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2021-09-29

may hit even higher

Crude Oil Prices Hit $80, But Don't Expect A U.S. Drilling Boom<blockquote>原油价格触及80美元，但别指望美国会出现钻探热潮</blockquote>

2021-09-27

gg

Oil stocks rose in line with oil prices<blockquote>石油股随油价上涨</blockquote>

2021-09-29

worrying

Technically Speaking: Is The Market "Melting-Up?"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>

2021-09-15

good

抱歉，原内容已删除

2021-09-28

i watch finish in 1 day

Netflix Says ‘Squid Game’ Could Be Its Biggest Show Ever<blockquote>Netflix表示《鱿鱼游戏》可能是其有史以来最大的剧集</blockquote>

2021-08-25

Great ariticle, would you like to share it?

@Mervx:$KEPPEL DC REIT(AJBU.SI)$Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units

2021-10-11

Price shoot up after Singapore government open up their lanes with different countries. $SINGAPOREAIRLINES LTD(C6L.SI)$

2021-09-21

nice

抱歉，原内容已删除

2021-09-21

good read

抱歉，原内容已删除

2021-09-07

good

@衍生品圈内淘金人:非农数据爆冷后，金银能打开上涨空间吗？

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href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>gogo","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>gogo","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$gogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826251638","isVote":1,"tweetType":1,"viewCount":2915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828212580,"gmtCreate":1633916025107,"gmtModify":1633916517449,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"Price shoot up after Singapore government open up their lanes with different countries. $SINGAPORE<a href=\"https://laohu8.com/S/C6L.SI\">AIRLINES LTD(C6L.SI)$</a>","listText":"Price shoot up after Singapore government open up their lanes with different countries. $SINGAPORE<a href=\"https://laohu8.com/S/C6L.SI\">AIRLINES LTD(C6L.SI)$</a>","text":"Price shoot up after Singapore government open up their lanes with different countries. $SINGAPOREAIRLINES 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higher","text":"may hit even 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10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近峰值时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</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\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近峰值时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862290121,"gmtCreate":1632879489383,"gmtModify":1632879489502,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/U14.SI\">$UOL GROUP LIMITED(U14.SI)$</a>buying at&nbsp;6.80.hope to hit 6.80 by today","listText":"<a href=\"https://laohu8.com/S/U14.SI\">$UOL GROUP LIMITED(U14.SI)$</a>buying at&nbsp;6.80.hope to hit 6.80 by today","text":"$UOL GROUP LIMITED(U14.SI)$buying at 6.80.hope to hit 6.80 by today","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862290121","isVote":1,"tweetType":1,"viewCount":3443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862093805,"gmtCreate":1632814791307,"gmtModify":1632814791369,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"i watch finish in 1 day","listText":"i watch finish in 1 day","text":"i watch finish in 1 day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862093805","repostId":"1116230896","repostType":4,"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866327684,"gmtCreate":1632737850448,"gmtModify":1632798204686,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"gg","listText":"gg","text":"gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866327684","repostId":"1192058689","repostType":4,"isVote":1,"tweetType":1,"viewCount":2822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860542346,"gmtCreate":1632191646085,"gmtModify":1632802163366,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860542346","repostId":"1129128845","repostType":4,"repost":{"id":"1129128845","kind":"news","pubTimestamp":1632180937,"share":"https://www.laohu8.com/m/news/1129128845?lang=zh_CN&edition=full","pubTime":"2021-09-21 07:35","market":"us","language":"en","title":"SEC Is Investigating Activision Blizzard Over Workplace Practices, Disclosures<blockquote>SEC正在调查动视暴雪的工作场所行为和披露</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129128845","media":"The Wall Street Journal","summary":"Videogame company also in talks to settle probe by Equal Employment Opportunity Commission\nActivisio","content":"<p>Videogame company also in talks to settle probe by Equal Employment Opportunity Commission</p><p><blockquote>视频游戏公司也在谈判解决平等就业机会委员会的调查</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/323cf44261f528e4a2956db2f7da8274\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Activision Blizzard’s offices in Irvine, Calif. The company is known for its Call of Duty, World of Warcraft and Candy Crush franchises.</span></p><p><blockquote><p class=\"t-img-caption\"><span>动视暴雪位于加利福尼亚州欧文市的办公室。该公司以其《使命看涨期权》、《魔兽世界》和《糖果粉碎传奇》系列而闻名。</span></p></blockquote></p><p> Federal securities regulators have launched a wide-ranging investigation into&nbsp;Activision Blizzard&nbsp;Inc.,&nbsp;including how the videogame-publishing giant handled employees’ allegations of sexual misconduct and workplace discrimination, according to people familiar with the investigation and documents viewed by The Wall Street Journal.</p><p><blockquote>据知情人士和《华尔街日报》看到的文件透露，联邦证券监管机构已对动视暴雪公司展开了广泛调查，包括这家视频游戏出版巨头如何处理员工对不当性行为和工作场所歧视的指控。</blockquote></p><p> The Securities and Exchange Commission has subpoenaed Activision, known for its Call of Duty, World of Warcraft and Candy Crush franchises, and several of its senior executives, including longtime Chief Executive Bobby Kotick, according to the people and documents.</p><p><blockquote>据知情人士和文件显示，美国证券交易委员会已传唤以《看涨期权》、《魔兽世界》和《糖果粉碎传奇》系列而闻名的动视暴雪及其几位高管，其中包括长期担任首席执行官的Bobby Kotick。</blockquote></p><p> The agency is asking for documents including minutes from Activision board meetings since 2019, personnel files of six former employees and separation agreements the company has reached this year with staffers, records show. The SEC is asking for Mr. Kotick’s communications with other senior executives regarding complaints of sexual harassment or discrimination by Activision employees or contractors, the documents show.</p><p><blockquote>记录显示，该机构要求提供文件，包括动视暴雪董事会自2019年以来的会议记录、六名前员工的人事档案以及该公司今年与员工达成的离职协议。文件显示，美国证券交易委员会要求科蒂克与其他高级管理人员就动视暴雪员工或承包商的性骚扰或歧视投诉进行沟通。</blockquote></p><p> An Activision spokeswoman, Helaine Klasky, on Monday confirmed that the SEC’s investigation concerns “the company’s disclosures regarding employment matters and related issues,” adding that the agency has subpoenaed several current and former employees. “The company is cooperating with the SEC,” the spokeswoman said.</p><p><blockquote>动视暴雪发言人Helaine Klasky周一证实，SEC的调查涉及“公司有关雇佣事宜和相关问题的披露”，并补充说该机构已传唤了几名现任和前任员工。“该公司正在与美国证券交易委员会合作，”该发言人表示。</blockquote></p><p> An SEC spokeswoman declined to comment.</p><p><blockquote>SEC发言人拒绝置评。</blockquote></p><p> The probe by the SEC significantly ratchets up the regulatory pressure on Activision, the largest U.S. videogame publisher by market capitalization. The SEC is requesting information to discern whether Activision and its executives properly disclosed allegations of workplace harassment and gender-pay issues, and whether any of that information should have been shared earlier with investors and other parties, according to the documents and people familiar with the investigation.</p><p><blockquote>美国证券交易委员会的调查大大增加了美国市值最大的视频游戏发行商动视暴雪的监管压力。据文件和知情人士透露，美国证券交易委员会正在要求提供信息，以确定动视暴雪及其高管是否正确披露了工作场所骚扰和性别薪酬问题的指控，以及这些信息是否应该更早地与投资者和其他各方分享。调查。</blockquote></p><p> The California Department of Fair Employment and Housing&nbsp;sued Activision in late July,alleging the company paid women less than their male counterparts and provided them with fewer opportunities to advance. The agency also alleged that Activision ignored complaints by female employees of sexual harassment, discrimination and retaliation and maintained a “frat-boy” culture, primarily at its Blizzard Entertainment unit.</p><p><blockquote>加州公平就业和住房部于7月下旬起诉动视暴雪，指控该公司支付给女性的工资低于男性同行，并且为她们提供的晋升机会也更少。该机构还声称，动视暴雪无视女性员工对性骚扰、歧视和报复的投诉，并维持“兄弟会”文化，主要是在其暴雪娱乐部门。</blockquote></p><p> Activision has said it would fight the charges from the California agency. It initially slammed the lawsuit, saying it included distorted, and in many cases false, descriptions of its past. Employees&nbsp;responded by planning walkouts, and Mr. Kotick said that Activision’s initial response was “tone deaf” and that the company had hired a law firm to investigate the complaints.</p><p><blockquote>动视暴雪表示将对抗加州机构的指控。它最初猛烈抨击了这起诉讼，称其包含了对其过去的歪曲，在许多情况下是错误的描述。员工的回应是计划罢工，科蒂克表示，动视暴雪最初的反应是“音盲”，该公司已聘请一家律师事务所来调查这些投诉。</blockquote></p><p> Separately, the Equal Employment Opportunity Commission has been examining allegations of gender-based harassment at Activision since at least May 2020, according to people familiar with the investigation and documents viewed by the Journal.</p><p><blockquote>另外，据知情人士透露，至少自2020年5月以来，平等就业机会委员会一直在调查动视暴雪基于性别的骚扰指控。</blockquote></p><p> The company is in settlement talks with the agency and could pay millions of dollars to resolve the matter, according to those people. It’s unclear if the federal agency will publicly release the details of its findings.</p><p><blockquote>据这些人士透露，该公司正在与该机构进行和解谈判，并可能支付数百万美元来解决此事。目前尚不清楚联邦机构是否会公开发布其调查结果的细节。</blockquote></p><p> An EEOC spokesman declined to comment.</p><p><blockquote>EEOC发言人拒绝置评。</blockquote></p><p> Ms. Klasky of Activision said in a statement that Activision is deeply committed to making the company one of the best, most inclusive places to work.</p><p><blockquote>动视暴雪的克拉斯基女士在一份声明中表示，动视暴雪坚定地致力于使公司成为最好、最具包容性的工作场所之一。</blockquote></p><p> “We have made and are making a number of important changes to improve our policies and procedures to ensure that there is no place anywhere in our company for discrimination, harassment or unequal treatment of any kind,” the statement said.</p><p><blockquote>声明称：“我们已经并正在进行一系列重要变革，以改进我们的政策和程序，确保我们公司的任何地方都不存在任何形式的歧视、骚扰或不平等待遇。”</blockquote></p><p> Activision has sought to stabilize its business since the filing of the California lawsuit. The company also is facing lawsuits from some of its investors. Its shares are down about 17% since the suit was made public, closing 4% lower Monday after the Journal reported on the SEC’s investigation and amid a broader decline in tech stocks.</p><p><blockquote>自加州提起诉讼以来，动视暴雪一直在寻求稳定其业务。该公司还面临一些投资者的诉讼。自诉讼公开以来，该公司股价已下跌约17%，在《华尔街日报》报道SEC的调查以及科技股普遍下跌后，周一收盘下跌4%。</blockquote></p><p> Earlier this month, the Communications Workers of America filed with the National Labor Relations Board against Activision, alleging worker intimidation. The charges include allegations that company management used coercive tactics to prevent its employees from exercising their rights to organize under federal law.</p><p><blockquote>本月早些时候，美国通信工人协会向国家劳工关系委员会提起诉讼，指控动视暴雪恐吓工人。这些指控包括指控公司管理层使用胁迫手段阻止员工行使联邦法律规定的组织权利。</blockquote></p><p> In a statement Monday, Ms. Klasky said the company has “made great efforts to respect the rights of all employees under the NLRB.”</p><p><blockquote>克拉斯基女士在周一的一份声明中表示，该公司“为尊重NLRB规定的所有员工的权利做出了巨大努力”。</blockquote></p><p></p><p> The same day that the union filed charges, Activision said it hired two senior executives to help it build a more inclusive workplace and grow its revenue. Julie Hodges, a&nbsp;Walt Disney&nbsp;Co.&nbsp;executive, was named chief people officer and Sandeep Dube, a&nbsp;Delta Air Lines&nbsp;Inc.&nbsp;executive, was named chief commercial officer. Ms. Hodges, who had oversight of compensation, benefits and talent acquisition at Disney, is filling the role of human resources chief being vacated by Claudine Naughton.</p><p><blockquote>在工会提出指控的同一天，动视暴雪表示，它聘请了两名高管来帮助其建立一个更具包容性的工作场所并增加收入。华特迪士尼公司高管朱莉·霍奇斯被任命为首席人力官，达美航空公司高管桑迪普·杜贝被任命为首席商务官。霍奇斯女士负责迪士尼的薪酬、福利和人才招聘，她将填补克劳丁·诺顿(Claudine Naughton)空出的人力资源主管职位。</blockquote></p><p> Activision, which is based in Santa Monica, Calif., had roughly 10,000 employees at the end of last year and posted $8 billion in revenue. Its console, computer and mobile games collectively boast nearly 400 million monthly players across 190 countries.</p><p><blockquote>总部位于加州圣莫尼卡的Activision去年年底拥有约1万名员工，营收达80亿美元。其游戏机、电脑和手机游戏在190个国家每月拥有近4亿玩家。</blockquote></p><p> While the videogame industry has long been known for its male-dominated workplaces and culture, scrutiny from public authorities over the treatment of female employees has increased in recent years.</p><p><blockquote>虽然视频游戏行业长期以来以男性主导的工作场所和文化而闻名，但近年来公共当局对女性员工待遇的审查有所增加。</blockquote></p><p> The California regulator last month, in an amended complaint, accused Activison of withholding information from internal probes of discrimination and harassment complaints as well as gender pay equity. It also said the company had sought to curtail employees’ rights through “repressive, if not punitive” secret settlements.</p><p><blockquote>加州监管机构上个月在一份修订后的诉状中指责Activison在歧视和骚扰投诉以及性别薪酬公平的内部调查中隐瞒信息。它还表示，该公司曾试图通过“压制性（如果不是惩罚性）”的秘密和解来限制员工的权利。</blockquote></p><p> An Activision spokeswoman didn’t immediately respond to a request for comment on the amended complaint.</p><p><blockquote>动视暴雪发言人没有立即回应对修订后的投诉发表评论的请求。</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>SEC Is Investigating Activision Blizzard Over Workplace Practices, Disclosures<blockquote>SEC正在调查动视暴雪的工作场所行为和披露</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\">\nSEC Is Investigating Activision Blizzard Over Workplace Practices, Disclosures<blockquote>SEC正在调查动视暴雪的工作场所行为和披露</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\">2021-09-21 07:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Videogame company also in talks to settle probe by Equal Employment Opportunity Commission</p><p><blockquote>视频游戏公司也在谈判解决平等就业机会委员会的调查</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/323cf44261f528e4a2956db2f7da8274\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Activision Blizzard’s offices in Irvine, Calif. The company is known for its Call of Duty, World of Warcraft and Candy Crush franchises.</span></p><p><blockquote><p class=\"t-img-caption\"><span>动视暴雪位于加利福尼亚州欧文市的办公室。该公司以其《使命看涨期权》、《魔兽世界》和《糖果粉碎传奇》系列而闻名。</span></p></blockquote></p><p> Federal securities regulators have launched a wide-ranging investigation into&nbsp;Activision Blizzard&nbsp;Inc.,&nbsp;including how the videogame-publishing giant handled employees’ allegations of sexual misconduct and workplace discrimination, according to people familiar with the investigation and documents viewed by The Wall Street Journal.</p><p><blockquote>据知情人士和《华尔街日报》看到的文件透露，联邦证券监管机构已对动视暴雪公司展开了广泛调查，包括这家视频游戏出版巨头如何处理员工对不当性行为和工作场所歧视的指控。</blockquote></p><p> The Securities and Exchange Commission has subpoenaed Activision, known for its Call of Duty, World of Warcraft and Candy Crush franchises, and several of its senior executives, including longtime Chief Executive Bobby Kotick, according to the people and documents.</p><p><blockquote>据知情人士和文件显示，美国证券交易委员会已传唤以《看涨期权》、《魔兽世界》和《糖果粉碎传奇》系列而闻名的动视暴雪及其几位高管，其中包括长期担任首席执行官的Bobby Kotick。</blockquote></p><p> The agency is asking for documents including minutes from Activision board meetings since 2019, personnel files of six former employees and separation agreements the company has reached this year with staffers, records show. The SEC is asking for Mr. Kotick’s communications with other senior executives regarding complaints of sexual harassment or discrimination by Activision employees or contractors, the documents show.</p><p><blockquote>记录显示，该机构要求提供文件，包括动视暴雪董事会自2019年以来的会议记录、六名前员工的人事档案以及该公司今年与员工达成的离职协议。文件显示，美国证券交易委员会要求科蒂克与其他高级管理人员就动视暴雪员工或承包商的性骚扰或歧视投诉进行沟通。</blockquote></p><p> An Activision spokeswoman, Helaine Klasky, on Monday confirmed that the SEC’s investigation concerns “the company’s disclosures regarding employment matters and related issues,” adding that the agency has subpoenaed several current and former employees. “The company is cooperating with the SEC,” the spokeswoman said.</p><p><blockquote>动视暴雪发言人Helaine Klasky周一证实，SEC的调查涉及“公司有关雇佣事宜和相关问题的披露”，并补充说该机构已传唤了几名现任和前任员工。“该公司正在与美国证券交易委员会合作，”该发言人表示。</blockquote></p><p> An SEC spokeswoman declined to comment.</p><p><blockquote>SEC发言人拒绝置评。</blockquote></p><p> The probe by the SEC significantly ratchets up the regulatory pressure on Activision, the largest U.S. videogame publisher by market capitalization. The SEC is requesting information to discern whether Activision and its executives properly disclosed allegations of workplace harassment and gender-pay issues, and whether any of that information should have been shared earlier with investors and other parties, according to the documents and people familiar with the investigation.</p><p><blockquote>美国证券交易委员会的调查大大增加了美国市值最大的视频游戏发行商动视暴雪的监管压力。据文件和知情人士透露，美国证券交易委员会正在要求提供信息，以确定动视暴雪及其高管是否正确披露了工作场所骚扰和性别薪酬问题的指控，以及这些信息是否应该更早地与投资者和其他各方分享。调查。</blockquote></p><p> The California Department of Fair Employment and Housing&nbsp;sued Activision in late July,alleging the company paid women less than their male counterparts and provided them with fewer opportunities to advance. The agency also alleged that Activision ignored complaints by female employees of sexual harassment, discrimination and retaliation and maintained a “frat-boy” culture, primarily at its Blizzard Entertainment unit.</p><p><blockquote>加州公平就业和住房部于7月下旬起诉动视暴雪，指控该公司支付给女性的工资低于男性同行，并且为她们提供的晋升机会也更少。该机构还声称，动视暴雪无视女性员工对性骚扰、歧视和报复的投诉，并维持“兄弟会”文化，主要是在其暴雪娱乐部门。</blockquote></p><p> Activision has said it would fight the charges from the California agency. It initially slammed the lawsuit, saying it included distorted, and in many cases false, descriptions of its past. Employees&nbsp;responded by planning walkouts, and Mr. Kotick said that Activision’s initial response was “tone deaf” and that the company had hired a law firm to investigate the complaints.</p><p><blockquote>动视暴雪表示将对抗加州机构的指控。它最初猛烈抨击了这起诉讼，称其包含了对其过去的歪曲，在许多情况下是错误的描述。员工的回应是计划罢工，科蒂克表示，动视暴雪最初的反应是“音盲”，该公司已聘请一家律师事务所来调查这些投诉。</blockquote></p><p> Separately, the Equal Employment Opportunity Commission has been examining allegations of gender-based harassment at Activision since at least May 2020, according to people familiar with the investigation and documents viewed by the Journal.</p><p><blockquote>另外，据知情人士透露，至少自2020年5月以来，平等就业机会委员会一直在调查动视暴雪基于性别的骚扰指控。</blockquote></p><p> The company is in settlement talks with the agency and could pay millions of dollars to resolve the matter, according to those people. It’s unclear if the federal agency will publicly release the details of its findings.</p><p><blockquote>据这些人士透露，该公司正在与该机构进行和解谈判，并可能支付数百万美元来解决此事。目前尚不清楚联邦机构是否会公开发布其调查结果的细节。</blockquote></p><p> An EEOC spokesman declined to comment.</p><p><blockquote>EEOC发言人拒绝置评。</blockquote></p><p> Ms. Klasky of Activision said in a statement that Activision is deeply committed to making the company one of the best, most inclusive places to work.</p><p><blockquote>动视暴雪的克拉斯基女士在一份声明中表示，动视暴雪坚定地致力于使公司成为最好、最具包容性的工作场所之一。</blockquote></p><p> “We have made and are making a number of important changes to improve our policies and procedures to ensure that there is no place anywhere in our company for discrimination, harassment or unequal treatment of any kind,” the statement said.</p><p><blockquote>声明称：“我们已经并正在进行一系列重要变革，以改进我们的政策和程序，确保我们公司的任何地方都不存在任何形式的歧视、骚扰或不平等待遇。”</blockquote></p><p> Activision has sought to stabilize its business since the filing of the California lawsuit. The company also is facing lawsuits from some of its investors. Its shares are down about 17% since the suit was made public, closing 4% lower Monday after the Journal reported on the SEC’s investigation and amid a broader decline in tech stocks.</p><p><blockquote>自加州提起诉讼以来，动视暴雪一直在寻求稳定其业务。该公司还面临一些投资者的诉讼。自诉讼公开以来，该公司股价已下跌约17%，在《华尔街日报》报道SEC的调查以及科技股普遍下跌后，周一收盘下跌4%。</blockquote></p><p> Earlier this month, the Communications Workers of America filed with the National Labor Relations Board against Activision, alleging worker intimidation. The charges include allegations that company management used coercive tactics to prevent its employees from exercising their rights to organize under federal law.</p><p><blockquote>本月早些时候，美国通信工人协会向国家劳工关系委员会提起诉讼，指控动视暴雪恐吓工人。这些指控包括指控公司管理层使用胁迫手段阻止员工行使联邦法律规定的组织权利。</blockquote></p><p> In a statement Monday, Ms. Klasky said the company has “made great efforts to respect the rights of all employees under the NLRB.”</p><p><blockquote>克拉斯基女士在周一的一份声明中表示，该公司“为尊重NLRB规定的所有员工的权利做出了巨大努力”。</blockquote></p><p></p><p> The same day that the union filed charges, Activision said it hired two senior executives to help it build a more inclusive workplace and grow its revenue. Julie Hodges, a&nbsp;Walt Disney&nbsp;Co.&nbsp;executive, was named chief people officer and Sandeep Dube, a&nbsp;Delta Air Lines&nbsp;Inc.&nbsp;executive, was named chief commercial officer. Ms. Hodges, who had oversight of compensation, benefits and talent acquisition at Disney, is filling the role of human resources chief being vacated by Claudine Naughton.</p><p><blockquote>在工会提出指控的同一天，动视暴雪表示，它聘请了两名高管来帮助其建立一个更具包容性的工作场所并增加收入。华特迪士尼公司高管朱莉·霍奇斯被任命为首席人力官，达美航空公司高管桑迪普·杜贝被任命为首席商务官。霍奇斯女士负责迪士尼的薪酬、福利和人才招聘，她将填补克劳丁·诺顿(Claudine Naughton)空出的人力资源主管职位。</blockquote></p><p> Activision, which is based in Santa Monica, Calif., had roughly 10,000 employees at the end of last year and posted $8 billion in revenue. Its console, computer and mobile games collectively boast nearly 400 million monthly players across 190 countries.</p><p><blockquote>总部位于加州圣莫尼卡的Activision去年年底拥有约1万名员工，营收达80亿美元。其游戏机、电脑和手机游戏在190个国家每月拥有近4亿玩家。</blockquote></p><p> While the videogame industry has long been known for its male-dominated workplaces and culture, scrutiny from public authorities over the treatment of female employees has increased in recent years.</p><p><blockquote>虽然视频游戏行业长期以来以男性主导的工作场所和文化而闻名，但近年来公共当局对女性员工待遇的审查有所增加。</blockquote></p><p> The California regulator last month, in an amended complaint, accused Activison of withholding information from internal probes of discrimination and harassment complaints as well as gender pay equity. It also said the company had sought to curtail employees’ rights through “repressive, if not punitive” secret settlements.</p><p><blockquote>加州监管机构上个月在一份修订后的诉状中指责Activison在歧视和骚扰投诉以及性别薪酬公平的内部调查中隐瞒信息。它还表示，该公司曾试图通过“压制性（如果不是惩罚性）”的秘密和解来限制员工的权利。</blockquote></p><p> An Activision spokeswoman didn’t immediately respond to a request for comment on the amended complaint.</p><p><blockquote>动视暴雪发言人没有立即回应对修订后的投诉发表评论的请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/sec-is-investigating-activision-blizzard-over-workplace-practices-disclosures-11632165080?mod=hp_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":{"ATVI":"动视暴雪"},"source_url":"https://www.wsj.com/articles/sec-is-investigating-activision-blizzard-over-workplace-practices-disclosures-11632165080?mod=hp_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129128845","content_text":"Videogame company also in talks to settle probe by Equal Employment Opportunity Commission\nActivision Blizzard’s offices in Irvine, Calif. The company is known for its Call of Duty, World of Warcraft and Candy Crush franchises.\nFederal securities regulators have launched a wide-ranging investigation into Activision Blizzard Inc., including how the videogame-publishing giant handled employees’ allegations of sexual misconduct and workplace discrimination, according to people familiar with the investigation and documents viewed by The Wall Street Journal.\nThe Securities and Exchange Commission has subpoenaed Activision, known for its Call of Duty, World of Warcraft and Candy Crush franchises, and several of its senior executives, including longtime Chief Executive Bobby Kotick, according to the people and documents.\nThe agency is asking for documents including minutes from Activision board meetings since 2019, personnel files of six former employees and separation agreements the company has reached this year with staffers, records show. The SEC is asking for Mr. Kotick’s communications with other senior executives regarding complaints of sexual harassment or discrimination by Activision employees or contractors, the documents show.\nAn Activision spokeswoman, Helaine Klasky, on Monday confirmed that the SEC’s investigation concerns “the company’s disclosures regarding employment matters and related issues,” adding that the agency has subpoenaed several current and former employees. “The company is cooperating with the SEC,” the spokeswoman said.\nAn SEC spokeswoman declined to comment.\nThe probe by the SEC significantly ratchets up the regulatory pressure on Activision, the largest U.S. videogame publisher by market capitalization. The SEC is requesting information to discern whether Activision and its executives properly disclosed allegations of workplace harassment and gender-pay issues, and whether any of that information should have been shared earlier with investors and other parties, according to the documents and people familiar with the investigation.\nThe California Department of Fair Employment and Housing sued Activision in late July,alleging the company paid women less than their male counterparts and provided them with fewer opportunities to advance. The agency also alleged that Activision ignored complaints by female employees of sexual harassment, discrimination and retaliation and maintained a “frat-boy” culture, primarily at its Blizzard Entertainment unit.\nActivision has said it would fight the charges from the California agency. It initially slammed the lawsuit, saying it included distorted, and in many cases false, descriptions of its past. Employees responded by planning walkouts, and Mr. Kotick said that Activision’s initial response was “tone deaf” and that the company had hired a law firm to investigate the complaints.\nSeparately, the Equal Employment Opportunity Commission has been examining allegations of gender-based harassment at Activision since at least May 2020, according to people familiar with the investigation and documents viewed by the Journal.\nThe company is in settlement talks with the agency and could pay millions of dollars to resolve the matter, according to those people. It’s unclear if the federal agency will publicly release the details of its findings.\nAn EEOC spokesman declined to comment.\nMs. Klasky of Activision said in a statement that Activision is deeply committed to making the company one of the best, most inclusive places to work.\n“We have made and are making a number of important changes to improve our policies and procedures to ensure that there is no place anywhere in our company for discrimination, harassment or unequal treatment of any kind,” the statement said.\nActivision has sought to stabilize its business since the filing of the California lawsuit. The company also is facing lawsuits from some of its investors. Its shares are down about 17% since the suit was made public, closing 4% lower Monday after the Journal reported on the SEC’s investigation and amid a broader decline in tech stocks.\nEarlier this month, the Communications Workers of America filed with the National Labor Relations Board against Activision, alleging worker intimidation. The charges include allegations that company management used coercive tactics to prevent its employees from exercising their rights to organize under federal law.\nIn a statement Monday, Ms. Klasky said the company has “made great efforts to respect the rights of all employees under the NLRB.”\nThe same day that the union filed charges, Activision said it hired two senior executives to help it build a more inclusive workplace and grow its revenue. Julie Hodges, a Walt Disney Co. executive, was named chief people officer and Sandeep Dube, a Delta Air Lines Inc. executive, was named chief commercial officer. Ms. Hodges, who had oversight of compensation, benefits and talent acquisition at Disney, is filling the role of human resources chief being vacated by Claudine Naughton.\nActivision, which is based in Santa Monica, Calif., had roughly 10,000 employees at the end of last year and posted $8 billion in revenue. Its console, computer and mobile games collectively boast nearly 400 million monthly players across 190 countries.\nWhile the videogame industry has long been known for its male-dominated workplaces and culture, scrutiny from public authorities over the treatment of female employees has increased in recent years.\nThe California regulator last month, in an amended complaint, accused Activison of withholding information from internal probes of discrimination and harassment complaints as well as gender pay equity. It also said the company had sought to curtail employees’ rights through “repressive, if not punitive” secret settlements.\nAn Activision spokeswoman didn’t immediately respond to a request for comment on the amended complaint.","news_type":1,"symbols_score_info":{"ATVI":0.9}},"isVote":1,"tweetType":1,"viewCount":3139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860546496,"gmtCreate":1632191624515,"gmtModify":1632802163736,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860546496","repostId":"2169681056","repostType":4,"isVote":1,"tweetType":1,"viewCount":1741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860546825,"gmtCreate":1632191608267,"gmtModify":1632802164104,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860546825","repostId":"2169567686","repostType":4,"isVote":1,"tweetType":1,"viewCount":632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860548466,"gmtCreate":1632191584955,"gmtModify":1632802164839,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"time to buy","listText":"time to buy","text":"time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860548466","repostId":"1102179356","repostType":4,"isVote":1,"tweetType":1,"viewCount":749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860548214,"gmtCreate":1632191569138,"gmtModify":1632802165085,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"good read","listText":"good read","text":"good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860548214","repostId":"2169568408","repostType":4,"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887013331,"gmtCreate":1631942714123,"gmtModify":1632805159969,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/887013331","repostId":"884927456","repostType":1,"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885371804,"gmtCreate":1631760110308,"gmtModify":1631885839205,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"hmmm","listText":"hmmm","text":"hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885371804","repostId":"882882149","repostType":1,"repost":{"id":882882149,"gmtCreate":1631674372077,"gmtModify":1631674973499,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667596890271","authorIdStr":"3527667596890271"},"themes":[],"title":"🔥【9月15日】博彩股暴跌，纳指也跌了五天，今天买点啥？","htmlText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 9月15日讯，港股三大指数集体低开，恒指跌0.75%报25310点，国指跌0.75%报9013点，恒生科技指数跌1.19%报6425点。盘面上，澳门就修改博彩法进行公开咨询，濠赌股全线大跌，<a target=\"_blank\" href=\"https://laohu8.com/S/01928\">$金沙中国有限公司(01928)$</a> 大幅低开近15%，<a target=\"_blank\" href=\"https://laohu8.com/S/00027\">$银河娱乐(00027)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/01128\">$永利澳门(01128)$</a> 皆大跌超10%；大型科技股延续跌势，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 皆低开逾3%，钢铁、铝等有色金属股齐跌，马钢、鞍钢跌超2%；乳业股、药品股、银行股走强。 濠赌股开盘全线暴跌，<a target=\"_blank\" href=\"https://laohu8.com/S/01928\">$金沙中国有限公司(01928)$</a> 跌近15%，<a target=\"_blank\" href=\"https://laohu8.com/S/01128\">$永利澳门(</a>","listText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 9月15日讯，港股三大指数集体低开，恒指跌0.75%报25310点，国指跌0.75%报9013点，恒生科技指数跌1.19%报6425点。盘面上，澳门就修改博彩法进行公开咨询，濠赌股全线大跌，<a target=\"_blank\" href=\"https://laohu8.com/S/01928\">$金沙中国有限公司(01928)$</a> 大幅低开近15%，<a target=\"_blank\" href=\"https://laohu8.com/S/00027\">$银河娱乐(00027)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/01128\">$永利澳门(01128)$</a> 皆大跌超10%；大型科技股延续跌势，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 皆低开逾3%，钢铁、铝等有色金属股齐跌，马钢、鞍钢跌超2%；乳业股、药品股、银行股走强。 濠赌股开盘全线暴跌，<a target=\"_blank\" href=\"https://laohu8.com/S/01928\">$金沙中国有限公司(01928)$</a> 跌近15%，<a target=\"_blank\" href=\"https://laohu8.com/S/01128\">$永利澳门(</a>","text":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 9月15日讯，港股三大指数集体低开，恒指跌0.75%报25310点，国指跌0.75%报9013点，恒生科技指数跌1.19%报6425点。盘面上，澳门就修改博彩法进行公开咨询，濠赌股全线大跌，$金沙中国有限公司(01928)$ 大幅低开近15%，$银河娱乐(00027)$ 、$永利澳门(01128)$ 皆大跌超10%；大型科技股延续跌势，$美团-W(03690)$ 、$腾讯控股(00700)$ 、$京东集团-SW(09618)$ 皆低开逾3%，钢铁、铝等有色金属股齐跌，马钢、鞍钢跌超2%；乳业股、药品股、银行股走强。 濠赌股开盘全线暴跌，$金沙中国有限公司(01928)$ 跌近15%，$永利澳门(","images":[{"img":"https://static.tigerbbs.com/8c224c9889536a14f83eca563ae0bb07","width":"666","height":"284"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882882149","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882681137,"gmtCreate":1631684677429,"gmtModify":1631885839220,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882681137","repostId":"2167569486","repostType":4,"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880139878,"gmtCreate":1631024058694,"gmtModify":1631885839232,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880139878","repostId":"817126062","repostType":1,"repost":{"id":817126062,"gmtCreate":1630921643552,"gmtModify":1630938939464,"author":{"id":"3493247054408315","authorId":"3493247054408315","name":"衍生品圈内淘金人","avatar":"https://static.tigerbbs.com/f410ba1d5e642b32faa3d84b28820597","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3493247054408315","authorIdStr":"3493247054408315"},"themes":[],"title":"非农数据爆冷后，金银能打开上涨空间吗？","htmlText":"本周消息面的波动并不大，需要我们盯紧的市场变数在于两个方面：一个是美联储官员的发言，另一个则是三大央行的利率决议结果。 首先，本周多位美联储官员将亮相发声。 周四 01:00 纽约联储主席威廉姆斯发表讲话 23:05 旧金山联储主席戴利发表讲话 周五 21:00 克利夫兰联储主席梅斯特发表讲话。 此外，周五还会有波士顿联储主席罗森格伦、达拉斯联储主席卡普兰、明尼阿波利斯联储主席卡什卡利参加的美联储线上会议。 市场会重点关注美联储内部对疫情、通胀和就业、货币政策等方面的最新看法。刚刚公布的美国8月非农就业报告不及预期，不少机构认为接下来两份非农报告将成为美联储能否在11月宣布相关决定的关键。交易炒作的焦点将暂时回到通胀，和价格上涨压力将持续多久上面。 第一个发言的，是美联储的3号人物，纽约联储主席威廉姆斯，他是一个鸽派人物，他认为美国经济尚不具备转变货币政策理由。非农数据疲弱恰好支撑他的观点。 而旧金山联储主席戴利近期的表态一直较为闪烁，她在近期表态“美国经济已经站稳了脚跟，是时候严肃考虑降低经济刺激政策了”。 最需要关注的是达拉斯联储主席卡普兰，他也是最早呼吁美联储缩减QE的人，他一直是强硬的鹰派人物，上周他的发言明显偏向鹰派，他表示自己希望看到在9月份的会议上宣布缩减QE，并在10月份或接近10月份的时候启动缩减进程，这周他的发言如果仍然偏鹰，则会对目前上涨的美股股指和黄金白银形成利空压制。 此外，我们还要关注三大央行的利率决议结果 打头阵的是周二登场的澳洲联储，今年8月澳联储曾宣布从8月开始缩减购债规模，但随着本土疫情反扑，市场预期澳洲联储会在9月决议中暂停行动并推至11月会议。 欧洲央行利率决议在周四公布，欧元区CPI 8月同比增长3%，已经创下了2012年以来新高，这个欧央行带来很大的缩债压力，所以，即便欧洲央行本周启动Taper也难言意外。","listText":"本周消息面的波动并不大，需要我们盯紧的市场变数在于两个方面：一个是美联储官员的发言，另一个则是三大央行的利率决议结果。 首先，本周多位美联储官员将亮相发声。 周四 01:00 纽约联储主席威廉姆斯发表讲话 23:05 旧金山联储主席戴利发表讲话 周五 21:00 克利夫兰联储主席梅斯特发表讲话。 此外，周五还会有波士顿联储主席罗森格伦、达拉斯联储主席卡普兰、明尼阿波利斯联储主席卡什卡利参加的美联储线上会议。 市场会重点关注美联储内部对疫情、通胀和就业、货币政策等方面的最新看法。刚刚公布的美国8月非农就业报告不及预期，不少机构认为接下来两份非农报告将成为美联储能否在11月宣布相关决定的关键。交易炒作的焦点将暂时回到通胀，和价格上涨压力将持续多久上面。 第一个发言的，是美联储的3号人物，纽约联储主席威廉姆斯，他是一个鸽派人物，他认为美国经济尚不具备转变货币政策理由。非农数据疲弱恰好支撑他的观点。 而旧金山联储主席戴利近期的表态一直较为闪烁，她在近期表态“美国经济已经站稳了脚跟，是时候严肃考虑降低经济刺激政策了”。 最需要关注的是达拉斯联储主席卡普兰，他也是最早呼吁美联储缩减QE的人，他一直是强硬的鹰派人物，上周他的发言明显偏向鹰派，他表示自己希望看到在9月份的会议上宣布缩减QE，并在10月份或接近10月份的时候启动缩减进程，这周他的发言如果仍然偏鹰，则会对目前上涨的美股股指和黄金白银形成利空压制。 此外，我们还要关注三大央行的利率决议结果 打头阵的是周二登场的澳洲联储，今年8月澳联储曾宣布从8月开始缩减购债规模，但随着本土疫情反扑，市场预期澳洲联储会在9月决议中暂停行动并推至11月会议。 欧洲央行利率决议在周四公布，欧元区CPI 8月同比增长3%，已经创下了2012年以来新高，这个欧央行带来很大的缩债压力，所以，即便欧洲央行本周启动Taper也难言意外。","text":"本周消息面的波动并不大，需要我们盯紧的市场变数在于两个方面：一个是美联储官员的发言，另一个则是三大央行的利率决议结果。 首先，本周多位美联储官员将亮相发声。 周四 01:00 纽约联储主席威廉姆斯发表讲话 23:05 旧金山联储主席戴利发表讲话 周五 21:00 克利夫兰联储主席梅斯特发表讲话。 此外，周五还会有波士顿联储主席罗森格伦、达拉斯联储主席卡普兰、明尼阿波利斯联储主席卡什卡利参加的美联储线上会议。 市场会重点关注美联储内部对疫情、通胀和就业、货币政策等方面的最新看法。刚刚公布的美国8月非农就业报告不及预期，不少机构认为接下来两份非农报告将成为美联储能否在11月宣布相关决定的关键。交易炒作的焦点将暂时回到通胀，和价格上涨压力将持续多久上面。 第一个发言的，是美联储的3号人物，纽约联储主席威廉姆斯，他是一个鸽派人物，他认为美国经济尚不具备转变货币政策理由。非农数据疲弱恰好支撑他的观点。 而旧金山联储主席戴利近期的表态一直较为闪烁，她在近期表态“美国经济已经站稳了脚跟，是时候严肃考虑降低经济刺激政策了”。 最需要关注的是达拉斯联储主席卡普兰，他也是最早呼吁美联储缩减QE的人，他一直是强硬的鹰派人物，上周他的发言明显偏向鹰派，他表示自己希望看到在9月份的会议上宣布缩减QE，并在10月份或接近10月份的时候启动缩减进程，这周他的发言如果仍然偏鹰，则会对目前上涨的美股股指和黄金白银形成利空压制。 此外，我们还要关注三大央行的利率决议结果 打头阵的是周二登场的澳洲联储，今年8月澳联储曾宣布从8月开始缩减购债规模，但随着本土疫情反扑，市场预期澳洲联储会在9月决议中暂停行动并推至11月会议。 欧洲央行利率决议在周四公布，欧元区CPI 8月同比增长3%，已经创下了2012年以来新高，这个欧央行带来很大的缩债压力，所以，即便欧洲央行本周启动Taper也难言意外。","images":[{"img":"https://static.tigerbbs.com/809b3a7c6a219976cc97206127fd61aa","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817126062","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811179509,"gmtCreate":1630303049101,"gmtModify":1704958088894,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"welcome to income fund","listText":"welcome to income fund","text":"welcome to income fund","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811179509","repostId":"1153646467","repostType":4,"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837225538,"gmtCreate":1629895559624,"gmtModify":1631885839260,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571747456397623","authorIdStr":"3571747456397623"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837225538","repostId":"895809029","repostType":1,"repost":{"id":895809029,"gmtCreate":1628731411561,"gmtModify":1631888414974,"author":{"id":"3582939196859465","authorId":"3582939196859465","name":"Mervx","avatar":"https://static.tigerbbs.com/edbac59bf158bb7908e059e061a39ba4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582939196859465","authorIdStr":"3582939196859465"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units","text":"$KEPPEL DC REIT(AJBU.SI)$Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units","images":[{"img":"https://static.tigerbbs.com/4f216df8a7316538b0dcd56a1e2865f1","width":"964","height":"2504"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895809029","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":862278025,"gmtCreate":1632885765579,"gmtModify":1632885793329,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"may hit even higher","listText":"may hit even higher","text":"may hit even higher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862278025","repostId":"2171260603","repostType":4,"repost":{"id":"2171260603","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1632882544,"share":"https://www.laohu8.com/m/news/2171260603?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:29","market":"us","language":"en","title":"Crude Oil Prices Hit $80, But Don't Expect A U.S. Drilling Boom<blockquote>原油价格触及80美元，但别指望美国会出现钻探热潮</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2171260603","media":"Investors","summary":"Oil prices briefly topped $80 a barrel Tuesday, But don't expect a U.S. drilling boom.","content":"<p>Oil prices soared to over $80 per barrel Tuesday boosted by rising natural gas and coal prices, but then reversed lower with the broader market. Unlike past crude oil rallies, analysts don't expect U.S. oil companies to boost drilling.</p><p><blockquote>受天然气和煤炭价格上涨的提振，油价周二飙升至每桶80美元以上，但随后随大盘回落。与过去的原油涨势不同，分析师预计美国石油公司不会增加钻探。</blockquote></p><p> The U.K. and Europe are seeing a natgas shortage as suppliers were drained after a cold winter in 2020 and wind supplies weren't enough to cover the shortfall.&nbsp; China is clamoring for more coal to avoid power shortages.</p><p><blockquote>英国和欧洲正面临天然气短缺，因为2020年寒冬过后，供应商枯竭，风力供应不足以弥补缺口。中国迫切需要更多煤炭以避免电力短缺。</blockquote></p><p> The increased demand for natgas and coal could spill over into the oil sector as an alternative energy source and send oil prices surging. BofA analysts said earlier this month that oil prices could hit triple-digits in the next six months if there is a cold winter.</p><p><blockquote>对天然气和煤炭需求的增加可能会作为替代能源溢出到石油行业，并导致油价飙升。美银分析师本月早些时候表示，如果出现寒冬，未来六个月油价可能会达到三位数。</blockquote></p><p> Brent fell 1% to $78.72 per barrel after hitting a nearly three-year high of $80 in early trading. U.S. crude dipped 0.8% to $74.86 after topping $76 intraday. Natural gas futures, up over 10% early Tuesday to their highest since 2014, climbed 3%.</p><p><blockquote>布伦特原油下跌1%，至每桶78.72美元，早盘触及近三年高位80美元。美国原油盘中突破76美元后下跌0.8%至74.86美元。天然气期货周二早盘上涨超过10%，至2014年以来的最高水平，并上涨3%。</blockquote></p><p> \"We are seeing structural issues in the underinvestment in traditional fossil fuels,\" Phil Flynn of the Price Futures group wrote in his morning note Tuesday. \"That lower for longer for oil and gas was a false premise and that peak demand also will prove to be much further in the future than many had a year ago believed.\"</p><p><blockquote>价格期货集团的菲尔·弗林在周二的早间报告中写道：“我们看到传统化石燃料投资不足存在结构性问题。”“石油和天然气价格长期走低是一个错误的前提，未来的需求峰值也将比许多人一年前认为的要远得多。”</blockquote></p><p> <b>ConocoPhilips</b> and <b>Devon Energy</b> rose slightly Tuesday, off intraday highs but extending recent breakouts and win streaks. <b>EOG Resources</b> and&nbsp;<b>Pioneer Natural Resources</b> edged higher, working up the right side of bases. But <b>Denbury</b>, a big winner for much of 2021, sold off hard after flirting with a new buy point for several days.</p><p><blockquote><b>康菲</b>和<b>德文能源公司</b>周二小幅上涨，脱离盘中高点，但延续了近期的突破和连胜。<b>EOG资源</b>和<b>先锋自然资源公司</b>边缘更高，在垒的右侧工作。但<b>登伯里</b>该公司是2021年大部分时间的大赢家，但在连续几天与新的买入点调情后遭到猛烈抛售。</blockquote></p><p> <h3>U.S. Producers Face Uncertainty</h3> During Covid-19 producers scaled back drilling, then as demand for oil increased turned to finish drilled but uncompleted wells.</p><p><blockquote><h3>美国生产商面临不确定性</h3>在Covid-19期间，生产商缩减了钻探规模，然后随着石油需求的增加，他们转向完成已钻但未完成的油井。</blockquote></p><p> But rising oil prices won't be enough to spur U.S. independent producers to rapidly boost drilling after years of careful capital discipline.</p><p><blockquote>但经过多年谨慎的资本纪律，油价上涨不足以刺激美国独立生产商迅速增加钻探。</blockquote></p><p> Gabriele Sorbara, a senior equity analyst at Siebert Williams Shank &amp; Co. expects U.S. shale oil companies to remain in \"maintenance mode\" in drilling and completing new wells to grow at low-single digits.</p><p><blockquote>Siebert Williams Shank&amp;Co.高级股票分析师Gabriele Sorbara预计，美国页岩油公司在钻探和完井新井方面仍将处于“维护模式”，以低个位数增长。</blockquote></p><p> Despite the $100 oil price estimates floating around Wall Street, there remains uncertainty in the forward market, he said. Also, many U.S. exploration and production companies were forced to hedge when oil prices went negative last year, locking in contracts at much lower oil prices.</p><p><blockquote>他表示，尽管100美元的油价预估在华尔街浮动，但远期市场仍存在不确定性。此外，去年油价为负值时，许多美国勘探和生产公司被迫进行对冲，以低得多的油价锁定合同。</blockquote></p><p> OPEC+ also remains a major variable.</p><p><blockquote>欧佩克+也仍然是一个主要变量。</blockquote></p><p> \"We've seen over the years that OPEC decides to wake up and start a war,\" Sorbara said recalling a contentious meeting over Thanksgiving weekend in 2014 that sent oil prices plunging.</p><p><blockquote>“多年来，我们看到欧佩克决定醒来并发动战争，”索巴拉回忆起2014年感恩节周末的一次有争议的会议，该会议导致油价暴跌。</blockquote></p><p> Instead of ramping up new drilling, U.S. independent producers flush with free cash flow, will be focused on returning cash to shareholders or looking at making purchases to expand holdings, he said. ConocoPhillips&nbsp;scooped up <b>Royal Dutch Shell'</b>s assets in Texas earlier this month.</p><p><blockquote>他表示，拥有充足自由现金流的美国独立生产商将专注于向股东返还现金或考虑进行收购以扩大持股，而不是增加新的钻探。康菲石油公司抢购<b>荷兰皇家壳牌</b>本月早些时候在德克萨斯州的资产。</blockquote></p><p> COP stock rose 1.25%, while DVN stock gained 0.6%. Both are extended from buy points.</p><p><blockquote>COP股票上涨1.25%，DVN股票上涨0.6%。两者都是从买入点延伸出来的。</blockquote></p><p> Meanwhile, EOG stock edged up 0.3% to 82.05 on the stock market today. EOG is working on an 88.09 buy point. <b>Pioneer Natural Resources </b>ticked up 4 cents to 168.06. PXD stock is working toward a 175.47 buy point, but it cleared a lowish handle last week. <b>Continental Resources</b> dipped 1,5%, but still extended.</p><p><blockquote>与此同时，EOG股票今天在股市上小幅上涨0.3%，至82.05点。EOG正在研究88.09的买入点。<b>先锋自然资源公司</b>上涨4美分，至168.06。PXD股票正朝着175.47的买入点努力，但上周它清除了一个较低的手柄。<b>大陆资源公司</b>下跌1.5%，但仍延续。</blockquote></p><p> Denbury stock tumbled 5.4% to 70.97, well below a 75.30 entry.</p><p><blockquote>Denbury股价下跌5.4%，至70.97点，远低于75.30点的收盘价。</blockquote></p><p> <h3>OPEC+ Meeting Looms</h3> As U.S. producers remain disciplined, OPEC+, which includes the OPEC and top non-member producers like Russia, is slated to meet Monday to discuss its output quotas.</p><p><blockquote><h3>OPEC+会议迫在眉睫</h3>由于美国产油国仍然遵守纪律，包括欧佩克和俄罗斯等主要非成员国产油国在内的欧佩克+定于周一召开会议，讨论其产量配额。</blockquote></p><p> The oil cartel agreed in July to boost production by 400,000 barrels per day starting in August. OPEC+ plans to continue expanding at that monthly pace through September 2022.</p><p><blockquote>该石油卡特尔在7月份同意从8月份开始将产量提高40万桶/日。OPEC+计划在2022年9月之前继续以每月的速度扩张。</blockquote></p><p> But a slow and steady increase might not be enough.</p><p><blockquote>但缓慢而稳定的增长可能还不够。</blockquote></p><p> The Biden administration called on OPEC+ in August to boost production to prevent oil prices from stalling the economic recovery. The current oil price surge could put even more pressure on OPEC+ to boost output.</p><p><blockquote>拜登政府在8月份呼吁OPEC+提高产量，以防止油价拖累经济复苏。当前的油价飙升可能会给欧佩克+带来更大的增产压力。</blockquote></p><p> \"If momentum is sustained, pressure will grow on OPEC+ to speed up the pace that it increases output,\" Craig Erlam, senior market analyst at Oanda said in a note Monday.</p><p><blockquote>Oanda高级市场分析师克雷格·埃拉姆(Craig Erlam)周一在一份报告中表示：“如果势头持续下去，欧佩克+加快增产步伐的压力将越来越大。”</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>Crude Oil Prices Hit $80, But Don't Expect A U.S. Drilling Boom<blockquote>原油价格触及80美元，但别指望美国会出现钻探热潮</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\">\nCrude Oil Prices Hit $80, But Don't Expect A U.S. Drilling Boom<blockquote>原油价格触及80美元，但别指望美国会出现钻探热潮</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/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time smaller\">2021-09-29 10:29</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Oil prices soared to over $80 per barrel Tuesday boosted by rising natural gas and coal prices, but then reversed lower with the broader market. Unlike past crude oil rallies, analysts don't expect U.S. oil companies to boost drilling.</p><p><blockquote>受天然气和煤炭价格上涨的提振，油价周二飙升至每桶80美元以上，但随后随大盘回落。与过去的原油涨势不同，分析师预计美国石油公司不会增加钻探。</blockquote></p><p> The U.K. and Europe are seeing a natgas shortage as suppliers were drained after a cold winter in 2020 and wind supplies weren't enough to cover the shortfall.&nbsp; China is clamoring for more coal to avoid power shortages.</p><p><blockquote>英国和欧洲正面临天然气短缺，因为2020年寒冬过后，供应商枯竭，风力供应不足以弥补缺口。中国迫切需要更多煤炭以避免电力短缺。</blockquote></p><p> The increased demand for natgas and coal could spill over into the oil sector as an alternative energy source and send oil prices surging. BofA analysts said earlier this month that oil prices could hit triple-digits in the next six months if there is a cold winter.</p><p><blockquote>对天然气和煤炭需求的增加可能会作为替代能源溢出到石油行业，并导致油价飙升。美银分析师本月早些时候表示，如果出现寒冬，未来六个月油价可能会达到三位数。</blockquote></p><p> Brent fell 1% to $78.72 per barrel after hitting a nearly three-year high of $80 in early trading. U.S. crude dipped 0.8% to $74.86 after topping $76 intraday. Natural gas futures, up over 10% early Tuesday to their highest since 2014, climbed 3%.</p><p><blockquote>布伦特原油下跌1%，至每桶78.72美元，早盘触及近三年高位80美元。美国原油盘中突破76美元后下跌0.8%至74.86美元。天然气期货周二早盘上涨超过10%，至2014年以来的最高水平，并上涨3%。</blockquote></p><p> \"We are seeing structural issues in the underinvestment in traditional fossil fuels,\" Phil Flynn of the Price Futures group wrote in his morning note Tuesday. \"That lower for longer for oil and gas was a false premise and that peak demand also will prove to be much further in the future than many had a year ago believed.\"</p><p><blockquote>价格期货集团的菲尔·弗林在周二的早间报告中写道：“我们看到传统化石燃料投资不足存在结构性问题。”“石油和天然气价格长期走低是一个错误的前提，未来的需求峰值也将比许多人一年前认为的要远得多。”</blockquote></p><p> <b>ConocoPhilips</b> and <b>Devon Energy</b> rose slightly Tuesday, off intraday highs but extending recent breakouts and win streaks. <b>EOG Resources</b> and&nbsp;<b>Pioneer Natural Resources</b> edged higher, working up the right side of bases. But <b>Denbury</b>, a big winner for much of 2021, sold off hard after flirting with a new buy point for several days.</p><p><blockquote><b>康菲</b>和<b>德文能源公司</b>周二小幅上涨，脱离盘中高点，但延续了近期的突破和连胜。<b>EOG资源</b>和<b>先锋自然资源公司</b>边缘更高，在垒的右侧工作。但<b>登伯里</b>该公司是2021年大部分时间的大赢家，但在连续几天与新的买入点调情后遭到猛烈抛售。</blockquote></p><p> <h3>U.S. Producers Face Uncertainty</h3> During Covid-19 producers scaled back drilling, then as demand for oil increased turned to finish drilled but uncompleted wells.</p><p><blockquote><h3>美国生产商面临不确定性</h3>在Covid-19期间，生产商缩减了钻探规模，然后随着石油需求的增加，他们转向完成已钻但未完成的油井。</blockquote></p><p> But rising oil prices won't be enough to spur U.S. independent producers to rapidly boost drilling after years of careful capital discipline.</p><p><blockquote>但经过多年谨慎的资本纪律，油价上涨不足以刺激美国独立生产商迅速增加钻探。</blockquote></p><p> Gabriele Sorbara, a senior equity analyst at Siebert Williams Shank &amp; Co. expects U.S. shale oil companies to remain in \"maintenance mode\" in drilling and completing new wells to grow at low-single digits.</p><p><blockquote>Siebert Williams Shank&amp;Co.高级股票分析师Gabriele Sorbara预计，美国页岩油公司在钻探和完井新井方面仍将处于“维护模式”，以低个位数增长。</blockquote></p><p> Despite the $100 oil price estimates floating around Wall Street, there remains uncertainty in the forward market, he said. Also, many U.S. exploration and production companies were forced to hedge when oil prices went negative last year, locking in contracts at much lower oil prices.</p><p><blockquote>他表示，尽管100美元的油价预估在华尔街浮动，但远期市场仍存在不确定性。此外，去年油价为负值时，许多美国勘探和生产公司被迫进行对冲，以低得多的油价锁定合同。</blockquote></p><p> OPEC+ also remains a major variable.</p><p><blockquote>欧佩克+也仍然是一个主要变量。</blockquote></p><p> \"We've seen over the years that OPEC decides to wake up and start a war,\" Sorbara said recalling a contentious meeting over Thanksgiving weekend in 2014 that sent oil prices plunging.</p><p><blockquote>“多年来，我们看到欧佩克决定醒来并发动战争，”索巴拉回忆起2014年感恩节周末的一次有争议的会议，该会议导致油价暴跌。</blockquote></p><p> Instead of ramping up new drilling, U.S. independent producers flush with free cash flow, will be focused on returning cash to shareholders or looking at making purchases to expand holdings, he said. ConocoPhillips&nbsp;scooped up <b>Royal Dutch Shell'</b>s assets in Texas earlier this month.</p><p><blockquote>他表示，拥有充足自由现金流的美国独立生产商将专注于向股东返还现金或考虑进行收购以扩大持股，而不是增加新的钻探。康菲石油公司抢购<b>荷兰皇家壳牌</b>本月早些时候在德克萨斯州的资产。</blockquote></p><p> COP stock rose 1.25%, while DVN stock gained 0.6%. Both are extended from buy points.</p><p><blockquote>COP股票上涨1.25%，DVN股票上涨0.6%。两者都是从买入点延伸出来的。</blockquote></p><p> Meanwhile, EOG stock edged up 0.3% to 82.05 on the stock market today. EOG is working on an 88.09 buy point. <b>Pioneer Natural Resources </b>ticked up 4 cents to 168.06. PXD stock is working toward a 175.47 buy point, but it cleared a lowish handle last week. <b>Continental Resources</b> dipped 1,5%, but still extended.</p><p><blockquote>与此同时，EOG股票今天在股市上小幅上涨0.3%，至82.05点。EOG正在研究88.09的买入点。<b>先锋自然资源公司</b>上涨4美分，至168.06。PXD股票正朝着175.47的买入点努力，但上周它清除了一个较低的手柄。<b>大陆资源公司</b>下跌1.5%，但仍延续。</blockquote></p><p> Denbury stock tumbled 5.4% to 70.97, well below a 75.30 entry.</p><p><blockquote>Denbury股价下跌5.4%，至70.97点，远低于75.30点的收盘价。</blockquote></p><p> <h3>OPEC+ Meeting Looms</h3> As U.S. producers remain disciplined, OPEC+, which includes the OPEC and top non-member producers like Russia, is slated to meet Monday to discuss its output quotas.</p><p><blockquote><h3>OPEC+会议迫在眉睫</h3>由于美国产油国仍然遵守纪律，包括欧佩克和俄罗斯等主要非成员国产油国在内的欧佩克+定于周一召开会议，讨论其产量配额。</blockquote></p><p> The oil cartel agreed in July to boost production by 400,000 barrels per day starting in August. OPEC+ plans to continue expanding at that monthly pace through September 2022.</p><p><blockquote>该石油卡特尔在7月份同意从8月份开始将产量提高40万桶/日。OPEC+计划在2022年9月之前继续以每月的速度扩张。</blockquote></p><p> But a slow and steady increase might not be enough.</p><p><blockquote>但缓慢而稳定的增长可能还不够。</blockquote></p><p> The Biden administration called on OPEC+ in August to boost production to prevent oil prices from stalling the economic recovery. The current oil price surge could put even more pressure on OPEC+ to boost output.</p><p><blockquote>拜登政府在8月份呼吁OPEC+提高产量，以防止油价拖累经济复苏。当前的油价飙升可能会给欧佩克+带来更大的增产压力。</blockquote></p><p> \"If momentum is sustained, pressure will grow on OPEC+ to speed up the pace that it increases output,\" Craig Erlam, senior market analyst at Oanda said in a note Monday.</p><p><blockquote>Oanda高级市场分析师克雷格·埃拉姆(Craig Erlam)周一在一份报告中表示：“如果势头持续下去，欧佩克+加快增产步伐的压力将越来越大。”</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":"2171260603","content_text":"Oil prices soared to over $80 per barrel Tuesday boosted by rising natural gas and coal prices, but then reversed lower with the broader market. Unlike past crude oil rallies, analysts don't expect U.S. oil companies to boost drilling.\nThe U.K. and Europe are seeing a natgas shortage as suppliers were drained after a cold winter in 2020 and wind supplies weren't enough to cover the shortfall.  China is clamoring for more coal to avoid power shortages.\nThe increased demand for natgas and coal could spill over into the oil sector as an alternative energy source and send oil prices surging. BofA analysts said earlier this month that oil prices could hit triple-digits in the next six months if there is a cold winter.\nBrent fell 1% to $78.72 per barrel after hitting a nearly three-year high of $80 in early trading. U.S. crude dipped 0.8% to $74.86 after topping $76 intraday. Natural gas futures, up over 10% early Tuesday to their highest since 2014, climbed 3%.\n\"We are seeing structural issues in the underinvestment in traditional fossil fuels,\" Phil Flynn of the Price Futures group wrote in his morning note Tuesday. \"That lower for longer for oil and gas was a false premise and that peak demand also will prove to be much further in the future than many had a year ago believed.\"\nConocoPhilips and Devon Energy rose slightly Tuesday, off intraday highs but extending recent breakouts and win streaks. EOG Resources and Pioneer Natural Resources edged higher, working up the right side of bases. But Denbury, a big winner for much of 2021, sold off hard after flirting with a new buy point for several days.\nU.S. Producers Face Uncertainty\nDuring Covid-19 producers scaled back drilling, then as demand for oil increased turned to finish drilled but uncompleted wells.\nBut rising oil prices won't be enough to spur U.S. independent producers to rapidly boost drilling after years of careful capital discipline.\nGabriele Sorbara, a senior equity analyst at Siebert Williams Shank & Co. expects U.S. shale oil companies to remain in \"maintenance mode\" in drilling and completing new wells to grow at low-single digits.\nDespite the $100 oil price estimates floating around Wall Street, there remains uncertainty in the forward market, he said. Also, many U.S. exploration and production companies were forced to hedge when oil prices went negative last year, locking in contracts at much lower oil prices.\nOPEC+ also remains a major variable.\n\"We've seen over the years that OPEC decides to wake up and start a war,\" Sorbara said recalling a contentious meeting over Thanksgiving weekend in 2014 that sent oil prices plunging.\nInstead of ramping up new drilling, U.S. independent producers flush with free cash flow, will be focused on returning cash to shareholders or looking at making purchases to expand holdings, he said. ConocoPhillips scooped up Royal Dutch Shell's assets in Texas earlier this month.\nCOP stock rose 1.25%, while DVN stock gained 0.6%. Both are extended from buy points.\nMeanwhile, EOG stock edged up 0.3% to 82.05 on the stock market today. EOG is working on an 88.09 buy point. Pioneer Natural Resources ticked up 4 cents to 168.06. PXD stock is working toward a 175.47 buy point, but it cleared a lowish handle last week. Continental Resources dipped 1,5%, but still extended.\nDenbury stock tumbled 5.4% to 70.97, well below a 75.30 entry.\nOPEC+ Meeting Looms\nAs U.S. producers remain disciplined, OPEC+, which includes the OPEC and top non-member producers like Russia, is slated to meet Monday to discuss its output quotas.\nThe oil cartel agreed in July to boost production by 400,000 barrels per day starting in August. OPEC+ plans to continue expanding at that monthly pace through September 2022.\nBut a slow and steady increase might not be enough.\nThe Biden administration called on OPEC+ in August to boost production to prevent oil prices from stalling the economic recovery. The current oil price surge could put even more pressure on OPEC+ to boost output.\n\"If momentum is sustained, pressure will grow on OPEC+ to speed up the pace that it increases output,\" Craig Erlam, senior market analyst at Oanda said in a note Monday.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866327684,"gmtCreate":1632737850448,"gmtModify":1632798204686,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"gg","listText":"gg","text":"gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866327684","repostId":"1192058689","repostType":4,"repost":{"id":"1192058689","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632735827,"share":"https://www.laohu8.com/m/news/1192058689?lang=zh_CN&edition=full","pubTime":"2021-09-27 17:43","market":"us","language":"en","title":"Oil stocks rose in line with oil prices<blockquote>石油股随油价上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192058689","media":"Tiger Newspress","summary":"Oil stocks rose in line with oil prices.The shares of Callon Petroleum,Shell,BP,Occidental Petroleum","content":"<p>Oil&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;line&nbsp;with&nbsp;oil&nbsp;prices.The&nbsp;shares&nbsp;of&nbsp;Callon&nbsp;Petroleum,Shell,BP,Occidental&nbsp;Petroleum,Halliburton,Exxon&nbsp;and&nbsp;Chevron&nbsp;climbed between 1% and 3%&nbsp;in&nbsp;premarket trading.</p><p><blockquote>石油股与油价同步上涨。Callon Petroleum、壳牌、英国石油、西方石油、哈里伯顿、埃克森和雪佛龙的股价在盘前交易中上涨了1%至3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c5ded3bcc923ba3ef5a145237ef383fc\" tg-width=\"401\" tg-height=\"604\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.</p><p><blockquote>油价周一连续第五天上涨，布伦特原油价格触及2018年10月以来的最高水平，由于供应担忧，随着疫情限制的放松，世界部分地区的需求有所回升，油价将升至80美元。</blockquote></p><p> Brent crude was up $1.15 or 1.5% at $79.24 a barrel by 0900 GMT, having posted three straight weeks of gains. U.S. Oil added $1.07, or 1.5%, to $75.05, near its highest since July, after rising for a fifth straight week last week.</p><p><blockquote>截至格林威治标准时间0900，布伦特原油上涨1.15美元或1.5%，至每桶79.24美元，连续三周上涨。美油上涨1.07美元，或1.5%，报75.05美元，接近7月以来最高，上周连续第五周上涨。</blockquote></p><p> Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies.</p><p><blockquote>高盛将今年年底布油预估上调10美元，至每桶90美元，因新冠病毒德尔塔变异毒株爆发后燃料需求复苏加快，以及飓风艾达对美国产量的打击导致全球供应紧张。</blockquote></p><p> \"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts,\" Goldman said.</p><p><blockquote>“虽然我们长期以来一直持有看涨石油的观点，但目前全球供需赤字比我们预期的要大，全球需求从三角洲影响中恢复的速度甚至比我们高于共识的预测还要快，而且全球供应仍然低于我们的预期，”高盛表示。</blockquote></p><p> Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.</p><p><blockquote>由于需求反弹，石油输出国组织成员国及其盟友（即欧佩克+）难以提高产量，因为疫情持续存在投资不足或维护延误。</blockquote></p><p> \"Price support came courtesy of U.S. supply tightness as disruptions in the Gulf of Mexico spurred inventory draws,\" said Stephen Brennock of oil broker PVM.</p><p><blockquote>石油经纪商PVM的斯蒂芬·布伦诺克(Stephen Brennock)表示：“由于墨西哥湾的中断刺激了库存减少，美国供应紧张为价格提供了支撑。”</blockquote></p><p> The European crude benchmark was also buoyed by gains across the broader energy complex, he added.</p><p><blockquote>他补充说，欧洲原油基准也受到更广泛能源综合体上涨的提振。</blockquote></p><p> \"Surging natural gas prices fuelled rumours that it could boost demand for alternative fuels, including oil.\"</p><p><blockquote>“天然气价格飙升引发了有关其可能提振包括石油在内的替代燃料需求的传言。”</blockquote></p><p> India's oil imports hit a three-month peak in August, rebounding from nearly one-year lows touched in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand.</p><p><blockquote>印度的石油进口量在8月份触及三个月高点，从7月份触及的近一年低点反弹，因为第二大原油进口国的炼油商因预期需求增加而增加库存。</blockquote></p><p> Meanwhile China's first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.</p><p><blockquote>与此同时，中国首次公开出售国家石油储备几乎没有限制涨幅，因为中石油和恒力石化购买了四批总计约443万桶的石油。</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>Oil stocks rose in line with oil prices<blockquote>石油股随油价上涨</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; 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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\">\nOil stocks rose in line with oil prices<blockquote>石油股随油价上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-27 17:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Oil&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;line&nbsp;with&nbsp;oil&nbsp;prices.The&nbsp;shares&nbsp;of&nbsp;Callon&nbsp;Petroleum,Shell,BP,Occidental&nbsp;Petroleum,Halliburton,Exxon&nbsp;and&nbsp;Chevron&nbsp;climbed between 1% and 3%&nbsp;in&nbsp;premarket trading.</p><p><blockquote>石油股与油价同步上涨。Callon Petroleum、壳牌、英国石油、西方石油、哈里伯顿、埃克森和雪佛龙的股价在盘前交易中上涨了1%至3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c5ded3bcc923ba3ef5a145237ef383fc\" tg-width=\"401\" tg-height=\"604\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.</p><p><blockquote>油价周一连续第五天上涨，布伦特原油价格触及2018年10月以来的最高水平，由于供应担忧，随着疫情限制的放松，世界部分地区的需求有所回升，油价将升至80美元。</blockquote></p><p> Brent crude was up $1.15 or 1.5% at $79.24 a barrel by 0900 GMT, having posted three straight weeks of gains. U.S. Oil added $1.07, or 1.5%, to $75.05, near its highest since July, after rising for a fifth straight week last week.</p><p><blockquote>截至格林威治标准时间0900，布伦特原油上涨1.15美元或1.5%，至每桶79.24美元，连续三周上涨。美油上涨1.07美元，或1.5%，报75.05美元，接近7月以来最高，上周连续第五周上涨。</blockquote></p><p> Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies.</p><p><blockquote>高盛将今年年底布油预估上调10美元，至每桶90美元，因新冠病毒德尔塔变异毒株爆发后燃料需求复苏加快，以及飓风艾达对美国产量的打击导致全球供应紧张。</blockquote></p><p> \"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts,\" Goldman said.</p><p><blockquote>“虽然我们长期以来一直持有看涨石油的观点，但目前全球供需赤字比我们预期的要大，全球需求从三角洲影响中恢复的速度甚至比我们高于共识的预测还要快，而且全球供应仍然低于我们的预期，”高盛表示。</blockquote></p><p> Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.</p><p><blockquote>由于需求反弹，石油输出国组织成员国及其盟友（即欧佩克+）难以提高产量，因为疫情持续存在投资不足或维护延误。</blockquote></p><p> \"Price support came courtesy of U.S. supply tightness as disruptions in the Gulf of Mexico spurred inventory draws,\" said Stephen Brennock of oil broker PVM.</p><p><blockquote>石油经纪商PVM的斯蒂芬·布伦诺克(Stephen Brennock)表示：“由于墨西哥湾的中断刺激了库存减少，美国供应紧张为价格提供了支撑。”</blockquote></p><p> The European crude benchmark was also buoyed by gains across the broader energy complex, he added.</p><p><blockquote>他补充说，欧洲原油基准也受到更广泛能源综合体上涨的提振。</blockquote></p><p> \"Surging natural gas prices fuelled rumours that it could boost demand for alternative fuels, including oil.\"</p><p><blockquote>“天然气价格飙升引发了有关其可能提振包括石油在内的替代燃料需求的传言。”</blockquote></p><p> India's oil imports hit a three-month peak in August, rebounding from nearly one-year lows touched in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand.</p><p><blockquote>印度的石油进口量在8月份触及三个月高点，从7月份触及的近一年低点反弹，因为第二大原油进口国的炼油商因预期需求增加而增加库存。</blockquote></p><p> Meanwhile China's first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.</p><p><blockquote>与此同时，中国首次公开出售国家石油储备几乎没有限制涨幅，因为中石油和恒力石化购买了四批总计约443万桶的石油。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLR":"大陆能源","BP":"英国石油","CPE":"卡隆石油","CVX":"雪佛龙","RDS.A":"荷兰皇家壳牌石油A类股","HAL":"哈里伯顿","COP":"康菲石油","XOM":"埃克森美孚","OXY":"西方石油","SLB":"斯伦贝谢"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192058689","content_text":"Oil stocks rose in line with oil prices.The shares of Callon Petroleum,Shell,BP,Occidental Petroleum,Halliburton,Exxon and Chevron climbed between 1% and 3% in premarket trading.\n\nOil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.\nBrent crude was up $1.15 or 1.5% at $79.24 a barrel by 0900 GMT, having posted three straight weeks of gains. U.S. Oil added $1.07, or 1.5%, to $75.05, near its highest since July, after rising for a fifth straight week last week.\nGoldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies.\n\"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts,\" Goldman said.\nCaught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.\n\"Price support came courtesy of U.S. supply tightness as disruptions in the Gulf of Mexico spurred inventory draws,\" said Stephen Brennock of oil broker PVM.\nThe European crude benchmark was also buoyed by gains across the broader energy complex, he added.\n\"Surging natural gas prices fuelled rumours that it could boost demand for alternative fuels, including oil.\"\nIndia's oil imports hit a three-month peak in August, rebounding from nearly one-year lows touched in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand.\nMeanwhile China's first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.","news_type":1,"symbols_score_info":{"COP":0.9,"RDS.A":0.9,"BP":0.9,"HAL":0.9,"SLB":0.9,"CPE":0.9,"XOM":0.9,"CVX":0.9,"OXY":0.9,"CLR":0.9}},"isVote":1,"tweetType":1,"viewCount":2822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862279971,"gmtCreate":1632885563105,"gmtModify":1632885570467,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"worrying","listText":"worrying","text":"worrying","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862279971","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohu8.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近峰值时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</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\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近峰值时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882681137,"gmtCreate":1631684677429,"gmtModify":1631885839220,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882681137","repostId":"2167569486","repostType":4,"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862093805,"gmtCreate":1632814791307,"gmtModify":1632814791369,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"i watch finish in 1 day","listText":"i watch finish in 1 day","text":"i watch finish in 1 day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862093805","repostId":"1116230896","repostType":4,"repost":{"id":"1116230896","kind":"news","pubTimestamp":1632813313,"share":"https://www.laohu8.com/m/news/1116230896?lang=zh_CN&edition=full","pubTime":"2021-09-28 15:15","market":"us","language":"en","title":"Netflix Says ‘Squid Game’ Could Be Its Biggest Show Ever<blockquote>Netflix表示《鱿鱼游戏》可能是其有史以来最大的剧集</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116230896","media":"Barrons","summary":"Squid Game, a Korean-language survival story launched on Netflix earlier this month, is on target to","content":"<p>Squid Game, a Korean-language survival story launched on Netflix earlier this month, is on target to be the most successful series ever launched on the service, Netflix Co-CEO Ted Sarandos said Monday at the 2021 Code Conference in Beverly Hills.</p><p><blockquote>网飞联合首席执行官泰德·萨兰多斯周一在贝弗利山举行的2021年代码会议上表示，本月早些时候在网飞推出的韩语生存故事《鱿鱼游戏》有望成为该服务有史以来推出的最成功的系列。</blockquote></p><p> In a room full of mask-wearing, vaxed, and freshly Covid-tested attendees at the Beverly Hilton, the Netflix (ticker: NFLX) content chief said the show is already attracting a far larger audience than the French-language crime drama Lupin, which Sarandos noted was the first non-English-language show to become the top program on the site. “Squid Game is bigger,” he says.</p><p><blockquote>在贝弗利希尔顿酒店，一个满是戴着口罩、戴着vaxed、刚刚接受过新冠病毒测试的与会者的房间里，Netflix（股票代码：NFLX）内容主管表示，该节目已经吸引了比法语犯罪剧《鲁邦》多得多的观众，萨兰多斯指出，这是第一个成为该网站顶级节目的非英语节目。“鱿鱼游戏更大，”他说。</blockquote></p><p> As part of a broad conversation about the streaming giant with Code Conference host Kara Swisher, Sarandos also said the company doesn’t think about getting acquired, and he denied any interest in buying a theater chain. Sarandos also denied any interest in expanding into streaming music, news programming, or live sports. And he declined to specify when the company will launch its previously announced addition of gaming on the service in the U.S.</p><p><blockquote>作为与Code Conference主持人卡拉·斯威舍(Kara Swisher)关于这家流媒体巨头的广泛对话的一部分，萨兰多斯还表示，该公司不考虑被收购，他否认有任何收购连锁影院的兴趣。萨兰多斯还否认有兴趣扩展到流媒体音乐、新闻节目或体育直播。他拒绝具体说明该公司何时将在美国推出之前宣布的游戏服务。</blockquote></p><p> Sarandos also released some fresh data on the most watched programming on the service, ranked by both the number of accounts who watched a given piece of programming for at least two minutes within the first 28 days of release. Ranked by number of accounts, the top three included Bridgerton Season 1 (82 million accounts), Lupin Part 1 (76 million), and The Witcher Season 1 (76 million.) In terms of viewing hours in the first 28 days of release, the most watched programming has been Bridgerton Season 1 (625 million hours), Money Heist Part 4 (619 million hours), and Stranger Things 3 (582 million hours.)</p><p><blockquote>Sarandos还发布了一些关于该服务上观看次数最多的节目的最新数据，根据在发布的前28天内观看给定节目至少两分钟的账户数量进行排名。按账号数量排名，前三名包括《布里奇顿》第一季（8200万个账号）、《鲁邦第一部》（7600万个账号）和《巫师》第一季（7600万个账号）。就观看时间而言，上映前28天，观看次数最多的节目是《布里奇顿》第一季（6.25亿小时）、《金钱大劫案第四部》（6.19亿小时）和《怪奇物语3》（5.82亿小时）。）</blockquote></p><p> Asked about competition from other streaming services, Sarandos said that the company has been competing with other content creators from the company’s inception, and that Netflix is even more confident competing with them in streaming.</p><p><blockquote>当被问及来自其他流媒体服务的竞争时，萨兰多斯表示，公司从成立之初就一直在与其他内容创作者竞争，Netflix更有信心在流媒体领域与他们竞争。</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>Netflix Says ‘Squid Game’ Could Be Its Biggest Show Ever<blockquote>Netflix表示《鱿鱼游戏》可能是其有史以来最大的剧集</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\">\nNetflix Says ‘Squid Game’ Could Be Its Biggest Show Ever<blockquote>Netflix表示《鱿鱼游戏》可能是其有史以来最大的剧集</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-28 15:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Squid Game, a Korean-language survival story launched on Netflix earlier this month, is on target to be the most successful series ever launched on the service, Netflix Co-CEO Ted Sarandos said Monday at the 2021 Code Conference in Beverly Hills.</p><p><blockquote>网飞联合首席执行官泰德·萨兰多斯周一在贝弗利山举行的2021年代码会议上表示，本月早些时候在网飞推出的韩语生存故事《鱿鱼游戏》有望成为该服务有史以来推出的最成功的系列。</blockquote></p><p> In a room full of mask-wearing, vaxed, and freshly Covid-tested attendees at the Beverly Hilton, the Netflix (ticker: NFLX) content chief said the show is already attracting a far larger audience than the French-language crime drama Lupin, which Sarandos noted was the first non-English-language show to become the top program on the site. “Squid Game is bigger,” he says.</p><p><blockquote>在贝弗利希尔顿酒店，一个满是戴着口罩、戴着vaxed、刚刚接受过新冠病毒测试的与会者的房间里，Netflix（股票代码：NFLX）内容主管表示，该节目已经吸引了比法语犯罪剧《鲁邦》多得多的观众，萨兰多斯指出，这是第一个成为该网站顶级节目的非英语节目。“鱿鱼游戏更大，”他说。</blockquote></p><p> As part of a broad conversation about the streaming giant with Code Conference host Kara Swisher, Sarandos also said the company doesn’t think about getting acquired, and he denied any interest in buying a theater chain. Sarandos also denied any interest in expanding into streaming music, news programming, or live sports. And he declined to specify when the company will launch its previously announced addition of gaming on the service in the U.S.</p><p><blockquote>作为与Code Conference主持人卡拉·斯威舍(Kara Swisher)关于这家流媒体巨头的广泛对话的一部分，萨兰多斯还表示，该公司不考虑被收购，他否认有任何收购连锁影院的兴趣。萨兰多斯还否认有兴趣扩展到流媒体音乐、新闻节目或体育直播。他拒绝具体说明该公司何时将在美国推出之前宣布的游戏服务。</blockquote></p><p> Sarandos also released some fresh data on the most watched programming on the service, ranked by both the number of accounts who watched a given piece of programming for at least two minutes within the first 28 days of release. Ranked by number of accounts, the top three included Bridgerton Season 1 (82 million accounts), Lupin Part 1 (76 million), and The Witcher Season 1 (76 million.) In terms of viewing hours in the first 28 days of release, the most watched programming has been Bridgerton Season 1 (625 million hours), Money Heist Part 4 (619 million hours), and Stranger Things 3 (582 million hours.)</p><p><blockquote>Sarandos还发布了一些关于该服务上观看次数最多的节目的最新数据，根据在发布的前28天内观看给定节目至少两分钟的账户数量进行排名。按账号数量排名，前三名包括《布里奇顿》第一季（8200万个账号）、《鲁邦第一部》（7600万个账号）和《巫师》第一季（7600万个账号）。就观看时间而言，上映前28天，观看次数最多的节目是《布里奇顿》第一季（6.25亿小时）、《金钱大劫案第四部》（6.19亿小时）和《怪奇物语3》（5.82亿小时）。）</blockquote></p><p> Asked about competition from other streaming services, Sarandos said that the company has been competing with other content creators from the company’s inception, and that Netflix is even more confident competing with them in streaming.</p><p><blockquote>当被问及来自其他流媒体服务的竞争时，萨兰多斯表示，公司从成立之初就一直在与其他内容创作者竞争，Netflix更有信心在流媒体领域与他们竞争。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/netflix-ceo-stock-squid-game-51632781438?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":{"NFLX":"奈飞"},"source_url":"https://www.barrons.com/articles/netflix-ceo-stock-squid-game-51632781438?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116230896","content_text":"Squid Game, a Korean-language survival story launched on Netflix earlier this month, is on target to be the most successful series ever launched on the service, Netflix Co-CEO Ted Sarandos said Monday at the 2021 Code Conference in Beverly Hills.\n\nIn a room full of mask-wearing, vaxed, and freshly Covid-tested attendees at the Beverly Hilton, the Netflix (ticker: NFLX) content chief said the show is already attracting a far larger audience than the French-language crime drama Lupin, which Sarandos noted was the first non-English-language show to become the top program on the site. “Squid Game is bigger,” he says.\nAs part of a broad conversation about the streaming giant with Code Conference host Kara Swisher, Sarandos also said the company doesn’t think about getting acquired, and he denied any interest in buying a theater chain. Sarandos also denied any interest in expanding into streaming music, news programming, or live sports. And he declined to specify when the company will launch its previously announced addition of gaming on the service in the U.S.\nSarandos also released some fresh data on the most watched programming on the service, ranked by both the number of accounts who watched a given piece of programming for at least two minutes within the first 28 days of release. Ranked by number of accounts, the top three included Bridgerton Season 1 (82 million accounts), Lupin Part 1 (76 million), and The Witcher Season 1 (76 million.) In terms of viewing hours in the first 28 days of release, the most watched programming has been Bridgerton Season 1 (625 million hours), Money Heist Part 4 (619 million hours), and Stranger Things 3 (582 million hours.)\nAsked about competition from other streaming services, Sarandos said that the company has been competing with other content creators from the company’s inception, and that Netflix is even more confident competing with them in streaming.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":837225538,"gmtCreate":1629895559624,"gmtModify":1631885839260,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837225538","repostId":"895809029","repostType":1,"repost":{"id":895809029,"gmtCreate":1628731411561,"gmtModify":1631888414974,"author":{"id":"3582939196859465","authorId":"3582939196859465","name":"Mervx","avatar":"https://static.tigerbbs.com/edbac59bf158bb7908e059e061a39ba4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582939196859465","idStr":"3582939196859465"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units","text":"$KEPPEL DC REIT(AJBU.SI)$Keppel DC REIT halted for trading. Possibly due to below news this morning...https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units","images":[{"img":"https://static.tigerbbs.com/4f216df8a7316538b0dcd56a1e2865f1","width":"964","height":"2504"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895809029","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":828212580,"gmtCreate":1633916025107,"gmtModify":1633916517449,"author":{"id":"3571747456397623","authorId":"3571747456397623","name":"Bob316","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571747456397623","idStr":"3571747456397623"},"themes":[],"htmlText":"Price shoot up after Singapore government open up their lanes with different countries. $SINGAPORE<a href=\"https://laohu8.com/S/C6L.SI\">AIRLINES LTD(C6L.SI)$</a>","listText":"Price shoot up after Singapore government open up their lanes with different countries. $SINGAPORE<a href=\"https://laohu8.com/S/C6L.SI\">AIRLINES LTD(C6L.SI)$</a>","text":"Price shoot up after Singapore government open up their lanes with different countries. $SINGAPOREAIRLINES 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首先，本周多位美联储官员将亮相发声。 周四 01:00 纽约联储主席威廉姆斯发表讲话 23:05 旧金山联储主席戴利发表讲话 周五 21:00 克利夫兰联储主席梅斯特发表讲话。 此外，周五还会有波士顿联储主席罗森格伦、达拉斯联储主席卡普兰、明尼阿波利斯联储主席卡什卡利参加的美联储线上会议。 市场会重点关注美联储内部对疫情、通胀和就业、货币政策等方面的最新看法。刚刚公布的美国8月非农就业报告不及预期，不少机构认为接下来两份非农报告将成为美联储能否在11月宣布相关决定的关键。交易炒作的焦点将暂时回到通胀，和价格上涨压力将持续多久上面。 第一个发言的，是美联储的3号人物，纽约联储主席威廉姆斯，他是一个鸽派人物，他认为美国经济尚不具备转变货币政策理由。非农数据疲弱恰好支撑他的观点。 而旧金山联储主席戴利近期的表态一直较为闪烁，她在近期表态“美国经济已经站稳了脚跟，是时候严肃考虑降低经济刺激政策了”。 最需要关注的是达拉斯联储主席卡普兰，他也是最早呼吁美联储缩减QE的人，他一直是强硬的鹰派人物，上周他的发言明显偏向鹰派，他表示自己希望看到在9月份的会议上宣布缩减QE，并在10月份或接近10月份的时候启动缩减进程，这周他的发言如果仍然偏鹰，则会对目前上涨的美股股指和黄金白银形成利空压制。 此外，我们还要关注三大央行的利率决议结果 打头阵的是周二登场的澳洲联储，今年8月澳联储曾宣布从8月开始缩减购债规模，但随着本土疫情反扑，市场预期澳洲联储会在9月决议中暂停行动并推至11月会议。 欧洲央行利率决议在周四公布，欧元区CPI 8月同比增长3%，已经创下了2012年以来新高，这个欧央行带来很大的缩债压力，所以，即便欧洲央行本周启动Taper也难言意外。","listText":"本周消息面的波动并不大，需要我们盯紧的市场变数在于两个方面：一个是美联储官员的发言，另一个则是三大央行的利率决议结果。 首先，本周多位美联储官员将亮相发声。 周四 01:00 纽约联储主席威廉姆斯发表讲话 23:05 旧金山联储主席戴利发表讲话 周五 21:00 克利夫兰联储主席梅斯特发表讲话。 此外，周五还会有波士顿联储主席罗森格伦、达拉斯联储主席卡普兰、明尼阿波利斯联储主席卡什卡利参加的美联储线上会议。 市场会重点关注美联储内部对疫情、通胀和就业、货币政策等方面的最新看法。刚刚公布的美国8月非农就业报告不及预期，不少机构认为接下来两份非农报告将成为美联储能否在11月宣布相关决定的关键。交易炒作的焦点将暂时回到通胀，和价格上涨压力将持续多久上面。 第一个发言的，是美联储的3号人物，纽约联储主席威廉姆斯，他是一个鸽派人物，他认为美国经济尚不具备转变货币政策理由。非农数据疲弱恰好支撑他的观点。 而旧金山联储主席戴利近期的表态一直较为闪烁，她在近期表态“美国经济已经站稳了脚跟，是时候严肃考虑降低经济刺激政策了”。 最需要关注的是达拉斯联储主席卡普兰，他也是最早呼吁美联储缩减QE的人，他一直是强硬的鹰派人物，上周他的发言明显偏向鹰派，他表示自己希望看到在9月份的会议上宣布缩减QE，并在10月份或接近10月份的时候启动缩减进程，这周他的发言如果仍然偏鹰，则会对目前上涨的美股股指和黄金白银形成利空压制。 此外，我们还要关注三大央行的利率决议结果 打头阵的是周二登场的澳洲联储，今年8月澳联储曾宣布从8月开始缩减购债规模，但随着本土疫情反扑，市场预期澳洲联储会在9月决议中暂停行动并推至11月会议。 欧洲央行利率决议在周四公布，欧元区CPI 8月同比增长3%，已经创下了2012年以来新高，这个欧央行带来很大的缩债压力，所以，即便欧洲央行本周启动Taper也难言意外。","text":"本周消息面的波动并不大，需要我们盯紧的市场变数在于两个方面：一个是美联储官员的发言，另一个则是三大央行的利率决议结果。 首先，本周多位美联储官员将亮相发声。 周四 01:00 纽约联储主席威廉姆斯发表讲话 23:05 旧金山联储主席戴利发表讲话 周五 21:00 克利夫兰联储主席梅斯特发表讲话。 此外，周五还会有波士顿联储主席罗森格伦、达拉斯联储主席卡普兰、明尼阿波利斯联储主席卡什卡利参加的美联储线上会议。 市场会重点关注美联储内部对疫情、通胀和就业、货币政策等方面的最新看法。刚刚公布的美国8月非农就业报告不及预期，不少机构认为接下来两份非农报告将成为美联储能否在11月宣布相关决定的关键。交易炒作的焦点将暂时回到通胀，和价格上涨压力将持续多久上面。 第一个发言的，是美联储的3号人物，纽约联储主席威廉姆斯，他是一个鸽派人物，他认为美国经济尚不具备转变货币政策理由。非农数据疲弱恰好支撑他的观点。 而旧金山联储主席戴利近期的表态一直较为闪烁，她在近期表态“美国经济已经站稳了脚跟，是时候严肃考虑降低经济刺激政策了”。 最需要关注的是达拉斯联储主席卡普兰，他也是最早呼吁美联储缩减QE的人，他一直是强硬的鹰派人物，上周他的发言明显偏向鹰派，他表示自己希望看到在9月份的会议上宣布缩减QE，并在10月份或接近10月份的时候启动缩减进程，这周他的发言如果仍然偏鹰，则会对目前上涨的美股股指和黄金白银形成利空压制。 此外，我们还要关注三大央行的利率决议结果 打头阵的是周二登场的澳洲联储，今年8月澳联储曾宣布从8月开始缩减购债规模，但随着本土疫情反扑，市场预期澳洲联储会在9月决议中暂停行动并推至11月会议。 欧洲央行利率决议在周四公布，欧元区CPI 8月同比增长3%，已经创下了2012年以来新高，这个欧央行带来很大的缩债压力，所以，即便欧洲央行本周启动Taper也难言意外。","images":[{"img":"https://static.tigerbbs.com/809b3a7c6a219976cc97206127fd61aa","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817126062","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}