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2021-02-05

Have been wondering what will be the next upcoming GME.. haha

The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>

2021-02-24

Hope this is real

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2021-02-08

Hope today market will be good..

2021-02-06

As usual..

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2021-02-22

Finally

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2021-06-16

Like and share

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2021-02-05

This is interesting

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2021-06-23

Comment

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2021-06-16

Comment

Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>

2021-03-17

What to do what to do...

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Text":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808340026","repostId":"1141389413","repostType":4,"repost":{"id":"1141389413","kind":"news","pubTimestamp":1627558905,"share":"https://www.laohu8.com/m/news/1141389413?lang=zh_CN&edition=full","pubTime":"2021-07-29 19:41","market":"us","language":"en","title":"Will Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141389413","media":"seekingalpha","summary":"Summary\n\nAmazon is growing fast and generating solid free cash flows, but those are not used for div","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is growing fast and generating solid free cash flows, but those are not used for dividend payments for now.</li>  <li>Dividend payments would likely not impact total returns by a lot, and AMZN can use its cash flows for growth investments, which seems like the better idea for now.</li>  <li>Amazon will eventually mature at some point, and it seems possible that it will follow Apple's strategy of returning cash to its owners at that point.</li>  <li>Amazon is a great growth story, but its stock is also expensive. In the long run, returns should be solid, but will not be extremely high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92fdb38b961293c938988e9eaeb7df1d\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>marekuliasz/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊正在快速增长并产生稳定的自由现金流，但这些现金流目前尚未用于支付股息。</li><li>股息支付可能不会对总回报产生太大影响，而且亚马逊可以将其现金流用于增长型投资，这似乎是目前更好的主意。</li><li>亚马逊最终会在某个时候成熟，亚马逊似乎有可能在那个时候遵循苹果向所有者返还现金的策略。</li><li>亚马逊是一个伟大的增长故事，但它的股票也很昂贵。从长远来看，回报应该是稳健的，但不会极高。</li></ul><p class=\"t-img-caption\"><span>marekuliasz/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Amazon.com, Inc. (AMZN) has been a great investment in the past, and thanks to strong growth rates and a long growth runway, it could be a solid investment in the future, too - despite a rather high valuation. Since some income investors do wonder whether Amazon will ever pay dividends, we will try to evaluate that question in this report, and show a way for AMZN shareholders to generate income from their investment right now.</p><p><blockquote>亚马逊公司（AMZN）在过去一直是一项伟大的投资，由于强劲的增长率和漫长的增长跑道，它在未来也可能是一项可靠的投资——尽管估值相当高。由于一些收益投资者确实想知道亚马逊是否会支付股息，我们将尝试在本报告中评估这个问题，并为亚马逊股东展示一种立即从投资中产生收入的方法。</blockquote></p><p> <b>Does Amazon Currently Pay Dividends?</b></p><p><blockquote><b>亚马逊目前支付股息吗？</b></blockquote></p><p> The answer to this question, which is surprisingly brought up often, is a clear no. Amazon does not pay any dividends, has never paid any dividends, and there is no statement by executives that indicates that Amazon is about to pay dividends any time soon. AMZN, in its current state, is a pure capital appreciation play.</p><p><blockquote>令人惊讶的是，这个经常被提出的问题的答案显然是否定的。亚马逊不支付任何股息，从未支付过任何股息，高管也没有任何声明表明亚马逊即将在短期内支付股息。就目前的状态而言，亚马逊是一种纯粹的资本增值业务。</blockquote></p><p> <b>Should Amazon Pay Dividends?</b></p><p><blockquote><b>亚马逊应该支付股息吗？</b></blockquote></p><p> The answer to this question is not as easy, as this depends on your viewpoint. Some shareholders that own AMZN stock but that generally prefer to invest in income-producing equities would surely like to see dividend declarations by Amazon. On the other hand, growth investors will point to the fact that the dividend yield would be rather low anyway, and that Amazon could put its cash flows to use in other ways, e.g. by spending on growth capital expenditures, or by acquiring other companies. One can certainly make a case for growth companies such as Amazon to invest in their business in order to drive future growth, instead of paying dividends.</p><p><blockquote>这个问题的答案并不那么容易，因为这取决于你的观点。一些持有亚马逊股票但通常更喜欢投资创收股票的股东肯定希望看到亚马逊宣布股息。另一方面，成长型投资者会指出这样一个事实，即股息收益率无论如何都会相当低，亚马逊可以将其现金流用于其他方面，例如。通过增长资本支出或收购其他公司。人们当然可以为亚马逊等成长型公司投资其业务以推动未来增长而不是支付股息提供理由。</blockquote></p><p> I personally like to invest in income-producing stocks, but not solely, so I own a couple of capital appreciation plays as well, including Amazon. I do not think that dividend payments from Amazon would be a huge plus, as I think that Amazon is not the type of company that benefits a lot from paying out dividends. I also believe that dividends should only be paid out when a company has significant surplus cash flows, as paying dividends that are financed via debt is not creating value for shareholders. Looking at AMZN's cash flows, we see the following:</p><p><blockquote>我个人喜欢投资创收股票，但不仅仅如此，所以我也拥有一些资本增值股票，包括亚马逊。我不认为亚马逊支付股息会是一个巨大的优势，因为我认为亚马逊不是那种从支付股息中受益匪浅的公司。我还认为，只有当公司有大量剩余现金流时才应该支付股息，因为支付通过债务融资的股息不会为股东创造价值。看看亚马逊的现金流，我们看到以下情况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bb9d03526543be149e8628c2939208d\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The company currently trades at an 83x free cash flow multiple, which pencils out to a 1.2% free cash flow yield. Paying out all cash flows in the form of dividends would not be advisable anyway, so if AMZN were to pay out 50% of its free cash flow, its dividend yield would be just 0.6%. This is, by far, not high enough to attract a large number of income investors to the stock, and it does not meaningfully impact total returns, either.</p><p><blockquote>该公司目前的自由现金流市盈率为83倍，自由现金流收益率为1.2%。无论如何，以股息的形式支付所有现金流都是不可取的，因此如果AMZN支付其自由现金流的50%，其股息收益率将仅为0.6%。到目前为止，这一数字还不足以吸引大量收益投资者购买该股票，也不会对总回报产生有意义的影响。</blockquote></p><p> The yield would be significantly below what income investors get from the broad market (SPY), at 1.3%, or income-investor-friendly sectors such as real estate (VNQ) or utilities (XLU), at 3%, respectively. There would thus, I think, not be a clear benefit if Amazon started to make dividend payments. On the other hand, even a dividend that results in a paltry yield of just 0.6% would eat up more than $10 billion a year in cash, which would then not be available for investments.</p><p><blockquote>收益率将明显低于投资者从大盘（SPDR标普500指数ETF）获得的1.3%或房地产（VNQ）或公用事业（XLU）等收入投资者友好行业获得的3%。因此，我认为，如果亚马逊开始支付股息，不会有明显的好处。另一方面，即使股息收益率仅为0.6%，每年也会消耗超过100亿美元的现金，而这些现金将无法用于投资。</blockquote></p><p> Amazon's core business is not of a high-margin nature, but the company has managed to expand its size by investing in additional high-value businesses, such as cloud computing. These investments would not be possible, or only at a smaller scale if Amazon would pay out billions a year in dividends. As long as Amazon's management team can identify ways to invest its cash profitably, that is likely the better choice for shareholder value creation.</p><p><blockquote>亚马逊的核心业务并不具有高利润的性质，但该公司通过投资额外的高价值业务（例如云计算）成功扩大了规模。如果亚马逊每年支付数十亿美元的股息，这些投资将是不可能的，或者只会规模较小。只要亚马逊的管理团队能够找到投资现金获利的方法，这可能是创造股东价值的更好选择。</blockquote></p><p> This does not mean that things can't change over time, as Amazon will mature at some point, as so many other companies did. Apple (AAPL), for example, eventually started to make dividend payments when its cash flows grew so large that there was no way to reinvest them all profitably. The same could easily happen to AMZN at some point as well, but for now, this does not seem to be the case.</p><p><blockquote>这并不意味着事情不会随着时间的推移而改变，因为亚马逊会在某个时候成熟，就像许多其他公司一样。例如，苹果（AAPL）最终开始支付股息，当时其现金流增长如此之大，以至于无法将其全部再投资并获利。同样的事情也很容易在某个时候发生在亚马逊身上，但目前情况似乎并非如此。</blockquote></p><p></p><p> Amazon has been investing money into a wide range of acquisitions over the years, such as Metro-Goldwyn-Mayer (OTC:MGMB), which will be bought out for&nbsp;$8.5 billion&nbsp;in a deal that was announced two months ago. This move will boost AMZN's original content offerings and content creation abilities for its Prime Video segment, which should, in turn, help attract more users and which will make AMZN more competitive versus Disney (DIS) and Netflix (NFLX).</p><p><blockquote>多年来，亚马逊一直在投资大量收购，例如米高梅（OTC：MGMB），该公司将在两个月前宣布的交易中以85亿美元的价格被收购。此举将增强亚马逊Prime Video细分市场的原创内容产品和内容创作能力，这反过来将有助于吸引更多用户，并使亚马逊与迪士尼(DIS)和Netflix(NFLX)相比更具竞争力。</blockquote></p><p> Making these types of strategic acquisitions that have the goal of positioning the company for market share gains and future growth is likely more useful in the long run, compared to taking these billions and returning them to shareholders for a paltry yield of well below 1%. Last year's acquisition of autonomous vehicle tech company Zoox is another example of a takeover that fits well into Amazon's overall strategy.</p><p><blockquote>从长远来看，与以远低于1%的微不足道的收益率将这些数十亿美元返还给股东相比，进行此类战略收购的目标是使公司获得市场份额和未来增长，可能更有用。去年收购自动驾驶汽车科技公司Zoox是另一个非常符合亚马逊整体战略的收购例子。</blockquote></p><p> Amazon naturally would benefit a lot if it were able to roll out autonomous delivery vehicles at some point, as this could improve its cost profile and allow for even faster delivery times. Spending money to bolster AMZN's capabilities in this area makes sense, and it allows AMZN to&nbsp;possibly enter the robo-taxi market&nbsp;on top of that. Taking the $1.2 billion that AMZN paid for Zoox and paying them out to shareholders would have equated to an abysmally small yield of 0.07% -- in other words, shareholders would basically not have gotten anything out of that.</p><p><blockquote>如果亚马逊能够在某个时候推出自动送货车辆，它自然会受益匪浅，因为这可以改善其成本状况，并允许更快的送货时间。花钱增强亚马逊在这一领域的能力是有意义的，而且它使亚马逊有可能在此基础上进入机器人出租车市场。将AMZN为Zoox支付的12亿美元支付给股东，相当于0.07%的极小收益率——换句话说，股东基本上不会从中获得任何东西。</blockquote></p><p> It should be noted that there is one possible benefit from introducing dividend payments. If AMZN started to make dividend payments today, even at a very low rate, it could start to build up a dividend growth track record, which could, at some point in the future, when growth has slowed down and payouts are growing, come in handy. Some investors are attracted to stocks that have raised their dividend by 10, 20, 25, or more years in a row, thus starting to build that track record today could have potential future benefits, although not in the near term.</p><p><blockquote>应该指出的是，引入股息支付可能有一个好处。如果亚马逊今天开始支付股息，即使利率非常低，它也可能开始建立股息增长记录，这可能会在未来某个时候，当增长放缓而派息增长时，就会出现。方便。一些投资者被连续10年、20年、25年或更长时间提高股息的股票所吸引，因此今天开始建立这一记录可能会带来潜在的未来好处，尽管不是在短期内。</blockquote></p><p> Overall, I think Amazon.com, Inc. shouldn't make dividend payments today, as growth should remain the priority for a company like AMZN. If Amazon planned to eventually become a regular dividend payer, it might make sense to introduce a very small dividend in order to build up a dividend growth track record.</p><p><blockquote>总体而言，我认为亚马逊公司今天不应该支付股息，因为增长仍然应该是像亚马逊这样的公司的首要任务。如果亚马逊计划最终成为定期股息支付者，那么引入非常小的股息以建立股息增长记录可能是有意义的。</blockquote></p><p> <b>Create Your Own Income Using Options</b></p><p><blockquote><b>使用期权创造自己的收入</b></blockquote></p><p> Amazon's stock can be volatile, and that allows users to create income using option strategies such as selling covered calls.</p><p><blockquote>亚马逊的股票可能会波动，这使得用户可以使用期权策略（例如出售担保评级）来创造收入。</blockquote></p><p> If, for example, an investor owns 100 shares of Amazon and was to sell one&nbsp;call option contract&nbsp;with a strike price of $4,500 and an expiry date in January 2022, the investor would receive $46 per share, or $4,600 in total. Relative to a current investment value of $363,000 that equates to a cash on cash return of 1.3%. The same process could be done again half a year from now, which would then allow for an annual yield of around 2.6%.</p><p><blockquote>例如，如果投资者拥有100股Amazon股票，并出售一份执行价为4,500美元、到期日为2022年1月的看涨期权期权合约，则投资者将获得每股46美元，即总计4,600美元。相对于当前363,000美元的投资价值，相当于1.3%的现金回报率。同样的过程可以在半年后再次进行，这样年产量将达到2.6%左右。</blockquote></p><p> Using this strategy, investors could thus create an income yield that is substantially higher than what one can get from the broad market today. The strategy has the downside of shares potentially getting called away, which limits the potential upside. If shares were to run above $4,500 by January, where they would then get called away, the upside would still be 24%, however.</p><p><blockquote>因此，使用这种策略，投资者可以创造出远高于当今大盘的收益率。该策略的缺点是股票可能会被回调，从而限制了潜在的上涨空间。然而，如果股价到1月份突破4,500美元，然后就会被回调，那么上涨空间仍将为24%。</blockquote></p><p> The strategy also only works well if you own at least 100 shares of AMZN, which requires a huge portfolio size due to AMZN's high price per share. Nevertheless, this strategy could be of use for some investors that like to own Amazon, but that do want or need some income from their investments.</p><p><blockquote>该策略也只有在您持有至少100股AMZN股票的情况下才能有效，由于AMZN的每股价格较高，这需要巨大的投资组合规模。尽管如此，这种策略对于一些喜欢拥有亚马逊但确实想要或需要从投资中获得一些收入的投资者来说可能很有用。</blockquote></p><p> <b>Is Amazon A Buy Or Sell Now?</b></p><p><blockquote><b>亚马逊现在是买入还是卖出？</b></blockquote></p><p> Amazon.com, Inc. is, I believe, a quality company with a huge moat and a great growth outlook. It is well-positioned to capitalize on megatrends such as cloud computing, online shopping, and online advertisement. On the other hand, shares are pretty expensive, changing hands for valuations that are significantly higher than those of most other stocks:</p><p><blockquote>我相信，亚马逊公司是一家优质公司，拥有巨大的护城河和巨大的增长前景。它处于有利地位，可以利用云计算、在线购物和在线广告等大趋势。另一方面，股票相当昂贵，易手的估值明显高于大多数其他股票：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdf764ff4b0eca336f5b0f39fc149329\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At 66x this year's expected net profits, and at 50x next year's profits, AMZN is far from a bargain. It also is noteworthy that valuations have expanded over the last couple of months, shares were trading at 20% lower multiples in March. A couple of weeks ago,I estimated&nbsp;that AMZN could deliver high single-digit returns in the long run, which is not unattractive. But shares will, I believe, not generate the returns we have seen over the last couple of years in the future. AMZN is a quality pick, and returns in the 7%-8% a year range from a quality company are nothing to sneeze at, but AMZN is currently a little too expensive to warrant a strong buy rating.</p><p><blockquote>按照今年预期净利润的66倍和明年利润的50倍计算，AMZN远非便宜货。还值得注意的是，过去几个月估值有所扩大，3月份股价市盈率下降了20%。几周前，我估计亚马逊从长远来看可以带来高个位数的回报，这并非没有吸引力。但我相信，股票未来不会产生我们过去几年看到的回报。AMZN是一个优质选择，优质公司每年7%-8%的回报率不容小觑，但AMZN目前有点太贵，无法获得强烈买入评级。</blockquote></p><p></p><p> Amazon is closer to being a buy than a sell, however, I think, and in case valuations come back by a bit, it could be quite attractive - e.g. at the $3,000 it traded at in March. Whether Amazon is a good choice for your portfolio depends on your investment goals, time horizon, and risk tolerance, of course, but I believe that AMZN's shares are a solid hold, and a potential buy, for those that want to participate in one of the best growth stories one can invest in today.</p><p><blockquote>然而，我认为亚马逊更接近买入而不是卖出，如果估值回升一点，它可能会非常有吸引力——例如。3月份的交易价格为3,000美元。当然，亚马逊是否是您投资组合的好选择取决于您的投资目标、时间范围和风险承受能力，但我相信，对于那些想要参与其中之一的人来说，亚马逊的股票是可靠的持有和潜在的买入。当今可以投资的最佳增长故事。</blockquote></p><p> It is, due to AMZN's high valuation, very much possible that shares will decline in the near or medium term, however. We have seen this from time to time in the past, thus it may be prudent to wait for an eventual pullback before entering or expanding a position if you want to maximize the chance for a more favorable entry price.</p><p><blockquote>然而，由于亚马逊的高估值，其股价很可能在近期或中期下跌。我们在过去不时看到这种情况，因此，如果您想最大限度地获得更有利的入场价格的机会，在入场或扩大头寸之前等待最终回调可能是谨慎的做法。</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>Will Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill Amazon Stock Ever Pay Dividends? What To Consider<blockquote>亚马逊股票会支付股息吗？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-29 19:41</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>Amazon is growing fast and generating solid free cash flows, but those are not used for dividend payments for now.</li>  <li>Dividend payments would likely not impact total returns by a lot, and AMZN can use its cash flows for growth investments, which seems like the better idea for now.</li>  <li>Amazon will eventually mature at some point, and it seems possible that it will follow Apple's strategy of returning cash to its owners at that point.</li>  <li>Amazon is a great growth story, but its stock is also expensive. In the long run, returns should be solid, but will not be extremely high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92fdb38b961293c938988e9eaeb7df1d\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>marekuliasz/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊正在快速增长并产生稳定的自由现金流，但这些现金流目前尚未用于支付股息。</li><li>股息支付可能不会对总回报产生太大影响，而且亚马逊可以将其现金流用于增长型投资，这似乎是目前更好的主意。</li><li>亚马逊最终会在某个时候成熟，亚马逊似乎有可能在那个时候遵循苹果向所有者返还现金的策略。</li><li>亚马逊是一个伟大的增长故事，但它的股票也很昂贵。从长远来看，回报应该是稳健的，但不会极高。</li></ul><p class=\"t-img-caption\"><span>marekuliasz/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Amazon.com, Inc. (AMZN) has been a great investment in the past, and thanks to strong growth rates and a long growth runway, it could be a solid investment in the future, too - despite a rather high valuation. Since some income investors do wonder whether Amazon will ever pay dividends, we will try to evaluate that question in this report, and show a way for AMZN shareholders to generate income from their investment right now.</p><p><blockquote>亚马逊公司（AMZN）在过去一直是一项伟大的投资，由于强劲的增长率和漫长的增长跑道，它在未来也可能是一项可靠的投资——尽管估值相当高。由于一些收益投资者确实想知道亚马逊是否会支付股息，我们将尝试在本报告中评估这个问题，并为亚马逊股东展示一种立即从投资中产生收入的方法。</blockquote></p><p> <b>Does Amazon Currently Pay Dividends?</b></p><p><blockquote><b>亚马逊目前支付股息吗？</b></blockquote></p><p> The answer to this question, which is surprisingly brought up often, is a clear no. Amazon does not pay any dividends, has never paid any dividends, and there is no statement by executives that indicates that Amazon is about to pay dividends any time soon. AMZN, in its current state, is a pure capital appreciation play.</p><p><blockquote>令人惊讶的是，这个经常被提出的问题的答案显然是否定的。亚马逊不支付任何股息，从未支付过任何股息，高管也没有任何声明表明亚马逊即将在短期内支付股息。就目前的状态而言，亚马逊是一种纯粹的资本增值业务。</blockquote></p><p> <b>Should Amazon Pay Dividends?</b></p><p><blockquote><b>亚马逊应该支付股息吗？</b></blockquote></p><p> The answer to this question is not as easy, as this depends on your viewpoint. Some shareholders that own AMZN stock but that generally prefer to invest in income-producing equities would surely like to see dividend declarations by Amazon. On the other hand, growth investors will point to the fact that the dividend yield would be rather low anyway, and that Amazon could put its cash flows to use in other ways, e.g. by spending on growth capital expenditures, or by acquiring other companies. One can certainly make a case for growth companies such as Amazon to invest in their business in order to drive future growth, instead of paying dividends.</p><p><blockquote>这个问题的答案并不那么容易，因为这取决于你的观点。一些持有亚马逊股票但通常更喜欢投资创收股票的股东肯定希望看到亚马逊宣布股息。另一方面，成长型投资者会指出这样一个事实，即股息收益率无论如何都会相当低，亚马逊可以将其现金流用于其他方面，例如。通过增长资本支出或收购其他公司。人们当然可以为亚马逊等成长型公司投资其业务以推动未来增长而不是支付股息提供理由。</blockquote></p><p> I personally like to invest in income-producing stocks, but not solely, so I own a couple of capital appreciation plays as well, including Amazon. I do not think that dividend payments from Amazon would be a huge plus, as I think that Amazon is not the type of company that benefits a lot from paying out dividends. I also believe that dividends should only be paid out when a company has significant surplus cash flows, as paying dividends that are financed via debt is not creating value for shareholders. Looking at AMZN's cash flows, we see the following:</p><p><blockquote>我个人喜欢投资创收股票，但不仅仅如此，所以我也拥有一些资本增值股票，包括亚马逊。我不认为亚马逊支付股息会是一个巨大的优势，因为我认为亚马逊不是那种从支付股息中受益匪浅的公司。我还认为，只有当公司有大量剩余现金流时才应该支付股息，因为支付通过债务融资的股息不会为股东创造价值。看看亚马逊的现金流，我们看到以下情况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bb9d03526543be149e8628c2939208d\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The company currently trades at an 83x free cash flow multiple, which pencils out to a 1.2% free cash flow yield. Paying out all cash flows in the form of dividends would not be advisable anyway, so if AMZN were to pay out 50% of its free cash flow, its dividend yield would be just 0.6%. This is, by far, not high enough to attract a large number of income investors to the stock, and it does not meaningfully impact total returns, either.</p><p><blockquote>该公司目前的自由现金流市盈率为83倍，自由现金流收益率为1.2%。无论如何，以股息的形式支付所有现金流都是不可取的，因此如果AMZN支付其自由现金流的50%，其股息收益率将仅为0.6%。到目前为止，这一数字还不足以吸引大量收益投资者购买该股票，也不会对总回报产生有意义的影响。</blockquote></p><p> The yield would be significantly below what income investors get from the broad market (SPY), at 1.3%, or income-investor-friendly sectors such as real estate (VNQ) or utilities (XLU), at 3%, respectively. There would thus, I think, not be a clear benefit if Amazon started to make dividend payments. On the other hand, even a dividend that results in a paltry yield of just 0.6% would eat up more than $10 billion a year in cash, which would then not be available for investments.</p><p><blockquote>收益率将明显低于投资者从大盘（SPDR标普500指数ETF）获得的1.3%或房地产（VNQ）或公用事业（XLU）等收入投资者友好行业获得的3%。因此，我认为，如果亚马逊开始支付股息，不会有明显的好处。另一方面，即使股息收益率仅为0.6%，每年也会消耗超过100亿美元的现金，而这些现金将无法用于投资。</blockquote></p><p> Amazon's core business is not of a high-margin nature, but the company has managed to expand its size by investing in additional high-value businesses, such as cloud computing. These investments would not be possible, or only at a smaller scale if Amazon would pay out billions a year in dividends. As long as Amazon's management team can identify ways to invest its cash profitably, that is likely the better choice for shareholder value creation.</p><p><blockquote>亚马逊的核心业务并不具有高利润的性质，但该公司通过投资额外的高价值业务（例如云计算）成功扩大了规模。如果亚马逊每年支付数十亿美元的股息，这些投资将是不可能的，或者只会规模较小。只要亚马逊的管理团队能够找到投资现金获利的方法，这可能是创造股东价值的更好选择。</blockquote></p><p> This does not mean that things can't change over time, as Amazon will mature at some point, as so many other companies did. Apple (AAPL), for example, eventually started to make dividend payments when its cash flows grew so large that there was no way to reinvest them all profitably. The same could easily happen to AMZN at some point as well, but for now, this does not seem to be the case.</p><p><blockquote>这并不意味着事情不会随着时间的推移而改变，因为亚马逊会在某个时候成熟，就像许多其他公司一样。例如，苹果（AAPL）最终开始支付股息，当时其现金流增长如此之大，以至于无法将其全部再投资并获利。同样的事情也很容易在某个时候发生在亚马逊身上，但目前情况似乎并非如此。</blockquote></p><p></p><p> Amazon has been investing money into a wide range of acquisitions over the years, such as Metro-Goldwyn-Mayer (OTC:MGMB), which will be bought out for&nbsp;$8.5 billion&nbsp;in a deal that was announced two months ago. This move will boost AMZN's original content offerings and content creation abilities for its Prime Video segment, which should, in turn, help attract more users and which will make AMZN more competitive versus Disney (DIS) and Netflix (NFLX).</p><p><blockquote>多年来，亚马逊一直在投资大量收购，例如米高梅（OTC：MGMB），该公司将在两个月前宣布的交易中以85亿美元的价格被收购。此举将增强亚马逊Prime Video细分市场的原创内容产品和内容创作能力，这反过来将有助于吸引更多用户，并使亚马逊与迪士尼(DIS)和Netflix(NFLX)相比更具竞争力。</blockquote></p><p> Making these types of strategic acquisitions that have the goal of positioning the company for market share gains and future growth is likely more useful in the long run, compared to taking these billions and returning them to shareholders for a paltry yield of well below 1%. Last year's acquisition of autonomous vehicle tech company Zoox is another example of a takeover that fits well into Amazon's overall strategy.</p><p><blockquote>从长远来看，与以远低于1%的微不足道的收益率将这些数十亿美元返还给股东相比，进行此类战略收购的目标是使公司获得市场份额和未来增长，可能更有用。去年收购自动驾驶汽车科技公司Zoox是另一个非常符合亚马逊整体战略的收购例子。</blockquote></p><p> Amazon naturally would benefit a lot if it were able to roll out autonomous delivery vehicles at some point, as this could improve its cost profile and allow for even faster delivery times. Spending money to bolster AMZN's capabilities in this area makes sense, and it allows AMZN to&nbsp;possibly enter the robo-taxi market&nbsp;on top of that. Taking the $1.2 billion that AMZN paid for Zoox and paying them out to shareholders would have equated to an abysmally small yield of 0.07% -- in other words, shareholders would basically not have gotten anything out of that.</p><p><blockquote>如果亚马逊能够在某个时候推出自动送货车辆，它自然会受益匪浅，因为这可以改善其成本状况，并允许更快的送货时间。花钱增强亚马逊在这一领域的能力是有意义的，而且它使亚马逊有可能在此基础上进入机器人出租车市场。将AMZN为Zoox支付的12亿美元支付给股东，相当于0.07%的极小收益率——换句话说，股东基本上不会从中获得任何东西。</blockquote></p><p> It should be noted that there is one possible benefit from introducing dividend payments. If AMZN started to make dividend payments today, even at a very low rate, it could start to build up a dividend growth track record, which could, at some point in the future, when growth has slowed down and payouts are growing, come in handy. Some investors are attracted to stocks that have raised their dividend by 10, 20, 25, or more years in a row, thus starting to build that track record today could have potential future benefits, although not in the near term.</p><p><blockquote>应该指出的是，引入股息支付可能有一个好处。如果亚马逊今天开始支付股息，即使利率非常低，它也可能开始建立股息增长记录，这可能会在未来某个时候，当增长放缓而派息增长时，就会出现。方便。一些投资者被连续10年、20年、25年或更长时间提高股息的股票所吸引，因此今天开始建立这一记录可能会带来潜在的未来好处，尽管不是在短期内。</blockquote></p><p> Overall, I think Amazon.com, Inc. shouldn't make dividend payments today, as growth should remain the priority for a company like AMZN. If Amazon planned to eventually become a regular dividend payer, it might make sense to introduce a very small dividend in order to build up a dividend growth track record.</p><p><blockquote>总体而言，我认为亚马逊公司今天不应该支付股息，因为增长仍然应该是像亚马逊这样的公司的首要任务。如果亚马逊计划最终成为定期股息支付者，那么引入非常小的股息以建立股息增长记录可能是有意义的。</blockquote></p><p> <b>Create Your Own Income Using Options</b></p><p><blockquote><b>使用期权创造自己的收入</b></blockquote></p><p> Amazon's stock can be volatile, and that allows users to create income using option strategies such as selling covered calls.</p><p><blockquote>亚马逊的股票可能会波动，这使得用户可以使用期权策略（例如出售担保评级）来创造收入。</blockquote></p><p> If, for example, an investor owns 100 shares of Amazon and was to sell one&nbsp;call option contract&nbsp;with a strike price of $4,500 and an expiry date in January 2022, the investor would receive $46 per share, or $4,600 in total. Relative to a current investment value of $363,000 that equates to a cash on cash return of 1.3%. The same process could be done again half a year from now, which would then allow for an annual yield of around 2.6%.</p><p><blockquote>例如，如果投资者拥有100股Amazon股票，并出售一份执行价为4,500美元、到期日为2022年1月的看涨期权期权合约，则投资者将获得每股46美元，即总计4,600美元。相对于当前363,000美元的投资价值，相当于1.3%的现金回报率。同样的过程可以在半年后再次进行，这样年产量将达到2.6%左右。</blockquote></p><p> Using this strategy, investors could thus create an income yield that is substantially higher than what one can get from the broad market today. The strategy has the downside of shares potentially getting called away, which limits the potential upside. If shares were to run above $4,500 by January, where they would then get called away, the upside would still be 24%, however.</p><p><blockquote>因此，使用这种策略，投资者可以创造出远高于当今大盘的收益率。该策略的缺点是股票可能会被回调，从而限制了潜在的上涨空间。然而，如果股价到1月份突破4,500美元，然后就会被回调，那么上涨空间仍将为24%。</blockquote></p><p> The strategy also only works well if you own at least 100 shares of AMZN, which requires a huge portfolio size due to AMZN's high price per share. Nevertheless, this strategy could be of use for some investors that like to own Amazon, but that do want or need some income from their investments.</p><p><blockquote>该策略也只有在您持有至少100股AMZN股票的情况下才能有效，由于AMZN的每股价格较高，这需要巨大的投资组合规模。尽管如此，这种策略对于一些喜欢拥有亚马逊但确实想要或需要从投资中获得一些收入的投资者来说可能很有用。</blockquote></p><p> <b>Is Amazon A Buy Or Sell Now?</b></p><p><blockquote><b>亚马逊现在是买入还是卖出？</b></blockquote></p><p> Amazon.com, Inc. is, I believe, a quality company with a huge moat and a great growth outlook. It is well-positioned to capitalize on megatrends such as cloud computing, online shopping, and online advertisement. On the other hand, shares are pretty expensive, changing hands for valuations that are significantly higher than those of most other stocks:</p><p><blockquote>我相信，亚马逊公司是一家优质公司，拥有巨大的护城河和巨大的增长前景。它处于有利地位，可以利用云计算、在线购物和在线广告等大趋势。另一方面，股票相当昂贵，易手的估值明显高于大多数其他股票：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdf764ff4b0eca336f5b0f39fc149329\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At 66x this year's expected net profits, and at 50x next year's profits, AMZN is far from a bargain. It also is noteworthy that valuations have expanded over the last couple of months, shares were trading at 20% lower multiples in March. A couple of weeks ago,I estimated&nbsp;that AMZN could deliver high single-digit returns in the long run, which is not unattractive. But shares will, I believe, not generate the returns we have seen over the last couple of years in the future. AMZN is a quality pick, and returns in the 7%-8% a year range from a quality company are nothing to sneeze at, but AMZN is currently a little too expensive to warrant a strong buy rating.</p><p><blockquote>按照今年预期净利润的66倍和明年利润的50倍计算，AMZN远非便宜货。还值得注意的是，过去几个月估值有所扩大，3月份股价市盈率下降了20%。几周前，我估计亚马逊从长远来看可以带来高个位数的回报，这并非没有吸引力。但我相信，股票未来不会产生我们过去几年看到的回报。AMZN是一个优质选择，优质公司每年7%-8%的回报率不容小觑，但AMZN目前有点太贵，无法获得强烈买入评级。</blockquote></p><p></p><p> Amazon is closer to being a buy than a sell, however, I think, and in case valuations come back by a bit, it could be quite attractive - e.g. at the $3,000 it traded at in March. Whether Amazon is a good choice for your portfolio depends on your investment goals, time horizon, and risk tolerance, of course, but I believe that AMZN's shares are a solid hold, and a potential buy, for those that want to participate in one of the best growth stories one can invest in today.</p><p><blockquote>然而，我认为亚马逊更接近买入而不是卖出，如果估值回升一点，它可能会非常有吸引力——例如。3月份的交易价格为3,000美元。当然，亚马逊是否是您投资组合的好选择取决于您的投资目标、时间范围和风险承受能力，但我相信，对于那些想要参与其中之一的人来说，亚马逊的股票是可靠的持有和潜在的买入。当今可以投资的最佳增长故事。</blockquote></p><p> It is, due to AMZN's high valuation, very much possible that shares will decline in the near or medium term, however. We have seen this from time to time in the past, thus it may be prudent to wait for an eventual pullback before entering or expanding a position if you want to maximize the chance for a more favorable entry price.</p><p><blockquote>然而，由于亚马逊的高估值，其股价很可能在近期或中期下跌。我们在过去不时看到这种情况，因此，如果您想最大限度地获得更有利的入场价格的机会，在入场或扩大头寸之前等待最终回调可能是谨慎的做法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4442367-will-amazon-stock-ever-pay-dividends\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4442367-will-amazon-stock-ever-pay-dividends","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141389413","content_text":"Summary\n\nAmazon is growing fast and generating solid free cash flows, but those are not used for dividend payments for now.\nDividend payments would likely not impact total returns by a lot, and AMZN can use its cash flows for growth investments, which seems like the better idea for now.\nAmazon will eventually mature at some point, and it seems possible that it will follow Apple's strategy of returning cash to its owners at that point.\nAmazon is a great growth story, but its stock is also expensive. In the long run, returns should be solid, but will not be extremely high.\n\nmarekuliasz/iStock Editorial via Getty Images\nArticle Thesis\nAmazon.com, Inc. (AMZN) has been a great investment in the past, and thanks to strong growth rates and a long growth runway, it could be a solid investment in the future, too - despite a rather high valuation. Since some income investors do wonder whether Amazon will ever pay dividends, we will try to evaluate that question in this report, and show a way for AMZN shareholders to generate income from their investment right now.\nDoes Amazon Currently Pay Dividends?\nThe answer to this question, which is surprisingly brought up often, is a clear no. Amazon does not pay any dividends, has never paid any dividends, and there is no statement by executives that indicates that Amazon is about to pay dividends any time soon. AMZN, in its current state, is a pure capital appreciation play.\nShould Amazon Pay Dividends?\nThe answer to this question is not as easy, as this depends on your viewpoint. Some shareholders that own AMZN stock but that generally prefer to invest in income-producing equities would surely like to see dividend declarations by Amazon. On the other hand, growth investors will point to the fact that the dividend yield would be rather low anyway, and that Amazon could put its cash flows to use in other ways, e.g. by spending on growth capital expenditures, or by acquiring other companies. One can certainly make a case for growth companies such as Amazon to invest in their business in order to drive future growth, instead of paying dividends.\nI personally like to invest in income-producing stocks, but not solely, so I own a couple of capital appreciation plays as well, including Amazon. I do not think that dividend payments from Amazon would be a huge plus, as I think that Amazon is not the type of company that benefits a lot from paying out dividends. I also believe that dividends should only be paid out when a company has significant surplus cash flows, as paying dividends that are financed via debt is not creating value for shareholders. Looking at AMZN's cash flows, we see the following:\nData by YCharts\nThe company currently trades at an 83x free cash flow multiple, which pencils out to a 1.2% free cash flow yield. Paying out all cash flows in the form of dividends would not be advisable anyway, so if AMZN were to pay out 50% of its free cash flow, its dividend yield would be just 0.6%. This is, by far, not high enough to attract a large number of income investors to the stock, and it does not meaningfully impact total returns, either.\nThe yield would be significantly below what income investors get from the broad market (SPY), at 1.3%, or income-investor-friendly sectors such as real estate (VNQ) or utilities (XLU), at 3%, respectively. There would thus, I think, not be a clear benefit if Amazon started to make dividend payments. On the other hand, even a dividend that results in a paltry yield of just 0.6% would eat up more than $10 billion a year in cash, which would then not be available for investments.\nAmazon's core business is not of a high-margin nature, but the company has managed to expand its size by investing in additional high-value businesses, such as cloud computing. These investments would not be possible, or only at a smaller scale if Amazon would pay out billions a year in dividends. As long as Amazon's management team can identify ways to invest its cash profitably, that is likely the better choice for shareholder value creation.\nThis does not mean that things can't change over time, as Amazon will mature at some point, as so many other companies did. Apple (AAPL), for example, eventually started to make dividend payments when its cash flows grew so large that there was no way to reinvest them all profitably. The same could easily happen to AMZN at some point as well, but for now, this does not seem to be the case.\nAmazon has been investing money into a wide range of acquisitions over the years, such as Metro-Goldwyn-Mayer (OTC:MGMB), which will be bought out for $8.5 billion in a deal that was announced two months ago. This move will boost AMZN's original content offerings and content creation abilities for its Prime Video segment, which should, in turn, help attract more users and which will make AMZN more competitive versus Disney (DIS) and Netflix (NFLX).\nMaking these types of strategic acquisitions that have the goal of positioning the company for market share gains and future growth is likely more useful in the long run, compared to taking these billions and returning them to shareholders for a paltry yield of well below 1%. Last year's acquisition of autonomous vehicle tech company Zoox is another example of a takeover that fits well into Amazon's overall strategy.\nAmazon naturally would benefit a lot if it were able to roll out autonomous delivery vehicles at some point, as this could improve its cost profile and allow for even faster delivery times. Spending money to bolster AMZN's capabilities in this area makes sense, and it allows AMZN to possibly enter the robo-taxi market on top of that. Taking the $1.2 billion that AMZN paid for Zoox and paying them out to shareholders would have equated to an abysmally small yield of 0.07% -- in other words, shareholders would basically not have gotten anything out of that.\nIt should be noted that there is one possible benefit from introducing dividend payments. If AMZN started to make dividend payments today, even at a very low rate, it could start to build up a dividend growth track record, which could, at some point in the future, when growth has slowed down and payouts are growing, come in handy. Some investors are attracted to stocks that have raised their dividend by 10, 20, 25, or more years in a row, thus starting to build that track record today could have potential future benefits, although not in the near term.\nOverall, I think Amazon.com, Inc. shouldn't make dividend payments today, as growth should remain the priority for a company like AMZN. If Amazon planned to eventually become a regular dividend payer, it might make sense to introduce a very small dividend in order to build up a dividend growth track record.\nCreate Your Own Income Using Options\nAmazon's stock can be volatile, and that allows users to create income using option strategies such as selling covered calls.\nIf, for example, an investor owns 100 shares of Amazon and was to sell one call option contract with a strike price of $4,500 and an expiry date in January 2022, the investor would receive $46 per share, or $4,600 in total. Relative to a current investment value of $363,000 that equates to a cash on cash return of 1.3%. The same process could be done again half a year from now, which would then allow for an annual yield of around 2.6%.\nUsing this strategy, investors could thus create an income yield that is substantially higher than what one can get from the broad market today. The strategy has the downside of shares potentially getting called away, which limits the potential upside. If shares were to run above $4,500 by January, where they would then get called away, the upside would still be 24%, however.\nThe strategy also only works well if you own at least 100 shares of AMZN, which requires a huge portfolio size due to AMZN's high price per share. Nevertheless, this strategy could be of use for some investors that like to own Amazon, but that do want or need some income from their investments.\nIs Amazon A Buy Or Sell Now?\nAmazon.com, Inc. is, I believe, a quality company with a huge moat and a great growth outlook. It is well-positioned to capitalize on megatrends such as cloud computing, online shopping, and online advertisement. On the other hand, shares are pretty expensive, changing hands for valuations that are significantly higher than those of most other stocks:\nData by YCharts\nAt 66x this year's expected net profits, and at 50x next year's profits, AMZN is far from a bargain. It also is noteworthy that valuations have expanded over the last couple of months, shares were trading at 20% lower multiples in March. A couple of weeks ago,I estimated that AMZN could deliver high single-digit returns in the long run, which is not unattractive. But shares will, I believe, not generate the returns we have seen over the last couple of years in the future. AMZN is a quality pick, and returns in the 7%-8% a year range from a quality company are nothing to sneeze at, but AMZN is currently a little too expensive to warrant a strong buy rating.\nAmazon is closer to being a buy than a sell, however, I think, and in case valuations come back by a bit, it could be quite attractive - e.g. at the $3,000 it traded at in March. Whether Amazon is a good choice for your portfolio depends on your investment goals, time horizon, and risk tolerance, of course, but I believe that AMZN's shares are a solid hold, and a potential buy, for those that want to participate in one of the best growth stories one can invest in today.\nIt is, due to AMZN's high valuation, very much possible that shares will decline in the near or medium term, however. We have seen this from time to time in the past, thus it may be prudent to wait for an eventual pullback before entering or expanding a position if you want to maximize the chance for a more favorable entry price.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123276509,"gmtCreate":1624427191901,"gmtModify":1634006253734,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123276509","repostId":"2145067279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163243553,"gmtCreate":1623887285272,"gmtModify":1634026517951,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Like and comment.. thanks","listText":"Like and comment.. thanks","text":"Like and comment.. thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163243553","isVote":1,"tweetType":1,"viewCount":2717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169675985,"gmtCreate":1623835540147,"gmtModify":1634027362811,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169675985","repostId":"1107989851","repostType":4,"repost":{"id":"1107989851","kind":"news","pubTimestamp":1623833866,"share":"https://www.laohu8.com/m/news/1107989851?lang=zh_CN&edition=full","pubTime":"2021-06-16 16:57","market":"us","language":"en","title":"Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107989851","media":"benzinga","summary":"Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as Septemb","content":"<p><div> Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday. What Happened:Covovax trials have reached an advanced stage ...</p><p><blockquote><div>据Moneycontrol周三报道，Novavax Inc.的新冠肺炎疫苗以“Covovax”上市，最早可能于9月在印度上市。发生了什么：Covovax试验已进入后期阶段...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</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\">\nNovavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-16 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday. What Happened:Covovax trials have reached an advanced stage ...</p><p><blockquote><div>据Moneycontrol周三报道，Novavax Inc.的新冠肺炎疫苗以“Covovax”上市，最早可能于9月在印度上市。发生了什么：Covovax试验已进入后期阶段...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107989851","content_text":"Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday.\nWhat Happened:Covovax trials have reached an advanced stage of completion in India following which the U.S.-based vaccine maker’s India partner Serum Institute of India (SII) will launch the vaccine, the report said citing Adar Poonawalla, chief executive officer at SII.\nNovavax’s coronavirus vaccine trial in India is likely to conclude by November, however, the pharma company can apply for a license for the vaccine on the basis of global data, Poonawalla noted.\nThe U.S.-based biotechnology firm had earlier this week said that its COVID-19vaccine demonstratedover 90.4% efficacy. The study enrolled 29,960 participants.\nNovavax is also planning to start clinical trials of Covovax for children in July, the report added. Novavax and SII had in September partnered for the former's COVID-19 vaccine candidate NVX-CoV2373.\nAstraZeneca Inc's vaccine, marketed as \"Covishied\" in the country, is currently being widely administered as part of the vaccination drive in India, alongside locally produced Covaxin and Russia's Sputnik V.\nOcugen Inc. is the U.S. partner for Covaxin.\nPrice Action:Novavax shares closed 9.94% at $187.07 on Tuesday and were down 0.68% in extended hours.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":2921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169672739,"gmtCreate":1623835494121,"gmtModify":1634027362934,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Like and share","listText":"Like and share","text":"Like and share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169672739","repostId":"2143335187","repostType":4,"isVote":1,"tweetType":1,"viewCount":2257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349890446,"gmtCreate":1617585436385,"gmtModify":1634520448433,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Please comment and like.. thanks","listText":"Please comment and like.. thanks","text":"Please comment and like.. thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349890446","isVote":1,"tweetType":1,"viewCount":1200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357748789,"gmtCreate":1617316362941,"gmtModify":1634521503297,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/357748789","isVote":1,"tweetType":1,"viewCount":2164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352542024,"gmtCreate":1616988501368,"gmtModify":1634523276923,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Hello.. comment and like please.. thank you","listText":"Hello.. comment and like please.. thank you","text":"Hello.. comment and like please.. thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352542024","isVote":1,"tweetType":1,"viewCount":3255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353378001,"gmtCreate":1616465433403,"gmtModify":1634525681181,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Comment and like please","listText":"Comment and like please","text":"Comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353378001","isVote":1,"tweetType":1,"viewCount":2958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359635259,"gmtCreate":1616390738671,"gmtModify":1634526090204,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Tesla!!!! Gambate!!!!","listText":"Tesla!!!! Gambate!!!!","text":"Tesla!!!! Gambate!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359635259","isVote":1,"tweetType":1,"viewCount":1607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350904265,"gmtCreate":1616145686257,"gmtModify":1634527013959,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Man!!!!","listText":"Man!!!!","text":"Man!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350904265","repostId":"1163396749","repostType":4,"isVote":1,"tweetType":1,"viewCount":446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324975073,"gmtCreate":1615957807292,"gmtModify":1703495529923,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"What to do what to do...","listText":"What to do what to do...","text":"What to do what to do...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324975073","isVote":1,"tweetType":1,"viewCount":678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322824554,"gmtCreate":1615797132678,"gmtModify":1703493069054,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"NIO!!! Gambate!!!!","listText":"NIO!!! Gambate!!!!","text":"NIO!!! Gambate!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322824554","repostId":"1147986042","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322822152,"gmtCreate":1615796938076,"gmtModify":1703493065759,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322822152","isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321215769,"gmtCreate":1615438432351,"gmtModify":1703489064885,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Gua gua","listText":"Gua gua","text":"Gua gua","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321215769","isVote":1,"tweetType":1,"viewCount":536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323543095,"gmtCreate":1615360311617,"gmtModify":1703487862190,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Well. Let’s see","listText":"Well. Let’s see","text":"Well. Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/323543095","repostId":"1191213756","repostType":4,"repost":{"id":"1191213756","kind":"news","pubTimestamp":1615358485,"share":"https://www.laohu8.com/m/news/1191213756?lang=zh_CN&edition=full","pubTime":"2021-03-10 14:41","market":"us","language":"en","title":"What Is Roblox Worth? Maybe $29.3 Billion.<blockquote>Roblox值多少钱？也许是293亿美元。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191213756","media":"Barrons","summary":"The New York Stock Exchange said late Tuesday that the reference price for Roblox, which is going pu","content":"<p>The New York Stock Exchange said late Tuesday that the reference price for Roblox, which is going public tomorrow, is $45 a share.</p><p><blockquote>纽约证券交易所周二晚间表示，将于明天上市的Roblox的参考价为每股45美元。</blockquote></p><p> With about 652 million shares outstanding, the reference price indicates that Roblox’s market capitalization could be as much as $29.3 billion.</p><p><blockquote>流通股约为6.52亿股，参考价表明Roblox的市值可能高达293亿美元。</blockquote></p><p> Roblox will trade Wednesday on the NYSE under the symbol RBLX. About 199 million Roblox shares will go on the market, but unlike in a traditional IPO, the company isn’t raising new capital via the offering. Instead, holders will sell stock they already own.</p><p><blockquote>Roblox将于周三在纽约证券交易所交易，代码为RBLX。大约1.99亿股Roblox股票将上市，但与传统IPO不同的是，该公司不会通过此次发行筹集新资本。相反，持有者将出售他们已经拥有的股票。</blockquote></p><p> The $45 reference price doesn’t mean that is where Roblox shares will begin trading. Rather, it is meant to be a guide that informs the public of recent private trading activity, according to a person familiar with the situation.</p><p><blockquote>45美元的参考价并不意味着Roblox股票将在此开始交易。据一位知情人士透露，相反，它旨在成为向公众通报最近私人交易活动的指南。</blockquote></p><p> Direct listings aren’t new but have gained attention of late. Roblox will be the fifth company to go public using this method.</p><p><blockquote>直接上市并不新鲜，但最近受到了关注。Roblox将是第五家采用这种方式上市的公司。</blockquote></p><p> Palantir Technologies(ticker: PLTR),Asana(ASAN),Slack Technologies(WORK), andSpotify Technology(SPOT) all used direct listings to make their public equity-market debuts. Companies typically don’t raise capital via direct listings, although in December, the Securities and Exchange Commission approved a rule change proposed by the NYSE that allows a company to do so.</p><p><blockquote>Palantir Technologies（股票代码：PLTR）、Asana（ASAN）、Slack Technologies（WORK）和Spotify Technology（SPOT）都通过直接上市的方式在公开股票市场首次亮相。公司通常不会通过直接上市筹集资金，尽管去年12月，美国证券交易委员会批准了纽约证券交易所提出的一项规则变更，允许公司这样做。</blockquote></p><p> Roblox won’t receive any proceeds from shareholders who sell their stock.Goldman Sachs,Morgan Stanley,andBank of Americaare advising Roblox on the deal.</p><p><blockquote>Roblox不会从出售股票的股东那里获得任何收益。高盛、摩根士丹利和美国银行正在就该交易为Roblox提供建议。</blockquote></p><p> When Spotify went public on the NYSE in 2018, its reference price was the level of the last private secondary trades. In Slack’s 2019 listing, the reference point was closely informed by the volume-weighted average price of the recent secondary trading activity, but it wasn’t the exact average, the person said.</p><p><blockquote>2018年Spotify在纽交所上市时，其参考价是最后一次私人二级交易的水平。该人士表示，在Slack 2019年的上市中，参考点与最近二级交易活动的成交量加权平均价格密切相关，但这并不是确切的平均值。</blockquote></p><p> Unlike the price range set by the underwriters of a traditional IPO—usually a reasonable indicator of the offer price—the reference price isn’t particularly useful as a gauge of where a directly listed stock will trade.</p><p><blockquote>与传统IPO承销商设定的价格范围（通常是要约价格的合理指标）不同，参考价作为直接上市股票交易地点的衡量标准并不是特别有用。</blockquote></p><p> Both Palantir and Asana went public in September using direct listings. Palantir’sreference price was $7.25, but the stock opened on Sept. 30 at $10, hit a high of $11.42, and closed at $9.50. While Asana’sreference price was $21,it opened at $27, peaked at $29.96, and ended at $28.80.</p><p><blockquote>Palantir和Asana均于9月份通过直接上市的方式上市。Palantir的参考价为7.25美元，但该股9月30日开盘价为10美元，触及11.42美元的高点，收盘价为9.50美元。Asana的参考价为21美元，开盘价为27美元，最高价为29.96美元，收盘价为28.80美元。</blockquote></p><p> Founded in 2004,Robloxhosts child-friendly games focused on digital characters resembling Lego blocks. An average of 37.1 million people come to Roblox daily to play games.</p><p><blockquote>Robloxhosts成立于2004年，专注于类似乐高积木的数字角色的儿童友好游戏。平均每天有3710万人来Roblox玩游戏。</blockquote></p><p> Roblox is not profitable. Losses widened to $253.3 million for 2020, compared with $71 million in 2019. Revenue rose nearly 82%, to $923.9 million. David Baszucki, Roblox’s co-founder, president, and CEO, has 70.1% of the total voting power, the prospectus said.</p><p><blockquote>Roblox没有盈利。2020年亏损扩大至2.533亿美元，而2019年为7100万美元。收入增长近82%，达到9.239亿美元。招股说明书称，Roblox联合创始人、总裁兼首席执行官David Baszucki拥有总投票权的70.1%。</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>What Is Roblox Worth? Maybe $29.3 Billion.<blockquote>Roblox值多少钱？也许是293亿美元。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Is Roblox Worth? Maybe $29.3 Billion.<blockquote>Roblox值多少钱？也许是293亿美元。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-10 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The New York Stock Exchange said late Tuesday that the reference price for Roblox, which is going public tomorrow, is $45 a share.</p><p><blockquote>纽约证券交易所周二晚间表示，将于明天上市的Roblox的参考价为每股45美元。</blockquote></p><p> With about 652 million shares outstanding, the reference price indicates that Roblox’s market capitalization could be as much as $29.3 billion.</p><p><blockquote>流通股约为6.52亿股，参考价表明Roblox的市值可能高达293亿美元。</blockquote></p><p> Roblox will trade Wednesday on the NYSE under the symbol RBLX. About 199 million Roblox shares will go on the market, but unlike in a traditional IPO, the company isn’t raising new capital via the offering. Instead, holders will sell stock they already own.</p><p><blockquote>Roblox将于周三在纽约证券交易所交易，代码为RBLX。大约1.99亿股Roblox股票将上市，但与传统IPO不同的是，该公司不会通过此次发行筹集新资本。相反，持有者将出售他们已经拥有的股票。</blockquote></p><p> The $45 reference price doesn’t mean that is where Roblox shares will begin trading. Rather, it is meant to be a guide that informs the public of recent private trading activity, according to a person familiar with the situation.</p><p><blockquote>45美元的参考价并不意味着Roblox股票将在此开始交易。据一位知情人士透露，相反，它旨在成为向公众通报最近私人交易活动的指南。</blockquote></p><p> Direct listings aren’t new but have gained attention of late. Roblox will be the fifth company to go public using this method.</p><p><blockquote>直接上市并不新鲜，但最近受到了关注。Roblox将是第五家采用这种方式上市的公司。</blockquote></p><p> Palantir Technologies(ticker: PLTR),Asana(ASAN),Slack Technologies(WORK), andSpotify Technology(SPOT) all used direct listings to make their public equity-market debuts. Companies typically don’t raise capital via direct listings, although in December, the Securities and Exchange Commission approved a rule change proposed by the NYSE that allows a company to do so.</p><p><blockquote>Palantir Technologies（股票代码：PLTR）、Asana（ASAN）、Slack Technologies（WORK）和Spotify Technology（SPOT）都通过直接上市的方式在公开股票市场首次亮相。公司通常不会通过直接上市筹集资金，尽管去年12月，美国证券交易委员会批准了纽约证券交易所提出的一项规则变更，允许公司这样做。</blockquote></p><p> Roblox won’t receive any proceeds from shareholders who sell their stock.Goldman Sachs,Morgan Stanley,andBank of Americaare advising Roblox on the deal.</p><p><blockquote>Roblox不会从出售股票的股东那里获得任何收益。高盛、摩根士丹利和美国银行正在就该交易为Roblox提供建议。</blockquote></p><p> When Spotify went public on the NYSE in 2018, its reference price was the level of the last private secondary trades. In Slack’s 2019 listing, the reference point was closely informed by the volume-weighted average price of the recent secondary trading activity, but it wasn’t the exact average, the person said.</p><p><blockquote>2018年Spotify在纽交所上市时，其参考价是最后一次私人二级交易的水平。该人士表示，在Slack 2019年的上市中，参考点与最近二级交易活动的成交量加权平均价格密切相关，但这并不是确切的平均值。</blockquote></p><p> Unlike the price range set by the underwriters of a traditional IPO—usually a reasonable indicator of the offer price—the reference price isn’t particularly useful as a gauge of where a directly listed stock will trade.</p><p><blockquote>与传统IPO承销商设定的价格范围（通常是要约价格的合理指标）不同，参考价作为直接上市股票交易地点的衡量标准并不是特别有用。</blockquote></p><p> Both Palantir and Asana went public in September using direct listings. Palantir’sreference price was $7.25, but the stock opened on Sept. 30 at $10, hit a high of $11.42, and closed at $9.50. While Asana’sreference price was $21,it opened at $27, peaked at $29.96, and ended at $28.80.</p><p><blockquote>Palantir和Asana均于9月份通过直接上市的方式上市。Palantir的参考价为7.25美元，但该股9月30日开盘价为10美元，触及11.42美元的高点，收盘价为9.50美元。Asana的参考价为21美元，开盘价为27美元，最高价为29.96美元，收盘价为28.80美元。</blockquote></p><p> Founded in 2004,Robloxhosts child-friendly games focused on digital characters resembling Lego blocks. An average of 37.1 million people come to Roblox daily to play games.</p><p><blockquote>Robloxhosts成立于2004年，专注于类似乐高积木的数字角色的儿童友好游戏。平均每天有3710万人来Roblox玩游戏。</blockquote></p><p> Roblox is not profitable. Losses widened to $253.3 million for 2020, compared with $71 million in 2019. Revenue rose nearly 82%, to $923.9 million. David Baszucki, Roblox’s co-founder, president, and CEO, has 70.1% of the total voting power, the prospectus said.</p><p><blockquote>Roblox没有盈利。2020年亏损扩大至2.533亿美元，而2019年为7100万美元。收入增长近82%，达到9.239亿美元。招股说明书称，Roblox联合创始人、总裁兼首席执行官David Baszucki拥有总投票权的70.1%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/what-is-roblox-worth-well-know-more-today-51615320241?mod=hp_LEAD_5\">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":{"RBLX":"Roblox Corporation"},"source_url":"https://www.barrons.com/articles/what-is-roblox-worth-well-know-more-today-51615320241?mod=hp_LEAD_5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191213756","content_text":"The New York Stock Exchange said late Tuesday that the reference price for Roblox, which is going public tomorrow, is $45 a share.\nWith about 652 million shares outstanding, the reference price indicates that Roblox’s market capitalization could be as much as $29.3 billion.\nRoblox will trade Wednesday on the NYSE under the symbol RBLX. About 199 million Roblox shares will go on the market, but unlike in a traditional IPO, the company isn’t raising new capital via the offering. Instead, holders will sell stock they already own.\nThe $45 reference price doesn’t mean that is where Roblox shares will begin trading. Rather, it is meant to be a guide that informs the public of recent private trading activity, according to a person familiar with the situation.\nDirect listings aren’t new but have gained attention of late. Roblox will be the fifth company to go public using this method.\nPalantir Technologies(ticker: PLTR),Asana(ASAN),Slack Technologies(WORK), andSpotify Technology(SPOT) all used direct listings to make their public equity-market debuts. Companies typically don’t raise capital via direct listings, although in December, the Securities and Exchange Commission approved a rule change proposed by the NYSE that allows a company to do so.\nRoblox won’t receive any proceeds from shareholders who sell their stock.Goldman Sachs,Morgan Stanley,andBank of Americaare advising Roblox on the deal.\nWhen Spotify went public on the NYSE in 2018, its reference price was the level of the last private secondary trades. In Slack’s 2019 listing, the reference point was closely informed by the volume-weighted average price of the recent secondary trading activity, but it wasn’t the exact average, the person said.\nUnlike the price range set by the underwriters of a traditional IPO—usually a reasonable indicator of the offer price—the reference price isn’t particularly useful as a gauge of where a directly listed stock will trade.\nBoth Palantir and Asana went public in September using direct listings. Palantir’sreference price was $7.25, but the stock opened on Sept. 30 at $10, hit a high of $11.42, and closed at $9.50. While Asana’sreference price was $21,it opened at $27, peaked at $29.96, and ended at $28.80.\nFounded in 2004,Robloxhosts child-friendly games focused on digital characters resembling Lego blocks. An average of 37.1 million people come to Roblox daily to play games.\nRoblox is not profitable. Losses widened to $253.3 million for 2020, compared with $71 million in 2019. Revenue rose nearly 82%, to $923.9 million. David Baszucki, Roblox’s co-founder, president, and CEO, has 70.1% of the total voting power, the prospectus said.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361615156,"gmtCreate":1614228212675,"gmtModify":1634550594343,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Welcome to the dark side","listText":"Welcome to the dark side","text":"Welcome to the dark side","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":2,"link":"https://laohu8.com/post/361615156","isVote":1,"tweetType":1,"viewCount":2117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363437829,"gmtCreate":1614162521561,"gmtModify":1634550934219,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Hope this is real","listText":"Hope this is real","text":"Hope this is real","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/363437829","repostId":"1109259264","repostType":4,"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369049059,"gmtCreate":1613992127771,"gmtModify":1634551630911,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Finally","listText":"Finally","text":"Finally","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/369049059","repostId":"1155156489","repostType":4,"isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369056881,"gmtCreate":1613991645743,"gmtModify":1634551634001,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Wao","listText":"Wao","text":"Wao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369056881","repostId":"1171414372","repostType":4,"repost":{"id":"1171414372","kind":"news","pubTimestamp":1613964674,"share":"https://www.laohu8.com/m/news/1171414372?lang=zh_CN&edition=full","pubTime":"2021-02-22 11:31","market":"us","language":"en","title":"Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171414372","media":"Barrons","summary":"As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerks","content":"<p>As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.</p><p><blockquote>当沃伦·巴菲特准备对他期待已久的致伯克希尔·哈撒韦公司股东的年度信进行最后的润色时，这位首席执行官有很多事情要解决。</blockquote></p><p>They include the&nbsp;underperformance of Berkshire(ticker: BRK.A and BRK.B) shares over the past one, five, and 10 years, Buffett’s cautious approach to new investments, and the spotty record of Berkshire’s acquisitions over the past decade.</p><p><blockquote>其中包括伯克希尔哈撒韦公司（股票代码：BRK.A和BRK.B）股票在过去一年、五年和十年中表现不佳，巴菲特对新投资的谨慎态度，以及伯克希尔哈撒韦公司过去十年收购记录参差不齐。</blockquote></p><p>Yet that letter—due out on Feb. 27, along with the annual report and fourth-quarter earnings—can help write Berkshire’s next chapter. All it would need is an announcement of the initiation of a dividend.</p><p><blockquote>然而，这封将于2月27日与年度报告和第四季度收益一起发布的信可以帮助书写伯克希尔哈撒韦的下一个篇章。它所需要的只是宣布开始派息。</blockquote></p><p>A dividend of 2% would be a good start, representing about 40% of projected 2021 earnings. It would probably lift the stock by broadening the base of potential investors to those who want or need dividends.</p><p><blockquote>2%的股息将是一个良好的开端，约占2021年预计收益的40%。它可能会通过将潜在投资者的基础扩大到那些想要或需要股息的人来提振股价。</blockquote></p><p>Berkshire has stepped up its share repurchases, buying back $15.7 billion of stock in the first three quarters of 2020, or about 3% of the shares outstanding. But with $146 billion in cash and projected earnings this year of $25 billion, it has the ability to pay a dividend as well as to buy back stock.</p><p><blockquote>伯克希尔加大了股票回购力度，在2020年前三季度回购了157亿美元的股票，约占已发行股票的3%。但凭借1,460亿美元现金和今年预计盈利250亿美元，该公司有能力支付股息并回购股票。</blockquote></p><p>“Berkshire should pay a dividend; this would increase the appeal of the shares to investors who want current income,” says David King, co-manager of the Columbia Flexible Capital Income fund. “Given Berkshire’s size and financial strength, the company is unique in paying no dividend and that should be changed.”</p><p><blockquote>“伯克希尔应该支付股息；这将增加股票对想要当前收入的投资者的吸引力，”哥伦比亚灵活资本收益基金联席经理戴维·金表示。“鉴于伯克希尔的规模和财务实力，该公司在不支付股息方面是独一无二的，这种情况应该改变。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"></p><p><blockquote></blockquote></p><p>Berkshire hasn’t paid a dividend for over 50 years. Why? Buffett’s view has been that a dollar in his hands is better than one in the hands of shareholders. That was long the case as Buffett worked his investment and acquisition magic, but it has been less true in recent years. Buffett declined to comment for this article.</p><p><blockquote>伯克希尔已经50多年没有支付股息了。为什么？巴菲特的观点是，一美元在他手中胜过一美元在股东手中。在巴菲特施展投资和收购魔法的过程中，情况一直如此，但近年来情况已不那么真实了。巴菲特拒绝对本文发表评论。</blockquote></p><p>In his 2012 annual letter, the CEO addressed the dividend issue, arguing that the better, and more tax-efficient, approach would be for investors who want income to sell a small portion of their Berkshire stock each year.</p><p><blockquote>在2012年年度信中，这位首席执行官谈到了股息问题，认为对于希望获得收入的投资者来说，更好、更节税的方法是每年出售一小部分伯克希尔股票。</blockquote></p><p>“First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted,” Buffett wrote. “Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them—perhaps even most of them—are in a net-savings mode and logically should prefer no payment at all.”</p><p><blockquote>“首先，股息对所有股东施加了特定的套现政策。比方说，如果政策是收益的40%，那些希望获得30%或50%的人将会受挫，”巴菲特写道。“我们的60万股东对现金的渴望无处不在。然而，可以肯定地说，他们中的许多人——甚至可能是大多数——都处于净储蓄模式，从逻辑上讲，他们应该宁愿根本不付款。”</blockquote></p><p>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.</p><p><blockquote>2014年，伯克希尔股东以压倒性多数拒绝了股息代理提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Yet Berkshire’s cash has more than doubled since then, notes Edward Jones analyst James Shanahan, who favors a dividend. “A dividend is a good idea if only because the cash balance has grown so much,” he says, adding that significant repurchases at Berkshire are more difficult than at other big companies because there is less liquidity in its stock.</p><p><blockquote>然而，爱德华·琼斯(Edward Jones)分析师詹姆斯·沙纳汉(James Shanahan)指出，自那时以来，伯克希尔的现金增加了一倍多，他倾向于派息。他表示：“股息是一个好主意，因为现金余额增长了很多。”他补充说，伯克希尔哈撒韦公司的大规模回购比其他大公司更加困难，因为其股票的流动性较低。</blockquote></p><p>Berkshire’s class A shares have lagged behind theS&amp;P 500 indexby 40 percentage points since the end of 2018. They now look appealing at around $368,000, less than 1.3 times estimated year-end 2020 book value of around $287,000 and about 23 times projected 2021 earnings. Its class B shares trade around $243.</p><p><blockquote>自2018年底以来，伯克希尔A类股落后标准普尔500指数40个百分点。它们现在看起来很有吸引力，约为368,000美元，不到2020年底预计账面价值约287,000美元的1.3倍，约为2021年预计收益的23倍。其B类股交易价格约为243美元。</blockquote></p><p>Berkshire has traded at closer to 1.4 times book value in the past five years, and earnings are set to climb in 2021, thanks to businesses with exposure to an improving economy, like the Burlington Northern Santa Fe railroad.</p><p><blockquote>过去五年，伯克希尔哈撒韦公司的股价接近账面价值的1.4倍，由于伯灵顿北圣达菲铁路公司等经济好转的企业，2021年的盈利将攀升。</blockquote></p><p>Still, the past decade has been one of missed opportunities for Buffett—with the stake inApple(AAPL) the notable exception.While the recently disclosed big purchasesinVerizon Communications(VZ) andChevron(CVX) made waves, Berkshire was likely a net seller of about $9 billion of stocks last year. The company also failed to capitalize on the market turmoil and make any big acquisitions.</p><p><blockquote>尽管如此，过去十年仍然是巴菲特错失的机会之一——苹果公司（AAPL）的股份是一个明显的例外。尽管最近披露的对威瑞森通信(VZ)和雪佛龙(CVX)的大额收购引起了轰动，但伯克希尔去年可能净卖出了约90亿美元的股票。该公司也未能利用市场动荡进行任何重大收购。</blockquote></p><p>So what else might Berkshire shareholders hope to see in the annual letter? More disclosure would help. It’s hard to know exactly how well Precision Castparts and other major Berkshire businesses are doing because the company doesn’t break out their results.</p><p><blockquote>那么伯克希尔股东还希望在年度信中看到什么呢？更多的披露会有所帮助。很难确切知道Precision Castparts和伯克希尔其他主要业务的表现如何，因为该公司没有公布业绩。</blockquote></p><p>There is also the question of succession, with Buffett turning 90 last August. Buffett could give up the CEO job to Berkshire’s vice chairman, Greg Abel, while remaining chairman and continuing to oversee Berkshire’s investment portfolio, including $270 billion of stocks.</p><p><blockquote>还有接班人的问题，巴菲特去年8月就90岁了。巴菲特可能会将首席执行官一职让给伯克希尔副董事长格雷格·阿贝尔，同时继续担任董事长并继续监管伯克希尔的投资组合，包括2700亿美元的股票。</blockquote></p><p>Berkshire hasn’t named an heir apparent to Buffett, but it’s widely assumed to be Abel, 58, who oversees Berkshire’s vast noninsurance operations, including Burlington Northern.</p><p><blockquote>伯克希尔尚未指定巴菲特的法定继承人，但人们普遍认为是58岁的阿贝尔，他负责监管伯克希尔庞大的非保险业务，包括伯灵顿北方保险公司。</blockquote></p><p>That would give Abel important experience while Buffett is still on the scene, allowing Abel to take new steps, like potentially holding Berkshire’s first investor day.</p><p><blockquote>这将在巴菲特还在现场的时候给阿贝尔提供重要的经验，使阿贝尔能够采取新的措施，比如可能举办伯克希尔的第一个投资者日。</blockquote></p><p></p><p>And whether it is Abel or someone else, a dividend would take pressure off Buffett’s successor to reinvest Berkshire’s earnings torrent and align the conglomerate with most other giant companies.</p><p><blockquote>无论是阿贝尔还是其他人，股息都将减轻巴菲特继任者对伯克希尔的盈利洪流进行再投资的压力，并使该集团与大多数其他巨头公司保持一致。</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>Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</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\">\nWarren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-22 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.</p><p><blockquote>当沃伦·巴菲特准备对他期待已久的致伯克希尔·哈撒韦公司股东的年度信进行最后的润色时，这位首席执行官有很多事情要解决。</blockquote></p><p>They include the&nbsp;underperformance of Berkshire(ticker: BRK.A and BRK.B) shares over the past one, five, and 10 years, Buffett’s cautious approach to new investments, and the spotty record of Berkshire’s acquisitions over the past decade.</p><p><blockquote>其中包括伯克希尔哈撒韦公司（股票代码：BRK.A和BRK.B）股票在过去一年、五年和十年中表现不佳，巴菲特对新投资的谨慎态度，以及伯克希尔哈撒韦公司过去十年收购记录参差不齐。</blockquote></p><p>Yet that letter—due out on Feb. 27, along with the annual report and fourth-quarter earnings—can help write Berkshire’s next chapter. All it would need is an announcement of the initiation of a dividend.</p><p><blockquote>然而，这封将于2月27日与年度报告和第四季度收益一起发布的信可以帮助书写伯克希尔哈撒韦的下一个篇章。它所需要的只是宣布开始派息。</blockquote></p><p>A dividend of 2% would be a good start, representing about 40% of projected 2021 earnings. It would probably lift the stock by broadening the base of potential investors to those who want or need dividends.</p><p><blockquote>2%的股息将是一个良好的开端，约占2021年预计收益的40%。它可能会通过将潜在投资者的基础扩大到那些想要或需要股息的人来提振股价。</blockquote></p><p>Berkshire has stepped up its share repurchases, buying back $15.7 billion of stock in the first three quarters of 2020, or about 3% of the shares outstanding. But with $146 billion in cash and projected earnings this year of $25 billion, it has the ability to pay a dividend as well as to buy back stock.</p><p><blockquote>伯克希尔加大了股票回购力度，在2020年前三季度回购了157亿美元的股票，约占已发行股票的3%。但凭借1,460亿美元现金和今年预计盈利250亿美元，该公司有能力支付股息并回购股票。</blockquote></p><p>“Berkshire should pay a dividend; this would increase the appeal of the shares to investors who want current income,” says David King, co-manager of the Columbia Flexible Capital Income fund. “Given Berkshire’s size and financial strength, the company is unique in paying no dividend and that should be changed.”</p><p><blockquote>“伯克希尔应该支付股息；这将增加股票对想要当前收入的投资者的吸引力，”哥伦比亚灵活资本收益基金联席经理戴维·金表示。“鉴于伯克希尔的规模和财务实力，该公司在不支付股息方面是独一无二的，这种情况应该改变。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"></p><p><blockquote></blockquote></p><p>Berkshire hasn’t paid a dividend for over 50 years. Why? Buffett’s view has been that a dollar in his hands is better than one in the hands of shareholders. That was long the case as Buffett worked his investment and acquisition magic, but it has been less true in recent years. Buffett declined to comment for this article.</p><p><blockquote>伯克希尔已经50多年没有支付股息了。为什么？巴菲特的观点是，一美元在他手中胜过一美元在股东手中。在巴菲特施展投资和收购魔法的过程中，情况一直如此，但近年来情况已不那么真实了。巴菲特拒绝对本文发表评论。</blockquote></p><p>In his 2012 annual letter, the CEO addressed the dividend issue, arguing that the better, and more tax-efficient, approach would be for investors who want income to sell a small portion of their Berkshire stock each year.</p><p><blockquote>在2012年年度信中，这位首席执行官谈到了股息问题，认为对于希望获得收入的投资者来说，更好、更节税的方法是每年出售一小部分伯克希尔股票。</blockquote></p><p>“First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted,” Buffett wrote. “Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them—perhaps even most of them—are in a net-savings mode and logically should prefer no payment at all.”</p><p><blockquote>“首先，股息对所有股东施加了特定的套现政策。比方说，如果政策是收益的40%，那些希望获得30%或50%的人将会受挫，”巴菲特写道。“我们的60万股东对现金的渴望无处不在。然而，可以肯定地说，他们中的许多人——甚至可能是大多数——都处于净储蓄模式，从逻辑上讲，他们应该宁愿根本不付款。”</blockquote></p><p>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.</p><p><blockquote>2014年，伯克希尔股东以压倒性多数拒绝了股息代理提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Yet Berkshire’s cash has more than doubled since then, notes Edward Jones analyst James Shanahan, who favors a dividend. “A dividend is a good idea if only because the cash balance has grown so much,” he says, adding that significant repurchases at Berkshire are more difficult than at other big companies because there is less liquidity in its stock.</p><p><blockquote>然而，爱德华·琼斯(Edward Jones)分析师詹姆斯·沙纳汉(James Shanahan)指出，自那时以来，伯克希尔的现金增加了一倍多，他倾向于派息。他表示：“股息是一个好主意，因为现金余额增长了很多。”他补充说，伯克希尔哈撒韦公司的大规模回购比其他大公司更加困难，因为其股票的流动性较低。</blockquote></p><p>Berkshire’s class A shares have lagged behind theS&amp;P 500 indexby 40 percentage points since the end of 2018. They now look appealing at around $368,000, less than 1.3 times estimated year-end 2020 book value of around $287,000 and about 23 times projected 2021 earnings. Its class B shares trade around $243.</p><p><blockquote>自2018年底以来，伯克希尔A类股落后标准普尔500指数40个百分点。它们现在看起来很有吸引力，约为368,000美元，不到2020年底预计账面价值约287,000美元的1.3倍，约为2021年预计收益的23倍。其B类股交易价格约为243美元。</blockquote></p><p>Berkshire has traded at closer to 1.4 times book value in the past five years, and earnings are set to climb in 2021, thanks to businesses with exposure to an improving economy, like the Burlington Northern Santa Fe railroad.</p><p><blockquote>过去五年，伯克希尔哈撒韦公司的股价接近账面价值的1.4倍，由于伯灵顿北圣达菲铁路公司等经济好转的企业，2021年的盈利将攀升。</blockquote></p><p>Still, the past decade has been one of missed opportunities for Buffett—with the stake inApple(AAPL) the notable exception.While the recently disclosed big purchasesinVerizon Communications(VZ) andChevron(CVX) made waves, Berkshire was likely a net seller of about $9 billion of stocks last year. The company also failed to capitalize on the market turmoil and make any big acquisitions.</p><p><blockquote>尽管如此，过去十年仍然是巴菲特错失的机会之一——苹果公司（AAPL）的股份是一个明显的例外。尽管最近披露的对威瑞森通信(VZ)和雪佛龙(CVX)的大额收购引起了轰动，但伯克希尔去年可能净卖出了约90亿美元的股票。该公司也未能利用市场动荡进行任何重大收购。</blockquote></p><p>So what else might Berkshire shareholders hope to see in the annual letter? More disclosure would help. It’s hard to know exactly how well Precision Castparts and other major Berkshire businesses are doing because the company doesn’t break out their results.</p><p><blockquote>那么伯克希尔股东还希望在年度信中看到什么呢？更多的披露会有所帮助。很难确切知道Precision Castparts和伯克希尔其他主要业务的表现如何，因为该公司没有公布业绩。</blockquote></p><p>There is also the question of succession, with Buffett turning 90 last August. Buffett could give up the CEO job to Berkshire’s vice chairman, Greg Abel, while remaining chairman and continuing to oversee Berkshire’s investment portfolio, including $270 billion of stocks.</p><p><blockquote>还有接班人的问题，巴菲特去年8月就90岁了。巴菲特可能会将首席执行官一职让给伯克希尔副董事长格雷格·阿贝尔，同时继续担任董事长并继续监管伯克希尔的投资组合，包括2700亿美元的股票。</blockquote></p><p>Berkshire hasn’t named an heir apparent to Buffett, but it’s widely assumed to be Abel, 58, who oversees Berkshire’s vast noninsurance operations, including Burlington Northern.</p><p><blockquote>伯克希尔尚未指定巴菲特的法定继承人，但人们普遍认为是58岁的阿贝尔，他负责监管伯克希尔庞大的非保险业务，包括伯灵顿北方保险公司。</blockquote></p><p>That would give Abel important experience while Buffett is still on the scene, allowing Abel to take new steps, like potentially holding Berkshire’s first investor day.</p><p><blockquote>这将在巴菲特还在现场的时候给阿贝尔提供重要的经验，使阿贝尔能够采取新的措施，比如可能举办伯克希尔的第一个投资者日。</blockquote></p><p></p><p>And whether it is Abel or someone else, a dividend would take pressure off Buffett’s successor to reinvest Berkshire’s earnings torrent and align the conglomerate with most other giant companies.</p><p><blockquote>无论是阿贝尔还是其他人，股息都将减轻巴菲特继任者对伯克希尔的盈利洪流进行再投资的压力，并使该集团与大多数其他巨头公司保持一致。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/how-warren-buffetts-berkshire-hathaway-shareholder-letter-could-lift-the-companys-stock-51613778470?mod=hp_LEADSUPP_3\">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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.barrons.com/articles/how-warren-buffetts-berkshire-hathaway-shareholder-letter-could-lift-the-companys-stock-51613778470?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171414372","content_text":"As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare holders, the CEO has much to address.They include the underperformance of Berkshire(ticker: BRK.A and BRK.B) shares over the past one, five, and 10 years, Buffett’s cautious approach to new investments, and the spotty record of Berkshire’s acquisitions over the past decade.Yet that letter—due out on Feb. 27, along with the annual report and fourth-quarter earnings—can help write Berkshire’s next chapter. All it would need is an announcement of the initiation of a dividend.A dividend of 2% would be a good start, representing about 40% of projected 2021 earnings. It would probably lift the stock by broadening the base of potential investors to those who want or need dividends.Berkshire has stepped up its share repurchases, buying back $15.7 billion of stock in the first three quarters of 2020, or about 3% of the shares outstanding. But with $146 billion in cash and projected earnings this year of $25 billion, it has the ability to pay a dividend as well as to buy back stock.“Berkshire should pay a dividend; this would increase the appeal of the shares to investors who want current income,” says David King, co-manager of the Columbia Flexible Capital Income fund. “Given Berkshire’s size and financial strength, the company is unique in paying no dividend and that should be changed.”Berkshire hasn’t paid a dividend for over 50 years. Why? Buffett’s view has been that a dollar in his hands is better than one in the hands of shareholders. That was long the case as Buffett worked his investment and acquisition magic, but it has been less true in recent years. Buffett declined to comment for this article.In his 2012 annual letter, the CEO addressed the dividend issue, arguing that the better, and more tax-efficient, approach would be for investors who want income to sell a small portion of their Berkshire stock each year.“First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted,” Buffett wrote. “Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them—perhaps even most of them—are in a net-savings mode and logically should prefer no payment at all.”In 2014, Berkshire holder soverwhelmingly rejected a proxy proposalon dividends.Yet Berkshire’s cash has more than doubled since then, notes Edward Jones analyst James Shanahan, who favors a dividend. “A dividend is a good idea if only because the cash balance has grown so much,” he says, adding that significant repurchases at Berkshire are more difficult than at other big companies because there is less liquidity in its stock.Berkshire’s class A shares have lagged behind theS&P 500 indexby 40 percentage points since the end of 2018. They now look appealing at around $368,000, less than 1.3 times estimated year-end 2020 book value of around $287,000 and about 23 times projected 2021 earnings. Its class B shares trade around $243.Berkshire has traded at closer to 1.4 times book value in the past five years, and earnings are set to climb in 2021, thanks to businesses with exposure to an improving economy, like the Burlington Northern Santa Fe railroad.Still, the past decade has been one of missed opportunities for Buffett—with the stake inApple(AAPL) the notable exception.While the recently disclosed big purchasesinVerizon Communications(VZ) andChevron(CVX) made waves, Berkshire was likely a net seller of about $9 billion of stocks last year. The company also failed to capitalize on the market turmoil and make any big acquisitions.So what else might Berkshire shareholders hope to see in the annual letter? More disclosure would help. It’s hard to know exactly how well Precision Castparts and other major Berkshire businesses are doing because the company doesn’t break out their results.There is also the question of succession, with Buffett turning 90 last August. Buffett could give up the CEO job to Berkshire’s vice chairman, Greg Abel, while remaining chairman and continuing to oversee Berkshire’s investment portfolio, including $270 billion of stocks.Berkshire hasn’t named an heir apparent to Buffett, but it’s widely assumed to be Abel, 58, who oversees Berkshire’s vast noninsurance operations, including Burlington Northern.That would give Abel important experience while Buffett is still on the scene, allowing Abel to take new steps, like potentially holding Berkshire’s first investor day.And whether it is Abel or someone else, a dividend would take pressure off Buffett’s successor to reinvest Berkshire’s earnings torrent and align the conglomerate with most other giant companies.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":380966652,"gmtCreate":1612505088676,"gmtModify":1703762819997,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Have been wondering what will be the next upcoming GME.. haha","listText":"Have been wondering what will be the next upcoming GME.. haha","text":"Have been wondering what will be the next upcoming GME.. haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/380966652","repostId":"1180970570","repostType":4,"repost":{"id":"1180970570","kind":"news","pubTimestamp":1612501989,"share":"https://www.laohu8.com/m/news/1180970570?lang=zh_CN&edition=full","pubTime":"2021-02-05 13:13","market":"us","language":"en","title":"The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180970570","media":"marketwatch","summary":"Shares of GameStop and other companies or assets that shot upin value in recent weeks are now droppi","content":"<p>Shares of GameStop&nbsp;and other companies or&nbsp;assets that shot upin value in recent weeks are now&nbsp;dropping&nbsp;like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.</p><p><blockquote>游戏驿站和其他最近几周价值飙升的公司或资产的股价现在像石头一样下跌。虽然我为许多可能会损失很多钱的投资者感到难过，但如果你想避免金融崩溃成为美国面临的一长串危机，股票回归地球实际上是一件好事。</blockquote></p><p>The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.</p><p><blockquote>原因与金融市场是什么以及它们不是什么有关，以及当股票和其他证券的价格脱离它们所代表的资产的基本价值时会发生什么有关。</blockquote></p><p>As a finance professor who does&nbsp;research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.</p><p><blockquote>作为一名研究市场如何应对新信息的金融学教授，我认为保持证券价格和基本面之间的密切联系非常重要。当这种情况停止发生时，市场崩溃可能就在不远处。</blockquote></p><p>Capital markets aren’t casinos</p><p><blockquote>资本市场不是赌场</blockquote></p><p>Some have portrayed&nbsp;GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?</p><p><blockquote>有些人将GameStopGME(-42.11%)描绘成大卫与歌利亚的故事。根据这种说法，华尔街的大佬们多年来一直在股市SPX上赌博致富，+1.09%。小家伙一有机会有什么问题？</blockquote></p><p>The first thing to keep in mind is that markets aren’t a big casino,&nbsp;as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.</p><p><blockquote>首先要记住的是，市场并不像一些人认为的那样是一个大赌场。他们的核心目的是有效地将投资者与公司和其他组织联系起来，最有效地利用他们的现金。</blockquote></p><p>Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without&nbsp;access to capital markets.</p><p><blockquote>准确的市场价格旨在反映公司的预期利润和整体风险水平，为投资者提供了一个重要信号，即他们是否应该交出资金以及应该获得什么回报。如果没有资本市场，像AppleAAPL(+2.58%)和AmazonAMZN(+0.56%)这样的公司就不会像我们今天所知的那样存在。</blockquote></p><p>The more jaundiced view of markets focuses on episodes when&nbsp;markets seemingly go crazy&nbsp;and on the&nbsp;speculative gambling behavior of some traders, such as&nbsp;hedge funds. The GameStop saga feeds into this storyline.</p><p><blockquote>对市场更有偏见的看法集中在市场似乎变得疯狂的事件以及一些交易者（如对冲基金）的投机赌博行为上。游戏驿站传奇融入了这个故事情节。</blockquote></p><p>But GameStop also illustrates what happens when stock prices don’t reflect reality.</p><p><blockquote>但游戏驿站也说明了当股价不能反映现实时会发生什么。</blockquote></p><p>The GameStop bubble</p><p><blockquote>游戏驿站泡沫</blockquote></p><p>GameStop fundamentals&nbsp;are, to put it mildly, lackluster.</p><p><blockquote>委婉地说，游戏驿站的基本面黯淡无光。</blockquote></p><p>The company is a brick-and-mortar chain of video game stores. Most video game sales now&nbsp;take place as digital downloads. GameStop&nbsp;has been slow&nbsp;to adapt to this new reality. Its revenue peaked in&nbsp;2012 at US$9.55 billion&nbsp;and had dropped by a third&nbsp;as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.</p><p><blockquote>该公司是一家实体视频游戏连锁店。现在大多数视频游戏销售都是以数字下载的形式进行的。游戏驿站在适应这一新现实方面进展缓慢。其收入在2012年达到95.5亿美元的峰值，截至2019年下降了三分之一。自2017年以来，它就没有盈利过。简单来说，就是在竞争激烈、瞬息万变的行业中，它是一家亏损的公司。</blockquote></p><p>The recent speculative frenzy, however, increased the GameStop stock price&nbsp;from under $20 in early January to as high as $483&nbsp;in a little over two weeks,&nbsp;driven by retail investors on Reddit&nbsp;who coordinated their buying to harm hedge funds,&nbsp;costing the professionals billions of dollars.</p><p><blockquote>然而，最近的投机狂潮使游戏驿站股价在两周多一点的时间内从1月初的不到20美元上涨至483美元，这是由Reddit上的散户投资者推动的，他们协调购买以损害对冲基金，使专业人士损失了数十亿美元。</blockquote></p><p>It is&nbsp;clearly a speculative price bubble&nbsp;and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially&nbsp;those attracted by the extreme price moves&nbsp;and media coverage — will be left holding the bag.</p><p><blockquote>这显然是一个投机性的价格泡沫，具有庞氏骗局的一些特征。许多晚“上车”并以虚高的价格买入的小投资者——尤其是那些被极端价格走势和媒体报道吸引的小投资者——将背黑锅。</blockquote></p><p>And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares&nbsp;were trading near $70for the first time since Jan. 25.</p><p><blockquote>股价迟早会回到能够得到公司基本面支撑的水平。2月4日中午之前，股价自1月25日以来首次接近70美元。</blockquote></p><p>The problems begin when that doesn’t happen until too late.</p><p><blockquote>当为时已晚时，问题就开始了。</blockquote></p><p>Bubbles are made to pop</p><p><blockquote>泡泡被制造出来</blockquote></p><p>Financial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.</p><p><blockquote>金融市场是由人组成的。人是不完美的，市场也是。这意味着市场价格并不总是“正确”的——而且通常很难知道什么是“正确”的价格。</blockquote></p><p>That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.</p><p><blockquote>对于游戏驿站等个股的价格泡沫来说，情况确实如此。但当涉及到整个市场时，在更大的范围内也是如此。</blockquote></p><p>Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 —&nbsp;after prices of dozens of tech stocks soared exponentially in the late 1990s&nbsp;— an&nbsp;economic recession&nbsp;followed soon after. The bursting of a&nbsp;housing bubble in 2008&nbsp;triggered a global financial crisis and the Great Recession.</p><p><blockquote>价格泡沫和崩盘对华尔街和大街都没有好处。当2000年互联网泡沫破裂时——在20世纪90年代末数十只科技股的价格呈指数级飙升——经济衰退随之而来。2008年房地产泡沫的破裂引发了全球金融危机和大衰退。</blockquote></p><p>Too much momentum</p><p><blockquote>动力太大</blockquote></p><p>So markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.</p><p><blockquote>因此，市场有时会失灵，我们需要明智的监管和执法来减少这种失灵的可能性。</blockquote></p><p>Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.</p><p><blockquote>孤立地看，游戏驿站热潮不太可能引发整体股市的混乱，特别是如果其价格继续下跌，更符合公司的基本价值。不幸的是，这不是一个孤立的案例。游戏驿站也不是问题的第一个迹象。</blockquote></p><p>In recent days, Reddit users have also driven up the&nbsp;prices of silverSI00,0.61%&nbsp;and&nbsp;companies&nbsp;such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood&nbsp;have made trading easy, fun&nbsp;and basically free.</p><p><blockquote>最近几天，Reddit用户还推高了silverSI00(0.61%)以及BlackBerryBB(+1.25%)和电影院巨头AMC EntertainmentAMC(-20.96%)等公司的价格。Robinhood等流行的交易应用程序使交易变得轻松、有趣且基本上免费。</blockquote></p><p></p><p>The share price of TeslaTSLA,-0.55%,for example,&nbsp;skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called&nbsp;momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.</p><p><blockquote>例如，特斯拉TSLA(-0.55%)的股价去年飙升了720%，很大程度上是因为投资者买入该股是因为该股已经在上涨。这被称为动量投资，这是一种交易策略，投资者购买证券是因为他们正在上涨，只有当他们认为价格已经见顶时才出售。</blockquote></p><p>If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the&nbsp;already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation&nbsp;could hurt public confidence&nbsp;in financial markets, which would make people more reluctant to invest in retirement and other programs.</p><p><blockquote>如果这种情况持续下去，可能会导致更多的金融泡沫和崩溃，使企业更难筹集资金，对本已步履蹒跚的美国经济复苏构成威胁。即使最坏的情况没有发生，价格大幅波动和价格操纵指控也可能损害公众对金融市场的信心，这将使人们更不愿意投资于退休和其他项目。</blockquote></p><p>Warren Buffett&nbsp;once said&nbsp;about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”</p><p><blockquote>沃伦·巴菲特曾经谈到股市行为时说过：“灯可以随时从绿色变成红色，而不会在黄色时暂停。”</blockquote></p><p>What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.</p><p><blockquote>他的意思是，市场可能会突然转向并暴跌。他认为这些时刻是在市场上寻找交易的机会，但对大多数人来说，它们会导致恐慌、重大损失和大规模失业等经济后果——就像我们在1929年、2000年和2008年看到的那样。</blockquote></p><p>There’s no particular reason it won’t happen again.</p><p><blockquote>没有什么特别的理由不会再发生。</blockquote></p><p><i>Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from&nbsp;crashing“.</i></p><p><blockquote><i>亚历山大·库罗夫是摩根敦西弗吉尼亚大学金融学教授，并担任弗雷德·T·塔特索尔金融学研究主席。这篇文章最初由The Conversation发表——“华尔街不仅仅是交易者可以押注游戏驿站和其他股票的赌场——它对于防止资本主义崩溃至关重要”。</i></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe dark side of the GameStop bubble: Driving stock prices to the moon can hurt America<blockquote>游戏驿站泡沫的阴暗面：将股价推上月球会伤害美国</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-05 13:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of GameStop&nbsp;and other companies or&nbsp;assets that shot upin value in recent weeks are now&nbsp;dropping&nbsp;like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.</p><p><blockquote>游戏驿站和其他最近几周价值飙升的公司或资产的股价现在像石头一样下跌。虽然我为许多可能会损失很多钱的投资者感到难过，但如果你想避免金融崩溃成为美国面临的一长串危机，股票回归地球实际上是一件好事。</blockquote></p><p>The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.</p><p><blockquote>原因与金融市场是什么以及它们不是什么有关，以及当股票和其他证券的价格脱离它们所代表的资产的基本价值时会发生什么有关。</blockquote></p><p>As a finance professor who does&nbsp;research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.</p><p><blockquote>作为一名研究市场如何应对新信息的金融学教授，我认为保持证券价格和基本面之间的密切联系非常重要。当这种情况停止发生时，市场崩溃可能就在不远处。</blockquote></p><p>Capital markets aren’t casinos</p><p><blockquote>资本市场不是赌场</blockquote></p><p>Some have portrayed&nbsp;GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?</p><p><blockquote>有些人将GameStopGME(-42.11%)描绘成大卫与歌利亚的故事。根据这种说法，华尔街的大佬们多年来一直在股市SPX上赌博致富，+1.09%。小家伙一有机会有什么问题？</blockquote></p><p>The first thing to keep in mind is that markets aren’t a big casino,&nbsp;as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.</p><p><blockquote>首先要记住的是，市场并不像一些人认为的那样是一个大赌场。他们的核心目的是有效地将投资者与公司和其他组织联系起来，最有效地利用他们的现金。</blockquote></p><p>Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without&nbsp;access to capital markets.</p><p><blockquote>准确的市场价格旨在反映公司的预期利润和整体风险水平，为投资者提供了一个重要信号，即他们是否应该交出资金以及应该获得什么回报。如果没有资本市场，像AppleAAPL(+2.58%)和AmazonAMZN(+0.56%)这样的公司就不会像我们今天所知的那样存在。</blockquote></p><p>The more jaundiced view of markets focuses on episodes when&nbsp;markets seemingly go crazy&nbsp;and on the&nbsp;speculative gambling behavior of some traders, such as&nbsp;hedge funds. The GameStop saga feeds into this storyline.</p><p><blockquote>对市场更有偏见的看法集中在市场似乎变得疯狂的事件以及一些交易者（如对冲基金）的投机赌博行为上。游戏驿站传奇融入了这个故事情节。</blockquote></p><p>But GameStop also illustrates what happens when stock prices don’t reflect reality.</p><p><blockquote>但游戏驿站也说明了当股价不能反映现实时会发生什么。</blockquote></p><p>The GameStop bubble</p><p><blockquote>游戏驿站泡沫</blockquote></p><p>GameStop fundamentals&nbsp;are, to put it mildly, lackluster.</p><p><blockquote>委婉地说，游戏驿站的基本面黯淡无光。</blockquote></p><p>The company is a brick-and-mortar chain of video game stores. Most video game sales now&nbsp;take place as digital downloads. GameStop&nbsp;has been slow&nbsp;to adapt to this new reality. Its revenue peaked in&nbsp;2012 at US$9.55 billion&nbsp;and had dropped by a third&nbsp;as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.</p><p><blockquote>该公司是一家实体视频游戏连锁店。现在大多数视频游戏销售都是以数字下载的形式进行的。游戏驿站在适应这一新现实方面进展缓慢。其收入在2012年达到95.5亿美元的峰值，截至2019年下降了三分之一。自2017年以来，它就没有盈利过。简单来说，就是在竞争激烈、瞬息万变的行业中，它是一家亏损的公司。</blockquote></p><p>The recent speculative frenzy, however, increased the GameStop stock price&nbsp;from under $20 in early January to as high as $483&nbsp;in a little over two weeks,&nbsp;driven by retail investors on Reddit&nbsp;who coordinated their buying to harm hedge funds,&nbsp;costing the professionals billions of dollars.</p><p><blockquote>然而，最近的投机狂潮使游戏驿站股价在两周多一点的时间内从1月初的不到20美元上涨至483美元，这是由Reddit上的散户投资者推动的，他们协调购买以损害对冲基金，使专业人士损失了数十亿美元。</blockquote></p><p>It is&nbsp;clearly a speculative price bubble&nbsp;and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially&nbsp;those attracted by the extreme price moves&nbsp;and media coverage — will be left holding the bag.</p><p><blockquote>这显然是一个投机性的价格泡沫，具有庞氏骗局的一些特征。许多晚“上车”并以虚高的价格买入的小投资者——尤其是那些被极端价格走势和媒体报道吸引的小投资者——将背黑锅。</blockquote></p><p>And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares&nbsp;were trading near $70for the first time since Jan. 25.</p><p><blockquote>股价迟早会回到能够得到公司基本面支撑的水平。2月4日中午之前，股价自1月25日以来首次接近70美元。</blockquote></p><p>The problems begin when that doesn’t happen until too late.</p><p><blockquote>当为时已晚时，问题就开始了。</blockquote></p><p>Bubbles are made to pop</p><p><blockquote>泡泡被制造出来</blockquote></p><p>Financial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.</p><p><blockquote>金融市场是由人组成的。人是不完美的，市场也是。这意味着市场价格并不总是“正确”的——而且通常很难知道什么是“正确”的价格。</blockquote></p><p>That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.</p><p><blockquote>对于游戏驿站等个股的价格泡沫来说，情况确实如此。但当涉及到整个市场时，在更大的范围内也是如此。</blockquote></p><p>Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 —&nbsp;after prices of dozens of tech stocks soared exponentially in the late 1990s&nbsp;— an&nbsp;economic recession&nbsp;followed soon after. The bursting of a&nbsp;housing bubble in 2008&nbsp;triggered a global financial crisis and the Great Recession.</p><p><blockquote>价格泡沫和崩盘对华尔街和大街都没有好处。当2000年互联网泡沫破裂时——在20世纪90年代末数十只科技股的价格呈指数级飙升——经济衰退随之而来。2008年房地产泡沫的破裂引发了全球金融危机和大衰退。</blockquote></p><p>Too much momentum</p><p><blockquote>动力太大</blockquote></p><p>So markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.</p><p><blockquote>因此，市场有时会失灵，我们需要明智的监管和执法来减少这种失灵的可能性。</blockquote></p><p>Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.</p><p><blockquote>孤立地看，游戏驿站热潮不太可能引发整体股市的混乱，特别是如果其价格继续下跌，更符合公司的基本价值。不幸的是，这不是一个孤立的案例。游戏驿站也不是问题的第一个迹象。</blockquote></p><p>In recent days, Reddit users have also driven up the&nbsp;prices of silverSI00,0.61%&nbsp;and&nbsp;companies&nbsp;such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood&nbsp;have made trading easy, fun&nbsp;and basically free.</p><p><blockquote>最近几天，Reddit用户还推高了silverSI00(0.61%)以及BlackBerryBB(+1.25%)和电影院巨头AMC EntertainmentAMC(-20.96%)等公司的价格。Robinhood等流行的交易应用程序使交易变得轻松、有趣且基本上免费。</blockquote></p><p></p><p>The share price of TeslaTSLA,-0.55%,for example,&nbsp;skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called&nbsp;momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.</p><p><blockquote>例如，特斯拉TSLA(-0.55%)的股价去年飙升了720%，很大程度上是因为投资者买入该股是因为该股已经在上涨。这被称为动量投资，这是一种交易策略，投资者购买证券是因为他们正在上涨，只有当他们认为价格已经见顶时才出售。</blockquote></p><p>If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the&nbsp;already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation&nbsp;could hurt public confidence&nbsp;in financial markets, which would make people more reluctant to invest in retirement and other programs.</p><p><blockquote>如果这种情况持续下去，可能会导致更多的金融泡沫和崩溃，使企业更难筹集资金，对本已步履蹒跚的美国经济复苏构成威胁。即使最坏的情况没有发生，价格大幅波动和价格操纵指控也可能损害公众对金融市场的信心，这将使人们更不愿意投资于退休和其他项目。</blockquote></p><p>Warren Buffett&nbsp;once said&nbsp;about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”</p><p><blockquote>沃伦·巴菲特曾经谈到股市行为时说过：“灯可以随时从绿色变成红色，而不会在黄色时暂停。”</blockquote></p><p>What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.</p><p><blockquote>他的意思是，市场可能会突然转向并暴跌。他认为这些时刻是在市场上寻找交易的机会，但对大多数人来说，它们会导致恐慌、重大损失和大规模失业等经济后果——就像我们在1929年、2000年和2008年看到的那样。</blockquote></p><p>There’s no particular reason it won’t happen again.</p><p><blockquote>没有什么特别的理由不会再发生。</blockquote></p><p><i>Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from&nbsp;crashing“.</i></p><p><blockquote><i>亚历山大·库罗夫是摩根敦西弗吉尼亚大学金融学教授，并担任弗雷德·T·塔特索尔金融学研究主席。这篇文章最初由The Conversation发表——“华尔街不仅仅是交易者可以押注游戏驿站和其他股票的赌场——它对于防止资本主义崩溃至关重要”。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-dark-side-of-the-gamestop-bubble-driving-stock-prices-to-the-moon-can-hurt-america-11612457839?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b72bab52a7d49e9d26088350ab4826c1","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/the-dark-side-of-the-gamestop-bubble-driving-stock-prices-to-the-moon-can-hurt-america-11612457839?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180970570","content_text":"Shares of GameStop and other companies or assets that shot upin value in recent weeks are now dropping like stones. While I feel sorry for the many investors who will likely lose a lot of money, the stocks’ return to Earth is actually a good thing — if you want to avoid financial meltdown to the long list of crises the U.S. is facing.The reason has to do with what financial markets are — and what they are not — as well as what happens when prices of stocks and other securities become untethered from the fundamental value of the assets they’re meant to represent.As a finance professor who does research on how markets respond to new information, I believe it is important to maintain a close link between security prices and fundamentals. When that stops happening, a market collapse may be not far behind.Capital markets aren’t casinosSome have portrayed GameStopGME,-42.11%as a David vs. Goliath story. According to that narrative, the big guys on Wall Street have been getting rich gambling on the stock marketSPX,+1.09%for years. What’s the problem when the little guy gets a chance?The first thing to keep in mind is that markets aren’t a big casino, as some seem to believe. Their core purpose is to efficiently connect investors with companies and other organizations that will make the most productive use of their cash.Accurate market prices, meant to reflect a company’s expected profits and overall risk level, provide an important signal to investors whether they should hand over their money and what they should get in return. Companies like AppleAAPL,+2.58%and AmazonAMZN,+0.56%simply would not exist as we know them today without access to capital markets.The more jaundiced view of markets focuses on episodes when markets seemingly go crazy and on the speculative gambling behavior of some traders, such as hedge funds. The GameStop saga feeds into this storyline.But GameStop also illustrates what happens when stock prices don’t reflect reality.The GameStop bubbleGameStop fundamentals are, to put it mildly, lackluster.The company is a brick-and-mortar chain of video game stores. Most video game sales now take place as digital downloads. GameStop has been slow to adapt to this new reality. Its revenue peaked in 2012 at US$9.55 billion and had dropped by a third as of 2019. It hasn’t earned a profit since 2017. Put simply, it is a money-losing company in a competitive and quickly changing industry.The recent speculative frenzy, however, increased the GameStop stock price from under $20 in early January to as high as $483 in a little over two weeks, driven by retail investors on Reddit who coordinated their buying to harm hedge funds, costing the professionals billions of dollars.It is clearly a speculative price bubble and has some characteristics of a Ponzi scheme. Many small investors who “get on the train” late and buy at the inflated prices — especially those attracted by the extreme price moves and media coverage — will be left holding the bag.And sooner or later, the stock price will likely come back to Earth to a level that can be supported by the fundamentals of the company. Before midday on Feb. 4, shares were trading near $70for the first time since Jan. 25.The problems begin when that doesn’t happen until too late.Bubbles are made to popFinancial markets are made up of people. People are imperfect, and so are markets. This means market prices are not always “right” — and it’s often hard to know what the “right” price is.That is true when it comes to the price bubbles in individual stocks like GameStop. But it’s also true on a much bigger scale, when it comes to a market as a whole.Price bubbles and crashes are good for neither Wall Street nor Main Street. When the dot-com bubble popped in 2000 — after prices of dozens of tech stocks soared exponentially in the late 1990s — an economic recession followed soon after. The bursting of a housing bubble in 2008 triggered a global financial crisis and the Great Recession.Too much momentumSo markets fail sometimes, and we need sensible regulation and enforcement to make such failures less likely.Taken in isolation, the GameStop craze is unlikely to trigger a disruption to the overall stock market, especially if its price continues to fall more in line with the company’s fundamental value. Unfortunately, this was not an isolated case. Nor was GameStop the first sign of problems.In recent days, Reddit users have also driven up the prices of silverSI00,0.61% and companies such as BlackBerryBB,+1.25%and movie theater giant AMC EntertainmentAMC,-20.96%.Popular trading apps like Robinhood have made trading easy, fun and basically free.The share price of TeslaTSLA,-0.55%,for example, skyrocketed 720% last year, in large part when investors bought the stock because it was already rising. This is called momentum investing, a trading strategy in which investors buy securities because they are going up — selling them only when they think the price has peaked.If this continues, it will likely lead to more financial bubbles and crashes that could make it harder for companies to raise capital, posing a threat to the already limping U.S. economic recovery. Even if the worst doesn’t happen, large price movements and allegations of price manipulation could hurt public confidence in financial markets, which would make people more reluctant to invest in retirement and other programs.Warren Buffett once said about stock market behavior: “The light can at any time go from green to red without pausing at yellow.”What he meant was that markets can turn on a dime and plunge. He saw these moments as opportunities to find deals in the market, but for most people they result in panic, heavy losses and economic consequences like mass unemployment — as we saw in 1929, 2000 and 2008.There’s no particular reason it won’t happen again.Alexander Kurov is a professor of finance and holds the Fred T. Tattersall Research Chair in Finance at West Virginia University In Morgantown. This was first published byThe Conversation— “Wall Street isn’t just a casino where traders can bet on GameStop and other stocks – it’s essential to keeping capitalism from crashing“.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363437829,"gmtCreate":1614162521561,"gmtModify":1634550934219,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"Hope this is real","listText":"Hope this is real","text":"Hope this is 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16:57","market":"us","language":"en","title":"Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107989851","media":"benzinga","summary":"Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as Septemb","content":"<p><div> Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday. What Happened:Covovax trials have reached an advanced stage ...</p><p><blockquote><div>据Moneycontrol周三报道，Novavax Inc.的新冠肺炎疫苗以“Covovax”上市，最早可能于9月在印度上市。发生了什么：Covovax试验已进入后期阶段...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</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\">\nNovavax COVID-19 Vaccine Could Become Available In India By September, Says Partner<blockquote>合作伙伴表示，Novavax COVID-19疫苗可能于9月在印度上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-16 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday. What Happened:Covovax trials have reached an advanced stage ...</p><p><blockquote><div>据Moneycontrol周三报道，Novavax Inc.的新冠肺炎疫苗以“Covovax”上市，最早可能于9月在印度上市。发生了什么：Covovax试验已进入后期阶段...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21581892/novavax-covid-19-vaccine-could-become-available-in-india-by-september-says-partner","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107989851","content_text":"Novavax Inc COVID-19 vaccine, marketed as \"Covovax,\" could see a launch in India as early as September, Moneycontrol reportedon Wednesday.\nWhat Happened:Covovax trials have reached an advanced stage of completion in India following which the U.S.-based vaccine maker’s India partner Serum Institute of India (SII) will launch the vaccine, the report said citing Adar Poonawalla, chief executive officer at SII.\nNovavax’s coronavirus vaccine trial in India is likely to conclude by November, however, the pharma company can apply for a license for the vaccine on the basis of global data, Poonawalla noted.\nThe U.S.-based biotechnology firm had earlier this week said that its COVID-19vaccine demonstratedover 90.4% efficacy. The study enrolled 29,960 participants.\nNovavax is also planning to start clinical trials of Covovax for children in July, the report added. Novavax and SII had in September partnered for the former's COVID-19 vaccine candidate NVX-CoV2373.\nAstraZeneca Inc's vaccine, marketed as \"Covishied\" in the country, is currently being widely administered as part of the vaccination drive in India, alongside locally produced Covaxin and Russia's Sputnik V.\nOcugen Inc. is the U.S. partner for Covaxin.\nPrice Action:Novavax shares closed 9.94% at $187.07 on Tuesday and were down 0.68% in extended hours.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":2921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324975073,"gmtCreate":1615957807292,"gmtModify":1703495529923,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"themes":[],"htmlText":"What to do what to do...","listText":"What to do what to do...","text":"What to do what to do...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324975073","isVote":1,"tweetType":1,"viewCount":678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}