acciacci的个人主页 - 老虎社区

acciacci

acciacci

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2021-07-28

$AAPL 20210820 110.0 PUT(AAPL)$ggogogo

2021-07-27

$CHINA STRATEGIC(00235)$come

2021-07-21

Start selling

2021-07-21

Further down it goes

Cryptocurrency-related stocks soar in morning trading<blockquote>加密货币相关股票早盘飙升</blockquote>

2021-07-21

$AAPL 20210820 110.0 PUT(AAPL)$lezzgo

2021-05-30

Go go go

2021-05-30

Agreed 👍

抱歉，原内容已删除

2021-05-30

Oh I seereee

抱歉，原内容已删除

2021-05-03

Coins for me!

抱歉，原内容已删除

2021-04-29

Tak bo leh

2021-04-28

$China Strategic(00235)$goooodness

2021-04-28

Share liao leh

2021-04-28

This is just a get coins share

2021-04-27

Gogogogo

2021-04-27

Share share share

2021-04-27

Give me coinsssss

Meituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</blockquote>

2021-04-27

Maybe I have been commenting on wrong places

If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>

2021-04-26

Oh la le la la heh

抱歉，原内容已删除

2021-04-26

Wowowie coins pls

抱歉，原内容已删除

2021-04-26

Oh lalalaa

Imagining Berkshire Hathaway after Buffett: Who will be CEO, what else will change — and what won’t<blockquote>想象巴菲特之后的伯克希尔哈撒韦公司：谁将成为首席执行官，还有什么会改变——什么不会改变</blockquote>

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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-21 22:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(July 21)&nbsp;Cryptocurrency-related stocks soar in morning trading.&nbsp;</p><p><blockquote>（7月21日）加密货币相关股票早盘飙升。</blockquote></p><p> On day after sliding below $30,000, a key support level which many said has to hold, it did just that with bitcoin storming higher and back over $31,000.</p><p><blockquote>在跌破30,000美元（许多人认为必须守住的关键支撑位）后的第二天，随着比特币飙升并回到31,000美元上方，它就做到了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/96ba84b633e0ac3f409f8c463cd88beb\" tg-width=\"310\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b1ff2661c20fa3335bbd359f86b5e594\" tg-width=\"687\" tg-height=\"733\" 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coinsssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374535152","repostId":"1125777657","repostType":4,"repost":{"id":"1125777657","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619445274,"share":"https://www.laohu8.com/m/news/1125777657?lang=zh_CN&edition=full","pubTime":"2021-04-26 21:54","market":"us","language":"en","title":"Meituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125777657","media":"Tiger Newspress","summary":"Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigat","content":"<p>Meituan&nbsp;ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.</p><p><blockquote>美团-W ADR下跌6.84%。今日，国家市场监管总局根据举报对美团-W“二选一”等涉嫌垄断行为立案调查。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/30036bb510caca429649b75e1910b891\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</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\">\nMeituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-26 21:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Meituan&nbsp;ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.</p><p><blockquote>美团-W ADR下跌6.84%。今日，国家市场监管总局根据举报对美团-W“二选一”等涉嫌垄断行为立案调查。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/30036bb510caca429649b75e1910b891\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MPNGY":"美团ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125777657","content_text":"Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.","news_type":1,"symbols_score_info":{"MPNGY":0.9}},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374535045,"gmtCreate":1619454379787,"gmtModify":1634273312727,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Maybe I have been commenting on wrong places","listText":"Maybe I have been commenting on wrong places","text":"Maybe I have been commenting on wrong places","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374535045","repostId":"1126815616","repostType":4,"repost":{"id":"1126815616","kind":"news","pubTimestamp":1619451024,"share":"https://www.laohu8.com/m/news/1126815616?lang=zh_CN&edition=full","pubTime":"2021-04-26 23:30","market":"us","language":"en","title":"If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126815616","media":"MarketWatch","summary":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’","content":"<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说，我认为这是一个买入并持有的机会，如果资本利得税率提高，股市就会出现抛售。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的将年收入至少100万美元的人的资本利得税率提高一倍的计划，亚历克斯·扎戈尔斯基将关注股市便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士实行39.6%的资本利得税率。再加上与患者保护与平价医疗法案相关的3.8%的税率，这将是43.4%。目前，高收入者的投资证券利润资本利得税率为20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴——如果拜登能够在国会通过这一想法——股市将会出现某种形式的抛售，因为一些富有的投资者在利率攀升之前利用了较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一位来自密歇根州底特律市的27岁机械工程师。凭借多年的投资经验，将在那里等待。“我对投资的看法是非常长期的，”他告诉MarketWatch。“我认为这样的事情是买入并持有的机会。”</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯(Martin Sanchez)对此表示同意，他于2018年开始购买个股。这位在科技行业工作的27岁北卡罗来纳州温斯顿塞勒姆居民表示：“我认为，如果我们确实看到大幅抛售，千禧一代就有买入机会。”</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这一机会，他可能会购买一些专注于网络安全的公司的股票，这让他有机会分散自己的持股，其中包括迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票。桑切斯正在密切关注拜登的税收提案。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得加息，有很多悬而未决的问题。拜登会将这一想法纳入他预计将于周三公布的“美国家庭计划”吗？该计划还将包括多少针对富裕家庭的其他增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了2020年市场的跌宕起伏，并经受住了meme股票交易狂潮，这使得GameStopGME(3.18%)等公司的股价经历了过山车。他们能否从加息前可能发生的估计1780亿美元的抛售中获益？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>乔治城大学麦克多诺商学院教授詹姆斯·安吉尔说：“有些人可能会认为，‘哦，这是我加入的机会。’”</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多其他基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在很大的悬而未决的问题。“它会创造机会吗？嗯，也许吧，”安吉尔说。“但你必须逐个股票仔细观察。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>事实上，一份投资者报告周五表示，股价可能与税收环境关系不大。瑞银全球财富管理首席投资官马克·海菲尔写道：“最终，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更强大驱动因素。”</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>“人们会预计人们会开始抛售”</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高所得税税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>这位共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得税率高达28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员表示，在2013年的变化之前——将长期资本利得税从15%提高到20%，并增加了3.8%的净投资所得税——资本利得“变现”增加了40%，这意味着投资者正在出售他们持有的股份。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“当然，人们会预计人们会开始抛售，”税收政策中心高级研究员罗伯特·麦克莱兰说。“多少钱，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家是外国投资者和退休账户，包括401(k)计划或养老金计划，而不是通过经纪账户运作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约40%的股市股权，退休账户拥有约30%。应税账户（例如经纪账户）拥有另外25%的股市股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在出售，这并不意味着他们要离开。“我仍然会为我的客户购买，”新泽西州富兰克林湖Cereus Financial Advisors的老板大卫·哈斯(David Haas)说。“换句话说，卖出并不意味着退出市场。我会卖掉一个客户的收益，然后买一些类似的东西来继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，当天收盘下跌。到周五，它们出现反弹，道琼斯工业平均指数DJIA上涨0.12%，收盘上涨228点，上涨0.7%，标准普尔500SPX指数上涨0.28%，收盘上涨1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基表示，他也许能够从未来的抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得税率的提高，“你只是从愿意投资市场的人那里拿走了钱。”</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，购买机会可能并不明朗。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“当你看到高层的人做事时，你会本能地模仿他们，即使这不符合你的最佳利益，”他说。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</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\">\nIf Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说，我认为这是一个买入并持有的机会，如果资本利得税率提高，股市就会出现抛售。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的将年收入至少100万美元的人的资本利得税率提高一倍的计划，亚历克斯·扎戈尔斯基将关注股市便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士实行39.6%的资本利得税率。再加上与患者保护与平价医疗法案相关的3.8%的税率，这将是43.4%。目前，高收入者的投资证券利润资本利得税率为20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴——如果拜登能够在国会通过这一想法——股市将会出现某种形式的抛售，因为一些富有的投资者在利率攀升之前利用了较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一位来自密歇根州底特律市的27岁机械工程师。凭借多年的投资经验，将在那里等待。“我对投资的看法是非常长期的，”他告诉MarketWatch。“我认为这样的事情是买入并持有的机会。”</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯(Martin Sanchez)对此表示同意，他于2018年开始购买个股。这位在科技行业工作的27岁北卡罗来纳州温斯顿塞勒姆居民表示：“我认为，如果我们确实看到大幅抛售，千禧一代就有买入机会。”</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这一机会，他可能会购买一些专注于网络安全的公司的股票，这让他有机会分散自己的持股，其中包括迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票。桑切斯正在密切关注拜登的税收提案。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得加息，有很多悬而未决的问题。拜登会将这一想法纳入他预计将于周三公布的“美国家庭计划”吗？该计划还将包括多少针对富裕家庭的其他增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了2020年市场的跌宕起伏，并经受住了meme股票交易狂潮，这使得GameStopGME(3.18%)等公司的股价经历了过山车。他们能否从加息前可能发生的估计1780亿美元的抛售中获益？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>乔治城大学麦克多诺商学院教授詹姆斯·安吉尔说：“有些人可能会认为，‘哦，这是我加入的机会。’”</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多其他基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在很大的悬而未决的问题。“它会创造机会吗？嗯，也许吧，”安吉尔说。“但你必须逐个股票仔细观察。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>事实上，一份投资者报告周五表示，股价可能与税收环境关系不大。瑞银全球财富管理首席投资官马克·海菲尔写道：“最终，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更强大驱动因素。”</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>“人们会预计人们会开始抛售”</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高所得税税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>这位共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得税率高达28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员表示，在2013年的变化之前——将长期资本利得税从15%提高到20%，并增加了3.8%的净投资所得税——资本利得“变现”增加了40%，这意味着投资者正在出售他们持有的股份。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“当然，人们会预计人们会开始抛售，”税收政策中心高级研究员罗伯特·麦克莱兰说。“多少钱，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家是外国投资者和退休账户，包括401(k)计划或养老金计划，而不是通过经纪账户运作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约40%的股市股权，退休账户拥有约30%。应税账户（例如经纪账户）拥有另外25%的股市股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在出售，这并不意味着他们要离开。“我仍然会为我的客户购买，”新泽西州富兰克林湖Cereus Financial Advisors的老板大卫·哈斯(David Haas)说。“换句话说，卖出并不意味着退出市场。我会卖掉一个客户的收益，然后买一些类似的东西来继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，当天收盘下跌。到周五，它们出现反弹，道琼斯工业平均指数DJIA上涨0.12%，收盘上涨228点，上涨0.7%，标准普尔500SPX指数上涨0.28%，收盘上涨1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基表示，他也许能够从未来的抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得税率的提高，“你只是从愿意投资市场的人那里拿走了钱。”</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，购买机会可能并不明朗。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“当你看到高层的人做事时，你会本能地模仿他们，即使这不符合你的最佳利益，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126815616","content_text":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.\nAlex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.\nBiden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.\nIf history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.\nAnd Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”\nMartin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.\nIf Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.\nThere are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?\nBut another question is: What does this potential tax increase mean for a new generation of retail investors?\nBy now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?\n“There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.\nBut like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”\nIndeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.\n‘One would expect people to start selling off’\nWhen President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.\nThe Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.\nIn the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.\nAhead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.\nHistory could repeat itself, one of the authors told MarketWatch.\n“Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”\nBut McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.\nForeign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.\nAnother thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”\nAs markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&P 500SPX,0.28%finishing up 1.1%higher.\nZagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”\nBut going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.\n“When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374392317,"gmtCreate":1619416341139,"gmtModify":1634273647258,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Oh la le la la heh","listText":"Oh la le la la heh","text":"Oh la le la la heh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374392317","repostId":"1101649274","repostType":4,"isVote":1,"tweetType":1,"viewCount":436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374396538,"gmtCreate":1619416320624,"gmtModify":1634273647499,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Wowowie coins pls","listText":"Wowowie coins pls","text":"Wowowie coins pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374396538","repostId":"1148831828","repostType":4,"isVote":1,"tweetType":1,"viewCount":864,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374981685,"gmtCreate":1619409122847,"gmtModify":1634273701409,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Oh lalalaa","listText":"Oh lalalaa","text":"Oh lalalaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374981685","repostId":"1180406876","repostType":4,"repost":{"id":"1180406876","kind":"news","pubTimestamp":1619402112,"share":"https://www.laohu8.com/m/news/1180406876?lang=zh_CN&edition=full","pubTime":"2021-04-26 09:55","market":"us","language":"en","title":"Imagining Berkshire Hathaway after Buffett: Who will be CEO, what else will change — and what won’t<blockquote>想象巴菲特之后的伯克希尔哈撒韦公司：谁将成为首席执行官，还有什么会改变——什么不会改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180406876","media":"MarketWatch","summary":"The next CEO will need a plan to return cash to shareholders\nWarren Buffett turns 91 on Aug. 30. Age","content":"<p>The next CEO will need a plan to return cash to shareholders</p><p><blockquote>下一任首席执行官需要制定向股东返还现金的计划</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf549a65530a2edc3f8d1472e10922fe\" tg-width=\"1260\" tg-height=\"830\"><span>Warren Buffett turns 91 on Aug. 30. Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特将于8月30日迎来91岁生日。法新社/盖蒂图片社</span></p></blockquote></p><p> The passage of time guarantees that Berkshire Hathaway will one day be without the man synonymous with creating one of the world’s most valuable and admired businesses.</p><p><blockquote>时间的流逝保证了伯克希尔哈撒韦公司有一天会失去这个创造世界上最有价值和最受尊敬的企业之一的代名词。</blockquote></p><p> While ground-level management of Berkshire Hathaway’s decentralized individual business units will continue unchanged, filling Warren Buffett’s shoes will require some changes.</p><p><blockquote>虽然伯克希尔哈撒韦公司分散的各个业务部门的基层管理将继续保持不变，但接替沃伦·巴菲特的位置需要一些改变。</blockquote></p><p> The most important role to fill will be CEO, one of three jobs now held by Buffett (he is also chairman and chief investment officer). While the actual name remains a secret, the background and skillset of Greg Abel suggests the board will choose him.</p><p><blockquote>最重要的职位将是首席执行官，这是巴菲特目前担任的三个职位之一（他也是董事长兼首席投资官）。虽然格雷格·阿贝尔的真实姓名仍然是个秘密，但他的背景和技能表明董事会会选择他。</blockquote></p><p> The primary reason is Abel’s extensive experience with capital allocation. During his time running Berkshire Hathaway Energy, and later as vice chairman overseeing non-insurance operations, Abel oversaw many acquisitions. He is also much more comfortable in the spotlight and about 10 years younger than Ajit Jain, the vice chairman in charge of insurance operations, which would give him a longer run at the helm. Jain, by contrast, is a brilliant handicapper more comfortable evaluating insurance risks (though he is also one of the best executives in the world, having overseen acquisitions of his own).</p><p><blockquote>主要原因是Abel在资本配置方面拥有丰富的经验。在管理伯克希尔哈撒韦能源公司以及后来担任负责非保险业务的副主席期间，阿贝尔监督了许多收购。他在聚光灯下也更自在，而且比负责保险业务的副主席阿吉特·贾恩(Ajit Jain)年轻约10岁，这将使他的掌舵时间更长。相比之下，贾恩是一个出色的障碍者，更擅长评估保险风险（尽管他也是世界上最好的高管之一，监督过自己的收购）。</blockquote></p><p> The role of chairman will likely fall to Buffett’s son, Howard, whose primary duty will be to ensure Berkshire’s culture remains intact. Responsibility for managing Berkshire’s investment portfolio should fall to Todd Combs and Ted Weschler, who joined Berkshire in 2010 and 2011, respectively.</p><p><blockquote>董事长一职可能会落到巴菲特的儿子霍华德身上，他的主要职责是确保伯克希尔的文化保持完整。管理伯克希尔投资组合的责任应该落在托德·库姆斯和特德·韦施勒身上，他们分别于2010年和2011年加入伯克希尔。</blockquote></p><p> Integral to the C-suite changes is the important question regarding Berkshire’s future capital allocation.</p><p><blockquote>高管层变动不可或缺的是有关伯克希尔未来资本配置的重要问题。</blockquote></p><p> Berkshire’s earning power all but guarantees it will have enough cash to invest in worthwhile projects at the subsidiary level and ample cash to make opportunistic acquisitions. That means cash will need to be returned to shareholders.</p><p><blockquote>伯克希尔的盈利能力几乎保证了它将有足够的现金投资于子公司层面有价值的项目，并有充足的现金进行机会主义收购。这意味着现金需要返还给股东。</blockquote></p><p> Here Berkshire has two main options and a blended third.</p><p><blockquote>伯克希尔有两个主要选择和第三个混合选择。</blockquote></p><p> The quickest way to return capital to shareholders is via dividends. But dividends are tax-inefficient and impose a single standard on all shareholders, two reasons why Buffett has resisted paying one in the past. A better way is through share repurchases which, assuming they are made at prices below intrinsic value, instantly increase per-share value for remaining shareholders. However, share repurchases are price-dependent.</p><p><blockquote>向股东返还资本的最快方式是通过股息。但股息的税收效率低下，并且对所有股东施加单一标准，这也是巴菲特过去拒绝支付股息的两个原因。更好的方法是通过股票回购，假设股票回购的价格低于内在价值，那么剩余股东的每股价值就会立即增加。然而，股票回购取决于价格。</blockquote></p><p> <h2>The next generation of Berkshire’s leaders are likely to hear loud calls from Wall Street (and perhaps some shareholders) to break up Buffett’s life’s work</h2> This leaves a blended option as the most logical course of action. Berkshire could set a regular dividend equal to, say, 25% of normalized operating earnings. Then if share repurchases aren’t available or an acquisition doesn’t materialize, infrequent special dividends could be declared. &nbsp;</p><p><blockquote><h2>伯克希尔的下一代领导人很可能会听到华尔街（或许还有一些股东）发出的响亮的评级，要求打破巴菲特毕生的工作</h2>这使得混合选项成为最合乎逻辑的行动方案。伯克希尔可以设定相当于正常化营业利润25%的定期股息。然后，如果无法进行股票回购或收购未实现，则可能会宣布不频繁的特别股息。 </blockquote></p><p> A dividend during Buffett’s remaining tenure is unlikely if share repurchases remain an option. But the day will come, perhaps soon, when Berkshire simply cannot allocate all the capital it generates and will need to pay a dividend. Longtime shareholders will recognize the need for such a change in policy, and others will rejoice at the prospect of Berkshire as a dividend-paying stock.</p><p><blockquote>如果股票回购仍然是一种选择，巴菲特剩余任期内不太可能派发股息。但这一天可能很快就会到来，伯克希尔根本无法分配其产生的所有资本，而需要支付股息。长期股东将认识到这种政策变化的必要性，而其他人将对伯克希尔作为派息股票的前景感到高兴。</blockquote></p><p> What the company’s new leaders are unlikely to do is break up Berkshire Hathaway. More so than other conglomerates, this firm is truly more than the sum of its parts. The conglomerate gains in tax efficiency, diversification, and capital allocation. Dismantling Berkshire to “unlock” value via higher price-earnings multiples would destroy these advantages and incur unnecessary taxes. Most important, it would tarnish the reputation Berkshire has carefully nurtured as a permanent home for generational family businesses.</p><p><blockquote>公司新领导人不太可能做的是拆分伯克希尔哈撒韦公司。与其他企业集团相比，这家公司确实不仅仅是其各个部分的总和。该集团在税收效率、多元化和资本配置方面获得收益。拆分伯克希尔以通过更高的市盈率“释放”价值将破坏这些优势并招致不必要的税收。最重要的是，这将损害伯克希尔作为几代家族企业永久家园精心培育的声誉。</blockquote></p><p> Buffett put it succinctly in his 2018 Chairman’s letter, published in 2019: “Truly good businesses are exceptionally hard to find. Selling any you are lucky enough to own makes no sense at all.”</p><p><blockquote>巴菲特在2019年发表的2018年董事长信中简洁地表达了这一点：“真正好的企业非常难找到。出售任何你有幸拥有的企业都毫无意义。”</blockquote></p><p> Yet the next generation of Berkshire’s leaders are likely to hear loud calls from Wall Street (and perhaps some shareholders) to break up Buffett’s life’s work. The crux of the argument over breaking up Berkshire comes down to what constitutes value.</p><p><blockquote>然而，伯克希尔的下一代领导人很可能会听到华尔街（或许还有一些股东）发出响亮的评级，要求巴菲特打破巴菲特毕生的工作。关于拆分伯克希尔的争论的关键在于什么构成了价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d39f2eed0ad97d26b0af04a16f00f83c\" tg-width=\"1260\" tg-height=\"876\"><span>Harriman House</span></p><p><blockquote><p class=\"t-img-caption\"><span>哈里曼大厦</span></p></blockquote></p><p></p><p> Berkshire was built on the notion that value – the sum of all future cash flows discounted to the present – is independent of the stock market’s appraisal of that value. The underlying cash flows of Berkshire’s many subsidiaries would not change upon being separated into pieces (in fact they could be lower considering duplicated costs), which means that their value would not increase after a breakup. The subsidiaries already take advantage of opportunities for organic investment and bolt-on acquisitions that come their way, and Berkshire has taken care of the reinvestment problem by allowing excess cash to be sent to headquarters.</p><p><blockquote>伯克希尔的理念是，价值——所有未来现金流贴现到现在的总和——独立于股票市场对该价值的评估。伯克希尔许多子公司的基础现金流在拆分后不会发生变化（事实上，考虑到重复成本，它们可能会更低），这意味着它们的价值在拆分后不会增加。这些子公司已经利用了有机投资和补强收购的机会，伯克希尔通过允许将多余的现金送往总部来解决再投资问题。</blockquote></p><p> Instead, Berkshire’s future value creation will likely come by minimizing the downside (maintaining insurance underwriting discipline and resisting mediocre capital allocation moves) to allow infrequent but meaningful advantages to accrue and accumulate to the benefit of ongoing shareholders.</p><p><blockquote>相反，伯克希尔未来的价值创造可能会通过最大限度地减少负面影响（维持保险承保纪律和抵制平庸的资本配置举措）来实现，以允许不常见但有意义的优势积累和积累，从而使现有股东受益。</blockquote></p><p> Value can be created by time arbitrage (a long-term business owner in an often short-term-thinking market), being a permanent home for family businesses (private-market discounts), by acting as an alternative source of financing when credit markets dry up (as Buffett did in the financial crisis when he invested $14.5 billion over the course of three days in Goldman Sachs, Wrigley, and General Electric), and through opportunistic share repurchases.</p><p><blockquote>价值可以通过时间套利（通常是短期思维市场中的长期企业主）、成为家族企业的永久家园（私人市场折扣）、在信贷市场枯竭时充当替代融资来源（正如巴菲特在金融危机中所做的那样，他在三天内向高盛、箭牌和通用电气投资了145亿美元）以及通过机会主义股票回购来创造。</blockquote></p><p> Of course, the ultimate fate of Berkshire Hathaway rests with its shareholders. Berkshire will undoubtedly not look the same in 25, 50 or 100 years, but it should thrive without Warren Buffett because of the unique corporate culture that he and Charlie Munger so painstakingly nurtured for the last half-century.</p><p><blockquote>当然，伯克希尔哈撒韦公司的最终命运取决于其股东。毫无疑问，伯克希尔在25年、50年或100年后将不再是原来的样子，但如果没有沃伦·巴菲特，它应该会蓬勃发展，因为他和查理·芒格在过去半个世纪里精心培育了独特的企业文化。</blockquote></p><p> That is perhaps the highest praise one can give a man who took a blank canvas and turned it into one of the finest and most highly valued pieces of artwork the business world has ever seen.</p><p><blockquote>这也许是人们对一个拿着一张空白画布，把它变成商界有史以来最优秀、最有价值的艺术品之一的人的最高赞扬。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Imagining Berkshire Hathaway after Buffett: Who will be CEO, what else will change — and what won’t<blockquote>想象巴菲特之后的伯克希尔哈撒韦公司：谁将成为首席执行官，还有什么会改变——什么不会改变</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\">\nImagining Berkshire Hathaway after Buffett: Who will be CEO, what else will change — and what won’t<blockquote>想象巴菲特之后的伯克希尔哈撒韦公司：谁将成为首席执行官，还有什么会改变——什么不会改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 09:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The next CEO will need a plan to return cash to shareholders</p><p><blockquote>下一任首席执行官需要制定向股东返还现金的计划</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf549a65530a2edc3f8d1472e10922fe\" tg-width=\"1260\" tg-height=\"830\"><span>Warren Buffett turns 91 on Aug. 30. Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>沃伦·巴菲特将于8月30日迎来91岁生日。法新社/盖蒂图片社</span></p></blockquote></p><p> The passage of time guarantees that Berkshire Hathaway will one day be without the man synonymous with creating one of the world’s most valuable and admired businesses.</p><p><blockquote>时间的流逝保证了伯克希尔哈撒韦公司有一天会失去这个创造世界上最有价值和最受尊敬的企业之一的代名词。</blockquote></p><p> While ground-level management of Berkshire Hathaway’s decentralized individual business units will continue unchanged, filling Warren Buffett’s shoes will require some changes.</p><p><blockquote>虽然伯克希尔哈撒韦公司分散的各个业务部门的基层管理将继续保持不变，但接替沃伦·巴菲特的位置需要一些改变。</blockquote></p><p> The most important role to fill will be CEO, one of three jobs now held by Buffett (he is also chairman and chief investment officer). While the actual name remains a secret, the background and skillset of Greg Abel suggests the board will choose him.</p><p><blockquote>最重要的职位将是首席执行官，这是巴菲特目前担任的三个职位之一（他也是董事长兼首席投资官）。虽然格雷格·阿贝尔的真实姓名仍然是个秘密，但他的背景和技能表明董事会会选择他。</blockquote></p><p> The primary reason is Abel’s extensive experience with capital allocation. During his time running Berkshire Hathaway Energy, and later as vice chairman overseeing non-insurance operations, Abel oversaw many acquisitions. He is also much more comfortable in the spotlight and about 10 years younger than Ajit Jain, the vice chairman in charge of insurance operations, which would give him a longer run at the helm. Jain, by contrast, is a brilliant handicapper more comfortable evaluating insurance risks (though he is also one of the best executives in the world, having overseen acquisitions of his own).</p><p><blockquote>主要原因是Abel在资本配置方面拥有丰富的经验。在管理伯克希尔哈撒韦能源公司以及后来担任负责非保险业务的副主席期间，阿贝尔监督了许多收购。他在聚光灯下也更自在，而且比负责保险业务的副主席阿吉特·贾恩(Ajit Jain)年轻约10岁，这将使他的掌舵时间更长。相比之下，贾恩是一个出色的障碍者，更擅长评估保险风险（尽管他也是世界上最好的高管之一，监督过自己的收购）。</blockquote></p><p> The role of chairman will likely fall to Buffett’s son, Howard, whose primary duty will be to ensure Berkshire’s culture remains intact. Responsibility for managing Berkshire’s investment portfolio should fall to Todd Combs and Ted Weschler, who joined Berkshire in 2010 and 2011, respectively.</p><p><blockquote>董事长一职可能会落到巴菲特的儿子霍华德身上，他的主要职责是确保伯克希尔的文化保持完整。管理伯克希尔投资组合的责任应该落在托德·库姆斯和特德·韦施勒身上，他们分别于2010年和2011年加入伯克希尔。</blockquote></p><p> Integral to the C-suite changes is the important question regarding Berkshire’s future capital allocation.</p><p><blockquote>高管层变动不可或缺的是有关伯克希尔未来资本配置的重要问题。</blockquote></p><p> Berkshire’s earning power all but guarantees it will have enough cash to invest in worthwhile projects at the subsidiary level and ample cash to make opportunistic acquisitions. That means cash will need to be returned to shareholders.</p><p><blockquote>伯克希尔的盈利能力几乎保证了它将有足够的现金投资于子公司层面有价值的项目，并有充足的现金进行机会主义收购。这意味着现金需要返还给股东。</blockquote></p><p> Here Berkshire has two main options and a blended third.</p><p><blockquote>伯克希尔有两个主要选择和第三个混合选择。</blockquote></p><p> The quickest way to return capital to shareholders is via dividends. But dividends are tax-inefficient and impose a single standard on all shareholders, two reasons why Buffett has resisted paying one in the past. A better way is through share repurchases which, assuming they are made at prices below intrinsic value, instantly increase per-share value for remaining shareholders. However, share repurchases are price-dependent.</p><p><blockquote>向股东返还资本的最快方式是通过股息。但股息的税收效率低下，并且对所有股东施加单一标准，这也是巴菲特过去拒绝支付股息的两个原因。更好的方法是通过股票回购，假设股票回购的价格低于内在价值，那么剩余股东的每股价值就会立即增加。然而，股票回购取决于价格。</blockquote></p><p> <h2>The next generation of Berkshire’s leaders are likely to hear loud calls from Wall Street (and perhaps some shareholders) to break up Buffett’s life’s work</h2> This leaves a blended option as the most logical course of action. Berkshire could set a regular dividend equal to, say, 25% of normalized operating earnings. Then if share repurchases aren’t available or an acquisition doesn’t materialize, infrequent special dividends could be declared. &nbsp;</p><p><blockquote><h2>伯克希尔的下一代领导人很可能会听到华尔街（或许还有一些股东）发出的响亮的评级，要求打破巴菲特毕生的工作</h2>这使得混合选项成为最合乎逻辑的行动方案。伯克希尔可以设定相当于正常化营业利润25%的定期股息。然后，如果无法进行股票回购或收购未实现，则可能会宣布不频繁的特别股息。 </blockquote></p><p> A dividend during Buffett’s remaining tenure is unlikely if share repurchases remain an option. But the day will come, perhaps soon, when Berkshire simply cannot allocate all the capital it generates and will need to pay a dividend. Longtime shareholders will recognize the need for such a change in policy, and others will rejoice at the prospect of Berkshire as a dividend-paying stock.</p><p><blockquote>如果股票回购仍然是一种选择，巴菲特剩余任期内不太可能派发股息。但这一天可能很快就会到来，伯克希尔根本无法分配其产生的所有资本，而需要支付股息。长期股东将认识到这种政策变化的必要性，而其他人将对伯克希尔作为派息股票的前景感到高兴。</blockquote></p><p> What the company’s new leaders are unlikely to do is break up Berkshire Hathaway. More so than other conglomerates, this firm is truly more than the sum of its parts. The conglomerate gains in tax efficiency, diversification, and capital allocation. Dismantling Berkshire to “unlock” value via higher price-earnings multiples would destroy these advantages and incur unnecessary taxes. Most important, it would tarnish the reputation Berkshire has carefully nurtured as a permanent home for generational family businesses.</p><p><blockquote>公司新领导人不太可能做的是拆分伯克希尔哈撒韦公司。与其他企业集团相比，这家公司确实不仅仅是其各个部分的总和。该集团在税收效率、多元化和资本配置方面获得收益。拆分伯克希尔以通过更高的市盈率“释放”价值将破坏这些优势并招致不必要的税收。最重要的是，这将损害伯克希尔作为几代家族企业永久家园精心培育的声誉。</blockquote></p><p> Buffett put it succinctly in his 2018 Chairman’s letter, published in 2019: “Truly good businesses are exceptionally hard to find. Selling any you are lucky enough to own makes no sense at all.”</p><p><blockquote>巴菲特在2019年发表的2018年董事长信中简洁地表达了这一点：“真正好的企业非常难找到。出售任何你有幸拥有的企业都毫无意义。”</blockquote></p><p> Yet the next generation of Berkshire’s leaders are likely to hear loud calls from Wall Street (and perhaps some shareholders) to break up Buffett’s life’s work. The crux of the argument over breaking up Berkshire comes down to what constitutes value.</p><p><blockquote>然而，伯克希尔的下一代领导人很可能会听到华尔街（或许还有一些股东）发出响亮的评级，要求巴菲特打破巴菲特毕生的工作。关于拆分伯克希尔的争论的关键在于什么构成了价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d39f2eed0ad97d26b0af04a16f00f83c\" tg-width=\"1260\" tg-height=\"876\"><span>Harriman House</span></p><p><blockquote><p class=\"t-img-caption\"><span>哈里曼大厦</span></p></blockquote></p><p></p><p> Berkshire was built on the notion that value – the sum of all future cash flows discounted to the present – is independent of the stock market’s appraisal of that value. The underlying cash flows of Berkshire’s many subsidiaries would not change upon being separated into pieces (in fact they could be lower considering duplicated costs), which means that their value would not increase after a breakup. The subsidiaries already take advantage of opportunities for organic investment and bolt-on acquisitions that come their way, and Berkshire has taken care of the reinvestment problem by allowing excess cash to be sent to headquarters.</p><p><blockquote>伯克希尔的理念是，价值——所有未来现金流贴现到现在的总和——独立于股票市场对该价值的评估。伯克希尔许多子公司的基础现金流在拆分后不会发生变化（事实上，考虑到重复成本，它们可能会更低），这意味着它们的价值在拆分后不会增加。这些子公司已经利用了有机投资和补强收购的机会，伯克希尔通过允许将多余的现金送往总部来解决再投资问题。</blockquote></p><p> Instead, Berkshire’s future value creation will likely come by minimizing the downside (maintaining insurance underwriting discipline and resisting mediocre capital allocation moves) to allow infrequent but meaningful advantages to accrue and accumulate to the benefit of ongoing shareholders.</p><p><blockquote>相反，伯克希尔未来的价值创造可能会通过最大限度地减少负面影响（维持保险承保纪律和抵制平庸的资本配置举措）来实现，以允许不常见但有意义的优势积累和积累，从而使现有股东受益。</blockquote></p><p> Value can be created by time arbitrage (a long-term business owner in an often short-term-thinking market), being a permanent home for family businesses (private-market discounts), by acting as an alternative source of financing when credit markets dry up (as Buffett did in the financial crisis when he invested $14.5 billion over the course of three days in Goldman Sachs, Wrigley, and General Electric), and through opportunistic share repurchases.</p><p><blockquote>价值可以通过时间套利（通常是短期思维市场中的长期企业主）、成为家族企业的永久家园（私人市场折扣）、在信贷市场枯竭时充当替代融资来源（正如巴菲特在金融危机中所做的那样，他在三天内向高盛、箭牌和通用电气投资了145亿美元）以及通过机会主义股票回购来创造。</blockquote></p><p> Of course, the ultimate fate of Berkshire Hathaway rests with its shareholders. Berkshire will undoubtedly not look the same in 25, 50 or 100 years, but it should thrive without Warren Buffett because of the unique corporate culture that he and Charlie Munger so painstakingly nurtured for the last half-century.</p><p><blockquote>当然，伯克希尔哈撒韦公司的最终命运取决于其股东。毫无疑问，伯克希尔在25年、50年或100年后将不再是原来的样子，但如果没有沃伦·巴菲特，它应该会蓬勃发展，因为他和查理·芒格在过去半个世纪里精心培育了独特的企业文化。</blockquote></p><p> That is perhaps the highest praise one can give a man who took a blank canvas and turned it into one of the finest and most highly valued pieces of artwork the business world has ever seen.</p><p><blockquote>这也许是人们对一个拿着一张空白画布，把它变成商界有史以来最优秀、最有价值的艺术品之一的人的最高赞扬。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/berkshire-hathaway-after-buffett-who-will-be-ceo-what-else-will-change-and-what-wont-11619179467?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.marketwatch.com/story/berkshire-hathaway-after-buffett-who-will-be-ceo-what-else-will-change-and-what-wont-11619179467?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180406876","content_text":"The next CEO will need a plan to return cash to shareholders\nWarren Buffett turns 91 on Aug. 30. Agence France-Presse/Getty Images\nThe passage of time guarantees that Berkshire Hathaway will one day be without the man synonymous with creating one of the world’s most valuable and admired businesses.\nWhile ground-level management of Berkshire Hathaway’s decentralized individual business units will continue unchanged, filling Warren Buffett’s shoes will require some changes.\nThe most important role to fill will be CEO, one of three jobs now held by Buffett (he is also chairman and chief investment officer). While the actual name remains a secret, the background and skillset of Greg Abel suggests the board will choose him.\nThe primary reason is Abel’s extensive experience with capital allocation. During his time running Berkshire Hathaway Energy, and later as vice chairman overseeing non-insurance operations, Abel oversaw many acquisitions. He is also much more comfortable in the spotlight and about 10 years younger than Ajit Jain, the vice chairman in charge of insurance operations, which would give him a longer run at the helm. Jain, by contrast, is a brilliant handicapper more comfortable evaluating insurance risks (though he is also one of the best executives in the world, having overseen acquisitions of his own).\nThe role of chairman will likely fall to Buffett’s son, Howard, whose primary duty will be to ensure Berkshire’s culture remains intact. Responsibility for managing Berkshire’s investment portfolio should fall to Todd Combs and Ted Weschler, who joined Berkshire in 2010 and 2011, respectively.\nIntegral to the C-suite changes is the important question regarding Berkshire’s future capital allocation.\nBerkshire’s earning power all but guarantees it will have enough cash to invest in worthwhile projects at the subsidiary level and ample cash to make opportunistic acquisitions. That means cash will need to be returned to shareholders.\nHere Berkshire has two main options and a blended third.\nThe quickest way to return capital to shareholders is via dividends. But dividends are tax-inefficient and impose a single standard on all shareholders, two reasons why Buffett has resisted paying one in the past. A better way is through share repurchases which, assuming they are made at prices below intrinsic value, instantly increase per-share value for remaining shareholders. However, share repurchases are price-dependent.\nThe next generation of Berkshire’s leaders are likely to hear loud calls from Wall Street (and perhaps some shareholders) to break up Buffett’s life’s work\nThis leaves a blended option as the most logical course of action. Berkshire could set a regular dividend equal to, say, 25% of normalized operating earnings. Then if share repurchases aren’t available or an acquisition doesn’t materialize, infrequent special dividends could be declared.  \nA dividend during Buffett’s remaining tenure is unlikely if share repurchases remain an option. But the day will come, perhaps soon, when Berkshire simply cannot allocate all the capital it generates and will need to pay a dividend. Longtime shareholders will recognize the need for such a change in policy, and others will rejoice at the prospect of Berkshire as a dividend-paying stock.\nWhat the company’s new leaders are unlikely to do is break up Berkshire Hathaway. More so than other conglomerates, this firm is truly more than the sum of its parts. The conglomerate gains in tax efficiency, diversification, and capital allocation. Dismantling Berkshire to “unlock” value via higher price-earnings multiples would destroy these advantages and incur unnecessary taxes. Most important, it would tarnish the reputation Berkshire has carefully nurtured as a permanent home for generational family businesses.\nBuffett put it succinctly in his 2018 Chairman’s letter, published in 2019: “Truly good businesses are exceptionally hard to find. Selling any you are lucky enough to own makes no sense at all.”\nYet the next generation of Berkshire’s leaders are likely to hear loud calls from Wall Street (and perhaps some shareholders) to break up Buffett’s life’s work. The crux of the argument over breaking up Berkshire comes down to what constitutes value.\nHarriman House\nBerkshire was built on the notion that value – the sum of all future cash flows discounted to the present – is independent of the stock market’s appraisal of that value. The underlying cash flows of Berkshire’s many subsidiaries would not change upon being separated into pieces (in fact they could be lower considering duplicated costs), which means that their value would not increase after a breakup. The subsidiaries already take advantage of opportunities for organic investment and bolt-on acquisitions that come their way, and Berkshire has taken care of the reinvestment problem by allowing excess cash to be sent to headquarters.\nInstead, Berkshire’s future value creation will likely come by minimizing the downside (maintaining insurance underwriting discipline and resisting mediocre capital allocation moves) to allow infrequent but meaningful advantages to accrue and accumulate to the benefit of ongoing shareholders.\nValue can be created by time arbitrage (a long-term business owner in an often short-term-thinking market), being a permanent home for family businesses (private-market discounts), by acting as an alternative source of financing when credit markets dry up (as Buffett did in the financial crisis when he invested $14.5 billion over the course of three days in Goldman Sachs, Wrigley, and General Electric), and through opportunistic share repurchases.\nOf course, the ultimate fate of Berkshire Hathaway rests with its shareholders. Berkshire will undoubtedly not look the same in 25, 50 or 100 years, but it should thrive without Warren Buffett because of the unique corporate culture that he and Charlie Munger so painstakingly nurtured for the last half-century.\nThat is perhaps the highest praise one can give a man who took a blank canvas and turned it into one of the finest and most highly valued pieces of artwork the business world has ever seen.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":176884026,"gmtCreate":1626876286465,"gmtModify":1633770196579,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Further down it goes","listText":"Further down it goes","text":"Further down it goes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/176884026","repostId":"1182009211","repostType":4,"repost":{"id":"1182009211","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626876025,"share":"https://www.laohu8.com/m/news/1182009211?lang=zh_CN&edition=full","pubTime":"2021-07-21 22:00","market":"us","language":"en","title":"Cryptocurrency-related stocks soar in morning trading<blockquote>加密货币相关股票早盘飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182009211","media":"Tiger Newspress","summary":"(July 21) Cryptocurrency-related stocks soar in morning trading. \nOn day after sliding below $30,000","content":"<p>(July 21)&nbsp;Cryptocurrency-related stocks soar in morning trading.&nbsp;</p><p><blockquote>（7月21日）加密货币相关股票早盘飙升。</blockquote></p><p> On day after sliding below $30,000, a key support level which many said has to hold, it did just that with bitcoin storming higher and back over $31,000.</p><p><blockquote>在跌破30,000美元（许多人认为必须守住的关键支撑位）后的第二天，随着比特币飙升并回到31,000美元上方，它就做到了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/96ba84b633e0ac3f409f8c463cd88beb\" tg-width=\"310\" tg-height=\"366\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b1ff2661c20fa3335bbd359f86b5e594\" tg-width=\"687\" tg-height=\"733\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cryptocurrency-related stocks soar in morning trading<blockquote>加密货币相关股票早盘飙升</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; 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Johnson Vaccine After Clotting Cases.</p><p><blockquote>美国评级在出现凝血病例后暂停使用强生疫苗。</blockquote></p><p><img src=\"https://static.tigerbbs.com/44ed5a479ba7fa5976bb70090ba50c81\" tg-width=\"1242\" tg-height=\"2148\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>The FDA said it is asking states to temporarily halt using J&amp;J’s Covid-19 vaccine after six people in the U.S. developed a rare blood clotting disorder.</li><li>The FDA said the recommendation is “out of an abundance of caution.”</li><li>All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after they received the shot.</li></ul>The Food and Drug Administration said Tuesday it is asking states to temporarily halt usingJohnson &amp; Johnson’s Covid-19 vaccine after six people in the U.S. developed a rare blood clotting disorder.</p><p><blockquote><ul><li>FDA表示，在美国有六人出现罕见的凝血障碍后，要求各州暂时停止使用强生的Covid-19疫苗。</li><li>FDA表示，这一建议是“出于谨慎”。</li><li>所有六例病例均发生在年龄在18至48岁之间的女性中，症状在接受注射后6至13天出现。</li></ul>美国食品和药物管理局周二表示，在美国有六人出现罕见的凝血障碍后，要求各州暂时停止使用强生公司的Covid-19疫苗。</blockquote></p><p>The FDA said the recommendation is “out of an abundance of caution.”</p><p><blockquote>FDA表示，这一建议是“出于谨慎”。</blockquote></p><p>“Right now, these adverse events appear to be extremely rare,” the FDA said in a joint statement with the Centers for Disease Control and Prevention. “COVID-19 vaccine safety is a top priority for the federal government, and we take all reports of health problems following COVID-19 vaccination very seriously.”</p><p><blockquote>FDA在与疾病控制与预防中心的联合声明中表示：“目前，这些不良事件似乎极其罕见。”“COVID-19疫苗安全是联邦政府的首要任务，我们非常认真地对待所有有关COVID-19疫苗接种后健康问题的报告。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/b4808bfed9dcd9d1cc27ef92e3ba3dcf\" tg-width=\"512\" tg-height=\"232\">A White House spokesman referred CNBC to HHS when asked for comment.</p><p><blockquote>当被要求置评时，白宫发言人将CNBC转介给了HHS。</blockquote></p><p>All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after they received the shot. Doctors typically treat that type of blood clot with heparin but health regulators noted that could be dangerous in this case and recommended a different treatment.</p><p><blockquote>所有六例病例均发生在年龄在18至48岁之间的女性中，症状在接受注射后6至13天出现。医生通常用肝素治疗这种类型的血凝块，但卫生监管机构指出，在这种情况下这可能很危险，并建议采用不同的治疗方法。</blockquote></p><p>J&amp;J said in a statement that “no clear causal relationship” has been identified between the blood clots and the vaccine, adding it is working closely with regulators to assess the data.</p><p><blockquote>强生在一份声明中表示，血栓和疫苗之间“没有明确的因果关系”，并补充说正在与监管机构密切合作评估数据。</blockquote></p><p>People who receive the vaccine and “develop severe headache, abdominal pain, leg pain, or shortness of breath within three weeks after vaccination should contact their health care provider,” the FDA and CDC said.</p><p><blockquote>FDA和CDC表示，接种疫苗并“在接种疫苗后三周内出现严重头痛、腹痛、腿痛或呼吸急促的人应联系他们的医疗保健提供者”。</blockquote></p><p>Shares of J&amp;J were down more than 3% in premarket trading Tuesday.</p><p><blockquote>周二盘前交易中，强生股价下跌超过3%。</blockquote></p><p>The CDC will convene a meeting of the Advisory Committee on Immunization Practices on Wednesday to further review the cases, federal health regulators said Tuesday. The FDA is also investigating the cases.</p><p><blockquote>联邦卫生监管机构周二表示，疾病预防控制中心将于周三召开免疫实践咨询委员会会议，进一步审查这些病例。FDA也在调查这些病例。</blockquote></p><p>J&amp;J’s Covid-19 vaccine, like Pfizer’s and Moderna’s shots, received emergency use authorization from the FDA to start distributing the doses across the U.S. An EUA grants conditional clearance based on two months of safety data, pending full approval which usually requires at least six months of data.</p><p><blockquote>强生的新冠肺炎疫苗，像辉瑞和Moderna的疫苗一样，获得了FDA的紧急使用授权，开始在美国各地分发剂量。EUA根据两个月的安全数据授予有条件许可，等待完全批准，这通常需要至少六个月的数据。</blockquote></p><p>When J&amp;J submitted its Covid vaccine data to the FDA in February, no specific concerns were identified when analyzed by age, race and comorbidities, according to the agency. The FDA said at the time the most common side effects reported were headache and fatigue, followed by muscle aches, nausea and fever.</p><p><blockquote>据该机构称，当强生在2月份向FDA提交其Covid疫苗数据时，在按年龄、种族和合并症进行分析时，没有发现具体的问题。FDA当时表示，最常见的副作用是头痛和疲劳，其次是肌肉疼痛、恶心和发烧。</blockquote></p><p>The New York Timesfirst reportedthe news.</p><p><blockquote>《纽约时报》首先报道了这一消息。</blockquote></p><p>It’s unclear how the pause will impact J&amp;J’s goal to deliver 100 million doses to the U.S. by the end of May. The company has already been plagued by manufacturing issues of its vaccine.</p><p><blockquote>目前尚不清楚暂停将如何影响强生在5月底前向美国交付1亿剂疫苗的目标。该公司已经受到疫苗生产问题的困扰。</blockquote></p><p>Last week, Europe’s medicines regulatorsaid it found a possible linkbetween the coronavirus vaccine developed by AstraZeneca and the University of Oxford and rare blood clotting issues. AstraZeneca has not received authorization for use in the U.S.</p><p><blockquote>上周，欧洲药品监管机构表示，发现阿斯利康和牛津大学开发的冠状病毒疫苗与罕见的凝血问题之间可能存在联系。阿斯利康尚未获得在美国使用的授权。</blockquote></p><p>Emer Cooke, executive director of the European Medicines Agency, said in a televised news conference last week that unusual blood clotting with low blood platelets would be added as a “very rare” side effect to the vaccine’s product information, along with a slew of other possible adverse reactions.</p><p><blockquote>欧洲药品管理局执行主任埃默·库克（Emer Cooke）在上周的电视新闻发布会上表示，血小板低的异常凝血将作为“非常罕见”的副作用添加到疫苗的产品信息中，同时还有一系列其他可能的不良反应。</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>Johnson & Johnson dipped about 3% in premarket trading<blockquote>强生公司盘前交易下跌约3%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJohnson & Johnson dipped about 3% in premarket trading<blockquote>强生公司盘前交易下跌约3%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-13 19:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. Calls For Pause On Johnson &amp; Johnson Vaccine After Clotting Cases.</p><p><blockquote>美国评级在出现凝血病例后暂停使用强生疫苗。</blockquote></p><p><img src=\"https://static.tigerbbs.com/44ed5a479ba7fa5976bb70090ba50c81\" tg-width=\"1242\" tg-height=\"2148\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>The FDA said it is asking states to temporarily halt using J&amp;J’s Covid-19 vaccine after six people in the U.S. developed a rare blood clotting disorder.</li><li>The FDA said the recommendation is “out of an abundance of caution.”</li><li>All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after they received the shot.</li></ul>The Food and Drug Administration said Tuesday it is asking states to temporarily halt usingJohnson &amp; Johnson’s Covid-19 vaccine after six people in the U.S. developed a rare blood clotting disorder.</p><p><blockquote><ul><li>FDA表示，在美国有六人出现罕见的凝血障碍后，要求各州暂时停止使用强生的Covid-19疫苗。</li><li>FDA表示，这一建议是“出于谨慎”。</li><li>所有六例病例均发生在年龄在18至48岁之间的女性中，症状在接受注射后6至13天出现。</li></ul>美国食品和药物管理局周二表示，在美国有六人出现罕见的凝血障碍后，要求各州暂时停止使用强生公司的Covid-19疫苗。</blockquote></p><p>The FDA said the recommendation is “out of an abundance of caution.”</p><p><blockquote>FDA表示，这一建议是“出于谨慎”。</blockquote></p><p>“Right now, these adverse events appear to be extremely rare,” the FDA said in a joint statement with the Centers for Disease Control and Prevention. “COVID-19 vaccine safety is a top priority for the federal government, and we take all reports of health problems following COVID-19 vaccination very seriously.”</p><p><blockquote>FDA在与疾病控制与预防中心的联合声明中表示：“目前，这些不良事件似乎极其罕见。”“COVID-19疫苗安全是联邦政府的首要任务，我们非常认真地对待所有有关COVID-19疫苗接种后健康问题的报告。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/b4808bfed9dcd9d1cc27ef92e3ba3dcf\" tg-width=\"512\" tg-height=\"232\">A White House spokesman referred CNBC to HHS when asked for comment.</p><p><blockquote>当被要求置评时，白宫发言人将CNBC转介给了HHS。</blockquote></p><p>All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after they received the shot. Doctors typically treat that type of blood clot with heparin but health regulators noted that could be dangerous in this case and recommended a different treatment.</p><p><blockquote>所有六例病例均发生在年龄在18至48岁之间的女性中，症状在接受注射后6至13天出现。医生通常用肝素治疗这种类型的血凝块，但卫生监管机构指出，在这种情况下这可能很危险，并建议采用不同的治疗方法。</blockquote></p><p>J&amp;J said in a statement that “no clear causal relationship” has been identified between the blood clots and the vaccine, adding it is working closely with regulators to assess the data.</p><p><blockquote>强生在一份声明中表示，血栓和疫苗之间“没有明确的因果关系”，并补充说正在与监管机构密切合作评估数据。</blockquote></p><p>People who receive the vaccine and “develop severe headache, abdominal pain, leg pain, or shortness of breath within three weeks after vaccination should contact their health care provider,” the FDA and CDC said.</p><p><blockquote>FDA和CDC表示，接种疫苗并“在接种疫苗后三周内出现严重头痛、腹痛、腿痛或呼吸急促的人应联系他们的医疗保健提供者”。</blockquote></p><p>Shares of J&amp;J were down more than 3% in premarket trading Tuesday.</p><p><blockquote>周二盘前交易中，强生股价下跌超过3%。</blockquote></p><p>The CDC will convene a meeting of the Advisory Committee on Immunization Practices on Wednesday to further review the cases, federal health regulators said Tuesday. The FDA is also investigating the cases.</p><p><blockquote>联邦卫生监管机构周二表示，疾病预防控制中心将于周三召开免疫实践咨询委员会会议，进一步审查这些病例。FDA也在调查这些病例。</blockquote></p><p>J&amp;J’s Covid-19 vaccine, like Pfizer’s and Moderna’s shots, received emergency use authorization from the FDA to start distributing the doses across the U.S. An EUA grants conditional clearance based on two months of safety data, pending full approval which usually requires at least six months of data.</p><p><blockquote>强生的新冠肺炎疫苗，像辉瑞和Moderna的疫苗一样，获得了FDA的紧急使用授权，开始在美国各地分发剂量。EUA根据两个月的安全数据授予有条件许可，等待完全批准，这通常需要至少六个月的数据。</blockquote></p><p>When J&amp;J submitted its Covid vaccine data to the FDA in February, no specific concerns were identified when analyzed by age, race and comorbidities, according to the agency. The FDA said at the time the most common side effects reported were headache and fatigue, followed by muscle aches, nausea and fever.</p><p><blockquote>据该机构称，当强生在2月份向FDA提交其Covid疫苗数据时，在按年龄、种族和合并症进行分析时，没有发现具体的问题。FDA当时表示，最常见的副作用是头痛和疲劳，其次是肌肉疼痛、恶心和发烧。</blockquote></p><p>The New York Timesfirst reportedthe news.</p><p><blockquote>《纽约时报》首先报道了这一消息。</blockquote></p><p>It’s unclear how the pause will impact J&amp;J’s goal to deliver 100 million doses to the U.S. by the end of May. The company has already been plagued by manufacturing issues of its vaccine.</p><p><blockquote>目前尚不清楚暂停将如何影响强生在5月底前向美国交付1亿剂疫苗的目标。该公司已经受到疫苗生产问题的困扰。</blockquote></p><p>Last week, Europe’s medicines regulatorsaid it found a possible linkbetween the coronavirus vaccine developed by AstraZeneca and the University of Oxford and rare blood clotting issues. AstraZeneca has not received authorization for use in the U.S.</p><p><blockquote>上周，欧洲药品监管机构表示，发现阿斯利康和牛津大学开发的冠状病毒疫苗与罕见的凝血问题之间可能存在联系。阿斯利康尚未获得在美国使用的授权。</blockquote></p><p>Emer Cooke, executive director of the European Medicines Agency, said in a televised news conference last week that unusual blood clotting with low blood platelets would be added as a “very rare” side effect to the vaccine’s product information, along with a slew of other possible adverse reactions.</p><p><blockquote>欧洲药品管理局执行主任埃默·库克（Emer Cooke）在上周的电视新闻发布会上表示，血小板低的异常凝血将作为“非常罕见”的副作用添加到疫苗的产品信息中，同时还有一系列其他可能的不良反应。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178797310","content_text":"U.S. Calls For Pause On Johnson & Johnson Vaccine After Clotting Cases.KEY POINTSThe FDA said it is asking states to temporarily halt using J&J’s Covid-19 vaccine after six people in the U.S. developed a rare blood clotting disorder.The FDA said the recommendation is “out of an abundance of caution.”All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after they received the shot.The Food and Drug Administration said Tuesday it is asking states to temporarily halt usingJohnson & Johnson’s Covid-19 vaccine after six people in the U.S. developed a rare blood clotting disorder.The FDA said the recommendation is “out of an abundance of caution.”“Right now, these adverse events appear to be extremely rare,” the FDA said in a joint statement with the Centers for Disease Control and Prevention. “COVID-19 vaccine safety is a top priority for the federal government, and we take all reports of health problems following COVID-19 vaccination very seriously.”A White House spokesman referred CNBC to HHS when asked for comment.All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after they received the shot. Doctors typically treat that type of blood clot with heparin but health regulators noted that could be dangerous in this case and recommended a different treatment.J&J said in a statement that “no clear causal relationship” has been identified between the blood clots and the vaccine, adding it is working closely with regulators to assess the data.People who receive the vaccine and “develop severe headache, abdominal pain, leg pain, or shortness of breath within three weeks after vaccination should contact their health care provider,” the FDA and CDC said.Shares of J&J were down more than 3% in premarket trading Tuesday.The CDC will convene a meeting of the Advisory Committee on Immunization Practices on Wednesday to further review the cases, federal health regulators said Tuesday. The FDA is also investigating the cases.J&J’s Covid-19 vaccine, like Pfizer’s and Moderna’s shots, received emergency use authorization from the FDA to start distributing the doses across the U.S. An EUA grants conditional clearance based on two months of safety data, pending full approval which usually requires at least six months of data.When J&J submitted its Covid vaccine data to the FDA in February, no specific concerns were identified when analyzed by age, race and comorbidities, according to the agency. The FDA said at the time the most common side effects reported were headache and fatigue, followed by muscle aches, nausea and fever.The New York Timesfirst reportedthe news.It’s unclear how the pause will impact J&J’s goal to deliver 100 million doses to the U.S. by the end of May. The company has already been plagued by manufacturing issues of its vaccine.Last week, Europe’s medicines regulatorsaid it found a possible linkbetween the coronavirus vaccine developed by AstraZeneca and the University of Oxford and rare blood clotting issues. AstraZeneca has not received authorization for use in the U.S.Emer Cooke, executive director of the European Medicines Agency, said in a televised news conference last week that unusual blood clotting with low blood platelets would be added as a “very rare” side effect to the vaccine’s product information, along with a slew of other possible adverse 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Strategic(00235)$ggggggg","images":[{"img":"https://static.tigerbbs.com/3df9ddbcb7c6af76f2d993a4d206b35e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347024318","isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347025825,"gmtCreate":1618451329267,"gmtModify":1634292858382,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Candu crush","listText":"Candu crush","text":"Candu crush","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347025825","repostId":"1150008080","repostType":4,"repost":{"id":"1150008080","kind":"news","pubTimestamp":1618445627,"share":"https://www.laohu8.com/m/news/1150008080?lang=zh_CN&edition=full","pubTime":"2021-04-15 08:13","market":"us","language":"en","title":"Apple Could Crush Earnings Estimates. One Analyst Explains How.<blockquote>苹果可能会超出盈利预期。一位分析师解释了原因。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150008080","media":"Barrons","summary":"While you weren’t looking, Apple shares have rallied about 12% over the past two weeks, as investors turn their attention to the company’s upcoming March-quarter financial results. There are reasons to think more gains could follow.Evercore ISI analyst Amit Daryanani this morning repeated his Outperform rating and $175 target price on Apple shares , while adding the stock to the firm’s Tactical Outperform list.“While the supply chain issues are real, we expect Apple will be relatively protected ","content":"<p>While you weren’t looking, Apple shares have rallied about 12% over the past two weeks, as investors turn their attention to the company’s upcoming March-quarter financial results. There are reasons to think more gains could follow.</p><p><blockquote>尽管您没有注意到，随着投资者将注意力转向该公司即将发布的3月份季度财务业绩，苹果股价在过去两周上涨了约12%。有理由认为接下来可能会有更多收益。</blockquote></p><p> Evercore ISI analyst Amit Daryanani this morning repeated his Outperform rating and $175 target price on Apple shares (ticker: AAPL), while adding the stock to the firm’s Tactical Outperform list.</p><p><blockquote>Evercore ISI分析师Amit Daryanani今天上午重申了对苹果股票（股票代码：AAPL）的跑赢大盘评级和175美元的目标价，同时将该股添加到该公司的战术跑赢大盘名单中。</blockquote></p><p> The analyst thinks Apple is “well-positioned to report upside to March quarter estimates,” driven by strong performance by bothiPhoneandservices, and despite ongoing component shortages.</p><p><blockquote>该分析师认为，尽管零部件持续短缺，但在iPhone和服务强劲表现的推动下，苹果“处于有利地位，可以报告3月份季度预期的上行空间”。</blockquote></p><p> “While the supply chain issues are real, we expect Apple will be relatively protected by its status as one of the largest electronics purchasers in the world,” Daryanani writes in a research note. He points out that Foxconn, a key Apple manufacturing partner,has called out the tight supply of partsbut said it would affect less than 10% of customer orders.</p><p><blockquote>Daryanani在一份研究报告中写道：“虽然供应链问题是真实存在的，但我们预计苹果将因其作为全球最大电子产品买家之一的地位而受到相对保护。”他指出，苹果主要制造合作伙伴富士康已呼吁零部件供应紧张，但表示这将影响不到10%的客户订单。</blockquote></p><p> Meanwhile, he notes thati&nbsp;Phone shipments in Chinawere up 185% in the first two months of the quarter, while the App Store saw 32% growth in the quarter. He notes that Apple had guided to some deceleration in services in the quarter after 30% growth in the December quarter, but he sees potential that the growth will be steady or better given strength in the App Store.</p><p><blockquote>与此同时，他指出，本季度前两个月中国手机出货量增长了185%，而App Store本季度增长了32%。他指出，在12月份季度增长30%后，苹果预计本季度服务业将有所减速，但鉴于App Store的实力，他认为增长可能会稳定或更好。</blockquote></p><p> In short, Daryanani thinks Apple is positioned to report “sizable upside” versus expectations for the March quarter, with June guidance likely to be in line with expectations or better. Long term, he thinks the company can sustain mid-to-high single-digit sales growth and low-teens earnings-per-share growth.</p><p><blockquote>简而言之，Daryanani认为，与3月份季度的预期相比，苹果有望报告“相当大的上涨空间”，6月份的指引可能符合预期或更好。从长远来看，他认为该公司可以维持中高个位数的销售额增长和低十几岁的每股收益增长。</blockquote></p><p> Apple is due to report earnings on April 28. Current Street consensus calls for revenue of $77 billion and profits of 98 cents a share.</p><p><blockquote>苹果将于4月28日公布财报。目前华尔街一致认为评级营收为770亿美元，每股利润为98美分。</blockquote></p><p> Apple stock was down 1.8%, at $132.03, in recent trading. The&nbsp;S&amp;P 500&nbsp;was down&nbsp;0.4%.</p><p><blockquote>苹果股价在最近的交易中下跌1.8%，至132.03美元。标准普尔500指数下跌0.</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>Apple Could Crush Earnings Estimates. One Analyst Explains How.<blockquote>苹果可能会超出盈利预期。一位分析师解释了原因。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Could Crush Earnings Estimates. One Analyst Explains How.<blockquote>苹果可能会超出盈利预期。一位分析师解释了原因。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-15 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While you weren’t looking, Apple shares have rallied about 12% over the past two weeks, as investors turn their attention to the company’s upcoming March-quarter financial results. There are reasons to think more gains could follow.</p><p><blockquote>尽管您没有注意到，随着投资者将注意力转向该公司即将发布的3月份季度财务业绩，苹果股价在过去两周上涨了约12%。有理由认为接下来可能会有更多收益。</blockquote></p><p> Evercore ISI analyst Amit Daryanani this morning repeated his Outperform rating and $175 target price on Apple shares (ticker: AAPL), while adding the stock to the firm’s Tactical Outperform list.</p><p><blockquote>Evercore ISI分析师Amit Daryanani今天上午重申了对苹果股票（股票代码：AAPL）的跑赢大盘评级和175美元的目标价，同时将该股添加到该公司的战术跑赢大盘名单中。</blockquote></p><p> The analyst thinks Apple is “well-positioned to report upside to March quarter estimates,” driven by strong performance by bothiPhoneandservices, and despite ongoing component shortages.</p><p><blockquote>该分析师认为，尽管零部件持续短缺，但在iPhone和服务强劲表现的推动下，苹果“处于有利地位，可以报告3月份季度预期的上行空间”。</blockquote></p><p> “While the supply chain issues are real, we expect Apple will be relatively protected by its status as one of the largest electronics purchasers in the world,” Daryanani writes in a research note. He points out that Foxconn, a key Apple manufacturing partner,has called out the tight supply of partsbut said it would affect less than 10% of customer orders.</p><p><blockquote>Daryanani在一份研究报告中写道：“虽然供应链问题是真实存在的，但我们预计苹果将因其作为全球最大电子产品买家之一的地位而受到相对保护。”他指出，苹果主要制造合作伙伴富士康已呼吁零部件供应紧张，但表示这将影响不到10%的客户订单。</blockquote></p><p> Meanwhile, he notes thati&nbsp;Phone shipments in Chinawere up 185% in the first two months of the quarter, while the App Store saw 32% growth in the quarter. He notes that Apple had guided to some deceleration in services in the quarter after 30% growth in the December quarter, but he sees potential that the growth will be steady or better given strength in the App Store.</p><p><blockquote>与此同时，他指出，本季度前两个月中国手机出货量增长了185%，而App Store本季度增长了32%。他指出，在12月份季度增长30%后，苹果预计本季度服务业将有所减速，但鉴于App Store的实力，他认为增长可能会稳定或更好。</blockquote></p><p> In short, Daryanani thinks Apple is positioned to report “sizable upside” versus expectations for the March quarter, with June guidance likely to be in line with expectations or better. Long term, he thinks the company can sustain mid-to-high single-digit sales growth and low-teens earnings-per-share growth.</p><p><blockquote>简而言之，Daryanani认为，与3月份季度的预期相比，苹果有望报告“相当大的上涨空间”，6月份的指引可能符合预期或更好。从长远来看，他认为该公司可以维持中高个位数的销售额增长和低十几岁的每股收益增长。</blockquote></p><p> Apple is due to report earnings on April 28. Current Street consensus calls for revenue of $77 billion and profits of 98 cents a share.</p><p><blockquote>苹果将于4月28日公布财报。目前华尔街一致认为评级营收为770亿美元，每股利润为98美分。</blockquote></p><p> Apple stock was down 1.8%, at $132.03, in recent trading. The&nbsp;S&amp;P 500&nbsp;was down&nbsp;0.4%.</p><p><blockquote>苹果股价在最近的交易中下跌1.8%，至132.03美元。标准普尔500指数下跌0.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-should-crush-street-estimates-for-the-march-quarter-analyst-says-51618413850?mod=hp_LEADSUPP_2\">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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-should-crush-street-estimates-for-the-march-quarter-analyst-says-51618413850?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150008080","content_text":"While you weren’t looking, Apple shares have rallied about 12% over the past two weeks, as investors turn their attention to the company’s upcoming March-quarter financial results. There are reasons to think more gains could follow.\nEvercore ISI analyst Amit Daryanani this morning repeated his Outperform rating and $175 target price on Apple shares (ticker: AAPL), while adding the stock to the firm’s Tactical Outperform list.\nThe analyst thinks Apple is “well-positioned to report upside to March quarter estimates,” driven by strong performance by bothiPhoneandservices, and despite ongoing component shortages.\n“While the supply chain issues are real, we expect Apple will be relatively protected by its status as one of the largest electronics purchasers in the world,” Daryanani writes in a research note. He points out that Foxconn, a key Apple manufacturing partner,has called out the tight supply of partsbut said it would affect less than 10% of customer orders.\nMeanwhile, he notes thati Phone shipments in Chinawere up 185% in the first two months of the quarter, while the App Store saw 32% growth in the quarter. He notes that Apple had guided to some deceleration in services in the quarter after 30% growth in the December quarter, but he sees potential that the growth will be steady or better given strength in the App Store.\nIn short, Daryanani thinks Apple is positioned to report “sizable upside” versus expectations for the March quarter, with June guidance likely to be in line with expectations or better. Long term, he thinks the company can sustain mid-to-high single-digit sales growth and low-teens earnings-per-share growth.\nApple is due to report earnings on April 28. Current Street consensus calls for revenue of $77 billion and profits of 98 cents a share.\nApple stock was down 1.8%, at $132.03, in recent trading. The S&P 500 was down 0.4%.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347065932,"gmtCreate":1618450575126,"gmtModify":1634292863764,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$PLTR 20210416 29.5 CALL(PLTR)$</a>kkontol babi","listText":"<a href=\"https://laohu8.com/S/PLTR\">$PLTR 20210416 29.5 CALL(PLTR)$</a>kkontol babi","text":"$PLTR 20210416 29.5 CALL(PLTR)$kkontol babi","images":[{"img":"https://static.tigerbbs.com/49f78e28f6cb361d18fdd4f9c4d0c952","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347065932","isVote":1,"tweetType":1,"viewCount":225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":344354283,"gmtCreate":1618380112942,"gmtModify":1631886440094,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CTRM\">$Castor Maritime, Inc.(CTRM)$</a>eugdykcsfjbxd gdh","listText":"<a href=\"https://laohu8.com/S/CTRM\">$Castor Maritime, Inc.(CTRM)$</a>eugdykcsfjbxd gdh","text":"$Castor Maritime, Inc.(CTRM)$eugdykcsfjbxd gdh","images":[{"img":"https://static.tigerbbs.com/7d7891e03e67e073b1b7576f38dce0f1","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344354283","isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":345206937,"gmtCreate":1618315073329,"gmtModify":1634293780116,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Hohohojojojo oh maoz","listText":"Hohohojojojo oh maoz","text":"Hohohojojojo oh maoz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/345206937","repostId":"1156590233","repostType":4,"repost":{"id":"1156590233","kind":"news","pubTimestamp":1618309498,"share":"https://www.laohu8.com/m/news/1156590233?lang=zh_CN&edition=full","pubTime":"2021-04-13 18:24","market":"us","language":"en","title":"3 High-Yield Dividend Stocks That'll Help You Crush Inflation<blockquote>3只高收益股息股票将帮助您抑制通胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156590233","media":"Motley Fool","summary":"After more than a year, arguably the stock market's most persistent concern has returned: inflation.","content":"<p>After more than a year, arguably the stock market's most persistent concern has returned: inflation.</p><p><blockquote>一年多后，可以说股市最持久的担忧又回来了：通胀。</blockquote></p><p>Inflation describes the rising price of goods and services over time. A healthy economy is always going to have some degree of inflation, with consumer demand playing a role in driving prices higher. But if inflation gets too high, consumers will wind up paying more for fewer goods and services, resulting in slower growth. That can be bad news for the stock market -- especially a market that's pricier now than at nearly any point over the last 20 years.</p><p><blockquote>通货膨胀描述了商品和服务价格随着时间的推移而上涨。健康的经济总是会出现一定程度的通货膨胀，消费者需求在推高价格方面发挥着作用。但如果通胀过高，消费者最终将为更少的商品和服务支付更多费用，从而导致增长放缓。这对股市来说可能是个坏消息，尤其是现在的股市价格几乎比过去20年来的任何时候都要高。</blockquote></p><p>Though higher inflation levels have historically not been great for stocks, it doesn't mean investors have to run for the hills. On the contrary, it could be the perfect time to seek out the payout potential ofdividend stocks.</p><p><blockquote>尽管从历史上看，较高的通胀水平对股市不利，但这并不意味着投资者必须逃之夭夭。相反，这可能是寻找股息股票派息潜力的最佳时机。</blockquote></p><p>Just how good have dividend stocks been for investors? According to a report from J.P. Morgan Asset Management, companies that initiated and grew a dividend between 1972 and 2012 -- a period marked by very high inflation rates for at least a decade --averaged an annual return of 9.5%. The non-dividend-paying stocks? They returned a paltry annual average of 1.6% over the same time. Over 40 years, we're talking about a roughly 19-fold aggregate outperformance.</p><p><blockquote>股息股票对投资者来说有多好？根据摩根大通资产管理公司的一份报告，1972年至2012年间（至少十年来通货膨胀率非常高）发起并增加股息的公司平均年回报率为9.5%。不派息股票？在同一时期，他们的年平均回报率只有微不足道的1.6%。40年来，我们谈论的总体表现大约是19倍。</blockquote></p><p>Ideally, income seekers want the biggest dividend possible with the least amount of risk imaginable. Unfortunately, risk and dividend payouts tend to be correlated. This is to say that high-yield stocks (4% yield or higher) can sometimes be more trouble than they're worth. Since yield is a function of payout relative to price, a company with a struggling or failing operating model could give the impression of a killer yield but ultimately trap unsuspecting income seekers.</p><p><blockquote>理想情况下，寻求收入的人希望以最小的风险获得尽可能大的股息。不幸的是，风险和股息支付往往是相关的。也就是说，高收益股票（4%或更高的收益率）有时会带来比其价值更多的麻烦。由于收益率是支出相对于价格的函数，一家运营模式陷入困境或失败的公司可能会给人留下收益率杀手的印象，但最终会让不知情的收入寻求者陷入困境。</blockquote></p><p><h3>This high-yield trio will help investors trounce inflation</h3>But not all high-yield dividend stocks are created equally. The following three high-yield companies offer investors the ability to crush inflation over the long run, as well as grow their initial investment the traditional way.</p><p><blockquote><h3>这三只高收益债券将帮助投资者战胜通胀</h3>但并非所有高收益股息股票都是平等创造的。以下三家高收益公司为投资者提供了长期抑制通胀的能力，并以传统方式增加初始投资。</blockquote></p><p><h3>Duke Energy: 4% yield</h3>One of the safest ways to run circles around inflation over the long run is to buy into brand-name utility stocks. You're never going to get jaw-dropping growth with utilities, but you'll struggle to find a sector with more predictable or transparent cash flow. That's whyelectric utility stock<b>Duke Energy</b>(NYSE: DUK)can be a winner.</p><p><blockquote><h3>杜克能源：4%收益率</h3>从长远来看，应对通胀最安全的方法之一是购买品牌公用事业股票。你永远不会通过公用事业获得令人瞠目结舌的增长，但你将很难找到一个现金流更可预测或透明的行业。这就是电力公用事业股票的原因<b>杜克能源公司</b>（纽约证券交易所股票代码：DUK）可以成为赢家。</blockquote></p><p>Duke, the second-largest utility stock by market cap in the U.S., behind only<b>NextEra Energy</b>, is following its peers' strategy and investing aggressively in green energy infrastructure. Between 2020 and 2024, it's planning to spend $60 billion on new infrastructure, nearly all of which will focus on renewable energy solutions such as wind and solar. By 2025, the company's five-year plan entailsspending $65 billion to $75 billionon renewable projects.</p><p><blockquote>杜克大学是美国市值第二大的公用事业股，仅次于<b>NextEra能源</b>，正在遵循同行的战略，积极投资绿色能源基础设施。2020年至2024年间，它计划斥资600亿美元建设新基础设施，几乎所有资金都将集中在风能和太阳能等可再生能源解决方案上。到2025年，该公司的五年计划将在可再生能源项目上花费650亿至750亿美元。</blockquote></p><p>Although these aren't cheap investments, it's the perfect time for Duke Energy to be aggressive. Lending rates are just a stone's throw from historic lows, and the benefit of cheaper electric generation rates should allow its earnings per share to grow by as much as 7% annually. For some context here, most electric utilities grow profits annually by a low single-digit percentage.</p><p><blockquote>尽管这些投资并不便宜，但现在是杜克能源积极进取的最佳时机。贷款利率距离历史低点仅一箭之遥，而更便宜的发电利率带来的好处应该会让其每股收益每年增长高达7%。在某些情况下，大多数电力公司的利润每年都以较低的个位数百分比增长。</blockquote></p><p>To boot, Duke Energy's traditional utility operations (i.e., those not utilizing solar or some other renewable source) are regulated. This is a fancy way of saying that state public utility commissions regulate rate hikes. Though it's not able to pass along price increases at will, Dukeavoids potentially wild swings in wholesale pricingby having its traditional utilities regulated.</p><p><blockquote>首先，杜克能源公司的传统公用事业运营（即不利用太阳能或其他可再生能源的运营）受到监管。这是州公用事业委员会监管加息的一种奇特说法。尽管杜克大学无法随意转嫁价格上涨，但通过对其传统公用事业进行监管，避免了批发价格可能出现的剧烈波动。</blockquote></p><p><h3>AGNC Investment: 8.4% yield</h3>If you want the opportunity to earn a sustainable, monster yield that'll crush inflation, mortgage real estate investment trust (REIT)<b>AGNC Investment</b>(NASDAQ: AGNC)could be just the stock for you. You'll note that its 8.4% yield is more than four times the current trailing 12-month inflation rate of 1.7%.</p><p><blockquote><h3>AGNC投资：收益率8.4%</h3>如果您想有机会获得可持续的巨额收益率来抑制通货膨胀，抵押房地产投资信托基金(REIT)<b>AGNC投资</b>（纳斯达克：AGNC）可能正是适合您的股票。您会注意到，其8.4%的收益率是当前过去12个月通胀率1.7%的四倍多。</blockquote></p><p>Without getting into the minutiae, mortgage REITs like AGNC seek to borrow at lower short-term rates and purchase assets (mortgage-backed securities, or MBSs) with higher long-term yields. The difference between these higher long-term yields and the lower short-term borrowing rate is known as net interest margin (NIM). The wider the NIM, or the more leverage (safely) used, the more profit AGNC Investment can make.</p><p><blockquote>在不涉及细节的情况下，AGNC等抵押房地产投资信托基金寻求以较低的短期利率借款并购买长期收益率较高的资产（抵押贷款支持证券，或MBS）。这些较高的长期收益率和较低的短期借款利率之间的差异称为净息差（NIM）。净息差越宽，或者（安全地）使用的杠杆越多，AGNC投资可以获得的利润就越多。</blockquote></p><p>The thing investors should realize is thatwe're in the sweet spot for mortgage REIT growth. During the early stages of an economic recovery, the yield curve usually steepens. This means long-term yields rise while short-term yields flatten out or rise at a slower pace. This disparity usually allows AGNC to purchase MBSs with higher yields while being able to borrow at a low rate. In short,AGNC's NIM heads higher.</p><p><blockquote>投资者应该意识到的是，我们正处于抵押房地产投资信托基金增长的最佳位置。在经济复苏的早期阶段，收益率曲线通常会变陡。这意味着长期收益率上升，而短期收益率持平或上升速度较慢。这种差异通常允许AGNC购买收益率较高的MBS，同时能够以较低的利率借款。简而言之，AGNC的净息差走高。</blockquote></p><p></p><p>Best of all, AGNC's portfolio isalmost exclusively packed with agency securities. This is a fancy way of saying that its MBSs are protected by the federal government in the event of a default. Though this added protection means agency securities have lower yields than non-agency assets, it also allows AGNC to safely use leverage to its advantage.</p><p><blockquote>最重要的是，AGNC的投资组合几乎全部由机构证券组成。这是一种奇特的说法，即其MBS在违约时受到联邦政府的保护。尽管这种额外的保护意味着机构证券的收益率低于非机构资产，但它也允许AGNC安全地利用杠杆。</blockquote></p><p><h3>AT&amp;T: 6.9% yield</h3>A third high-yield dividend stock that'll help investors triumph over inflation is telecom giant<b>AT&amp;T</b>(NYSE: T). With reinvestment, the 6.9% yield it's currently paying can double your money in about a decade, assuming a static share price.</p><p><blockquote><h3>AT&amp;T：收益率6.9%</h3>第三只将帮助投资者战胜通胀的高收益股息股票是电信巨头<b>AT&amp;T</b>（纽约证券交易所代码：T）。通过再投资，假设股价保持不变，目前支付的6.9%收益率可以在大约十年内使您的资金翻倍。</blockquote></p><p>Though its growth heyday is now in the past, AT&amp;T hasa number of catalyststhat should reignite its organic growth rate and generate plenty of cash flow. For example, AT&amp;T is a key beneficiary of 5G wireless infrastructure upgrades. It's been a decade since wireless download speeds were upgraded in a meaningful way. This suggests the company will benefit immensely from a multiyear technology upgrade cycle. Since AT&amp;T generates a significant chunk of its wireless profit from data consumption, access to 5G is a recipe for margin expansion.</p><p><blockquote>尽管其增长全盛时期现已成为过去，但AT&amp;T拥有许多催化剂，可以重新点燃其有机增长率并产生充足的现金流。例如，AT&amp;T是5G无线基础设施升级的主要受益者。无线下载速度以有意义的方式升级已经有十年了。这表明该公司将从多年的技术升级周期中受益匪浅。由于美国电话电报公司的很大一部分无线利润来自数据消费，因此接入5G是利润扩张的一个秘诀。</blockquote></p><p>Additionally, AT&amp;T's big push into streaming content should provide a jolt to its top and bottom lines. Following a subdued launch of HBO Max in late May, the company announced that itended 2020 with 17.2 million subscribers. Further, it expects 120 million to 150 million subscribers by 2025. If AT&amp;T is indeed successful in courting new streaming users, it should more than offset the weakness tied to cord-cutting.</p><p><blockquote>此外，AT&amp;T对流媒体内容的大力推进应该会给其营收和利润带来冲击。继5月下旬HBO Max低调推出后，该公司宣布截至2020年底拥有1720万订户。此外，预计到2025年将有1.2亿至1.5亿用户。如果美国电话电报公司确实成功地吸引了新的流媒体用户，它应该足以抵消与剪线相关的弱点。</blockquote></p><p>AT&amp;T has also made strides to reduce its debt load and ensure the stability of itssuperior dividend. It's selling a minority stake in subsidiary DirecTV, has halted its share buyback program, and is looking to sell other noncore assets to lower its debt liabilities. CEO John Stankey has noted that a dividend cut isn't necessary to facilitate growth at AT&amp;T.</p><p><blockquote>AT&amp;T还在减轻债务负担并确保其卓越股息的稳定性方面取得了长足进步。该公司正在出售子公司DirecTV的少数股权，停止了股票回购计划，并寻求出售其他非核心资产以降低债务。首席执行官约翰·斯坦基(John Stankey)指出，削减股息并不是促进AT&amp;T增长的必要条件。</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>3 High-Yield Dividend Stocks That'll Help You Crush Inflation<blockquote>3只高收益股息股票将帮助您抑制通胀</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\">\n3 High-Yield Dividend Stocks That'll Help You Crush Inflation<blockquote>3只高收益股息股票将帮助您抑制通胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-13 18:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After more than a year, arguably the stock market's most persistent concern has returned: inflation.</p><p><blockquote>一年多后，可以说股市最持久的担忧又回来了：通胀。</blockquote></p><p>Inflation describes the rising price of goods and services over time. A healthy economy is always going to have some degree of inflation, with consumer demand playing a role in driving prices higher. But if inflation gets too high, consumers will wind up paying more for fewer goods and services, resulting in slower growth. That can be bad news for the stock market -- especially a market that's pricier now than at nearly any point over the last 20 years.</p><p><blockquote>通货膨胀描述了商品和服务价格随着时间的推移而上涨。健康的经济总是会出现一定程度的通货膨胀，消费者需求在推高价格方面发挥着作用。但如果通胀过高，消费者最终将为更少的商品和服务支付更多费用，从而导致增长放缓。这对股市来说可能是个坏消息，尤其是现在的股市价格几乎比过去20年来的任何时候都要高。</blockquote></p><p>Though higher inflation levels have historically not been great for stocks, it doesn't mean investors have to run for the hills. On the contrary, it could be the perfect time to seek out the payout potential ofdividend stocks.</p><p><blockquote>尽管从历史上看，较高的通胀水平对股市不利，但这并不意味着投资者必须逃之夭夭。相反，这可能是寻找股息股票派息潜力的最佳时机。</blockquote></p><p>Just how good have dividend stocks been for investors? According to a report from J.P. Morgan Asset Management, companies that initiated and grew a dividend between 1972 and 2012 -- a period marked by very high inflation rates for at least a decade --averaged an annual return of 9.5%. The non-dividend-paying stocks? They returned a paltry annual average of 1.6% over the same time. Over 40 years, we're talking about a roughly 19-fold aggregate outperformance.</p><p><blockquote>股息股票对投资者来说有多好？根据摩根大通资产管理公司的一份报告，1972年至2012年间（至少十年来通货膨胀率非常高）发起并增加股息的公司平均年回报率为9.5%。不派息股票？在同一时期，他们的年平均回报率只有微不足道的1.6%。40年来，我们谈论的总体表现大约是19倍。</blockquote></p><p>Ideally, income seekers want the biggest dividend possible with the least amount of risk imaginable. Unfortunately, risk and dividend payouts tend to be correlated. This is to say that high-yield stocks (4% yield or higher) can sometimes be more trouble than they're worth. Since yield is a function of payout relative to price, a company with a struggling or failing operating model could give the impression of a killer yield but ultimately trap unsuspecting income seekers.</p><p><blockquote>理想情况下，寻求收入的人希望以最小的风险获得尽可能大的股息。不幸的是，风险和股息支付往往是相关的。也就是说，高收益股票（4%或更高的收益率）有时会带来比其价值更多的麻烦。由于收益率是支出相对于价格的函数，一家运营模式陷入困境或失败的公司可能会给人留下收益率杀手的印象，但最终会让不知情的收入寻求者陷入困境。</blockquote></p><p><h3>This high-yield trio will help investors trounce inflation</h3>But not all high-yield dividend stocks are created equally. The following three high-yield companies offer investors the ability to crush inflation over the long run, as well as grow their initial investment the traditional way.</p><p><blockquote><h3>这三只高收益债券将帮助投资者战胜通胀</h3>但并非所有高收益股息股票都是平等创造的。以下三家高收益公司为投资者提供了长期抑制通胀的能力，并以传统方式增加初始投资。</blockquote></p><p><h3>Duke Energy: 4% yield</h3>One of the safest ways to run circles around inflation over the long run is to buy into brand-name utility stocks. You're never going to get jaw-dropping growth with utilities, but you'll struggle to find a sector with more predictable or transparent cash flow. That's whyelectric utility stock<b>Duke Energy</b>(NYSE: DUK)can be a winner.</p><p><blockquote><h3>杜克能源：4%收益率</h3>从长远来看，应对通胀最安全的方法之一是购买品牌公用事业股票。你永远不会通过公用事业获得令人瞠目结舌的增长，但你将很难找到一个现金流更可预测或透明的行业。这就是电力公用事业股票的原因<b>杜克能源公司</b>（纽约证券交易所股票代码：DUK）可以成为赢家。</blockquote></p><p>Duke, the second-largest utility stock by market cap in the U.S., behind only<b>NextEra Energy</b>, is following its peers' strategy and investing aggressively in green energy infrastructure. Between 2020 and 2024, it's planning to spend $60 billion on new infrastructure, nearly all of which will focus on renewable energy solutions such as wind and solar. By 2025, the company's five-year plan entailsspending $65 billion to $75 billionon renewable projects.</p><p><blockquote>杜克大学是美国市值第二大的公用事业股，仅次于<b>NextEra能源</b>，正在遵循同行的战略，积极投资绿色能源基础设施。2020年至2024年间，它计划斥资600亿美元建设新基础设施，几乎所有资金都将集中在风能和太阳能等可再生能源解决方案上。到2025年，该公司的五年计划将在可再生能源项目上花费650亿至750亿美元。</blockquote></p><p>Although these aren't cheap investments, it's the perfect time for Duke Energy to be aggressive. Lending rates are just a stone's throw from historic lows, and the benefit of cheaper electric generation rates should allow its earnings per share to grow by as much as 7% annually. For some context here, most electric utilities grow profits annually by a low single-digit percentage.</p><p><blockquote>尽管这些投资并不便宜，但现在是杜克能源积极进取的最佳时机。贷款利率距离历史低点仅一箭之遥，而更便宜的发电利率带来的好处应该会让其每股收益每年增长高达7%。在某些情况下，大多数电力公司的利润每年都以较低的个位数百分比增长。</blockquote></p><p>To boot, Duke Energy's traditional utility operations (i.e., those not utilizing solar or some other renewable source) are regulated. This is a fancy way of saying that state public utility commissions regulate rate hikes. Though it's not able to pass along price increases at will, Dukeavoids potentially wild swings in wholesale pricingby having its traditional utilities regulated.</p><p><blockquote>首先，杜克能源公司的传统公用事业运营（即不利用太阳能或其他可再生能源的运营）受到监管。这是州公用事业委员会监管加息的一种奇特说法。尽管杜克大学无法随意转嫁价格上涨，但通过对其传统公用事业进行监管，避免了批发价格可能出现的剧烈波动。</blockquote></p><p><h3>AGNC Investment: 8.4% yield</h3>If you want the opportunity to earn a sustainable, monster yield that'll crush inflation, mortgage real estate investment trust (REIT)<b>AGNC Investment</b>(NASDAQ: AGNC)could be just the stock for you. You'll note that its 8.4% yield is more than four times the current trailing 12-month inflation rate of 1.7%.</p><p><blockquote><h3>AGNC投资：收益率8.4%</h3>如果您想有机会获得可持续的巨额收益率来抑制通货膨胀，抵押房地产投资信托基金(REIT)<b>AGNC投资</b>（纳斯达克：AGNC）可能正是适合您的股票。您会注意到，其8.4%的收益率是当前过去12个月通胀率1.7%的四倍多。</blockquote></p><p>Without getting into the minutiae, mortgage REITs like AGNC seek to borrow at lower short-term rates and purchase assets (mortgage-backed securities, or MBSs) with higher long-term yields. The difference between these higher long-term yields and the lower short-term borrowing rate is known as net interest margin (NIM). The wider the NIM, or the more leverage (safely) used, the more profit AGNC Investment can make.</p><p><blockquote>在不涉及细节的情况下，AGNC等抵押房地产投资信托基金寻求以较低的短期利率借款并购买长期收益率较高的资产（抵押贷款支持证券，或MBS）。这些较高的长期收益率和较低的短期借款利率之间的差异称为净息差（NIM）。净息差越宽，或者（安全地）使用的杠杆越多，AGNC投资可以获得的利润就越多。</blockquote></p><p>The thing investors should realize is thatwe're in the sweet spot for mortgage REIT growth. During the early stages of an economic recovery, the yield curve usually steepens. This means long-term yields rise while short-term yields flatten out or rise at a slower pace. This disparity usually allows AGNC to purchase MBSs with higher yields while being able to borrow at a low rate. In short,AGNC's NIM heads higher.</p><p><blockquote>投资者应该意识到的是，我们正处于抵押房地产投资信托基金增长的最佳位置。在经济复苏的早期阶段，收益率曲线通常会变陡。这意味着长期收益率上升，而短期收益率持平或上升速度较慢。这种差异通常允许AGNC购买收益率较高的MBS，同时能够以较低的利率借款。简而言之，AGNC的净息差走高。</blockquote></p><p></p><p>Best of all, AGNC's portfolio isalmost exclusively packed with agency securities. This is a fancy way of saying that its MBSs are protected by the federal government in the event of a default. Though this added protection means agency securities have lower yields than non-agency assets, it also allows AGNC to safely use leverage to its advantage.</p><p><blockquote>最重要的是，AGNC的投资组合几乎全部由机构证券组成。这是一种奇特的说法，即其MBS在违约时受到联邦政府的保护。尽管这种额外的保护意味着机构证券的收益率低于非机构资产，但它也允许AGNC安全地利用杠杆。</blockquote></p><p><h3>AT&amp;T: 6.9% yield</h3>A third high-yield dividend stock that'll help investors triumph over inflation is telecom giant<b>AT&amp;T</b>(NYSE: T). With reinvestment, the 6.9% yield it's currently paying can double your money in about a decade, assuming a static share price.</p><p><blockquote><h3>AT&amp;T：收益率6.9%</h3>第三只将帮助投资者战胜通胀的高收益股息股票是电信巨头<b>AT&amp;T</b>（纽约证券交易所代码：T）。通过再投资，假设股价保持不变，目前支付的6.9%收益率可以在大约十年内使您的资金翻倍。</blockquote></p><p>Though its growth heyday is now in the past, AT&amp;T hasa number of catalyststhat should reignite its organic growth rate and generate plenty of cash flow. For example, AT&amp;T is a key beneficiary of 5G wireless infrastructure upgrades. It's been a decade since wireless download speeds were upgraded in a meaningful way. This suggests the company will benefit immensely from a multiyear technology upgrade cycle. Since AT&amp;T generates a significant chunk of its wireless profit from data consumption, access to 5G is a recipe for margin expansion.</p><p><blockquote>尽管其增长全盛时期现已成为过去，但AT&amp;T拥有许多催化剂，可以重新点燃其有机增长率并产生充足的现金流。例如，AT&amp;T是5G无线基础设施升级的主要受益者。无线下载速度以有意义的方式升级已经有十年了。这表明该公司将从多年的技术升级周期中受益匪浅。由于美国电话电报公司的很大一部分无线利润来自数据消费，因此接入5G是利润扩张的一个秘诀。</blockquote></p><p>Additionally, AT&amp;T's big push into streaming content should provide a jolt to its top and bottom lines. Following a subdued launch of HBO Max in late May, the company announced that itended 2020 with 17.2 million subscribers. Further, it expects 120 million to 150 million subscribers by 2025. If AT&amp;T is indeed successful in courting new streaming users, it should more than offset the weakness tied to cord-cutting.</p><p><blockquote>此外，AT&amp;T对流媒体内容的大力推进应该会给其营收和利润带来冲击。继5月下旬HBO Max低调推出后，该公司宣布截至2020年底拥有1720万订户。此外，预计到2025年将有1.2亿至1.5亿用户。如果美国电话电报公司确实成功地吸引了新的流媒体用户，它应该足以抵消与剪线相关的弱点。</blockquote></p><p>AT&amp;T has also made strides to reduce its debt load and ensure the stability of itssuperior dividend. It's selling a minority stake in subsidiary DirecTV, has halted its share buyback program, and is looking to sell other noncore assets to lower its debt liabilities. CEO John Stankey has noted that a dividend cut isn't necessary to facilitate growth at AT&amp;T.</p><p><blockquote>AT&amp;T还在减轻债务负担并确保其卓越股息的稳定性方面取得了长足进步。该公司正在出售子公司DirecTV的少数股权，停止了股票回购计划，并寻求出售其他非核心资产以降低债务。首席执行官约翰·斯坦基(John Stankey)指出，削减股息并不是促进AT&amp;T增长的必要条件。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/3-high-yield-dividend-stocks-thatll-help-you-crush-inflation-2021-04-13\">Motley Fool</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":{"T":"At&T","REIT":"ALPS Active REIT ETF","DUK":"杜克能源"},"source_url":"https://www.nasdaq.com/articles/3-high-yield-dividend-stocks-thatll-help-you-crush-inflation-2021-04-13","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156590233","content_text":"After more than a year, arguably the stock market's most persistent concern has returned: inflation.Inflation describes the rising price of goods and services over time. A healthy economy is always going to have some degree of inflation, with consumer demand playing a role in driving prices higher. But if inflation gets too high, consumers will wind up paying more for fewer goods and services, resulting in slower growth. That can be bad news for the stock market -- especially a market that's pricier now than at nearly any point over the last 20 years.Though higher inflation levels have historically not been great for stocks, it doesn't mean investors have to run for the hills. On the contrary, it could be the perfect time to seek out the payout potential ofdividend stocks.Just how good have dividend stocks been for investors? According to a report from J.P. Morgan Asset Management, companies that initiated and grew a dividend between 1972 and 2012 -- a period marked by very high inflation rates for at least a decade --averaged an annual return of 9.5%. The non-dividend-paying stocks? They returned a paltry annual average of 1.6% over the same time. Over 40 years, we're talking about a roughly 19-fold aggregate outperformance.Ideally, income seekers want the biggest dividend possible with the least amount of risk imaginable. Unfortunately, risk and dividend payouts tend to be correlated. This is to say that high-yield stocks (4% yield or higher) can sometimes be more trouble than they're worth. Since yield is a function of payout relative to price, a company with a struggling or failing operating model could give the impression of a killer yield but ultimately trap unsuspecting income seekers.This high-yield trio will help investors trounce inflationBut not all high-yield dividend stocks are created equally. The following three high-yield companies offer investors the ability to crush inflation over the long run, as well as grow their initial investment the traditional way.Duke Energy: 4% yieldOne of the safest ways to run circles around inflation over the long run is to buy into brand-name utility stocks. You're never going to get jaw-dropping growth with utilities, but you'll struggle to find a sector with more predictable or transparent cash flow. That's whyelectric utility stockDuke Energy(NYSE: DUK)can be a winner.Duke, the second-largest utility stock by market cap in the U.S., behind onlyNextEra Energy, is following its peers' strategy and investing aggressively in green energy infrastructure. Between 2020 and 2024, it's planning to spend $60 billion on new infrastructure, nearly all of which will focus on renewable energy solutions such as wind and solar. By 2025, the company's five-year plan entailsspending $65 billion to $75 billionon renewable projects.Although these aren't cheap investments, it's the perfect time for Duke Energy to be aggressive. Lending rates are just a stone's throw from historic lows, and the benefit of cheaper electric generation rates should allow its earnings per share to grow by as much as 7% annually. For some context here, most electric utilities grow profits annually by a low single-digit percentage.To boot, Duke Energy's traditional utility operations (i.e., those not utilizing solar or some other renewable source) are regulated. This is a fancy way of saying that state public utility commissions regulate rate hikes. Though it's not able to pass along price increases at will, Dukeavoids potentially wild swings in wholesale pricingby having its traditional utilities regulated.AGNC Investment: 8.4% yieldIf you want the opportunity to earn a sustainable, monster yield that'll crush inflation, mortgage real estate investment trust (REIT)AGNC Investment(NASDAQ: AGNC)could be just the stock for you. You'll note that its 8.4% yield is more than four times the current trailing 12-month inflation rate of 1.7%.Without getting into the minutiae, mortgage REITs like AGNC seek to borrow at lower short-term rates and purchase assets (mortgage-backed securities, or MBSs) with higher long-term yields. The difference between these higher long-term yields and the lower short-term borrowing rate is known as net interest margin (NIM). The wider the NIM, or the more leverage (safely) used, the more profit AGNC Investment can make.The thing investors should realize is thatwe're in the sweet spot for mortgage REIT growth. During the early stages of an economic recovery, the yield curve usually steepens. This means long-term yields rise while short-term yields flatten out or rise at a slower pace. This disparity usually allows AGNC to purchase MBSs with higher yields while being able to borrow at a low rate. In short,AGNC's NIM heads higher.Best of all, AGNC's portfolio isalmost exclusively packed with agency securities. This is a fancy way of saying that its MBSs are protected by the federal government in the event of a default. Though this added protection means agency securities have lower yields than non-agency assets, it also allows AGNC to safely use leverage to its advantage.AT&T: 6.9% yieldA third high-yield dividend stock that'll help investors triumph over inflation is telecom giantAT&T(NYSE: T). With reinvestment, the 6.9% yield it's currently paying can double your money in about a decade, assuming a static share price.Though its growth heyday is now in the past, AT&T hasa number of catalyststhat should reignite its organic growth rate and generate plenty of cash flow. For example, AT&T is a key beneficiary of 5G wireless infrastructure upgrades. It's been a decade since wireless download speeds were upgraded in a meaningful way. This suggests the company will benefit immensely from a multiyear technology upgrade cycle. Since AT&T generates a significant chunk of its wireless profit from data consumption, access to 5G is a recipe for margin expansion.Additionally, AT&T's big push into streaming content should provide a jolt to its top and bottom lines. Following a subdued launch of HBO Max in late May, the company announced that itended 2020 with 17.2 million subscribers. Further, it expects 120 million to 150 million subscribers by 2025. If AT&T is indeed successful in courting new streaming users, it should more than offset the weakness tied to cord-cutting.AT&T has also made strides to reduce its debt load and ensure the stability of itssuperior dividend. It's selling a minority stake in subsidiary DirecTV, has halted its share buyback program, and is looking to sell other noncore assets to lower its debt liabilities. CEO John Stankey has noted that a dividend cut isn't necessary to facilitate growth at AT&T.","news_type":1,"symbols_score_info":{"T":0.9,"DUK":0.9,"REIT":0.9}},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345837715,"gmtCreate":1618298440237,"gmtModify":1634293877184,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Comment liao la give me coins","listText":"Comment liao la give me coins","text":"Comment liao la give me coins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/345837715","repostId":"1188078941","repostType":4,"repost":{"id":"1188078941","kind":"news","pubTimestamp":1618298234,"share":"https://www.laohu8.com/m/news/1188078941?lang=zh_CN&edition=full","pubTime":"2021-04-13 15:17","market":"us","language":"en","title":"Netflix Just Fixed Its Only Disadvantage in Streaming<blockquote>Netflix刚刚解决了其在流媒体领域的唯一劣势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188078941","media":"Motley Fool","summary":"A new licensing agreement keeps Netflix on an even playing field with all its new competitors.\n\nNetf","content":"<p>  A new licensing agreement keeps Netflix on an even playing field with all its new competitors.  <b>Netflix</b>(NASDAQ:NFLX)may be all about its original series and films, but its library can still benefit from familiar studio blockbusters. That's why it inked a deal with<b>Sony</b>(NYSE:SNE)to exclusively stream the studio's output starting with its 2022 film release slate. The deal also includes first-looks at Sony's direct-to-home releases and several key back catalog titles, and builds on its existing deal for Sony's animated film releases.</p><p><blockquote>一项新的许可协议使Netflix与所有新竞争对手保持公平的竞争环境。<b>Netflix</b>（纳斯达克：NFLX）可能都是关于它的原创系列和电影，但它的图书馆仍然可以从熟悉的工作室大片中受益。这就是为什么它与<b>索尼</b>（纽约证券交易所股票代码：SNE）将从2022年电影上映名单开始独家播放该工作室的作品。该交易还包括对索尼直接到家庭发行的电影和几个关键的旧目录标题的首次亮相，并建立在索尼动画电影发行的现有交易的基础上。</blockquote></p><p> The opportunities to strike these deals have become few and far between as new competitors pop up and studios retain their film output. Sony may have been Netflix's only option to even the playing field.</p><p><blockquote>随着新竞争对手的出现和电影公司保留其电影产量，达成这些交易的机会变得越来越少。索尼可能是网飞公平竞争的唯一选择。</blockquote></p><p> <b>Streaming silos</b></p><p><blockquote><b>流式孤岛</b></blockquote></p><p> Studios used to strike first-run deals with premium cable channels like&nbsp;<b>AT&amp;T</b>'s(NYSE:T)&nbsp;HBO or<b>Lionsgate</b>'s Starz. Then Netflix's streaming service came along and expanded from buying old back catalogs of films to first-run releases like the premium channels.</p><p><blockquote>电影公司过去常常与付费有线电视频道达成首轮交易，例如<b>AT&amp;T</b>（纽约证券交易所股票代码：T）HBO或<b>狮门影业</b>是斯塔兹。然后，网飞的流媒体服务出现了，并从购买旧的电影目录扩展到像付费频道这样的首轮发行。</blockquote></p><p> The licensing revenue from these deals was great for the studios. It's extremely high-margin, and some deals could help breathe new life into old releases.</p><p><blockquote>这些交易的许可收入对工作室来说是巨大的。它的利润率极高，一些交易可以帮助为旧版本注入新的活力。</blockquote></p><p> But now, after significant consolidation in the media industry, nearly every major studio is associated with its own streaming service. Manymedia companieshave their own in-house collections of films and television series that they can bring direct to the consumer with streaming with efficient costs, making it a more profitable endeavor.</p><p><blockquote>但现在，在媒体行业大幅整合后，几乎每个主要工作室都与自己的流媒体服务相关联。许多媒体公司都有自己的内部电影和电视剧集，他们可以通过流媒体以高效的成本直接带给消费者，使其成为一项更有利可图的努力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/feba96cbf8de61fb6755ad274c40318d\" tg-width=\"787\" tg-height=\"454\">Sony is the only notable film studio without direct ties to a streaming service. Sony sold its ad-supported Crackle streaming service in 2019.</p><p><blockquote>索尼是唯一一家与流媒体服务没有直接联系的著名电影制片厂。索尼在2019年出售了其广告支持的Crackle流媒体服务。</blockquote></p><p> Comcast currently licenses Universal films to HBO Max, Illumination films to Netflix, and Dreamworks films to Hulu. However, it's considering retaining the rights for Universal and Illumination films for Peacock as negotiations for those rights come back up this year. It could also strike a non-exclusive deal that would allow it to stream its films on Peacock while licensing them to other streaming services.</p><p><blockquote>康卡斯特目前将环球电影授权给HBO Max，照明电影授权给网飞，梦工厂电影授权给Hulu。然而，它正在考虑为《孔雀》保留环球和照明电影的版权，因为这些版权的谈判将于今年恢复。它还可能达成一项非独家协议，允许其在Peacock上播放电影，同时将其授权给其他流媒体服务。</blockquote></p><p> If Netflix wanted access to a film studio output, Sony was its only option.</p><p><blockquote>如果网飞想要获得电影制片厂的输出，索尼是它唯一的选择。</blockquote></p><p> <b>But why does Netflix want an output deal anyway?</b></p><p><blockquote><b>但为什么Netflix想要一项产出协议呢？</b></blockquote></p><p> Simply put, Sony has something Netflix can't get anywhere else.</p><p><blockquote>简而言之，索尼拥有网飞在其他任何地方都无法获得的东西。</blockquote></p><p> While Netflix can make its own films, it won't have any theatrical blockbusters like Sony will. The familiarity of popular films on the streaming service can drive engagement. And with all the other studios keeping their film streaming rights for themselves, Sony is the only source for Netflix to get those kinds of films.</p><p><blockquote>虽然网飞可以制作自己的电影，但它不会像索尼那样拥有任何院线大片。流媒体服务上流行电影的熟悉度可以提高参与度。由于所有其他工作室都将电影流媒体版权据为己有，索尼是网飞获得此类电影的唯一来源。</blockquote></p><p> Moreover, Sony has some key intellectual property. Most notably, it owns the rights to the Spider-Man universe, which ties into the rest of Disney's Marvel Cinematic Universe. With the immensepopularity of Disney+, retaining some Marvel fans with Sony's Spider-Man output is a nice bonus.</p><p><blockquote>此外，索尼拥有一些关键的知识产权。最值得注意的是，它拥有蜘蛛侠宇宙的版权，该宇宙与迪士尼漫威电影宇宙的其他部分相连。随着Disney+的巨大人气，用索尼的蜘蛛侠作品留住一些漫威粉丝是一个不错的奖励。</blockquote></p><p> Sony also owns the rights to franchises including<i>Jumanji</i>,<i>Ghostbusters</i>, and<i>The Karate Kid</i>. The latter spawned an extremely popular series now available on Netflix, so there could be easy opportunities to increase engagement.</p><p><blockquote>索尼还拥有特许经营权，包括<i>朱曼吉</i>,<i>捉鬼敢死队</i>，和<i>空手道小子</i>后者催生了一部非常受欢迎的剧集，现在可以在Netflix上观看，因此很容易有机会增加参与度。</blockquote></p><p> Netflix isn't paying too much for the deal either. Despite the fact that the deal fetched a \"record-setting price tag,\" according to reports, the total estimated outlay for the five-year deal is between $1 billion and $2 billion. Even at the high end -- $400 million per year -- that represents a tiny percentage of Netflix's $19 billion projected content budget for 2021. It's also notably paying Sony more than $500 million per year for the rights tostream<i>Seinfeld</i>starting this June.</p><p><blockquote>Netflix也没有为这笔交易支付太多费用。据报道，尽管该交易获得了“创纪录的价格”，但这项为期五年的交易的估计总支出在10亿至20亿美元之间。即使是每年4亿美元的高端产品，这也只占网飞2021年预计190亿美元内容预算的一小部分。值得注意的是，它每年还向索尼支付超过5亿美元的流媒体版权<i>宋飞</i>从今年六月开始。</blockquote></p><p> So, in the grand scheme of things, the Sony film deal presents good value for Netflix. It ought to keep subscribers engaged with the service, and engaged subscribers don't cancel.</p><p><blockquote>因此，从大的方面来看，索尼电影交易对网飞来说是很有价值的。它应该让用户参与这项服务，参与的用户不会取消。</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>Netflix Just Fixed Its Only Disadvantage in Streaming<blockquote>Netflix刚刚解决了其在流媒体领域的唯一劣势</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNetflix Just Fixed Its Only Disadvantage in Streaming<blockquote>Netflix刚刚解决了其在流媒体领域的唯一劣势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-13 15:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  A new licensing agreement keeps Netflix on an even playing field with all its new competitors.  <b>Netflix</b>(NASDAQ:NFLX)may be all about its original series and films, but its library can still benefit from familiar studio blockbusters. That's why it inked a deal with<b>Sony</b>(NYSE:SNE)to exclusively stream the studio's output starting with its 2022 film release slate. The deal also includes first-looks at Sony's direct-to-home releases and several key back catalog titles, and builds on its existing deal for Sony's animated film releases.</p><p><blockquote>一项新的许可协议使Netflix与所有新竞争对手保持公平的竞争环境。<b>Netflix</b>（纳斯达克：NFLX）可能都是关于它的原创系列和电影，但它的图书馆仍然可以从熟悉的工作室大片中受益。这就是为什么它与<b>索尼</b>（纽约证券交易所股票代码：SNE）将从2022年电影上映名单开始独家播放该工作室的作品。该交易还包括对索尼直接到家庭发行的电影和几个关键的旧目录标题的首次亮相，并建立在索尼动画电影发行的现有交易的基础上。</blockquote></p><p> The opportunities to strike these deals have become few and far between as new competitors pop up and studios retain their film output. Sony may have been Netflix's only option to even the playing field.</p><p><blockquote>随着新竞争对手的出现和电影公司保留其电影产量，达成这些交易的机会变得越来越少。索尼可能是网飞公平竞争的唯一选择。</blockquote></p><p> <b>Streaming silos</b></p><p><blockquote><b>流式孤岛</b></blockquote></p><p> Studios used to strike first-run deals with premium cable channels like&nbsp;<b>AT&amp;T</b>'s(NYSE:T)&nbsp;HBO or<b>Lionsgate</b>'s Starz. Then Netflix's streaming service came along and expanded from buying old back catalogs of films to first-run releases like the premium channels.</p><p><blockquote>电影公司过去常常与付费有线电视频道达成首轮交易，例如<b>AT&amp;T</b>（纽约证券交易所股票代码：T）HBO或<b>狮门影业</b>是斯塔兹。然后，网飞的流媒体服务出现了，并从购买旧的电影目录扩展到像付费频道这样的首轮发行。</blockquote></p><p> The licensing revenue from these deals was great for the studios. It's extremely high-margin, and some deals could help breathe new life into old releases.</p><p><blockquote>这些交易的许可收入对工作室来说是巨大的。它的利润率极高，一些交易可以帮助为旧版本注入新的活力。</blockquote></p><p> But now, after significant consolidation in the media industry, nearly every major studio is associated with its own streaming service. Manymedia companieshave their own in-house collections of films and television series that they can bring direct to the consumer with streaming with efficient costs, making it a more profitable endeavor.</p><p><blockquote>但现在，在媒体行业大幅整合后，几乎每个主要工作室都与自己的流媒体服务相关联。许多媒体公司都有自己的内部电影和电视剧集，他们可以通过流媒体以高效的成本直接带给消费者，使其成为一项更有利可图的努力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/feba96cbf8de61fb6755ad274c40318d\" tg-width=\"787\" tg-height=\"454\">Sony is the only notable film studio without direct ties to a streaming service. Sony sold its ad-supported Crackle streaming service in 2019.</p><p><blockquote>索尼是唯一一家与流媒体服务没有直接联系的著名电影制片厂。索尼在2019年出售了其广告支持的Crackle流媒体服务。</blockquote></p><p> Comcast currently licenses Universal films to HBO Max, Illumination films to Netflix, and Dreamworks films to Hulu. However, it's considering retaining the rights for Universal and Illumination films for Peacock as negotiations for those rights come back up this year. It could also strike a non-exclusive deal that would allow it to stream its films on Peacock while licensing them to other streaming services.</p><p><blockquote>康卡斯特目前将环球电影授权给HBO Max，照明电影授权给网飞，梦工厂电影授权给Hulu。然而，它正在考虑为《孔雀》保留环球和照明电影的版权，因为这些版权的谈判将于今年恢复。它还可能达成一项非独家协议，允许其在Peacock上播放电影，同时将其授权给其他流媒体服务。</blockquote></p><p> If Netflix wanted access to a film studio output, Sony was its only option.</p><p><blockquote>如果网飞想要获得电影制片厂的输出，索尼是它唯一的选择。</blockquote></p><p> <b>But why does Netflix want an output deal anyway?</b></p><p><blockquote><b>但为什么Netflix想要一项产出协议呢？</b></blockquote></p><p> Simply put, Sony has something Netflix can't get anywhere else.</p><p><blockquote>简而言之，索尼拥有网飞在其他任何地方都无法获得的东西。</blockquote></p><p> While Netflix can make its own films, it won't have any theatrical blockbusters like Sony will. The familiarity of popular films on the streaming service can drive engagement. And with all the other studios keeping their film streaming rights for themselves, Sony is the only source for Netflix to get those kinds of films.</p><p><blockquote>虽然网飞可以制作自己的电影，但它不会像索尼那样拥有任何院线大片。流媒体服务上流行电影的熟悉度可以提高参与度。由于所有其他工作室都将电影流媒体版权据为己有，索尼是网飞获得此类电影的唯一来源。</blockquote></p><p> Moreover, Sony has some key intellectual property. Most notably, it owns the rights to the Spider-Man universe, which ties into the rest of Disney's Marvel Cinematic Universe. With the immensepopularity of Disney+, retaining some Marvel fans with Sony's Spider-Man output is a nice bonus.</p><p><blockquote>此外，索尼拥有一些关键的知识产权。最值得注意的是，它拥有蜘蛛侠宇宙的版权，该宇宙与迪士尼漫威电影宇宙的其他部分相连。随着Disney+的巨大人气，用索尼的蜘蛛侠作品留住一些漫威粉丝是一个不错的奖励。</blockquote></p><p> Sony also owns the rights to franchises including<i>Jumanji</i>,<i>Ghostbusters</i>, and<i>The Karate Kid</i>. The latter spawned an extremely popular series now available on Netflix, so there could be easy opportunities to increase engagement.</p><p><blockquote>索尼还拥有特许经营权，包括<i>朱曼吉</i>,<i>捉鬼敢死队</i>，和<i>空手道小子</i>后者催生了一部非常受欢迎的剧集，现在可以在Netflix上观看，因此很容易有机会增加参与度。</blockquote></p><p> Netflix isn't paying too much for the deal either. Despite the fact that the deal fetched a \"record-setting price tag,\" according to reports, the total estimated outlay for the five-year deal is between $1 billion and $2 billion. Even at the high end -- $400 million per year -- that represents a tiny percentage of Netflix's $19 billion projected content budget for 2021. It's also notably paying Sony more than $500 million per year for the rights tostream<i>Seinfeld</i>starting this June.</p><p><blockquote>Netflix也没有为这笔交易支付太多费用。据报道，尽管该交易获得了“创纪录的价格”，但这项为期五年的交易的估计总支出在10亿至20亿美元之间。即使是每年4亿美元的高端产品，这也只占网飞2021年预计190亿美元内容预算的一小部分。值得注意的是，它每年还向索尼支付超过5亿美元的流媒体版权<i>宋飞</i>从今年六月开始。</blockquote></p><p> So, in the grand scheme of things, the Sony film deal presents good value for Netflix. It ought to keep subscribers engaged with the service, and engaged subscribers don't cancel.</p><p><blockquote>因此，从大的方面来看，索尼电影交易对网飞来说是很有价值的。它应该让用户参与这项服务，参与的用户不会取消。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/12/netflix-just-fixed-its-only-disadvantage-in-stream/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/04/12/netflix-just-fixed-its-only-disadvantage-in-stream/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188078941","content_text":"A new licensing agreement keeps Netflix on an even playing field with all its new competitors.\n\nNetflix(NASDAQ:NFLX)may be all about its original series and films, but its library can still benefit from familiar studio blockbusters. That's why it inked a deal withSony(NYSE:SNE)to exclusively stream the studio's output starting with its 2022 film release slate. The deal also includes first-looks at Sony's direct-to-home releases and several key back catalog titles, and builds on its existing deal for Sony's animated film releases.\nThe opportunities to strike these deals have become few and far between as new competitors pop up and studios retain their film output. Sony may have been Netflix's only option to even the playing field.\nStreaming silos\nStudios used to strike first-run deals with premium cable channels like AT&T's(NYSE:T) HBO orLionsgate's Starz. Then Netflix's streaming service came along and expanded from buying old back catalogs of films to first-run releases like the premium channels.\nThe licensing revenue from these deals was great for the studios. It's extremely high-margin, and some deals could help breathe new life into old releases.\nBut now, after significant consolidation in the media industry, nearly every major studio is associated with its own streaming service. Manymedia companieshave their own in-house collections of films and television series that they can bring direct to the consumer with streaming with efficient costs, making it a more profitable endeavor.\nSony is the only notable film studio without direct ties to a streaming service. Sony sold its ad-supported Crackle streaming service in 2019.\nComcast currently licenses Universal films to HBO Max, Illumination films to Netflix, and Dreamworks films to Hulu. However, it's considering retaining the rights for Universal and Illumination films for Peacock as negotiations for those rights come back up this year. It could also strike a non-exclusive deal that would allow it to stream its films on Peacock while licensing them to other streaming services.\nIf Netflix wanted access to a film studio output, Sony was its only option.\nBut why does Netflix want an output deal anyway?\nSimply put, Sony has something Netflix can't get anywhere else.\nWhile Netflix can make its own films, it won't have any theatrical blockbusters like Sony will. The familiarity of popular films on the streaming service can drive engagement. And with all the other studios keeping their film streaming rights for themselves, Sony is the only source for Netflix to get those kinds of films.\nMoreover, Sony has some key intellectual property. Most notably, it owns the rights to the Spider-Man universe, which ties into the rest of Disney's Marvel Cinematic Universe. With the immensepopularity of Disney+, retaining some Marvel fans with Sony's Spider-Man output is a nice bonus.\nSony also owns the rights to franchises includingJumanji,Ghostbusters, andThe Karate Kid. The latter spawned an extremely popular series now available on Netflix, so there could be easy opportunities to increase engagement.\nNetflix isn't paying too much for the deal either. Despite the fact that the deal fetched a \"record-setting price tag,\" according to reports, the total estimated outlay for the five-year deal is between $1 billion and $2 billion. Even at the high end -- $400 million per year -- that represents a tiny percentage of Netflix's $19 billion projected content budget for 2021. It's also notably paying Sony more than $500 million per year for the rights tostreamSeinfeldstarting this June.\nSo, in the grand scheme of things, the Sony film deal presents good value for Netflix. It ought to keep subscribers engaged with the service, and engaged subscribers don't cancel.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345132942,"gmtCreate":1618285750086,"gmtModify":1634293939628,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Correct meh","listText":"Correct meh","text":"Correct meh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/345132942","repostId":"1164181592","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369746096,"gmtCreate":1614078385715,"gmtModify":1634551276462,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Hmm hmm","listText":"Hmm hmm","text":"Hmm hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369746096","repostId":"2113838312","repostType":4,"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315893971,"gmtCreate":1612228372293,"gmtModify":1703759025435,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/315893971","repostId":"1168853013","repostType":4,"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374535152,"gmtCreate":1619454400076,"gmtModify":1634273312608,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Give me coinsssss","listText":"Give me coinsssss","text":"Give me coinsssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374535152","repostId":"1125777657","repostType":4,"repost":{"id":"1125777657","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619445274,"share":"https://www.laohu8.com/m/news/1125777657?lang=zh_CN&edition=full","pubTime":"2021-04-26 21:54","market":"us","language":"en","title":"Meituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125777657","media":"Tiger Newspress","summary":"Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigat","content":"<p>Meituan&nbsp;ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.</p><p><blockquote>美团-W ADR下跌6.84%。今日，国家市场监管总局根据举报对美团-W“二选一”等涉嫌垄断行为立案调查。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/30036bb510caca429649b75e1910b891\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</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\">\nMeituan ADR fell by 6.84%<blockquote>美团-W ADR下跌6.84%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-26 21:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Meituan&nbsp;ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.</p><p><blockquote>美团-W ADR下跌6.84%。今日，国家市场监管总局根据举报对美团-W“二选一”等涉嫌垄断行为立案调查。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/30036bb510caca429649b75e1910b891\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MPNGY":"美团ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125777657","content_text":"Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.","news_type":1,"symbols_score_info":{"MPNGY":0.9}},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374535045,"gmtCreate":1619454379787,"gmtModify":1634273312727,"author":{"id":"3573293723353711","authorId":"3573293723353711","name":"acciacci","avatar":"https://static.tigerbbs.com/94bbb8987174e5a3f205eb84324da3c3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573293723353711","idStr":"3573293723353711"},"themes":[],"htmlText":"Maybe I have been commenting on wrong places","listText":"Maybe I have been commenting on wrong places","text":"Maybe I have been commenting on wrong places","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374535045","repostId":"1126815616","repostType":4,"repost":{"id":"1126815616","kind":"news","pubTimestamp":1619451024,"share":"https://www.laohu8.com/m/news/1126815616?lang=zh_CN&edition=full","pubTime":"2021-04-26 23:30","market":"us","language":"en","title":"If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126815616","media":"MarketWatch","summary":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’","content":"<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说，我认为这是一个买入并持有的机会，如果资本利得税率提高，股市就会出现抛售。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的将年收入至少100万美元的人的资本利得税率提高一倍的计划，亚历克斯·扎戈尔斯基将关注股市便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士实行39.6%的资本利得税率。再加上与患者保护与平价医疗法案相关的3.8%的税率，这将是43.4%。目前，高收入者的投资证券利润资本利得税率为20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴——如果拜登能够在国会通过这一想法——股市将会出现某种形式的抛售，因为一些富有的投资者在利率攀升之前利用了较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一位来自密歇根州底特律市的27岁机械工程师。凭借多年的投资经验，将在那里等待。“我对投资的看法是非常长期的，”他告诉MarketWatch。“我认为这样的事情是买入并持有的机会。”</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯(Martin Sanchez)对此表示同意，他于2018年开始购买个股。这位在科技行业工作的27岁北卡罗来纳州温斯顿塞勒姆居民表示：“我认为，如果我们确实看到大幅抛售，千禧一代就有买入机会。”</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这一机会，他可能会购买一些专注于网络安全的公司的股票，这让他有机会分散自己的持股，其中包括迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票。桑切斯正在密切关注拜登的税收提案。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得加息，有很多悬而未决的问题。拜登会将这一想法纳入他预计将于周三公布的“美国家庭计划”吗？该计划还将包括多少针对富裕家庭的其他增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了2020年市场的跌宕起伏，并经受住了meme股票交易狂潮，这使得GameStopGME(3.18%)等公司的股价经历了过山车。他们能否从加息前可能发生的估计1780亿美元的抛售中获益？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>乔治城大学麦克多诺商学院教授詹姆斯·安吉尔说：“有些人可能会认为，‘哦，这是我加入的机会。’”</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多其他基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在很大的悬而未决的问题。“它会创造机会吗？嗯，也许吧，”安吉尔说。“但你必须逐个股票仔细观察。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>事实上，一份投资者报告周五表示，股价可能与税收环境关系不大。瑞银全球财富管理首席投资官马克·海菲尔写道：“最终，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更强大驱动因素。”</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>“人们会预计人们会开始抛售”</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高所得税税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>这位共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得税率高达28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员表示，在2013年的变化之前——将长期资本利得税从15%提高到20%，并增加了3.8%的净投资所得税——资本利得“变现”增加了40%，这意味着投资者正在出售他们持有的股份。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“当然，人们会预计人们会开始抛售，”税收政策中心高级研究员罗伯特·麦克莱兰说。“多少钱，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家是外国投资者和退休账户，包括401(k)计划或养老金计划，而不是通过经纪账户运作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约40%的股市股权，退休账户拥有约30%。应税账户（例如经纪账户）拥有另外25%的股市股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在出售，这并不意味着他们要离开。“我仍然会为我的客户购买，”新泽西州富兰克林湖Cereus Financial Advisors的老板大卫·哈斯(David Haas)说。“换句话说，卖出并不意味着退出市场。我会卖掉一个客户的收益，然后买一些类似的东西来继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，当天收盘下跌。到周五，它们出现反弹，道琼斯工业平均指数DJIA上涨0.12%，收盘上涨228点，上涨0.7%，标准普尔500SPX指数上涨0.28%，收盘上涨1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基表示，他也许能够从未来的抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得税率的提高，“你只是从愿意投资市场的人那里拿走了钱。”</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，购买机会可能并不明朗。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“当你看到高层的人做事时，你会本能地模仿他们，即使这不符合你的最佳利益，”他说。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</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\">\nIf Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者会看到“买入机会”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说，我认为这是一个买入并持有的机会，如果资本利得税率提高，股市就会出现抛售。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的将年收入至少100万美元的人的资本利得税率提高一倍的计划，亚历克斯·扎戈尔斯基将关注股市便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士实行39.6%的资本利得税率。再加上与患者保护与平价医疗法案相关的3.8%的税率，这将是43.4%。目前，高收入者的投资证券利润资本利得税率为20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴——如果拜登能够在国会通过这一想法——股市将会出现某种形式的抛售，因为一些富有的投资者在利率攀升之前利用了较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一位来自密歇根州底特律市的27岁机械工程师。凭借多年的投资经验，将在那里等待。“我对投资的看法是非常长期的，”他告诉MarketWatch。“我认为这样的事情是买入并持有的机会。”</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯(Martin Sanchez)对此表示同意，他于2018年开始购买个股。这位在科技行业工作的27岁北卡罗来纳州温斯顿塞勒姆居民表示：“我认为，如果我们确实看到大幅抛售，千禧一代就有买入机会。”</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这一机会，他可能会购买一些专注于网络安全的公司的股票，这让他有机会分散自己的持股，其中包括迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票。桑切斯正在密切关注拜登的税收提案。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得加息，有很多悬而未决的问题。拜登会将这一想法纳入他预计将于周三公布的“美国家庭计划”吗？该计划还将包括多少针对富裕家庭的其他增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了2020年市场的跌宕起伏，并经受住了meme股票交易狂潮，这使得GameStopGME(3.18%)等公司的股价经历了过山车。他们能否从加息前可能发生的估计1780亿美元的抛售中获益？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>乔治城大学麦克多诺商学院教授詹姆斯·安吉尔说：“有些人可能会认为，‘哦，这是我加入的机会。’”</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多其他基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在很大的悬而未决的问题。“它会创造机会吗？嗯，也许吧，”安吉尔说。“但你必须逐个股票仔细观察。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>事实上，一份投资者报告周五表示，股价可能与税收环境关系不大。瑞银全球财富管理首席投资官马克·海菲尔写道：“最终，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更强大驱动因素。”</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>“人们会预计人们会开始抛售”</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高所得税税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>这位共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得税率高达28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员表示，在2013年的变化之前——将长期资本利得税从15%提高到20%，并增加了3.8%的净投资所得税——资本利得“变现”增加了40%，这意味着投资者正在出售他们持有的股份。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“当然，人们会预计人们会开始抛售，”税收政策中心高级研究员罗伯特·麦克莱兰说。“多少钱，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家是外国投资者和退休账户，包括401(k)计划或养老金计划，而不是通过经纪账户运作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约40%的股市股权，退休账户拥有约30%。应税账户（例如经纪账户）拥有另外25%的股市股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在出售，这并不意味着他们要离开。“我仍然会为我的客户购买，”新泽西州富兰克林湖Cereus Financial Advisors的老板大卫·哈斯(David Haas)说。“换句话说，卖出并不意味着退出市场。我会卖掉一个客户的收益，然后买一些类似的东西来继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，当天收盘下跌。到周五，它们出现反弹，道琼斯工业平均指数DJIA上涨0.12%，收盘上涨228点，上涨0.7%，标准普尔500SPX指数上涨0.28%，收盘上涨1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基表示，他也许能够从未来的抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得税率的提高，“你只是从愿意投资市场的人那里拿走了钱。”</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，购买机会可能并不明朗。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“当你看到高层的人做事时，你会本能地模仿他们，即使这不符合你的最佳利益，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126815616","content_text":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.\nAlex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.\nBiden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.\nIf history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.\nAnd Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”\nMartin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.\nIf Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.\nThere are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?\nBut another question is: What does this potential tax increase mean for a new generation of retail investors?\nBy now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?\n“There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.\nBut like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”\nIndeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.\n‘One would expect people to start selling off’\nWhen President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.\nThe Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.\nIn the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.\nAhead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.\nHistory could repeat itself, one of the authors told MarketWatch.\n“Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”\nBut McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.\nForeign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.\nAnother thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”\nAs markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&P 500SPX,0.28%finishing up 1.1%higher.\nZagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”\nBut going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.\n“When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}