading action in both AMC and GameStop so far in 2021, it’s difficult to have too much sympathy for anyone who is short either stock at this point.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118742677,"gmtCreate":1622763798999,"gmtModify":1631892008333,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Ouch","listText":"Ouch","text":"Ouch","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118742677","repostId":"1150431596","repostType":4,"repost":{"id":"1150431596","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622733096,"share":"https://www.laohu8.com/m/news/1150431596?lang=zh_CN&edition=full","pubTime":"2021-06-03 23:11","market":"us","language":"en","title":"AMC And GameStop Short Sellers Have Taken A $12B Loss In 2021<blockquote>AMC和游戏驿站卖空者在2021年损失了120B美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150431596","media":"Benzinga","summary":"Shares of so-called meme stocks AMC Entertainment Holdings Inc and GameStop Corp. both dropped on Th","content":"<p>Shares of so-called meme stocks&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;and&nbsp;<b>GameStop Corp.</b>&nbsp;both dropped on Thursday morning, providing some relief to short sellers reeling from heavy Wednesday losses.</p><p><blockquote>所谓模因股票的份额<b>AMC院线控股公司</b>和<b>游戏驿站公司。</b>周四上午，两者均下跌，为周三重挫的卖空者提供了一些缓解。</blockquote></p><p> AMC shares hit new all-time highs of $72.62 this week as a social media-driven buying frenzy has inflicted major pain on short sellers.</p><p><blockquote>由于社交媒体驱动的购买狂潮给卖空者带来了巨大痛苦，AMC股价本周创下72.62美元的历史新高。</blockquote></p><p> <b>The Numbers:</b>On Wednesday, AMC short sellers took a whopping $2.77 billion loss, according to S3 Partners analyst Ihor Dusaniwsky. That loss brought AMC short sellers’ two-day losses up to $3.3 billion and their 7-day losses up to $4.54 billion.</p><p><blockquote><b>数字：</b>S3 Partners分析师Ihor Dusaniwsky表示，周三，AMC卖空者遭受了27.7亿美元的巨额损失。这一损失使AMC卖空者的两天损失高达33亿美元，7天损失高达45.4亿美元。</blockquote></p><p> Year to date, AMC short sellers have now logged mark-to-market losses of $5.22 billion, Dusaniwsky said.</p><p><blockquote>杜萨尼夫斯基表示，今年迄今为止，AMC卖空者按市值计算已损失52.2亿美元。</blockquote></p><p> AMC’s short interest now stands at about $2.91 billion, or about 18.2% of the stock’s float.</p><p><blockquote>AMC的空头权益目前约为29.1亿美元，约占该股流通股的18.2%。</blockquote></p><p> Even after Wednesday’s big gain by AMC, GameStop short sellers have still taken the heavier blow so far in 2021. Dusaniwsky said GameStop short sellers lost $375.7 million on Wednesday, bringing their year-to-date losses up to $7.15 billion.</p><p><blockquote>即使在AMC周三大幅上涨之后，游戏驿站卖空者在2021年迄今为止仍然遭受了更沉重的打击。Dusaniwsky表示，游戏驿站卖空者周三损失了3.757亿美元，使他们今年迄今的损失达到71.5亿美元。</blockquote></p><p> GameStop now has $2.82 billion in short interest, or about 19.8% of the stock’s float.</p><p><blockquote>游戏驿站目前拥有28.2亿美元的空头权益，约占该股流通股的19.8%。</blockquote></p><p> As of Wednesday’s close, GameStop and AMC short sellers have endured combined losses of $12.3 billion in 2021, according to S3.</p><p><blockquote>根据S3的数据，截至周三收盘，游戏驿站和AMC卖空者在2021年总共损失了123亿美元。</blockquote></p><p> <b>Benzinga’s Take:</b>AMC itself warned investors on Thursday that investing in its stock at current prices could result in them losing “all or a substantial portion” of their money.</p><p><blockquote><b>Benzinga的看法：</b>AMC本身周四警告投资者，以当前价格投资其股票可能会导致他们损失“全部或大部分”资金。</blockquote></p><p> Given the unprecedented trading action in both AMC and GameStop so far in 2021, it’s difficult to have too much sympathy for anyone who is short either stock at this point.</p><p><blockquote>鉴于AMC和游戏驿站在2021年迄今为止采取了前所未有的交易行动，目前很难对任何做空这两只股票的人表示太多同情。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC And GameStop Short Sellers Have Taken A $12B Loss In 2021<blockquote>AMC和游戏驿站卖空者在2021年损失了120B美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-06-03 23:11</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Shares of so-called meme stocks&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;and&nbsp;<b>GameStop Corp.</b>&nbsp;both dropped on Thursday morning, providing some relief to short sellers reeling from heavy Wednesday losses.</p><p><blockquote>所谓模因股票的份额<b>AMC院线控股公司</b>和<b>游戏驿站公司。</b>周四上午，两者均下跌，为周三重挫的卖空者提供了一些缓解。</blockquote></p><p> AMC shares hit new all-time highs of $72.62 this week as a social media-driven buying frenzy has inflicted major pain on short sellers.</p><p><blockquote>由于社交媒体驱动的购买狂潮给卖空者带来了巨大痛苦，AMC股价本周创下72.62美元的历史新高。</blockquote></p><p> <b>The Numbers:</b>On Wednesday, AMC short sellers took a whopping $2.77 billion loss, according to S3 Partners analyst Ihor Dusaniwsky. That loss brought AMC short sellers’ two-day losses up to $3.3 billion and their 7-day losses up to $4.54 billion.</p><p><blockquote><b>数字：</b>S3 Partners分析师Ihor Dusaniwsky表示，周三，AMC卖空者遭受了27.7亿美元的巨额损失。这一损失使AMC卖空者的两天损失高达33亿美元，7天损失高达45.4亿美元。</blockquote></p><p> Year to date, AMC short sellers have now logged mark-to-market losses of $5.22 billion, Dusaniwsky said.</p><p><blockquote>杜萨尼夫斯基表示，今年迄今为止，AMC卖空者按市值计算已损失52.2亿美元。</blockquote></p><p> AMC’s short interest now stands at about $2.91 billion, or about 18.2% of the stock’s float.</p><p><blockquote>AMC的空头权益目前约为29.1亿美元，约占该股流通股的18.2%。</blockquote></p><p> Even after Wednesday’s big gain by AMC, GameStop short sellers have still taken the heavier blow so far in 2021. Dusaniwsky said GameStop short sellers lost $375.7 million on Wednesday, bringing their year-to-date losses up to $7.15 billion.</p><p><blockquote>即使在AMC周三大幅上涨之后，游戏驿站卖空者在2021年迄今为止仍然遭受了更沉重的打击。Dusaniwsky表示，游戏驿站卖空者周三损失了3.757亿美元，使他们今年迄今的损失达到71.5亿美元。</blockquote></p><p> GameStop now has $2.82 billion in short interest, or about 19.8% of the stock’s float.</p><p><blockquote>游戏驿站目前拥有28.2亿美元的空头权益，约占该股流通股的19.8%。</blockquote></p><p> As of Wednesday’s close, GameStop and AMC short sellers have endured combined losses of $12.3 billion in 2021, according to S3.</p><p><blockquote>根据S3的数据，截至周三收盘，游戏驿站和AMC卖空者在2021年总共损失了123亿美元。</blockquote></p><p> <b>Benzinga’s Take:</b>AMC itself warned investors on Thursday that investing in its stock at current prices could result in them losing “all or a substantial portion” of their money.</p><p><blockquote><b>Benzinga的看法：</b>AMC本身周四警告投资者，以当前价格投资其股票可能会导致他们损失“全部或大部分”资金。</blockquote></p><p> Given the unprecedented trading action in both AMC and GameStop so far in 2021, it’s difficult to have too much sympathy for anyone who is short either stock at this point.</p><p><blockquote>鉴于AMC和游戏驿站在2021年迄今为止采取了前所未有的交易行动，目前很难对任何做空这两只股票的人表示太多同情。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150431596","content_text":"Shares of so-called meme stocks AMC Entertainment Holdings Inc and GameStop Corp. both dropped on Thursday morning, providing some relief to short sellers reeling from heavy Wednesday losses.\nAMC shares hit new all-time highs of $72.62 this week as a social media-driven buying frenzy has inflicted major pain on short sellers.\nThe Numbers:On Wednesday, AMC short sellers took a whopping $2.77 billion loss, according to S3 Partners analyst Ihor Dusaniwsky. That loss brought AMC short sellers’ two-day losses up to $3.3 billion and their 7-day losses up to $4.54 billion.\nYear to date, AMC short sellers have now logged mark-to-market losses of $5.22 billion, Dusaniwsky said.\nAMC’s short interest now stands at about $2.91 billion, or about 18.2% of the stock’s float.\nEven after Wednesday’s big gain by AMC, GameStop short sellers have still taken the heavier blow so far in 2021. Dusaniwsky said GameStop short sellers lost $375.7 million on Wednesday, bringing their year-to-date losses up to $7.15 billion.\nGameStop now has $2.82 billion in short interest, or about 19.8% of the stock’s float.\nAs of Wednesday’s close, GameStop and AMC short sellers have endured combined losses of $12.3 billion in 2021, according to S3.\nBenzinga’s Take:AMC itself warned investors on Thursday that investing in its stock at current prices could result in them losing “all or a substantial portion” of their money.\nGiven the unprecedented trading action in both AMC and GameStop so far in 2021, it’s difficult to have too much sympathy for anyone who is short either stock at this point.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113079030,"gmtCreate":1622588837920,"gmtModify":1631883988666,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Another one cleared","listText":"Another one cleared","text":"Another one 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Hold","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119172350","repostId":"2139645323","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110546890,"gmtCreate":1622472904510,"gmtModify":1631892008344,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"The better question is … how much is it&nbsp;worth in future?","listText":"The better question is … how much is it&nbsp;worth in future?","text":"The better question is … how much is it worth in future?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110546890","repostId":"1133890180","repostType":4,"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137338368,"gmtCreate":1622296982054,"gmtModify":1631892008347,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/137338368","repostId":"2138488686","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135631147,"gmtCreate":1622160487689,"gmtModify":1631892008347,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/135631147","repostId":"2138817953","repostType":4,"isVote":1,"tweetType":1,"viewCount":565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132631484,"gmtCreate":1622083829448,"gmtModify":1631892008350,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/132631484","repostId":"1172748286","repostType":4,"repost":{"id":"1172748286","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622082811,"share":"https://www.laohu8.com/m/news/1172748286?lang=zh_CN&edition=full","pubTime":"2021-05-27 10:33","market":"us","language":"en","title":"Signs Crop Up That Apple Is Exploring Cryptocurrency: What You Need To Know<blockquote>有迹象表明苹果正在探索加密货币：您需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172748286","media":"Benzinga","summary":"Apple Inc (NASDAQ:AAPL)  is on the hunt for a business development manager with experience in \"crypt","content":"<p><b>Apple Inc</b>&nbsp;(NASDAQ:AAPL)&nbsp; is on the hunt for a business development manager with experience in \"cryptocurrency\"&nbsp;to lead alternative payments partnerships, as per a job posting on its website.</p><p><blockquote><b>苹果公司</b>根据其网站上的招聘信息，（纳斯达克：AAPL）正在寻找一名具有“加密货币”经验的业务开发经理来领导替代支付合作伙伴关系。</blockquote></p><p><b>What Happened:</b>&nbsp;“The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships,” Apple wrote in the listing. The iPhone maker called for candidates with \"5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency.\"</p><p><blockquote><b>发生了什么：</b>苹果在清单中写道：“苹果钱包、支付和商务(WPC)团队正在寻找一位经验丰富的业务开发经理来领导替代支付合作伙伴关系。”这家iPhone制造商呼吁候选人具有“5年以上在数字钱包、BNPL、快速支付、加密货币等替代支付提供商工作经验”。</blockquote></p><p>The vacancy listed Wednesday mentions duties such as “forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners.”</p><p><blockquote>周三列出的职位空缺提到了“形成合作伙伴框架和商业模式、定义实施范例、确定关键参与者以及管理与战略替代支付合作伙伴的关系”等职责。</blockquote></p><p>The person Apple is looking to hire for its Cupertino, California headquarters would be responsible for “end to end business development,” which involves negotiating and closing commercial agreements.</p><p><blockquote>苹果希望为其加州库比蒂诺总部聘请的人将负责“端到端业务开发”，其中包括谈判和达成商业协议。</blockquote></p><p><b>Why It Matters:</b>&nbsp;Apple has yet to accept cryptocurrencies as a form of payment and has tight control over payments.</p><p><blockquote><b>为什么重要：</b>苹果尚未接受加密货币作为一种支付形式，并对支付有严格控制。</blockquote></p><p>The Tim Cook-led tech giant is currently embroiled in a legal dispute with “Fortnite” maker Epic Games overin-app payments.</p><p><blockquote>这家蒂姆·库克领导的科技巨头目前正卷入与《堡垒之夜》制造商Epic Games关于应用内支付的法律纠纷。</blockquote></p><p>In February, an analyst at RBC said that if the iPhone maker were to develop itsApple Wallet into a cryptocurrency exchangeit would have a sizable new market opportunity in the billions.</p><p><blockquote>今年2月，加拿大皇家银行(RBC)的一位分析师表示，如果iPhone制造商将其Apple钱包开发为加密货币交易所，它将拥有数十亿美元的巨大新市场机会。</blockquote></p><p>The analyst pointed to&nbsp;<b>Square Inc</b>(NYSE:SQ) and&nbsp;<b>Paypal Holdings Inc</b>(NASDAQ:PYPL) along with&nbsp;<b>Coinbase Global Inc</b>(NASDAQ:COIN) which have validated the business model.</p><p><blockquote>该分析师指出<b>广场公司</b>（纽约证券交易所代码：SQ）和<b>Paypal控股公司</b>（纳斯达克：PYPL）以及<b>比特币基地全球公司</b>（纳斯达克：COIN）已经验证了商业模式。</blockquote></p><p><b>Price Action:</b>&nbsp;On Wednesday, Apple shares closed mostly unchanged at $126.85 and fell 0.12% in the after-hours session.<b>Bitcoin</b>(BTC) traded 0.96% lower at $38,332.92 at press time.</p><p><blockquote><b>价格走势：</b>周三，苹果股价收盘基本持平，报126.85美元，盘后下跌0.12%。<b>比特币</b>截至发稿时，(BTC)下跌0.96%，至38,332.92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>Signs Crop Up That Apple Is Exploring Cryptocurrency: What You Need To Know<blockquote>有迹象表明苹果正在探索加密货币：您需要了解什么</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\">\nSigns Crop Up That Apple Is Exploring Cryptocurrency: What You Need To Know<blockquote>有迹象表明苹果正在探索加密货币：您需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-27 10:33</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Apple Inc</b>&nbsp;(NASDAQ:AAPL)&nbsp; is on the hunt for a business development manager with experience in \"cryptocurrency\"&nbsp;to lead alternative payments partnerships, as per a job posting on its website.</p><p><blockquote><b>苹果公司</b>根据其网站上的招聘信息，（纳斯达克：AAPL）正在寻找一名具有“加密货币”经验的业务开发经理来领导替代支付合作伙伴关系。</blockquote></p><p><b>What Happened:</b>&nbsp;“The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships,” Apple wrote in the listing. The iPhone maker called for candidates with \"5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency.\"</p><p><blockquote><b>发生了什么：</b>苹果在清单中写道：“苹果钱包、支付和商务(WPC)团队正在寻找一位经验丰富的业务开发经理来领导替代支付合作伙伴关系。”这家iPhone制造商呼吁候选人具有“5年以上在数字钱包、BNPL、快速支付、加密货币等替代支付提供商工作经验”。</blockquote></p><p>The vacancy listed Wednesday mentions duties such as “forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners.”</p><p><blockquote>周三列出的职位空缺提到了“形成合作伙伴框架和商业模式、定义实施范例、确定关键参与者以及管理与战略替代支付合作伙伴的关系”等职责。</blockquote></p><p>The person Apple is looking to hire for its Cupertino, California headquarters would be responsible for “end to end business development,” which involves negotiating and closing commercial agreements.</p><p><blockquote>苹果希望为其加州库比蒂诺总部聘请的人将负责“端到端业务开发”，其中包括谈判和达成商业协议。</blockquote></p><p><b>Why It Matters:</b>&nbsp;Apple has yet to accept cryptocurrencies as a form of payment and has tight control over payments.</p><p><blockquote><b>为什么重要：</b>苹果尚未接受加密货币作为一种支付形式，并对支付有严格控制。</blockquote></p><p>The Tim Cook-led tech giant is currently embroiled in a legal dispute with “Fortnite” maker Epic Games overin-app payments.</p><p><blockquote>这家蒂姆·库克领导的科技巨头目前正卷入与《堡垒之夜》制造商Epic Games关于应用内支付的法律纠纷。</blockquote></p><p>In February, an analyst at RBC said that if the iPhone maker were to develop itsApple Wallet into a cryptocurrency exchangeit would have a sizable new market opportunity in the billions.</p><p><blockquote>今年2月，加拿大皇家银行(RBC)的一位分析师表示，如果iPhone制造商将其Apple钱包开发为加密货币交易所，它将拥有数十亿美元的巨大新市场机会。</blockquote></p><p>The analyst pointed to&nbsp;<b>Square Inc</b>(NYSE:SQ) and&nbsp;<b>Paypal Holdings Inc</b>(NASDAQ:PYPL) along with&nbsp;<b>Coinbase Global Inc</b>(NASDAQ:COIN) which have validated the business model.</p><p><blockquote>该分析师指出<b>广场公司</b>（纽约证券交易所代码：SQ）和<b>Paypal控股公司</b>（纳斯达克：PYPL）以及<b>比特币基地全球公司</b>（纳斯达克：COIN）已经验证了商业模式。</blockquote></p><p><b>Price Action:</b>&nbsp;On Wednesday, Apple shares closed mostly unchanged at $126.85 and fell 0.12% in the after-hours session.<b>Bitcoin</b>(BTC) traded 0.96% lower at $38,332.92 at press time.</p><p><blockquote><b>价格走势：</b>周三，苹果股价收盘基本持平，报126.85美元，盘后下跌0.12%。<b>比特币</b>截至发稿时，(BTC)下跌0.96%，至38,332.92美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172748286","content_text":"Apple Inc (NASDAQ:AAPL)  is on the hunt for a business development manager with experience in \"cryptocurrency\" to lead alternative payments partnerships, as per a job posting on its website.What Happened: “The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships,” Apple wrote in the listing. The iPhone maker called for candidates with \"5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency.\"The vacancy listed Wednesday mentions duties such as “forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners.”The person Apple is looking to hire for its Cupertino, California headquarters would be responsible for “end to end business development,” which involves negotiating and closing commercial agreements.Why It Matters: Apple has yet to accept cryptocurrencies as a form of payment and has tight control over payments.The Tim Cook-led tech giant is currently embroiled in a legal dispute with “Fortnite” maker Epic Games overin-app payments.In February, an analyst at RBC said that if the iPhone maker were to develop itsApple Wallet into a cryptocurrency exchangeit would have a sizable new market opportunity in the billions.The analyst pointed to Square Inc(NYSE:SQ) and Paypal Holdings Inc(NASDAQ:PYPL) along with Coinbase Global Inc(NASDAQ:COIN) which have validated the business model.Price Action: On Wednesday, Apple shares closed mostly unchanged at $126.85 and fell 0.12% in the after-hours session.Bitcoin(BTC) traded 0.96% lower at $38,332.92 at press time.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136921184,"gmtCreate":1621991036348,"gmtModify":1631892008354,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"Woohoo","listText":"Woohoo","text":"Woohoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136921184","repostId":"1173433305","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133117383,"gmtCreate":1621727385542,"gmtModify":1631892008356,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570914862018043","authorIdStr":"3570914862018043"},"themes":[],"htmlText":"High risk, High Return or No Return?","listText":"High risk, High Return or No Return?","text":"High risk, High Return or No Return?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/133117383","repostId":"2137909732","repostType":4,"repost":{"id":"2137909732","kind":"highlight","pubTimestamp":1621605926,"share":"https://www.laohu8.com/m/news/2137909732?lang=zh_CN&edition=full","pubTime":"2021-05-21 22:05","market":"us","language":"en","title":"This high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最适合收入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2137909732","media":"MarketWatch","summary":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with risin","content":"<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.</p><p><blockquote>T.Rowe Price的凯文·卢姆(Kevin Loome)强调了垃圾债券在通胀上升的经济增长中的优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8f72122ebea9d0d1d2abd4cf3b0c62d\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><span>Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特汽车信贷是T.Rowe Price美国高收益基金持有的高收益债券的较大发行人之一。（彭博社）</span></p></blockquote></p><p>High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.</p><p><blockquote>高收益债券，也称为垃圾债券，在收益率匮乏的世界中一直是一种受欢迎的投资类别。</blockquote></p><p>But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.</p><p><blockquote>但随着经济从2020年冠状病毒的低迷中反弹，利率仍然很低，而通胀一直在上升。</blockquote></p><p>This means income-seekers might be afraid of a decline in bond prices as interest rates rise.</p><p><blockquote>这意味着寻求收入的人可能担心随着利率上升债券价格下跌。</blockquote></p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p><blockquote>T.Rowe Price的凯文·卢姆(Kevin Loome)<a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a>证明了在通胀不断增长的经济中，高收益债券投资组合可能比投资级投资组合具有优势。</blockquote></p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><blockquote>Loome是T.Rowe Price美国高收益基金的投资组合经理。他于2017年加入T.Rowe Price，作为该公司收购亨德森高收益机会基金的一部分，该基金最初成立于2013年5月。他住在费城。</blockquote></p><p><b>Fund outperformance</b></p><p><blockquote><b>基金表现优异</b></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.</p><p><blockquote>T.Rowe Price美国高收益基金的机构股票被晨星公司评为五星级。这是该投资研究公司的最高评级。该基金的投资者股票类别和顾问股票类别拥有四星级评级。</blockquote></p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a> and the <a href=\"https://laohu8.com/S/EEME\">iShares</a> iBoxx $ High Yield Corporate Bond ETF <a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>, which are both rated three stars by Morningstar.</p><p><blockquote>以下是截至5月14日该基金所有三个类别相对于其基准ICE美国银行高收益约束指数和两只大型交易所交易基金（SPDR彭博巴克莱高收益债券ETF）的总回报（包括股息再投资）<a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a>和<a href=\"https://laohu8.com/S/EEME\">iShares</a>iBoxx$高收益公司债券ETF<a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>，均被晨星评为三星。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3a25d42954658e7731b127ec7a3ba699\" tg-width=\"1259\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.</p><p><blockquote>T.Rowe Price美国高收益基金的机构股票的30天SEC收益率为4.49%，30天年化股息收益率为5.40%。投资者股票(TUHYX)的30天SEC收益率为4.34%，30天年化收益率为5.26%。对于顾问股票，30天SEC收益率为4.20%，30天年化收益率为5.08%。</blockquote></p><p>For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.</p><p><blockquote>五年来，T.Rowe Price美国高收益基金的三个股票类别在晨星“美国基金高收益债券”类别中排名第11百分位或更高。自该基金成立为恒基高收益机会基金（2013年5月）以来，这三个股票类别的排名均在第三个百分点或更高。</blockquote></p><p><b>Concentrated portfolio</b></p><p><blockquote><b>集中投资组合</b></blockquote></p><p>During an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.</p><p><blockquote>Loome在接受采访时表示，他的基金相对于基准指数和上述ETF具有优势，因为其规模使其能够运行更具选择性或集中的投资组合。</blockquote></p><p>The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.</p><p><blockquote>T.Rowe Price美国高收益基金拥有约5亿美元的资产，尽管T.Rowe Price在Loome管理的相同策略下管理的总资产约为25亿美元。相比之下，ICE美国银行高收益约束指数追踪的整体高收益债券市场规模为1.5万亿美元。SPDR彭博巴克莱高收益债券ETF的资产为10.3美元，ishares iBoxx$高收益公司债券ETF的资产为212亿美元。</blockquote></p><p>Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"</p><p><blockquote>Loome表示，他的投资组合持有约100家公司发行的债券，其上限为200家公司，但“该领域的共同基金经理平均拥有约450家公司”。</blockquote></p><p>Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a>), Occidental Petroleum Corp. <a href=\"https://laohu8.com/S/OXY\">$(OXY)$</a> and American Airlines Group Inc. <a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</p><p><blockquote>Loome还投资杠杆贷款，即非投资级商业贷款。该基金的主要持股包括福特汽车信贷公司（福特汽车公司的子公司）发行的债券。<a href=\"https://laohu8.com/S/F\">$(F)$</a>），西方石油公司。<a href=\"https://laohu8.com/S/OXY\">$（氧）$</a>和美国航空集团公司。<a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</blockquote></p><p>A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.</p><p><blockquote>高收益债券基金不仅会带来比投资级债券更多的收入，还会带来信用风险。更高的违约率意味着更多的机会以折扣价买入债券，从而在债券到期时获得收益，前提是基金经理的信用分析正确。</blockquote></p><p>Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.</p><p><blockquote>在市场动荡时期，评级较低或未评级发行人的债券将以大幅折扣交易，就像去年冠状病毒大流行初期的情况一样。然后，随着利率暴跌和资产价值回升，垃圾债券市场价值也随之上涨，这解释了2020年两位数的高回报。</blockquote></p><p>But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.</p><p><blockquote>但在大约1,000家高收益发行人的世界中，“如果你持有1,000家中的600家，你就不能说你正在增加信用选择，”Loome说。</blockquote></p><p></p><p>So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.</p><p><blockquote>卢米斯表示，因此2020年是高收益债券基金经理拥有“总回报加收益率机会”的一年。在当前环境下，随着价格回升，“你能拥有的最好的收入机会，”他说。但在当前的经济环境下，垃圾债券也有价格优势。</blockquote></p><p><b>Advantages in a rising-rate environment</b></p><p><blockquote><b>利率上升环境中的优势</b></blockquote></p><p>We're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.</p><p><blockquote>美国股市正处于回调之中，这可能反映了投资者对通胀的担忧，此前美联储债券购买和联邦政府的刺激措施导致货币供应量大幅增加。过去一年，美国消费者价格上涨了4.2%，这是自2008年以来的最大涨幅。</blockquote></p><p>Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.</p><p><blockquote>短期利率仍接近于零，因为美联储的联邦基金利率目标区间为零至0.25%。但如果联邦公开市场委员会认为通胀率可能保持在2%的长期目标之上，这种情况可能会改变。与此同时，市场已经对债券抛售做出反应，推高了长期收益率。10年期美国国债收益率已从去年底的0.93%升至1.65%。</blockquote></p><p>Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.</p><p><blockquote>随着利率上升，持有债券基金股票的投资者将会感到紧张，因为债券市场价值和基金股价将会下跌。</blockquote></p><p>\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.</p><p><blockquote>卢姆说：“当你看看固定收益的可用性和利率时，最不糟糕的地方是杠杆贷款和高收益（债券），因为它们的期限结构较短，息票最高。”</blockquote></p><p>Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:</p><p><blockquote>为什么垃圾债券和非投资级商业贷款会成为利率上升环境中最好的固定收益空间？原因有三：</blockquote></p><p>So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.</p><p><blockquote>因此，高收益债券基金享有经济改善的优势，因为这意味着违约的可能性较小。它享有定价优势，特别是在其久期非常低的情况下，因为投资组合将更快地周转，释放的资金将投资于支付更多费用的新债券。</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>This high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最适合收入</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\">\nThis high-yield strategy may be best for income as inflation becomes a threat<blockquote>随着通货膨胀成为威胁，这种高收益策略可能最适合收入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-21 22:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.</p><p><blockquote>T.Rowe Price的凯文·卢姆(Kevin Loome)强调了垃圾债券在通胀上升的经济增长中的优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8f72122ebea9d0d1d2abd4cf3b0c62d\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><span>Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特汽车信贷是T.Rowe Price美国高收益基金持有的高收益债券的较大发行人之一。（彭博社）</span></p></blockquote></p><p>High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.</p><p><blockquote>高收益债券，也称为垃圾债券，在收益率匮乏的世界中一直是一种受欢迎的投资类别。</blockquote></p><p>But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.</p><p><blockquote>但随着经济从2020年冠状病毒的低迷中反弹，利率仍然很低，而通胀一直在上升。</blockquote></p><p>This means income-seekers might be afraid of a decline in bond prices as interest rates rise.</p><p><blockquote>这意味着寻求收入的人可能担心随着利率上升债券价格下跌。</blockquote></p><p>Kevin Loome of T. Rowe Price <a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a> makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.</p><p><blockquote>T.Rowe Price的凯文·卢姆(Kevin Loome)<a href=\"https://laohu8.com/S/TROW\">$(TROW)$</a>证明了在通胀不断增长的经济中，高收益债券投资组合可能比投资级投资组合具有优势。</blockquote></p><p>Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.</p><p><blockquote>Loome是T.Rowe Price美国高收益基金的投资组合经理。他于2017年加入T.Rowe Price，作为该公司收购亨德森高收益机会基金的一部分，该基金最初成立于2013年5月。他住在费城。</blockquote></p><p><b>Fund outperformance</b></p><p><blockquote><b>基金表现优异</b></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.</p><p><blockquote>T.Rowe Price美国高收益基金的机构股票被晨星公司评为五星级。这是该投资研究公司的最高评级。该基金的投资者股票类别和顾问股票类别拥有四星级评级。</blockquote></p><p>Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF <a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a> and the <a href=\"https://laohu8.com/S/EEME\">iShares</a> iBoxx $ High Yield Corporate Bond ETF <a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>, which are both rated three stars by Morningstar.</p><p><blockquote>以下是截至5月14日该基金所有三个类别相对于其基准ICE美国银行高收益约束指数和两只大型交易所交易基金（SPDR彭博巴克莱高收益债券ETF）的总回报（包括股息再投资）<a href=\"https://laohu8.com/S/JNK\">$(JNK)$</a>和<a href=\"https://laohu8.com/S/EEME\">iShares</a>iBoxx$高收益公司债券ETF<a href=\"https://laohu8.com/S/HYG.UK\">$(HYG.UK)$</a>，均被晨星评为三星。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3a25d42954658e7731b127ec7a3ba699\" tg-width=\"1259\" tg-height=\"591\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.</p><p><blockquote>T.Rowe Price美国高收益基金的机构股票的30天SEC收益率为4.49%，30天年化股息收益率为5.40%。投资者股票(TUHYX)的30天SEC收益率为4.34%，30天年化收益率为5.26%。对于顾问股票，30天SEC收益率为4.20%，30天年化收益率为5.08%。</blockquote></p><p>For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.</p><p><blockquote>五年来，T.Rowe Price美国高收益基金的三个股票类别在晨星“美国基金高收益债券”类别中排名第11百分位或更高。自该基金成立为恒基高收益机会基金（2013年5月）以来，这三个股票类别的排名均在第三个百分点或更高。</blockquote></p><p><b>Concentrated portfolio</b></p><p><blockquote><b>集中投资组合</b></blockquote></p><p>During an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.</p><p><blockquote>Loome在接受采访时表示，他的基金相对于基准指数和上述ETF具有优势，因为其规模使其能够运行更具选择性或集中的投资组合。</blockquote></p><p>The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.</p><p><blockquote>T.Rowe Price美国高收益基金拥有约5亿美元的资产，尽管T.Rowe Price在Loome管理的相同策略下管理的总资产约为25亿美元。相比之下，ICE美国银行高收益约束指数追踪的整体高收益债券市场规模为1.5万亿美元。SPDR彭博巴克莱高收益债券ETF的资产为10.3美元，ishares iBoxx$高收益公司债券ETF的资产为212亿美元。</blockquote></p><p>Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"</p><p><blockquote>Loome表示，他的投资组合持有约100家公司发行的债券，其上限为200家公司，但“该领域的共同基金经理平均拥有约450家公司”。</blockquote></p><p>Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a>), Occidental Petroleum Corp. <a href=\"https://laohu8.com/S/OXY\">$(OXY)$</a> and American Airlines Group Inc. <a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</p><p><blockquote>Loome还投资杠杆贷款，即非投资级商业贷款。该基金的主要持股包括福特汽车信贷公司（福特汽车公司的子公司）发行的债券。<a href=\"https://laohu8.com/S/F\">$(F)$</a>），西方石油公司。<a href=\"https://laohu8.com/S/OXY\">$（氧）$</a>和美国航空集团公司。<a href=\"https://laohu8.com/S/AAL\">$(AAL)$</a>.</blockquote></p><p>A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.</p><p><blockquote>高收益债券基金不仅会带来比投资级债券更多的收入，还会带来信用风险。更高的违约率意味着更多的机会以折扣价买入债券，从而在债券到期时获得收益，前提是基金经理的信用分析正确。</blockquote></p><p>Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.</p><p><blockquote>在市场动荡时期，评级较低或未评级发行人的债券将以大幅折扣交易，就像去年冠状病毒大流行初期的情况一样。然后，随着利率暴跌和资产价值回升，垃圾债券市场价值也随之上涨，这解释了2020年两位数的高回报。</blockquote></p><p>But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.</p><p><blockquote>但在大约1,000家高收益发行人的世界中，“如果你持有1,000家中的600家，你就不能说你正在增加信用选择，”Loome说。</blockquote></p><p></p><p>So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.</p><p><blockquote>卢米斯表示，因此2020年是高收益债券基金经理拥有“总回报加收益率机会”的一年。在当前环境下，随着价格回升，“你能拥有的最好的收入机会，”他说。但在当前的经济环境下，垃圾债券也有价格优势。</blockquote></p><p><b>Advantages in a rising-rate environment</b></p><p><blockquote><b>利率上升环境中的优势</b></blockquote></p><p>We're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.</p><p><blockquote>美国股市正处于回调之中，这可能反映了投资者对通胀的担忧，此前美联储债券购买和联邦政府的刺激措施导致货币供应量大幅增加。过去一年，美国消费者价格上涨了4.2%，这是自2008年以来的最大涨幅。</blockquote></p><p>Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.</p><p><blockquote>短期利率仍接近于零，因为美联储的联邦基金利率目标区间为零至0.25%。但如果联邦公开市场委员会认为通胀率可能保持在2%的长期目标之上，这种情况可能会改变。与此同时，市场已经对债券抛售做出反应，推高了长期收益率。10年期美国国债收益率已从去年底的0.93%升至1.65%。</blockquote></p><p>Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.</p><p><blockquote>随着利率上升，持有债券基金股票的投资者将会感到紧张，因为债券市场价值和基金股价将会下跌。</blockquote></p><p>\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.</p><p><blockquote>卢姆说：“当你看看固定收益的可用性和利率时，最不糟糕的地方是杠杆贷款和高收益（债券），因为它们的期限结构较短，息票最高。”</blockquote></p><p>Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:</p><p><blockquote>为什么垃圾债券和非投资级商业贷款会成为利率上升环境中最好的固定收益空间？原因有三：</blockquote></p><p>So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.</p><p><blockquote>因此，高收益债券基金享有经济改善的优势，因为这意味着违约的可能性较小。它享有定价优势，特别是在其久期非常低的情况下，因为投资组合将更快地周转，释放的资金将投资于支付更多费用的新债券。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?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":{"HYG":"债券指数ETF-iShares iBoxx高收益公司债",".SPX":"S&P 500 Index","TROW":"普信集团",".DJI":"道琼斯","JNK":"债券指数ETF-SPDR Barclays高收益债","F":"福特汽车",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/this-high-yield-strategy-may-be-best-for-income-as-inflation-becomes-a-threat-11621596885?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137909732","content_text":"Kevin Loome of T. Rowe Price highlights the advantages of junk bonds in a growing economy with rising inflation.Ford Motor Credit is one of the larger issuers of high-yield bonds held by the T. Rowe Price U.S. High Yield Fund. (Bloomberg)High-yield bonds, also known as junk bonds, have been a popular class of investments in a yield-starved world.But interest rates are still low, while inflation has been picking up, as the economy bounces back from its coronavirus swoon in 2020.This means income-seekers might be afraid of a decline in bond prices as interest rates rise.Kevin Loome of T. Rowe Price $(TROW)$ makes the case that in a growing economy with inflation, high-yield bond portfolios can have advantages over investment-grade portfolios.Loome is the portfolio manager for the T. Rowe Price U.S. High Yield Fund. He joined T. Rowe Price in 2017 as part of the firm's acquisition of the Henderson High Yield Opportunities Fund, which was originally established in May 2013. He is based in Philadelphia.Fund outperformanceThe T. Rowe Price U.S. High Yield Fund's institutional shares  are rated five stars by Morningstar. That's the investment research firm's highest rating. The fund's Investor share class  and Advisor share class  have four-star ratings.Here are total returns (with dividends reinvested) through May 14 for all three classes for the fund against its benchmark, the ICE BofA High Yield Constrained Index, and two large exchange-traded funds -- the SPDR Bloomberg Barclays High Yield Bond ETF $(JNK)$ and the iShares iBoxx $ High Yield Corporate Bond ETF $(HYG.UK)$, which are both rated three stars by Morningstar.The T. Rowe Price U.S. High Yield Fund's institutional shares have a 30-day SEC yield of 4.49% and a 30-day annualized dividend yield of 5.40%. For the Investor shares (TUHYX) the 30-day SEC yield is 4.34% and the 30-day annualized yield is 5.26%. For the Advisor shares, the 30-day SEC yield is 4.20% and the 30-day annualized yield is 5.08%.For five years, the T. Rowe Price U.S. High Yield Fund's three share classes rank in the 11th percentile or higher in Morningstar's \"U.S. Fund High Yield Bond\" category. From the fund's inception as the Henderson High Yield Opportunities Fund (May 2013), the three share classes rank in the third percentile or higher.Concentrated portfolioDuring an interview, Loome said his fund has advantages over its benchmark index and against the above ETFs because its size enables it to run a more selective or concentrated portfolio.The T. Rowe Price U.S. High Yield Fund has about $500 million in assets, although the total assets under management at T. Rowe Price under the same strategy managed by Loome is about $2.5 billion. That compares to an overall high-yield bond market of $1.5 trillion tracked by the ICE BofA High Yield Constrained Index. The SPDR Bloomberg Barclays High Yield Bond ETF has $10.3 in assets and the ishares iBoxx $ High Yield Corporate Bond ETF has $21.2 billion.Loome said his portfolio is holding bonds issued by about 100 companies, and that its limit is 200 companies, but that \"the average mutual-fund manager in this space owns about 450.\"Loome also invests in leveraged loans, which are non-investment-grade commercial loans. Among the fund's top holdings are bonds issued by Ford Motor Credit (a subsidiary of Ford Motor Co. $(F)$), Occidental Petroleum Corp. $(OXY)$ and American Airlines Group Inc. $(AAL)$.A high-yield bond fund is a play not only on more income than you can get from investment-grade bonds, but on credit risk. Higher default rates mean more opportunities to scoop up bonds at discounted prices, leading to gains when the bonds mature, provided the fund manager has gotten the credit analysis right.Lower-rated or unrated issuers' bonds will trade at significant discounts during times of market turmoil, as they did early in the coronavirus pandemic last year. Then as interest rates plunged and asset values recovered, the junk bond market values followed suit, explaining the high double-digit returns for 2020.But in a universe of about 1,000 high-yield issuers, \"If you are holding 600 of 1,000, you cannot argue that you are adding credit selection,\" Loome said.So 2020 was an example of a year in which high-yield bond-fund mangers had \"a total return plus yield opportunity,\" Loomis said. In the current environment, with prices having recovered, \"the best you can have is an income opportunity,\" he said. But there are also price advantages for junk bonds in the current economic climate.Advantages in a rising-rate environmentWe're in the midst of a pullback for U.S. stocks, which may reflect investors' fears of inflation, in the wake of a massive increase in the money supply from Federal Reserve bond purchases and the federal government's stimulus. Consumer prices in the U.S. have risen 4.2% over the past year  -- the largest increase since 2008.Short-term interest rates remain near zero because the Fed's target range for the federal funds rate is zero to 0.25%. But that may change if the Federal Open Market Committee believes inflation is likely to remain above its 2% long-term target. Meanwhile, the market has already reacted with a bond selloff that has pushed long-term yields higher. The yield on 10-year U.S. Treasury notes  has increased to 1.65% from 0.93% at the end of last year.Investors holding shares of bond funds will be nervous as interest rates rise because bond market values -- and the funds' share prices -- will go down.\"When you look at the availability of fixed income and where interest rates are, the least-worst place to be is leveraged loans and high yield (bonds), because they have shorter term structures and the highest coupons,\" Loome said.Why would junk bonds and non-investment-grade commercial loans be the best fixed-income space in a rising-rate environment? There are three reasons:So a high-yield bond fund enjoys the advantages of an improving economy, because it means defaults are less likely. It enjoys pricing advantages, especially if its duration is very low, because the portfolio will turn over more quickly with freed-up money being invested in new bonds paying more.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"HYG":0.9,"JNK":0.9,"TROW":0.9,"F":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":124983249,"gmtCreate":1624719214381,"gmtModify":1631889589529,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"I hope so","listText":"I hope so","text":"I hope 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blur","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/186207646","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://www.laohu8.com/m/news/1147474880?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?<blockquote>投资者、交易者、投机者：你是哪一个？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<p>  Understanding the difference between speculation and investing is essential to avoiding reckless risk.  I’ve had it.</p><p><blockquote>了解投机和投资之间的区别对于避免鲁莽风险至关重要。我受够了。</blockquote></p><p> The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p><p><blockquote>关于金融最基本的区别之一，《华尔街日报》是错误的，而且几十年来一直是错误的。我再也受不了了。</blockquote></p><p> If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p><p><blockquote>如果你购买一只股票纯粹是因为它上涨了很多，而没有对其进行任何研究，那么你就不是——正如《华尔街日报》及其编辑奇怪地坚持这样称呼你的那样——“投资者”。如果你购买加密货币是因为，嘿，这听起来很有趣，你也不是投资者。</blockquote></p><p> Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p><p><blockquote>每当你购买任何金融资产是因为你有一个只是为了好玩，或者因为某个名人正在大肆宣传它，而其他人似乎也在购买它，你就不是在投资。</blockquote></p><p> You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p><p><blockquote>你绝对是一个交易者：刚刚购买了一项资产的人。你可能是一个投机者：认为其他人会比你付出更多的钱。</blockquote></p><p> Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p><p><blockquote>当然，有些人购买像GameStopCorp.GME 5.88%这样的模因股票<i>是</i>投资者。他们阅读公司的财务报表，研究基础业务的健康状况，并了解还有谁在做空股票。同样，许多数字硬币的买家也投入了时间和精力来了解加密货币的工作原理以及它如何重塑金融。</blockquote></p><p> An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p><p><blockquote>投资者依赖于内部回报来源：收益、收入、资产价值的增长。投机者依赖外部回报来源：主要是其他人是否会支付更多，而不考虑基本价值。</blockquote></p><p> The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p><p><blockquote>投资者这个词来自拉丁语“investire”，意思是穿着或打扮自己，包围或包围。你永远不会在不知道衣服是什么颜色或由什么材料制成的情况下穿衣服。同样，你不能投资你一无所知的资产。</blockquote></p><p> Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p><p><blockquote>然而，《华尔街日报》及其编辑长期以来一直将几乎所有购买任何东西的人称为“投资者”。1962年7月12日，《华尔街日报》发表了经典著作《证券分析》和《聪明的投资者》的作者本杰明·格雷厄姆写给编辑的一封信。格雷厄姆抱怨说，那年6月，《华尔街日报》发表了一篇文章，标题是“许多小投资者押注进一步下跌，卖空零星股票”。</blockquote></p><p> He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p><p><blockquote>他写道：“根据‘投资’的什么定义，人们可以给那些通过卖空零头在股市上下注的小人物起‘投资者’这个名字呢？”（做空奇数手就是借入并卖出少于100股的股票，押注股票会下跌——无论在当时还是现在，这都是一个昂贵且有风险的赌注。）</blockquote></p><p> “If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p><p><blockquote>“如果这些人是投资者，”格雷厄姆问道，“我们应该如何定义‘投机’和‘投机者’？难道目前未能区分投资和投机的做法不仅会对个人，而且会对整个金融界造成严重伤害吗——就像20世纪20年代末那样？”</blockquote></p><p> Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p><p><blockquote>格雷厄姆并不是一个认为市场应该是富人专属游乐场的势利小人。他写了《聪明的投资者》，明确的目的是帮助不太富裕的人明智地参与股市。</blockquote></p><p> In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p><p><blockquote>格雷厄姆在那本书（本专栏就是以其命名的）中说：“彻头彻尾的投机既不违法、不道德，也（对大多数人来说）不会让钱包发胖。”</blockquote></p><p> However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p><p><blockquote>然而，他警告说，这会带来三种危险：“（1）当你认为自己在投资时进行投机；（2）当你缺乏适当的知识和技能时，认真地投机而不是作为一种消遣；以及（3）冒更多钱的风险投机超出了你的承受能力。”</blockquote></p><p> Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p><p><blockquote>大多数投资者每隔一段时间就会投机一点。就像彩票或偶尔去赛马场或赌场一样，一点点是无害的乐趣。很多都不是。</blockquote></p><p> If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p><p><blockquote>如果你认为你在投机时是在投资，你会将哪怕是短暂的成功归因于技能，即使运气是最可能的解释。这会导致你冒鲁莽的风险。</blockquote></p><p> Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p><p><blockquote>把投机看得太重，它会变成一种痴迷和上瘾。你变得无法接受你的损失，也无法关注未来超过几分钟。接下来你知道的是，你在篝火上投入了更多的钱。</blockquote></p><p> I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p><p><blockquote>我认为，将交易者和投机者称为“投资者”会将许多新来者推向他们不应该承担的风险和他们无法承受的损失的滑坡。我热切地希望《华尔街日报》及其编辑最终不再使用“投资者”作为任何进行交易的人的默认术语。</blockquote></p><p> “ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p><p><blockquote>“‘投资者’在英语中作为一个包罗万象的术语有着悠久的历史，指的是那些投入资本并期望回报的人，无论时间长短，无论他们阅读的投资专栏有多少，”《华尔街日报》财经编辑查尔斯·福雷尔在回应我的投诉时说道。“至少可以追溯到19世纪中叶，‘投资’甚至被用来描述赌马——这种活动与基本面分析的脱节程度肯定不亚于购买狗狗币。”</blockquote></p><p></p><p> I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p><p><blockquote>我听到了，老板，但我还是认为你错了。《华尔街日报》不可能仅仅因为字典上说我们可以，就说一个休闲赌徒在赛马场“投资”。</blockquote></p><p> Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p><p><blockquote>将新手投机者称为“投资者”是营销人员助长过度交易的最有力方式之一。</blockquote></p><p> Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p><p><blockquote>在最近的Instagram帖子中，一位名叫拉娜·罗迪斯(Lana Rhoades)的前色情明星穿着——嗯，大部分是穿着——比基尼，举着似乎是格雷厄姆的《聪明的投资者》。据IMDb.com报道，她主演了《Tushy》和《Make Me Meow》等视频。</blockquote></p><p> In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p><p><blockquote>在她被近180万人“点赞”的帖子中，罗迪斯宣布她将推广一种名为PAWGCoin的加密货币。</blockquote></p><p> The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p><p><blockquote>该货币的网站称，这枚硬币是为“那些向发达的后躯致敬的人”准备的。（我得到可靠消息，PAWG代表胖屁股白人女孩。）</blockquote></p><p> PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p><p><blockquote>据追踪此类数字货币的网站Poocoin.io称，自Rhoades女士6月初开始推广PAWGcoin以来，PAWGcoin已上涨约900%。</blockquote></p><p> Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p><p><blockquote>罗迪斯女士在推特上写道“我每天早上也阅读《华尔街日报》”，但记者无法联系到她置评。PAWGcoin的网站鼓励访问者“立即投资”。</blockquote></p><p> In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</p><p><blockquote>在罗迪斯的Instagram帖子中，她举着一本打开的《聪明的投资者》，封面是颠倒的。她似乎是闭着眼睛读的。</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>Investor, Trader, Speculator: Which One Are You?<blockquote>投资者、交易者、投机者：你是哪一个？</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\">\nInvestor, Trader, Speculator: Which One Are You?<blockquote>投资者、交易者、投机者：你是哪一个？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-12 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Understanding the difference between speculation and investing is essential to avoiding reckless risk.  I’ve had it.</p><p><blockquote>了解投机和投资之间的区别对于避免鲁莽风险至关重要。我受够了。</blockquote></p><p> The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p><p><blockquote>关于金融最基本的区别之一，《华尔街日报》是错误的，而且几十年来一直是错误的。我再也受不了了。</blockquote></p><p> If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p><p><blockquote>如果你购买一只股票纯粹是因为它上涨了很多，而没有对其进行任何研究，那么你就不是——正如《华尔街日报》及其编辑奇怪地坚持这样称呼你的那样——“投资者”。如果你购买加密货币是因为，嘿，这听起来很有趣，你也不是投资者。</blockquote></p><p> Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p><p><blockquote>每当你购买任何金融资产是因为你有一个只是为了好玩，或者因为某个名人正在大肆宣传它，而其他人似乎也在购买它，你就不是在投资。</blockquote></p><p> You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p><p><blockquote>你绝对是一个交易者：刚刚购买了一项资产的人。你可能是一个投机者：认为其他人会比你付出更多的钱。</blockquote></p><p> Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p><p><blockquote>当然，有些人购买像GameStopCorp.GME 5.88%这样的模因股票<i>是</i>投资者。他们阅读公司的财务报表，研究基础业务的健康状况，并了解还有谁在做空股票。同样，许多数字硬币的买家也投入了时间和精力来了解加密货币的工作原理以及它如何重塑金融。</blockquote></p><p> An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p><p><blockquote>投资者依赖于内部回报来源：收益、收入、资产价值的增长。投机者依赖外部回报来源：主要是其他人是否会支付更多，而不考虑基本价值。</blockquote></p><p> The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p><p><blockquote>投资者这个词来自拉丁语“investire”，意思是穿着或打扮自己，包围或包围。你永远不会在不知道衣服是什么颜色或由什么材料制成的情况下穿衣服。同样，你不能投资你一无所知的资产。</blockquote></p><p> Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p><p><blockquote>然而，《华尔街日报》及其编辑长期以来一直将几乎所有购买任何东西的人称为“投资者”。1962年7月12日，《华尔街日报》发表了经典著作《证券分析》和《聪明的投资者》的作者本杰明·格雷厄姆写给编辑的一封信。格雷厄姆抱怨说，那年6月，《华尔街日报》发表了一篇文章，标题是“许多小投资者押注进一步下跌，卖空零星股票”。</blockquote></p><p> He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p><p><blockquote>他写道：“根据‘投资’的什么定义，人们可以给那些通过卖空零头在股市上下注的小人物起‘投资者’这个名字呢？”（做空奇数手就是借入并卖出少于100股的股票，押注股票会下跌——无论在当时还是现在，这都是一个昂贵且有风险的赌注。）</blockquote></p><p> “If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p><p><blockquote>“如果这些人是投资者，”格雷厄姆问道，“我们应该如何定义‘投机’和‘投机者’？难道目前未能区分投资和投机的做法不仅会对个人，而且会对整个金融界造成严重伤害吗——就像20世纪20年代末那样？”</blockquote></p><p> Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p><p><blockquote>格雷厄姆并不是一个认为市场应该是富人专属游乐场的势利小人。他写了《聪明的投资者》，明确的目的是帮助不太富裕的人明智地参与股市。</blockquote></p><p> In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p><p><blockquote>格雷厄姆在那本书（本专栏就是以其命名的）中说：“彻头彻尾的投机既不违法、不道德，也（对大多数人来说）不会让钱包发胖。”</blockquote></p><p> However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p><p><blockquote>然而，他警告说，这会带来三种危险：“（1）当你认为自己在投资时进行投机；（2）当你缺乏适当的知识和技能时，认真地投机而不是作为一种消遣；以及（3）冒更多钱的风险投机超出了你的承受能力。”</blockquote></p><p> Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p><p><blockquote>大多数投资者每隔一段时间就会投机一点。就像彩票或偶尔去赛马场或赌场一样，一点点是无害的乐趣。很多都不是。</blockquote></p><p> If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p><p><blockquote>如果你认为你在投机时是在投资，你会将哪怕是短暂的成功归因于技能，即使运气是最可能的解释。这会导致你冒鲁莽的风险。</blockquote></p><p> Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p><p><blockquote>把投机看得太重，它会变成一种痴迷和上瘾。你变得无法接受你的损失，也无法关注未来超过几分钟。接下来你知道的是，你在篝火上投入了更多的钱。</blockquote></p><p> I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p><p><blockquote>我认为，将交易者和投机者称为“投资者”会将许多新来者推向他们不应该承担的风险和他们无法承受的损失的滑坡。我热切地希望《华尔街日报》及其编辑最终不再使用“投资者”作为任何进行交易的人的默认术语。</blockquote></p><p> “ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p><p><blockquote>“‘投资者’在英语中作为一个包罗万象的术语有着悠久的历史，指的是那些投入资本并期望回报的人，无论时间长短，无论他们阅读的投资专栏有多少，”《华尔街日报》财经编辑查尔斯·福雷尔在回应我的投诉时说道。“至少可以追溯到19世纪中叶，‘投资’甚至被用来描述赌马——这种活动与基本面分析的脱节程度肯定不亚于购买狗狗币。”</blockquote></p><p></p><p> I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p><p><blockquote>我听到了，老板，但我还是认为你错了。《华尔街日报》不可能仅仅因为字典上说我们可以，就说一个休闲赌徒在赛马场“投资”。</blockquote></p><p> Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p><p><blockquote>将新手投机者称为“投资者”是营销人员助长过度交易的最有力方式之一。</blockquote></p><p> Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p><p><blockquote>在最近的Instagram帖子中，一位名叫拉娜·罗迪斯(Lana Rhoades)的前色情明星穿着——嗯，大部分是穿着——比基尼，举着似乎是格雷厄姆的《聪明的投资者》。据IMDb.com报道，她主演了《Tushy》和《Make Me Meow》等视频。</blockquote></p><p> In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p><p><blockquote>在她被近180万人“点赞”的帖子中，罗迪斯宣布她将推广一种名为PAWGCoin的加密货币。</blockquote></p><p> The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p><p><blockquote>该货币的网站称，这枚硬币是为“那些向发达的后躯致敬的人”准备的。（我得到可靠消息，PAWG代表胖屁股白人女孩。）</blockquote></p><p> PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p><p><blockquote>据追踪此类数字货币的网站Poocoin.io称，自Rhoades女士6月初开始推广PAWGcoin以来，PAWGcoin已上涨约900%。</blockquote></p><p> Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p><p><blockquote>罗迪斯女士在推特上写道“我每天早上也阅读《华尔街日报》”，但记者无法联系到她置评。PAWGcoin的网站鼓励访问者“立即投资”。</blockquote></p><p> In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</p><p><blockquote>在罗迪斯的Instagram帖子中，她举着一本打开的《聪明的投资者》，封面是颠倒的。她似乎是闭着眼睛读的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">The Wall Street Journal</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369848304,"gmtCreate":1614034138608,"gmtModify":1634551491665,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"How will STi fare today?","listText":"How will STi fare today?","text":"How will STi fare today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/369848304","repostId":"1155156489","repostType":4,"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386636086,"gmtCreate":1613169654545,"gmtModify":1634554295879,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"Yup","listText":"Yup","text":"Yup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/386636086","repostId":"2110410590","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180893811,"gmtCreate":1623197317533,"gmtModify":1631889589558,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"[Glance]&nbsp;[Smug]&nbsp;[Drowsy]&nbsp;","listText":"[Glance]&nbsp;[Smug]&nbsp;[Drowsy]&nbsp;","text":"[Glance] [Smug] [Drowsy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/180893811","repostId":"1160645804","repostType":4,"isVote":1,"tweetType":1,"viewCount":2937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117262404,"gmtCreate":1623144373908,"gmtModify":1631889589563,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"Another EV related","listText":"Another EV related","text":"Another EV related","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/117262404","repostId":"1151119252","repostType":4,"isVote":1,"tweetType":1,"viewCount":2253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353745148,"gmtCreate":1616542142184,"gmtModify":1634525331307,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"IPOs vs SPACs","listText":"IPOs vs SPACs","text":"IPOs vs SPACs","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/353745148","repostId":"1102596742","repostType":4,"repost":{"id":"1102596742","kind":"news","pubTimestamp":1616514133,"share":"https://www.laohu8.com/m/news/1102596742?lang=zh_CN&edition=full","pubTime":"2021-03-23 23:42","market":"us","language":"en","title":"Why SPACs Won’t Replace Traditional IPOs -- and Vice Versa<blockquote>为什么SPAC不会取代传统IPO——反之亦然</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102596742","media":"TheStreet","summary":"Will SPACs replace traditional IPOs? I think to a degree, they already have -- at least for now. Lon","content":"<p>Will SPACs replace traditional IPOs? I think to a degree, they already have -- at least for now. Longer-term, however, I think that traditional investment banking will survive, and that there will always be room for both methods of going public.</p><p><blockquote>SPAC会取代传统IPO吗？我认为在某种程度上，他们已经做到了——至少现在是这样。然而，从长远来看，我认为传统投资银行业务将会生存下来，而且这两种上市方式总会有空间。</blockquote></p><p> Part of why I say that traditional IPOs will survive is due to the sheer abundance of SPACs out there right now. Can they all find winning companies to merge with? What happens to those that don't find the right dance partner? Surely some will wither and die. But at the same time, the SPAC model is probably here to stay since it does simplify and expedite the whole process of going public and raising capital. And so I think that SPACs will survive even once we’re past the current manic stage.</p><p><blockquote>我说传统IPO将继续存在的部分原因是目前SPAC数量众多。他们都能找到获胜的公司合并吗？那些没有找到合适舞伴的人会怎么样？肯定会有一些枯萎死亡。但与此同时，SPAC模式可能会继续存在，因为它确实简化和加快了上市和筹集资金的整个过程。因此，我认为，即使我们度过了当前的狂躁阶段，SPAC也会生存下来。</blockquote></p><p> First, understand that IPOs and SPACs are really just two ways of getting a private company from point A (in need of capital) to point B (capital needs satisfied and trading publicly). As you'll see, it's really a matter of putting the wagon before the horse, or the horse before the wagon. And the same model doesn’t work for every private company in every situation.</p><p><blockquote>首先，要明白IPO和SPAC实际上只是让一家私营公司从A点（需要资本）到B点（满足资本需求并公开交易）的两种方式。正如您将看到的，这实际上是一个本末倒置或本末倒置的问题。同样的模式并不适用于所有情况下的每家私营公司。</blockquote></p><p> <b>The IPO</b></p><p><blockquote><b>IPO</b></blockquote></p><p> The traditional IPO, or Initial Public Offering, has been around since the beginning. This is what investment bankers, among other things, do for a living. As a former senior New York Stock Exchange floor trader who worked as part of the IPO team for what was considered the hottest investment bank during the internet bubble of the late 1990's, early 2000's, I have a great deal of experience in both supporting and in running the execution end of traditional IPOs, either from the booth, or in the crowd at the point of sale.</p><p><blockquote>传统的IPO或首次公开募股从一开始就存在。这就是投资银行家的谋生之道。作为一名前纽约证券交易所高级场内交易员，我曾在20世纪90年代末和21世纪初互联网泡沫期间被认为是最热门的投资银行的IPO团队工作，我在支持和运行传统IPO的执行端方面拥有丰富的经验，无论是在展位上，还是在销售点的人群中。</blockquote></p><p> In simplified form, IPOs involve private companies working with an investment bank or several investment banks to raise capital by “going public.\" The investment banks place a value on the private firm through a strenuous level of fundamental analysis, all the while gauging or trying to drum up demand. That part of the job is often referred to as a \"road show.\"</p><p><blockquote>简单地说，IPO是指私营公司与一家或几家投资银行合作，通过“上市”筹集资金。投资银行通过严格的基本面分析来评估私营公司的价值，同时衡量或试图吸引需求。这部分工作通常被称为“路演”。</blockquote></p><p> The private company must also register with the exchange where it plans to list, as well as the Securities and Exchange Commission. There is a lengthy process that must be followed, as well as numerous requirements, such as compliance around transparency in financial reporting, that must be met.</p><p><blockquote>私营公司还必须在其计划上市的交易所以及美国证券交易委员会注册。必须遵循一个漫长的过程，并且必须满足众多要求，例如财务报告透明度的合规性。</blockquote></p><p> The investment bank or banks, also known as the underwriters, may guarantee the IPO by purchasing the offering in a firm commitment and then selling the shares themselves in the secondary market. Without this \"firm\" commitment, the IPO is considered to be a \"best effort\" agreement, in which the underwriter sells the shares with no guarantee.</p><p><blockquote>投资银行，也称为承销商，可以通过以坚定的承诺购买发行股票，然后在二级市场上出售股票来保证IPO。如果没有这种“坚定”的承诺，IPO被认为是一种“尽力而为”的协议，承销商在没有担保的情况下出售股票。</blockquote></p><p> In my experience, the vast majority of IPOs are indeed “firm commitments” in which the underwriter takes on either the profit or loss (the risk) when selling shares after having priced the IPO. In the case of a \"best effort'' IPO, the investment bank is really more like a broker and advisor than a trader, and passes on to the formerly private company's shareholders the proceeds of those initial sales.</p><p><blockquote>根据我的经验，绝大多数IPO确实是“坚定承诺”，承销商在IPO定价后出售股票时承担利润或损失（风险）。在“尽最大努力”IPO的情况下，投资银行实际上更像是经纪人和顾问，而不是交易员，并将这些初始销售的收益转嫁给前私营公司的股东。</blockquote></p><p> <b>The SPAC</b></p><p><blockquote><b>SPAC</b></blockquote></p><p> The SPAC, or Special Purpose Acquisition Company, has become increasingly popular lately. Some of you may have heard of \"Blank Check Companies.\" This is another term for basically the same thing as a SPAC. The whole idea is simply to raise funds first and then target private companies to merge with afterwards.</p><p><blockquote>SPAC，即特殊目的收购公司，最近变得越来越受欢迎。有些人可能听说过“空白支票公司”。这是与特殊目的收购公司基本相同的另一个术语。整个想法只是先筹集资金，然后瞄准私营公司进行合并。</blockquote></p><p> In this way, the private firm is able to get in position to quickly merge with an already-public company, greatly simplifying the process of going public. At that point, the shareholders or owners of the private company can either redeem their stakes at the offering price, or accept stock in the newly-merged company, depending on their preference.</p><p><blockquote>通过这种方式，私营公司能够迅速与已经上市的公司合并，大大简化了上市过程。届时，私营公司的股东或所有者可以按照发行价赎回其股份，也可以接受新合并公司的股票，具体取决于他们的偏好。</blockquote></p><p> Why would a private company choose this route over a traditional IPO? There are several good reasons. The first is speed to market. By foregoing the whole \"road show\" process and merging with an already public firm, the company can now bypass all of the registrations and regulatory requirements. In addition, the risk of allowing investment bankers to price the deal is removed once the merger is agreed to.</p><p><blockquote>为什么私营公司会选择这条路线而不是传统的IPO？有几个很好的理由。首先是上市速度。通过放弃整个“路演”过程并与一家已经上市的公司合并，该公司现在可以绕过所有注册和监管要求。此外，一旦合并获得同意，允许投资银行家为交易定价的风险就消失了。</blockquote></p><p> What makes SPACs so attractive to private companies that might be in need of capital? It’s pretty simple --<i>in a traditional IPO, the private company chases the capital, but with a SPAC, the capital chases the private company</i>.</p><p><blockquote>是什么让SPAC对可能需要资本的私营公司如此有吸引力？很简单--<i>在传统的IPO中，私人公司追逐资本，但在SPAC中，资本追逐私人公司</i>.</blockquote></p><p> Notably, the SPAC structure is less risky to the owners of the targeted private company. The private company negotiates and agrees to a deal. Their work is now done, and the risk is transferred to the SPAC. This is great -- if you happen to run a highly sought-after private company in a suddenly hot industry. That is another reason why speed matters. No one ever knows how long the iron (or industry) stays hot.</p><p><blockquote>值得注意的是，SPAC结构对目标私营公司的所有者来说风险较小。私人公司谈判并同意一项交易。他们的工作现在已经完成，风险转移到了特殊目的收购公司。这很好——如果你碰巧在一个突然火爆的行业中经营一家备受追捧的私营公司。这是速度很重要的另一个原因。没有人知道铁（或工业）能保持多久。</blockquote></p><p></p><p> Now, for the less highly sought-after private business, there will always be a need for a traditional investment banker since these companies still need to raise capital and will need help finding investors. However, in the IPO model, the workload and the risk are more on the private company than they are on the bank -- at least until the issue is priced and regardless of whether a firm commitment has been made.</p><p><blockquote>现在，对于不太受欢迎的私营企业来说，总是需要传统的投资银行家，因为这些公司仍然需要筹集资金，并需要帮助寻找投资者。然而，在IPO模式中，私营公司的工作量和风险比银行更大——至少在发行定价之前，也无论是否做出了坚定的承诺。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> In my opinion, there will always be room in this marketplace for both traditional investment bankers as well as SPACs. For now, amid a pandemic, which has largely taken the \"road show\" aspect out of the IPO, and as certain industries have taken off seemingly overnight, SPACs have taken as much as half of the market for new issues.</p><p><blockquote>在我看来，这个市场永远有传统投资银行家和SPAC的空间。目前，在疫情的情况下，IPO的“路演”部分在很大程度上消失了，而且某些行业似乎在一夜之间起飞，SPAC已经占据了多达一半的新股市场。</blockquote></p><p> That is the current environment and it is not only subject to change, it<i>will</i>change. As some SPACs fail to attract potentially hot new private companies, their ranks will thin. In a market that’s tougher than the current bull one, raising money ahead of a deal becomes more difficult, and the pendulum will swing back toward traditional investment bankers who provide access to a broader array of potential investors.</p><p><blockquote>这就是当前的环境，它不仅会发生变化，还会发生变化<i>将会</i>变化。由于一些SPAC未能吸引潜在热门的新私营公司，它们的队伍将会变薄。在一个比当前牛市更加艰难的市场中，在交易前筹集资金变得更加困难，钟摆将回到传统投资银行家身上，他们可以接触到更广泛的潜在投资者。</blockquote></p><p> That said, these are two ways of going about doing the same thing. Neither is going away. Quality will succeed where success is deserved, and so quality investment bankers will outperform lower-quality SPACs and vice versa. Where quality is less obvious, there will be failure to last, or to find the right dance partner. The route chosen may depend on just how desirable, or choosy, the private company is able to be.</p><p><blockquote>也就是说，这是做同一件事的两种方式。两者都不会消失。质量将在值得成功的地方取得成功，因此优质投资银行家的表现将优于质量较低的SPAC，反之亦然。在质量不太明显的地方，就会有持续的失败，或者找不到合适的舞伴。所选择的路线可能取决于私营公司的受欢迎程度或挑剔程度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why SPACs Won’t Replace Traditional IPOs -- and Vice Versa<blockquote>为什么SPAC不会取代传统IPO——反之亦然</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy SPACs Won’t Replace Traditional IPOs -- and Vice Versa<blockquote>为什么SPAC不会取代传统IPO——反之亦然</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-03-23 23:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Will SPACs replace traditional IPOs? I think to a degree, they already have -- at least for now. Longer-term, however, I think that traditional investment banking will survive, and that there will always be room for both methods of going public.</p><p><blockquote>SPAC会取代传统IPO吗？我认为在某种程度上，他们已经做到了——至少现在是这样。然而，从长远来看，我认为传统投资银行业务将会生存下来，而且这两种上市方式总会有空间。</blockquote></p><p> Part of why I say that traditional IPOs will survive is due to the sheer abundance of SPACs out there right now. Can they all find winning companies to merge with? What happens to those that don't find the right dance partner? Surely some will wither and die. But at the same time, the SPAC model is probably here to stay since it does simplify and expedite the whole process of going public and raising capital. And so I think that SPACs will survive even once we’re past the current manic stage.</p><p><blockquote>我说传统IPO将继续存在的部分原因是目前SPAC数量众多。他们都能找到获胜的公司合并吗？那些没有找到合适舞伴的人会怎么样？肯定会有一些枯萎死亡。但与此同时，SPAC模式可能会继续存在，因为它确实简化和加快了上市和筹集资金的整个过程。因此，我认为，即使我们度过了当前的狂躁阶段，SPAC也会生存下来。</blockquote></p><p> First, understand that IPOs and SPACs are really just two ways of getting a private company from point A (in need of capital) to point B (capital needs satisfied and trading publicly). As you'll see, it's really a matter of putting the wagon before the horse, or the horse before the wagon. And the same model doesn’t work for every private company in every situation.</p><p><blockquote>首先，要明白IPO和SPAC实际上只是让一家私营公司从A点（需要资本）到B点（满足资本需求并公开交易）的两种方式。正如您将看到的，这实际上是一个本末倒置或本末倒置的问题。同样的模式并不适用于所有情况下的每家私营公司。</blockquote></p><p> <b>The IPO</b></p><p><blockquote><b>IPO</b></blockquote></p><p> The traditional IPO, or Initial Public Offering, has been around since the beginning. This is what investment bankers, among other things, do for a living. As a former senior New York Stock Exchange floor trader who worked as part of the IPO team for what was considered the hottest investment bank during the internet bubble of the late 1990's, early 2000's, I have a great deal of experience in both supporting and in running the execution end of traditional IPOs, either from the booth, or in the crowd at the point of sale.</p><p><blockquote>传统的IPO或首次公开募股从一开始就存在。这就是投资银行家的谋生之道。作为一名前纽约证券交易所高级场内交易员，我曾在20世纪90年代末和21世纪初互联网泡沫期间被认为是最热门的投资银行的IPO团队工作，我在支持和运行传统IPO的执行端方面拥有丰富的经验，无论是在展位上，还是在销售点的人群中。</blockquote></p><p> In simplified form, IPOs involve private companies working with an investment bank or several investment banks to raise capital by “going public.\" The investment banks place a value on the private firm through a strenuous level of fundamental analysis, all the while gauging or trying to drum up demand. That part of the job is often referred to as a \"road show.\"</p><p><blockquote>简单地说，IPO是指私营公司与一家或几家投资银行合作，通过“上市”筹集资金。投资银行通过严格的基本面分析来评估私营公司的价值，同时衡量或试图吸引需求。这部分工作通常被称为“路演”。</blockquote></p><p> The private company must also register with the exchange where it plans to list, as well as the Securities and Exchange Commission. There is a lengthy process that must be followed, as well as numerous requirements, such as compliance around transparency in financial reporting, that must be met.</p><p><blockquote>私营公司还必须在其计划上市的交易所以及美国证券交易委员会注册。必须遵循一个漫长的过程，并且必须满足众多要求，例如财务报告透明度的合规性。</blockquote></p><p> The investment bank or banks, also known as the underwriters, may guarantee the IPO by purchasing the offering in a firm commitment and then selling the shares themselves in the secondary market. Without this \"firm\" commitment, the IPO is considered to be a \"best effort\" agreement, in which the underwriter sells the shares with no guarantee.</p><p><blockquote>投资银行，也称为承销商，可以通过以坚定的承诺购买发行股票，然后在二级市场上出售股票来保证IPO。如果没有这种“坚定”的承诺，IPO被认为是一种“尽力而为”的协议，承销商在没有担保的情况下出售股票。</blockquote></p><p> In my experience, the vast majority of IPOs are indeed “firm commitments” in which the underwriter takes on either the profit or loss (the risk) when selling shares after having priced the IPO. In the case of a \"best effort'' IPO, the investment bank is really more like a broker and advisor than a trader, and passes on to the formerly private company's shareholders the proceeds of those initial sales.</p><p><blockquote>根据我的经验，绝大多数IPO确实是“坚定承诺”，承销商在IPO定价后出售股票时承担利润或损失（风险）。在“尽最大努力”IPO的情况下，投资银行实际上更像是经纪人和顾问，而不是交易员，并将这些初始销售的收益转嫁给前私营公司的股东。</blockquote></p><p> <b>The SPAC</b></p><p><blockquote><b>SPAC</b></blockquote></p><p> The SPAC, or Special Purpose Acquisition Company, has become increasingly popular lately. Some of you may have heard of \"Blank Check Companies.\" This is another term for basically the same thing as a SPAC. The whole idea is simply to raise funds first and then target private companies to merge with afterwards.</p><p><blockquote>SPAC，即特殊目的收购公司，最近变得越来越受欢迎。有些人可能听说过“空白支票公司”。这是与特殊目的收购公司基本相同的另一个术语。整个想法只是先筹集资金，然后瞄准私营公司进行合并。</blockquote></p><p> In this way, the private firm is able to get in position to quickly merge with an already-public company, greatly simplifying the process of going public. At that point, the shareholders or owners of the private company can either redeem their stakes at the offering price, or accept stock in the newly-merged company, depending on their preference.</p><p><blockquote>通过这种方式，私营公司能够迅速与已经上市的公司合并，大大简化了上市过程。届时，私营公司的股东或所有者可以按照发行价赎回其股份，也可以接受新合并公司的股票，具体取决于他们的偏好。</blockquote></p><p> Why would a private company choose this route over a traditional IPO? There are several good reasons. The first is speed to market. By foregoing the whole \"road show\" process and merging with an already public firm, the company can now bypass all of the registrations and regulatory requirements. In addition, the risk of allowing investment bankers to price the deal is removed once the merger is agreed to.</p><p><blockquote>为什么私营公司会选择这条路线而不是传统的IPO？有几个很好的理由。首先是上市速度。通过放弃整个“路演”过程并与一家已经上市的公司合并，该公司现在可以绕过所有注册和监管要求。此外，一旦合并获得同意，允许投资银行家为交易定价的风险就消失了。</blockquote></p><p> What makes SPACs so attractive to private companies that might be in need of capital? It’s pretty simple --<i>in a traditional IPO, the private company chases the capital, but with a SPAC, the capital chases the private company</i>.</p><p><blockquote>是什么让SPAC对可能需要资本的私营公司如此有吸引力？很简单--<i>在传统的IPO中，私人公司追逐资本，但在SPAC中，资本追逐私人公司</i>.</blockquote></p><p> Notably, the SPAC structure is less risky to the owners of the targeted private company. The private company negotiates and agrees to a deal. Their work is now done, and the risk is transferred to the SPAC. This is great -- if you happen to run a highly sought-after private company in a suddenly hot industry. That is another reason why speed matters. No one ever knows how long the iron (or industry) stays hot.</p><p><blockquote>值得注意的是，SPAC结构对目标私营公司的所有者来说风险较小。私人公司谈判并同意一项交易。他们的工作现在已经完成，风险转移到了特殊目的收购公司。这很好——如果你碰巧在一个突然火爆的行业中经营一家备受追捧的私营公司。这是速度很重要的另一个原因。没有人知道铁（或工业）能保持多久。</blockquote></p><p></p><p> Now, for the less highly sought-after private business, there will always be a need for a traditional investment banker since these companies still need to raise capital and will need help finding investors. However, in the IPO model, the workload and the risk are more on the private company than they are on the bank -- at least until the issue is priced and regardless of whether a firm commitment has been made.</p><p><blockquote>现在，对于不太受欢迎的私营企业来说，总是需要传统的投资银行家，因为这些公司仍然需要筹集资金，并需要帮助寻找投资者。然而，在IPO模式中，私营公司的工作量和风险比银行更大——至少在发行定价之前，也无论是否做出了坚定的承诺。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> In my opinion, there will always be room in this marketplace for both traditional investment bankers as well as SPACs. For now, amid a pandemic, which has largely taken the \"road show\" aspect out of the IPO, and as certain industries have taken off seemingly overnight, SPACs have taken as much as half of the market for new issues.</p><p><blockquote>在我看来，这个市场永远有传统投资银行家和SPAC的空间。目前，在疫情的情况下，IPO的“路演”部分在很大程度上消失了，而且某些行业似乎在一夜之间起飞，SPAC已经占据了多达一半的新股市场。</blockquote></p><p> That is the current environment and it is not only subject to change, it<i>will</i>change. As some SPACs fail to attract potentially hot new private companies, their ranks will thin. In a market that’s tougher than the current bull one, raising money ahead of a deal becomes more difficult, and the pendulum will swing back toward traditional investment bankers who provide access to a broader array of potential investors.</p><p><blockquote>这就是当前的环境，它不仅会发生变化，还会发生变化<i>将会</i>变化。由于一些SPAC未能吸引潜在热门的新私营公司，它们的队伍将会变薄。在一个比当前牛市更加艰难的市场中，在交易前筹集资金变得更加困难，钟摆将回到传统投资银行家身上，他们可以接触到更广泛的潜在投资者。</blockquote></p><p> That said, these are two ways of going about doing the same thing. Neither is going away. Quality will succeed where success is deserved, and so quality investment bankers will outperform lower-quality SPACs and vice versa. Where quality is less obvious, there will be failure to last, or to find the right dance partner. The route chosen may depend on just how desirable, or choosy, the private company is able to be.</p><p><blockquote>也就是说，这是做同一件事的两种方式。两者都不会消失。质量将在值得成功的地方取得成功，因此优质投资银行家的表现将优于质量较低的SPAC，反之亦然。在质量不太明显的地方，就会有持续的失败，或者找不到合适的舞伴。所选择的路线可能取决于私营公司的受欢迎程度或挑剔程度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/why-spacs-wont-replace-traditional-ipos\">TheStreet</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.thestreet.com/investing/why-spacs-wont-replace-traditional-ipos","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102596742","content_text":"Will SPACs replace traditional IPOs? I think to a degree, they already have -- at least for now. Longer-term, however, I think that traditional investment banking will survive, and that there will always be room for both methods of going public.\nPart of why I say that traditional IPOs will survive is due to the sheer abundance of SPACs out there right now. Can they all find winning companies to merge with? What happens to those that don't find the right dance partner? Surely some will wither and die. But at the same time, the SPAC model is probably here to stay since it does simplify and expedite the whole process of going public and raising capital. And so I think that SPACs will survive even once we’re past the current manic stage.\nFirst, understand that IPOs and SPACs are really just two ways of getting a private company from point A (in need of capital) to point B (capital needs satisfied and trading publicly). As you'll see, it's really a matter of putting the wagon before the horse, or the horse before the wagon. And the same model doesn’t work for every private company in every situation.\nThe IPO\nThe traditional IPO, or Initial Public Offering, has been around since the beginning. This is what investment bankers, among other things, do for a living. As a former senior New York Stock Exchange floor trader who worked as part of the IPO team for what was considered the hottest investment bank during the internet bubble of the late 1990's, early 2000's, I have a great deal of experience in both supporting and in running the execution end of traditional IPOs, either from the booth, or in the crowd at the point of sale.\nIn simplified form, IPOs involve private companies working with an investment bank or several investment banks to raise capital by “going public.\" The investment banks place a value on the private firm through a strenuous level of fundamental analysis, all the while gauging or trying to drum up demand. That part of the job is often referred to as a \"road show.\"\nThe private company must also register with the exchange where it plans to list, as well as the Securities and Exchange Commission. There is a lengthy process that must be followed, as well as numerous requirements, such as compliance around transparency in financial reporting, that must be met.\nThe investment bank or banks, also known as the underwriters, may guarantee the IPO by purchasing the offering in a firm commitment and then selling the shares themselves in the secondary market. Without this \"firm\" commitment, the IPO is considered to be a \"best effort\" agreement, in which the underwriter sells the shares with no guarantee.\nIn my experience, the vast majority of IPOs are indeed “firm commitments” in which the underwriter takes on either the profit or loss (the risk) when selling shares after having priced the IPO. In the case of a \"best effort'' IPO, the investment bank is really more like a broker and advisor than a trader, and passes on to the formerly private company's shareholders the proceeds of those initial sales.\nThe SPAC\nThe SPAC, or Special Purpose Acquisition Company, has become increasingly popular lately. Some of you may have heard of \"Blank Check Companies.\" This is another term for basically the same thing as a SPAC. The whole idea is simply to raise funds first and then target private companies to merge with afterwards.\nIn this way, the private firm is able to get in position to quickly merge with an already-public company, greatly simplifying the process of going public. At that point, the shareholders or owners of the private company can either redeem their stakes at the offering price, or accept stock in the newly-merged company, depending on their preference.\nWhy would a private company choose this route over a traditional IPO? There are several good reasons. The first is speed to market. By foregoing the whole \"road show\" process and merging with an already public firm, the company can now bypass all of the registrations and regulatory requirements. In addition, the risk of allowing investment bankers to price the deal is removed once the merger is agreed to.\nWhat makes SPACs so attractive to private companies that might be in need of capital? It’s pretty simple --in a traditional IPO, the private company chases the capital, but with a SPAC, the capital chases the private company.\nNotably, the SPAC structure is less risky to the owners of the targeted private company. The private company negotiates and agrees to a deal. Their work is now done, and the risk is transferred to the SPAC. This is great -- if you happen to run a highly sought-after private company in a suddenly hot industry. That is another reason why speed matters. No one ever knows how long the iron (or industry) stays hot.\nNow, for the less highly sought-after private business, there will always be a need for a traditional investment banker since these companies still need to raise capital and will need help finding investors. However, in the IPO model, the workload and the risk are more on the private company than they are on the bank -- at least until the issue is priced and regardless of whether a firm commitment has been made.\nThe Bottom Line\nIn my opinion, there will always be room in this marketplace for both traditional investment bankers as well as SPACs. For now, amid a pandemic, which has largely taken the \"road show\" aspect out of the IPO, and as certain industries have taken off seemingly overnight, SPACs have taken as much as half of the market for new issues.\nThat is the current environment and it is not only subject to change, itwillchange. As some SPACs fail to attract potentially hot new private companies, their ranks will thin. In a market that’s tougher than the current bull one, raising money ahead of a deal becomes more difficult, and the pendulum will swing back toward traditional investment bankers who provide access to a broader array of potential investors.\nThat said, these are two ways of going about doing the same thing. Neither is going away. Quality will succeed where success is deserved, and so quality investment bankers will outperform lower-quality SPACs and vice versa. Where quality is less obvious, there will be failure to last, or to find the right dance partner. The route chosen may depend on just how desirable, or choosy, the private company is able to be.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137338368,"gmtCreate":1622296982054,"gmtModify":1631892008347,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/137338368","repostId":"2138488686","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105005318,"gmtCreate":1620257785334,"gmtModify":1634206668466,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"[OMG]&nbsp;","listText":"[OMG]&nbsp;","text":"[OMG]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/105005318","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","kind":"news","pubTimestamp":1620224535,"share":"https://www.laohu8.com/m/news/1148686352?lang=zh_CN&edition=full","pubTime":"2021-05-05 22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><div> What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time. Where The Market Was:The Dow finished the day at 30.02. What Else Was Going On In The World?In...</p><p><blockquote><div>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。世界上还发生了什么？在……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">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>This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-05-05 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time. Where The Market Was:The Dow finished the day at 30.02. What Else Was Going On In The World?In...</p><p><blockquote><div>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。世界上还发生了什么？在……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">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/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">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":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322073185,"gmtCreate":1615760941947,"gmtModify":1703492532345,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322073185","repostId":"1100128328","repostType":4,"repost":{"id":"1100128328","kind":"news","pubTimestamp":1615563404,"share":"https://www.laohu8.com/m/news/1100128328?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:36","market":"us","language":"en","title":"Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100128328","media":"Barrons","summary":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremon","content":"<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>出于几个原因，较高的收益率对估值高、快速增长的公司的伤害比其他公司更大。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的形势。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-12 23:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>出于几个原因，较高的收益率对估值高、快速增长的公司的伤害比其他公司更大。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的形势。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100128328","content_text":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.Futures on the Nasdaq Composite Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.A Friday dip, however,doesn’t mean the end of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320585260,"gmtCreate":1615157670850,"gmtModify":1703484968051,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"How to play this?","listText":"How to play this?","text":"How to play this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/320585260","repostId":"1116017255","repostType":4,"repost":{"id":"1116017255","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614954925,"share":"https://www.laohu8.com/m/news/1116017255?lang=zh_CN&edition=full","pubTime":"2021-03-05 22:35","market":"us","language":"en","title":"U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116017255","media":"老虎资讯综合","summary":"(March 5) Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism abo","content":"<p>(March 5)&nbsp;Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.</p><p><blockquote>（3月5日）强于预期的就业报告提振了人们对经济更快重新开放的乐观情绪，股市有望反弹。</blockquote></p><p>The Dow up 0.93%, the S&amp;P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.</p><p><blockquote>道琼斯指数上涨0.93%，标普500上涨1.05%，纳斯达克综合指数上涨1.13%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5a0f3bfa9164920f4899e3f22741e69\" tg-width=\"1242\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 09:30</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间09:30</span></p></blockquote></p><p>The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.</p><p><blockquote>2月份就业报告公布后，美国10年期国债收益率跃升至1.6%以上。美国劳工部周五报告称，本月非农就业人数增加37.9万人，失业率降至6.2%。据道琼斯称，相比之下，预计新增就业岗位为21万个，失业率将从1月份的6.3%保持稳定。</blockquote></p><p>As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.</p><p><blockquote>随着利率飙升，高估值科技股在盘前再次受到打击，本周延续了这一模式。特斯拉和Peloton股价下跌。</blockquote></p><p>The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.</p><p><blockquote>周四，美联储主席杰罗姆·鲍威尔关于债券收益率上升的言论引发了期货大幅抛售。美联储主席表示，最近的上涨引起了他的注意，但他没有给出任何迹象表明央行将如何控制这种情况。一些投资者原本预计鲍威尔会发出愿意调整美联储资产购买计划的信号。</blockquote></p><p>The economic reopening could&nbsp;“create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.</p><p><blockquote>鲍威尔周四在《华尔街日报》网络研讨会上表示，经济重新开放可能“给价格带来一些上行压力”。他补充说，即使经济出现“通胀暂时上升……我预计我们也会保持耐心”。</blockquote></p><p>“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”</p><p><blockquote>Fundstrat联合创始人研究主管汤姆·李(Tom Lee)表示：“在我们的对话中，股票投资者确实在努力解决两件他们在过去10年中可能不必处理的事情。”“一是通胀实际上必须计入股票价格的可能性。我认为存在很多混乱。”</blockquote></p><p>“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.</p><p><blockquote>“然后是债券市场似乎在考验美联储，这有点吓人，”Lee补充道，他认为本周的抛售是一个买入机会。</blockquote></p><p>Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.</p><p><blockquote>科技股周四领跌市场，尤其是那些估值较高、盈利能力较小或没有盈利能力的股票。纳斯达克综合指数周四下跌2.1%，本周跌幅达到3.6%。以科技股为主的基准指数今年也转为负值，盘中跌入修正区域，较近期高点下跌10%。</blockquote></p><p>Tesla shares were off their lows in Friday premarket trading but still down 0.3%.</p><p><blockquote>特斯拉股价在周五盘前交易中脱离低点，但仍下跌0.3%。</blockquote></p><p>The S&amp;P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.</p><p><blockquote>标普500和道琼斯指数周四均下跌超过1%，迎来下跌周。由于油价上涨，能源股表现优于前一交易日，上涨2.5%。</blockquote></p><p>“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”</p><p><blockquote>LPL Financial首席市场策略师Ryan Detrick表示：“利率再次飙升，这为科技股的更多抛售打开了大门。”“好的一面是经济持续改善，金融和能源领域的领先地位表明现在不是出售一切的时刻。”</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>U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5)&nbsp;Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.</p><p><blockquote>（3月5日）强于预期的就业报告提振了人们对经济更快重新开放的乐观情绪，股市有望反弹。</blockquote></p><p>The Dow up 0.93%, the S&amp;P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.</p><p><blockquote>道琼斯指数上涨0.93%，标普500上涨1.05%，纳斯达克综合指数上涨1.13%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5a0f3bfa9164920f4899e3f22741e69\" tg-width=\"1242\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 09:30</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间09:30</span></p></blockquote></p><p>The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.</p><p><blockquote>2月份就业报告公布后，美国10年期国债收益率跃升至1.6%以上。美国劳工部周五报告称，本月非农就业人数增加37.9万人，失业率降至6.2%。据道琼斯称，相比之下，预计新增就业岗位为21万个，失业率将从1月份的6.3%保持稳定。</blockquote></p><p>As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.</p><p><blockquote>随着利率飙升，高估值科技股在盘前再次受到打击，本周延续了这一模式。特斯拉和Peloton股价下跌。</blockquote></p><p>The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.</p><p><blockquote>周四，美联储主席杰罗姆·鲍威尔关于债券收益率上升的言论引发了期货大幅抛售。美联储主席表示，最近的上涨引起了他的注意，但他没有给出任何迹象表明央行将如何控制这种情况。一些投资者原本预计鲍威尔会发出愿意调整美联储资产购买计划的信号。</blockquote></p><p>The economic reopening could&nbsp;“create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.</p><p><blockquote>鲍威尔周四在《华尔街日报》网络研讨会上表示，经济重新开放可能“给价格带来一些上行压力”。他补充说，即使经济出现“通胀暂时上升……我预计我们也会保持耐心”。</blockquote></p><p>“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”</p><p><blockquote>Fundstrat联合创始人研究主管汤姆·李(Tom Lee)表示：“在我们的对话中，股票投资者确实在努力解决两件他们在过去10年中可能不必处理的事情。”“一是通胀实际上必须计入股票价格的可能性。我认为存在很多混乱。”</blockquote></p><p>“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.</p><p><blockquote>“然后是债券市场似乎在考验美联储，这有点吓人，”Lee补充道，他认为本周的抛售是一个买入机会。</blockquote></p><p>Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.</p><p><blockquote>科技股周四领跌市场，尤其是那些估值较高、盈利能力较小或没有盈利能力的股票。纳斯达克综合指数周四下跌2.1%，本周跌幅达到3.6%。以科技股为主的基准指数今年也转为负值，盘中跌入修正区域，较近期高点下跌10%。</blockquote></p><p>Tesla shares were off their lows in Friday premarket trading but still down 0.3%.</p><p><blockquote>特斯拉股价在周五盘前交易中脱离低点，但仍下跌0.3%。</blockquote></p><p>The S&amp;P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.</p><p><blockquote>标普500和道琼斯指数周四均下跌超过1%，迎来下跌周。由于油价上涨，能源股表现优于前一交易日，上涨2.5%。</blockquote></p><p>“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”</p><p><blockquote>LPL Financial首席市场策略师Ryan Detrick表示：“利率再次飙升，这为科技股的更多抛售打开了大门。”“好的一面是经济持续改善，金融和能源领域的领先地位表明现在不是出售一切的时刻。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116017255","content_text":"(March 5) Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.The Dow up 0.93%, the S&P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.*Source From Tiger Trade, EST 09:30The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.The economic reopening could “create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.Tesla shares were off their lows in Friday premarket trading but still down 0.3%.The S&P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366751680,"gmtCreate":1614566230040,"gmtModify":1703478260695,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/366751680","repostId":"2116658491","repostType":4,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368322066,"gmtCreate":1614294590155,"gmtModify":1703475891628,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"STI can be different?","listText":"STI can be different?","text":"STI can be different?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/368322066","repostId":"2114740317","repostType":4,"isVote":1,"tweetType":1,"viewCount":527,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386099095,"gmtCreate":1613105461917,"gmtModify":1634554499053,"author":{"id":"3570914862018043","authorId":"3570914862018043","name":"atf_nato","avatar":"https://static.tigerbbs.com/feb6626b5797e1473cb517200064728c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570914862018043","idStr":"3570914862018043"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/386099095","repostId":"2110204192","repostType":4,"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}