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大时代的刘青云

大时代的刘青云

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大时代的刘青云

2021-09-15

$BIGG Digital Assets Inc.(BBKCF)$What happen to this stock....??!!!!! BC is picking up.... But it is going down??

大时代的刘青云

2021-08-27

$BIGG Digital Assets Inc.(BBKCF)$How come today BC related stock is climbing at around 8%.... Yet BBKCF is sliding.... WTH!!

大时代的刘青云

2021-07-20

$BIGG Digital Assets Inc.(BBKCF)$just keep buying....

大时代的刘青云

2021-06-09

$Big Blockchain Intelligence Group Inc.(BBKCF)$dead stock?

大时代的刘青云

2021-06-03

$Big Blockchain Intelligence Group Inc.(BBKCF)$can someone intro this to Reddit or WSB... ROFL

大时代的刘青云

2021-06-02

Power of Reddit

AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>

大时代的刘青云

2021-06-01

$Big Blockchain Intelligence Group Inc.(BBKCF)$Anyone still buying in? Raise your hand!!

大时代的刘青云

2021-05-21

Flatten the curve

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大时代的刘青云

2021-05-21

Just another bold estimation where who will believe?

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大时代的刘青云

2021-05-20

This a a strong value one...

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大时代的刘青云

2021-05-20

Peeps.... Earn abit. Faster run... Covid has return..

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大时代的刘青云

2021-05-20

Hahaha.... Read, analyse then you choose to believe...

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大时代的刘青云

2021-05-18

To the 🌙

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大时代的刘青云

2021-05-14

$Pointerra(3DP.AU)$Put inside the fridge n lock the share...

大时代的刘青云

2021-05-13

Slided

Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>

大时代的刘青云

2021-05-07

$Big Blockchain Intelligence Group Inc.(BBKCF)$Why there is a consecutive dip? Anyone can enlighten?

大时代的刘青云

2021-05-05

$Big Blockchain Intelligence Group Inc.(BBKCF)$Just keep buying.... Let's whack somemore ppl!!!

大时代的刘青云

2021-05-03

$Pointerra(3DP.AU)$gg.com

大时代的刘青云

2021-04-30

$Skillz Inc(SKLZ)$dun know how many investor shed blood in this stock

大时代的刘青云

2021-04-30

$Pointerra(3DP.AU)$Can any kind soul share with me how come it dived so much?

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ROFL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/111970485","isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111039882,"gmtCreate":1622643386746,"gmtModify":1631888658061,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Power of Reddit","listText":"Power of Reddit","text":"Power of Reddit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111039882","repostId":"1188552613","repostType":4,"repost":{"id":"1188552613","kind":"news","pubTimestamp":1622627641,"share":"https://www.laohu8.com/m/news/1188552613?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须翻新，否则就有可能失去所有顾客到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资金推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</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>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须翻新，否则就有可能失去所有顾客到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资金推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119600361,"gmtCreate":1622538629353,"gmtModify":1631888804999,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Anyone still buying in? Raise your hand!!&nbsp;","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Anyone still buying in? Raise your hand!!&nbsp;","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$Anyone still buying in? Raise your hand!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119600361","isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139965361,"gmtCreate":1621585207453,"gmtModify":1634187875062,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Flatten the curve","listText":"Flatten the curve","text":"Flatten the curve","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139965361","repostId":"2137972546","repostType":4,"isVote":1,"tweetType":1,"viewCount":1067,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139966788,"gmtCreate":1621585077244,"gmtModify":1631884221779,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Just another bold estimation where who will believe?","listText":"Just another bold estimation where who will believe?","text":"Just another bold estimation where who will believe?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139966788","repostId":"1161150268","repostType":4,"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130165807,"gmtCreate":1621519541209,"gmtModify":1634188463669,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"This a a strong value one...","listText":"This a a strong value one...","text":"This a a strong value one...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130165807","repostId":"1105833464","repostType":2,"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130166431,"gmtCreate":1621519499123,"gmtModify":1634188465243,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Peeps.... Earn abit. Faster run... Covid has return..","listText":"Peeps.... Earn abit. Faster run... Covid has return..","text":"Peeps.... Earn abit. Faster run... Covid has return..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130166431","repostId":"1176686071","repostType":2,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130163427,"gmtCreate":1621519419569,"gmtModify":1634188467815,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Hahaha.... Read, analyse then you choose to believe...&nbsp;","listText":"Hahaha.... Read, analyse then you choose to believe...&nbsp;","text":"Hahaha.... Read, analyse then you choose to believe...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130163427","repostId":"2136260319","repostType":4,"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194025297,"gmtCreate":1621327734419,"gmtModify":1634192416511,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"To the 🌙","listText":"To the 🌙","text":"To the 🌙","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/194025297","repostId":"1109408177","repostType":2,"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198255626,"gmtCreate":1620964402965,"gmtModify":1631889377053,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>Put inside the fridge n lock the share...&nbsp;","listText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>Put inside the fridge n lock the share...&nbsp;","text":"$Pointerra(3DP.AU)$Put inside the fridge n lock the share...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198255626","isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191107512,"gmtCreate":1620862011136,"gmtModify":1634195849356,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Slided","listText":"Slided","text":"Slided","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191107512","repostId":"1161260146","repostType":4,"repost":{"id":"1161260146","kind":"news","pubTimestamp":1620825624,"share":"https://www.laohu8.com/m/news/1161260146?lang=zh_CN&edition=full","pubTime":"2021-05-12 21:20","market":"us","language":"en","title":"Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161260146","media":"zerohedge","summary":"Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in mirac","content":"<p>Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),<b>the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.</b></p><p><blockquote>就在你认为科技股BTFD是安全的时候（在昨天美国股市“你相信奇迹吗”反弹之后），<b>以科技股为主、市值2万亿美元的台湾证券交易所指数隔夜暴跌近9%，这是该交易所54年历史上最大的单日跌幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/2742bb1e0b48ba2c069c09746c47329e\" tg-width=\"936\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p> The deepening&nbsp;slump&nbsp;in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,<b>the swiftness of the plunge that followed suggests bigger forces were at play</b>. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.</p><p><blockquote>鉴于台湾市场由该行业主导，全球科技股的进一步暴跌显然是交易员关注的焦点，但是，正如彭博社指出的那样，<b>随后暴跌的速度表明有更大的力量在起作用</b>几个月来，世界各地的牛市怀疑论者一直警告称，杠杆率飙升正在使股市风险加大（例如，截至3月底，美国保证金债务突破8220亿美元，同比增长72%）。据彭博社报道，在较小的范围内，同样的事情也发生在台湾。</blockquote></p><p> <b>Amid global central bank-backed complacency, investors took on increasing amounts of leverage.</b></p><p><blockquote><b>在全球央行支持的自满情绪中，投资者承担了越来越多的杠杆。</b></blockquote></p><p> The result was a 46% expansion in&nbsp;margin debt&nbsp;this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.</p><p><blockquote>结果是，两周前，保证金债务今年扩大了46%，达到约2740亿新台币（合98亿美元），为2011年以来的最高水平。</blockquote></p><p> By comparison, the Taiwan benchmark was up just 19% in that period, an indication that<b>people were taking out loans faster than stocks were appreciating</b>.</p><p><blockquote>相比之下，台湾基准指数同期仅上涨19%，这表明<b>人们贷款的速度快于股票升值的速度</b>.</blockquote></p><p>   “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,  <b>the chips sector in Japan is being impacted</b>,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.  <b>“For now, I’m not seeing a trigger that could reverse the drop.”</b>  There were also some fundamentals behind the collapse including<b>fears over a reacceleration in COVID-19 cases</b>.</p><p><blockquote>“台湾Taiex一度下跌约8%，而在该指标上权重最大的台积电股价暴跌，<b>日本芯片行业正在受到影响</b>，”东洋证券驻东京策略师Ryuta Otsuka表示。<b>“目前，我没有看到可以扭转跌势的触发因素。”</b>崩溃背后还有一些基本面因素，包括<b>担心COVID-19病例再次增加</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c77162e8ef51da4871b818e262fd53b\" tg-width=\"936\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> This has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,<b>Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people</b>, and it may<b>request non-essential businesses to close their doors</b>.</p><p><blockquote>据《自由时报》报道，这可能会在几乎没有人接种疫苗的岛上引发限制迅速升级，<b>台湾今天可能会进一步提高警戒级别，政府可能会禁止5人以上的室内聚会和10人以上的室外聚会</b>，而且它可能<b>要求非必要商家关门歇业</b>.</blockquote></p><p> Gains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.</p><p><blockquote>由于疫情造成筹码短缺，今年Taiex的涨幅有所扩大，截至4月份，该指数连续七个月上涨，直到昨晚通胀威胁和过度杠杆的现实严重打击。</blockquote></p><p>   <i><b>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”</b></i>said MasterLink Securities Investment Advisory President Paul Cheng.  And as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...</p><p><blockquote><i><b>“过去几个月，保证金交易提振了Taiex，如果面临保证金评级，这可能会加剧跌幅。”</b></i>万事通证券投资顾问总裁Paul Cheng表示。随着去杠杆化浪潮在全球范围内消退，纳斯达克期货正在回吐昨天的死猫反弹涨幅……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc8f07bb57012a5432267aebb1faf55c\" tg-width=\"1280\" tg-height=\"777\"></p><p><blockquote></blockquote></p><p> As the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.<b>That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?</b></p><p><blockquote>随着周二Taiex暴跌，保证金债务水平下降了126亿新台币，为2018年10月以来最大。<b>这表明交易员面临经纪商的保证金评级，以弥补其股票账户的损失...我们今天会在美国看到同样的情况吗？</b></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>Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-12 21:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),<b>the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.</b></p><p><blockquote>就在你认为科技股BTFD是安全的时候（在昨天美国股市“你相信奇迹吗”反弹之后），<b>以科技股为主、市值2万亿美元的台湾证券交易所指数隔夜暴跌近9%，这是该交易所54年历史上最大的单日跌幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/2742bb1e0b48ba2c069c09746c47329e\" tg-width=\"936\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p> The deepening&nbsp;slump&nbsp;in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,<b>the swiftness of the plunge that followed suggests bigger forces were at play</b>. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.</p><p><blockquote>鉴于台湾市场由该行业主导，全球科技股的进一步暴跌显然是交易员关注的焦点，但是，正如彭博社指出的那样，<b>随后暴跌的速度表明有更大的力量在起作用</b>几个月来，世界各地的牛市怀疑论者一直警告称，杠杆率飙升正在使股市风险加大（例如，截至3月底，美国保证金债务突破8220亿美元，同比增长72%）。据彭博社报道，在较小的范围内，同样的事情也发生在台湾。</blockquote></p><p> <b>Amid global central bank-backed complacency, investors took on increasing amounts of leverage.</b></p><p><blockquote><b>在全球央行支持的自满情绪中，投资者承担了越来越多的杠杆。</b></blockquote></p><p> The result was a 46% expansion in&nbsp;margin debt&nbsp;this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.</p><p><blockquote>结果是，两周前，保证金债务今年扩大了46%，达到约2740亿新台币（合98亿美元），为2011年以来的最高水平。</blockquote></p><p> By comparison, the Taiwan benchmark was up just 19% in that period, an indication that<b>people were taking out loans faster than stocks were appreciating</b>.</p><p><blockquote>相比之下，台湾基准指数同期仅上涨19%，这表明<b>人们贷款的速度快于股票升值的速度</b>.</blockquote></p><p>   “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,  <b>the chips sector in Japan is being impacted</b>,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.  <b>“For now, I’m not seeing a trigger that could reverse the drop.”</b>  There were also some fundamentals behind the collapse including<b>fears over a reacceleration in COVID-19 cases</b>.</p><p><blockquote>“台湾Taiex一度下跌约8%，而在该指标上权重最大的台积电股价暴跌，<b>日本芯片行业正在受到影响</b>，”东洋证券驻东京策略师Ryuta Otsuka表示。<b>“目前，我没有看到可以扭转跌势的触发因素。”</b>崩溃背后还有一些基本面因素，包括<b>担心COVID-19病例再次增加</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c77162e8ef51da4871b818e262fd53b\" tg-width=\"936\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> This has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,<b>Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people</b>, and it may<b>request non-essential businesses to close their doors</b>.</p><p><blockquote>据《自由时报》报道，这可能会在几乎没有人接种疫苗的岛上引发限制迅速升级，<b>台湾今天可能会进一步提高警戒级别，政府可能会禁止5人以上的室内聚会和10人以上的室外聚会</b>，而且它可能<b>要求非必要商家关门歇业</b>.</blockquote></p><p> Gains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.</p><p><blockquote>由于疫情造成筹码短缺，今年Taiex的涨幅有所扩大，截至4月份，该指数连续七个月上涨，直到昨晚通胀威胁和过度杠杆的现实严重打击。</blockquote></p><p>   <i><b>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”</b></i>said MasterLink Securities Investment Advisory President Paul Cheng.  And as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...</p><p><blockquote><i><b>“过去几个月，保证金交易提振了Taiex，如果面临保证金评级，这可能会加剧跌幅。”</b></i>万事通证券投资顾问总裁Paul Cheng表示。随着去杠杆化浪潮在全球范围内消退，纳斯达克期货正在回吐昨天的死猫反弹涨幅……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc8f07bb57012a5432267aebb1faf55c\" tg-width=\"1280\" tg-height=\"777\"></p><p><blockquote></blockquote></p><p> As the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.<b>That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?</b></p><p><blockquote>随着周二Taiex暴跌，保证金债务水平下降了126亿新台币，为2018年10月以来最大。<b>这表明交易员面临经纪商的保证金评级，以弥补其股票账户的损失...我们今天会在美国看到同样的情况吗？</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/tech-wreck-goes-global-taiwan-stocks-trounced-biggest-crash-54-year-history?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/tech-wreck-goes-global-taiwan-stocks-trounced-biggest-crash-54-year-history?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161260146","content_text":"Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.\n\nThe deepening slump in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,the swiftness of the plunge that followed suggests bigger forces were at play. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.\nAmid global central bank-backed complacency, investors took on increasing amounts of leverage.\nThe result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.\nBy comparison, the Taiwan benchmark was up just 19% in that period, an indication thatpeople were taking out loans faster than stocks were appreciating.\n\n “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,\n the chips sector in Japan is being impacted,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.\n “For now, I’m not seeing a trigger that could reverse the drop.”\n\nThere were also some fundamentals behind the collapse includingfears over a reacceleration in COVID-19 cases.\n\nSource: Bloomberg\nThis has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people, and it mayrequest non-essential businesses to close their doors.\nGains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.\n\n“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”said MasterLink Securities Investment Advisory President Paul Cheng.\n\nAnd as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...\n\nAs the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104587374,"gmtCreate":1620398200698,"gmtModify":1631888854840,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Why there is a consecutive dip? Anyone can enlighten?","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Why there is a consecutive dip? Anyone can enlighten?","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$Why there is a consecutive dip? Anyone can enlighten?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104587374","isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106787187,"gmtCreate":1620146759149,"gmtModify":1631888854840,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Just keep buying.... Let's whack somemore ppl!!!&nbsp;","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Just keep buying.... Let's whack somemore ppl!!!&nbsp;","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$Just keep buying.... Let's whack somemore ppl!!!","images":[{"img":"https://static.tigerbbs.com/391df3f22f20ae2250da846fc6ffb126","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106787187","isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108739521,"gmtCreate":1620053174663,"gmtModify":1631889377054,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>gg.com","listText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>gg.com","text":"$Pointerra(3DP.AU)$gg.com","images":[{"img":"https://static.tigerbbs.com/86be123d5534eca471ed76e754da8053","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":1,"link":"https://laohu8.com/post/108739521","isVote":1,"tweetType":1,"viewCount":832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":103534405,"gmtCreate":1619792768607,"gmtModify":1631886536935,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SKLZ\">$Skillz Inc(SKLZ)$</a>dun know how many investor shed blood in this stock","listText":"<a href=\"https://laohu8.com/S/SKLZ\">$Skillz Inc(SKLZ)$</a>dun know how many investor shed blood in this stock","text":"$Skillz Inc(SKLZ)$dun know how many investor shed blood in this stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/103534405","isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103536417,"gmtCreate":1619792597939,"gmtModify":1631889377058,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>Can any kind soul share with me how come it dived so much?","listText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>Can any kind soul share with me how come it dived so much?","text":"$Pointerra(3DP.AU)$Can any kind soul share with me how come it dived so much?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103536417","isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":108739521,"gmtCreate":1620053174663,"gmtModify":1631889377054,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>gg.com","listText":"<a href=\"https://laohu8.com/S/3DP.AU\">$Pointerra(3DP.AU)$</a>gg.com","text":"$Pointerra(3DP.AU)$gg.com","images":[{"img":"https://static.tigerbbs.com/86be123d5534eca471ed76e754da8053","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":1,"link":"https://laohu8.com/post/108739521","isVote":1,"tweetType":1,"viewCount":832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":103534405,"gmtCreate":1619792768607,"gmtModify":1631886536935,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SKLZ\">$Skillz Inc(SKLZ)$</a>dun know how many investor shed blood in this stock","listText":"<a href=\"https://laohu8.com/S/SKLZ\">$Skillz Inc(SKLZ)$</a>dun know how many investor shed blood in this stock","text":"$Skillz Inc(SKLZ)$dun know how many investor shed blood in this stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/103534405","isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111970485,"gmtCreate":1622650972647,"gmtModify":1631888804999,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>can someone intro this to Reddit or WSB... ROFL","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>can someone intro this to Reddit or WSB... ROFL","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$can someone intro this to Reddit or WSB... ROFL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/111970485","isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111039882,"gmtCreate":1622643386746,"gmtModify":1631888658061,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Power of Reddit","listText":"Power of Reddit","text":"Power of Reddit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111039882","repostId":"1188552613","repostType":4,"repost":{"id":"1188552613","kind":"news","pubTimestamp":1622627641,"share":"https://www.laohu8.com/m/news/1188552613?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须翻新，否则就有可能失去所有顾客到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资金推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</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>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须翻新，否则就有可能失去所有顾客到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资金推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378178025,"gmtCreate":1619013395867,"gmtModify":1631888854863,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Join the level of MARA and RIOT!!! GO GO GO!!","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Join the level of MARA and RIOT!!! GO GO GO!!","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$Join the level of MARA and RIOT!!! GO GO GO!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378178025","isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819522091,"gmtCreate":1630078916514,"gmtModify":1704955714932,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$BIGG Digital Assets Inc.(BBKCF)$</a>How come today BC related stock is climbing at around 8%.... Yet BBKCF is sliding.... WTH!!","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$BIGG Digital Assets Inc.(BBKCF)$</a>How come today BC related stock is climbing at around 8%.... Yet BBKCF is sliding.... WTH!!","text":"$BIGG Digital Assets Inc.(BBKCF)$How come today BC related stock is climbing at around 8%.... Yet BBKCF is sliding.... WTH!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/819522091","isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191107512,"gmtCreate":1620862011136,"gmtModify":1634195849356,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"Slided","listText":"Slided","text":"Slided","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191107512","repostId":"1161260146","repostType":4,"repost":{"id":"1161260146","kind":"news","pubTimestamp":1620825624,"share":"https://www.laohu8.com/m/news/1161260146?lang=zh_CN&edition=full","pubTime":"2021-05-12 21:20","market":"us","language":"en","title":"Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161260146","media":"zerohedge","summary":"Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in mirac","content":"<p>Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),<b>the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.</b></p><p><blockquote>就在你认为科技股BTFD是安全的时候（在昨天美国股市“你相信奇迹吗”反弹之后），<b>以科技股为主、市值2万亿美元的台湾证券交易所指数隔夜暴跌近9%，这是该交易所54年历史上最大的单日跌幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/2742bb1e0b48ba2c069c09746c47329e\" tg-width=\"936\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p> The deepening&nbsp;slump&nbsp;in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,<b>the swiftness of the plunge that followed suggests bigger forces were at play</b>. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.</p><p><blockquote>鉴于台湾市场由该行业主导，全球科技股的进一步暴跌显然是交易员关注的焦点，但是，正如彭博社指出的那样，<b>随后暴跌的速度表明有更大的力量在起作用</b>几个月来，世界各地的牛市怀疑论者一直警告称，杠杆率飙升正在使股市风险加大（例如，截至3月底，美国保证金债务突破8220亿美元，同比增长72%）。据彭博社报道，在较小的范围内，同样的事情也发生在台湾。</blockquote></p><p> <b>Amid global central bank-backed complacency, investors took on increasing amounts of leverage.</b></p><p><blockquote><b>在全球央行支持的自满情绪中，投资者承担了越来越多的杠杆。</b></blockquote></p><p> The result was a 46% expansion in&nbsp;margin debt&nbsp;this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.</p><p><blockquote>结果是，两周前，保证金债务今年扩大了46%，达到约2740亿新台币（合98亿美元），为2011年以来的最高水平。</blockquote></p><p> By comparison, the Taiwan benchmark was up just 19% in that period, an indication that<b>people were taking out loans faster than stocks were appreciating</b>.</p><p><blockquote>相比之下，台湾基准指数同期仅上涨19%，这表明<b>人们贷款的速度快于股票升值的速度</b>.</blockquote></p><p>   “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,  <b>the chips sector in Japan is being impacted</b>,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.  <b>“For now, I’m not seeing a trigger that could reverse the drop.”</b>  There were also some fundamentals behind the collapse including<b>fears over a reacceleration in COVID-19 cases</b>.</p><p><blockquote>“台湾Taiex一度下跌约8%，而在该指标上权重最大的台积电股价暴跌，<b>日本芯片行业正在受到影响</b>，”东洋证券驻东京策略师Ryuta Otsuka表示。<b>“目前，我没有看到可以扭转跌势的触发因素。”</b>崩溃背后还有一些基本面因素，包括<b>担心COVID-19病例再次增加</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c77162e8ef51da4871b818e262fd53b\" tg-width=\"936\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> This has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,<b>Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people</b>, and it may<b>request non-essential businesses to close their doors</b>.</p><p><blockquote>据《自由时报》报道，这可能会在几乎没有人接种疫苗的岛上引发限制迅速升级，<b>台湾今天可能会进一步提高警戒级别，政府可能会禁止5人以上的室内聚会和10人以上的室外聚会</b>，而且它可能<b>要求非必要商家关门歇业</b>.</blockquote></p><p> Gains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.</p><p><blockquote>由于疫情造成筹码短缺，今年Taiex的涨幅有所扩大，截至4月份，该指数连续七个月上涨，直到昨晚通胀威胁和过度杠杆的现实严重打击。</blockquote></p><p>   <i><b>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”</b></i>said MasterLink Securities Investment Advisory President Paul Cheng.  And as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...</p><p><blockquote><i><b>“过去几个月，保证金交易提振了Taiex，如果面临保证金评级，这可能会加剧跌幅。”</b></i>万事通证券投资顾问总裁Paul Cheng表示。随着去杠杆化浪潮在全球范围内消退，纳斯达克期货正在回吐昨天的死猫反弹涨幅……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc8f07bb57012a5432267aebb1faf55c\" tg-width=\"1280\" tg-height=\"777\"></p><p><blockquote></blockquote></p><p> As the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.<b>That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?</b></p><p><blockquote>随着周二Taiex暴跌，保证金债务水平下降了126亿新台币，为2018年10月以来最大。<b>这表明交易员面临经纪商的保证金评级，以弥补其股票账户的损失...我们今天会在美国看到同样的情况吗？</b></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>Tech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTech Wreck Goes Global - Taiwan Stocks Trounced In Biggest Crash In 54 Year History<blockquote>科技灾难席卷全球——台湾股市遭遇54年历史上最大崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-12 21:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),<b>the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.</b></p><p><blockquote>就在你认为科技股BTFD是安全的时候（在昨天美国股市“你相信奇迹吗”反弹之后），<b>以科技股为主、市值2万亿美元的台湾证券交易所指数隔夜暴跌近9%，这是该交易所54年历史上最大的单日跌幅。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/2742bb1e0b48ba2c069c09746c47329e\" tg-width=\"936\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p> The deepening&nbsp;slump&nbsp;in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,<b>the swiftness of the plunge that followed suggests bigger forces were at play</b>. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.</p><p><blockquote>鉴于台湾市场由该行业主导，全球科技股的进一步暴跌显然是交易员关注的焦点，但是，正如彭博社指出的那样，<b>随后暴跌的速度表明有更大的力量在起作用</b>几个月来，世界各地的牛市怀疑论者一直警告称，杠杆率飙升正在使股市风险加大（例如，截至3月底，美国保证金债务突破8220亿美元，同比增长72%）。据彭博社报道，在较小的范围内，同样的事情也发生在台湾。</blockquote></p><p> <b>Amid global central bank-backed complacency, investors took on increasing amounts of leverage.</b></p><p><blockquote><b>在全球央行支持的自满情绪中，投资者承担了越来越多的杠杆。</b></blockquote></p><p> The result was a 46% expansion in&nbsp;margin debt&nbsp;this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.</p><p><blockquote>结果是，两周前，保证金债务今年扩大了46%，达到约2740亿新台币（合98亿美元），为2011年以来的最高水平。</blockquote></p><p> By comparison, the Taiwan benchmark was up just 19% in that period, an indication that<b>people were taking out loans faster than stocks were appreciating</b>.</p><p><blockquote>相比之下，台湾基准指数同期仅上涨19%，这表明<b>人们贷款的速度快于股票升值的速度</b>.</blockquote></p><p>   “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,  <b>the chips sector in Japan is being impacted</b>,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.  <b>“For now, I’m not seeing a trigger that could reverse the drop.”</b>  There were also some fundamentals behind the collapse including<b>fears over a reacceleration in COVID-19 cases</b>.</p><p><blockquote>“台湾Taiex一度下跌约8%，而在该指标上权重最大的台积电股价暴跌，<b>日本芯片行业正在受到影响</b>，”东洋证券驻东京策略师Ryuta Otsuka表示。<b>“目前，我没有看到可以扭转跌势的触发因素。”</b>崩溃背后还有一些基本面因素，包括<b>担心COVID-19病例再次增加</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c77162e8ef51da4871b818e262fd53b\" tg-width=\"936\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> This has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,<b>Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people</b>, and it may<b>request non-essential businesses to close their doors</b>.</p><p><blockquote>据《自由时报》报道，这可能会在几乎没有人接种疫苗的岛上引发限制迅速升级，<b>台湾今天可能会进一步提高警戒级别，政府可能会禁止5人以上的室内聚会和10人以上的室外聚会</b>，而且它可能<b>要求非必要商家关门歇业</b>.</blockquote></p><p> Gains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.</p><p><blockquote>由于疫情造成筹码短缺，今年Taiex的涨幅有所扩大，截至4月份，该指数连续七个月上涨，直到昨晚通胀威胁和过度杠杆的现实严重打击。</blockquote></p><p>   <i><b>“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”</b></i>said MasterLink Securities Investment Advisory President Paul Cheng.  And as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...</p><p><blockquote><i><b>“过去几个月，保证金交易提振了Taiex，如果面临保证金评级，这可能会加剧跌幅。”</b></i>万事通证券投资顾问总裁Paul Cheng表示。随着去杠杆化浪潮在全球范围内消退，纳斯达克期货正在回吐昨天的死猫反弹涨幅……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc8f07bb57012a5432267aebb1faf55c\" tg-width=\"1280\" tg-height=\"777\"></p><p><blockquote></blockquote></p><p> As the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.<b>That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?</b></p><p><blockquote>随着周二Taiex暴跌，保证金债务水平下降了126亿新台币，为2018年10月以来最大。<b>这表明交易员面临经纪商的保证金评级，以弥补其股票账户的损失...我们今天会在美国看到同样的情况吗？</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/tech-wreck-goes-global-taiwan-stocks-trounced-biggest-crash-54-year-history?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/tech-wreck-goes-global-taiwan-stocks-trounced-biggest-crash-54-year-history?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161260146","content_text":"Just when you thought it was safe to BTFD in tech stocks (after yesterday's \"do you believe in miracles\" rebound in US equity markets),the tech-heavy $2 trillion market cap Taiwan Stock Exchange Index crashed almost 9% overnight - its largest single-day drop in the exchange's 54-year history.\n\nThe deepening slump in global tech shares was clearly a focus for traders given the Taiwanese market is dominated by the industry, but, as Bloomberg notes,the swiftness of the plunge that followed suggests bigger forces were at play. For months, bull market skeptics around the world have warned that surging leverage is making equity markets riskier (e.g., US margin debt topped $822 billion by the end of March, up 72% year on year). And, as Bloomberg reports, on a smaller scale, the same happened in Taiwan.\nAmid global central bank-backed complacency, investors took on increasing amounts of leverage.\nThe result was a 46% expansion in margin debt this year to about NT$274 billion ($9.8 billion) two weeks ago, the highest since 2011.\nBy comparison, the Taiwan benchmark was up just 19% in that period, an indication thatpeople were taking out loans faster than stocks were appreciating.\n\n “Taiwan’s Taiex fell about 8% at one point, and with TSMC, which has the biggest weighting on the measure, slumping,\n the chips sector in Japan is being impacted,” said Ryuta Otsuka, a strategist at Toyo Securities in Tokyo.\n “For now, I’m not seeing a trigger that could reverse the drop.”\n\nThere were also some fundamentals behind the collapse includingfears over a reacceleration in COVID-19 cases.\n\nSource: Bloomberg\nThis has sparked a rapid escalation of restrictions potentially on the island where almost no one is vaccinated, as Liberty Times reports,Taiwan may elevate its alert level further today with the government likely to ban indoor gatherings of over five people and outdoor gatherings of more than 10 people, and it mayrequest non-essential businesses to close their doors.\nGains on Taiex extended this year as the pandemic created a shortage of chips, with the index rising for seven straight months through April, until the reality of inflationary threats and over-leverage hit home in a big way last night.\n\n“Margin trading boosted the Taiex over the past few months, which may add to declines if they face margin calls,”said MasterLink Securities Investment Advisory President Paul Cheng.\n\nAnd as the wave of deleveraging rolls back around the world, Nasdaq futures are giving back yesterday's dead-cat-bounce gains...\n\nAs the Taiex tumbled on Tuesday, the level of margin debt fell by NT$12.6 billion, the most since October 2018.That suggests traders faced margin calls by brokers to cover losses in their stock accounts... will we see the same in the US today?","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109246586,"gmtCreate":1619702700645,"gmtModify":1631888854849,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Just buy..... Buy until it turn green... Lol","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Just buy..... Buy until it turn green... Lol","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$Just buy..... Buy until it turn green... Lol","images":[{"img":"https://static.tigerbbs.com/1adcf9cc1f71a50d0a916dffd65bda62","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109246586","isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":882701093,"gmtCreate":1631717798512,"gmtModify":1631888804973,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$BIGG Digital Assets Inc.(BBKCF)$</a>What happen to this stock....??!!!!! BC is picking up.... But it is going down??","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$BIGG Digital Assets Inc.(BBKCF)$</a>What happen to this stock....??!!!!! BC is picking up.... But it is going down??","text":"$BIGG Digital Assets Inc.(BBKCF)$What happen to this stock....??!!!!! BC is picking up.... But it is going down??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882701093","isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178359329,"gmtCreate":1626789102461,"gmtModify":1631888804984,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$BIGG Digital Assets Inc.(BBKCF)$</a>just keep buying....","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$BIGG Digital Assets Inc.(BBKCF)$</a>just keep buying....","text":"$BIGG Digital Assets Inc.(BBKCF)$just keep buying....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178359329","isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119600361,"gmtCreate":1622538629353,"gmtModify":1631888804999,"author":{"id":"3573121978215252","authorId":"3573121978215252","name":"大时代的刘青云","avatar":"https://static.tigerbbs.com/a6d9f5db4cc02ec3ab0d48cb2bba6fbf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573121978215252","idStr":"3573121978215252"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Anyone still buying in? Raise your hand!!&nbsp;","listText":"<a href=\"https://laohu8.com/S/BBKCF\">$Big Blockchain Intelligence Group Inc.(BBKCF)$</a>Anyone still buying in? Raise your hand!!&nbsp;","text":"$Big Blockchain Intelligence Group Inc.(BBKCF)$Anyone still buying in? 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