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2021-06-17

Hmmm

抱歉，原内容已删除

2021-04-10

Hmmmm

Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>

2021-04-09

Hmmmmm

抱歉，原内容已删除

2021-04-07

Hmmmmm

抱歉，原内容已删除

2021-04-05

Hmmmm

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2021-04-04

Hmmmm

Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>

2021-04-03

Hmmmmm

抱歉，原内容已删除

2021-04-02

Hmmmmm

抱歉，原内容已删除

2021-03-30

Hmmmmmm

抱歉，原内容已删除

2021-03-29

Hmmmmm

CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>

2021-03-29

Hmmmm

抱歉，原内容已删除

2021-03-24

Hmmmmm

@Jinkachu:$Atossa Genetics(ATOS)$gg wp what happen

2021-03-24

Hmmmm

抱歉，原内容已删除

2021-03-22

Hmmmm

Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>

2021-03-21

Hmmmmm

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>

2021-03-20

$Sundial Growers Inc.(SNDL)$Stonk please

2021-03-17

Hmmm

Squarespace raises $300M at a staggering $10B valuation<blockquote>Squarespace 以惊人的 10B 美元估值筹集 3 亿美元</blockquote>

2021-03-16

Hmm hmm

Stocks That Could Benefit as the U.S. Tries to Fix the Chip Shortage<blockquote>随着美国试图解决芯片短缺问题，可能受益的股票</blockquote>

2021-03-16

Hmm hmm

2021-03-15

Hmm

抱歉，原内容已删除

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22:45","market":"us","language":"en","title":"Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106014844","media":"Motley Fool","summary":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or i","content":"<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约 300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯茜·伍德 (Cathie Wood) 在其投资组合中增加股票或增加头寸时，人们会关注。伍德是 ARK Invest 的创始人兼首席执行官，该公司经营着一些表现最好的交易所交易基金 (ETF)。她积极管理的 ETF 包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>-- 主要专注于科技股，并且在过去五年中都取得了巨大的回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>比尔网</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们来看看这只股票，看看它是否是你应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>云九</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部完成的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自2019年12月上市以来，其股价已经翻了两番多，从开始交易时的每股36美元涨到周四收盘时的157美元以上。2020 年增长了 171%，2021 年迄今增长了 15% 以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务支付的订阅费赚钱，因此这是一个可靠、可重复的收入流，随着客户的增加而增长。该公司从为客户持有基金赚取的利息收入中所占比例也要小得多。在截至12月31日的第二财季，收入同比增长38%，达到5400万美元，其中5230万美元来自订阅费和交易费。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损 1720 万美元，但其毛利率高达 75%，这是减去所售商品生产成本后的收入。因此，虽然它可能还要几个季度才能盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com 拥有超过 10 万名客户，比上一年增长近 30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，有一个巨大的市场机会。正如我愚蠢的同事杰森·莫泽（Jason Moser）和马修·弗兰克尔（Matthew Frankel）在最近的播客中指出的那样，全球有2000万家中小型企业，潜在市场价值300亿美元，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官雷内·拉塞特 (Rene Lacerte) 不仅从客户的角度考虑金融科技公司，还从 250 万“会员”的网络的角度考虑，其中包括所有客户的用户和合作伙伴。Lacerte 在最新的财报看涨期权上表示：“我们相信我们是 SMB（中小型企业）领先的数字 B2B 支付平台，并运营着美国最大的 B2B 网络之一。”这是一个可以发展的庞大用户网络。网络越大，对成员的潜在价值就越大。此外，这种增长使 Bill.com 有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com 的另一个潜在竞争优势是其人工智能，它获得的客户越多、收集的数据越多，人工智能就越直观、越强大。人工智能越好，服务就越高效、方便和有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，拥有低成本的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只凯西·伍德 (Cathie Wood) 股票——她将其视为金融科技创新者——将是一个不错的选择。</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>Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</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\">2021-04-09 22:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约 300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯茜·伍德 (Cathie Wood) 在其投资组合中增加股票或增加头寸时，人们会关注。伍德是 ARK Invest 的创始人兼首席执行官，该公司经营着一些表现最好的交易所交易基金 (ETF)。她积极管理的 ETF 包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>-- 主要专注于科技股，并且在过去五年中都取得了巨大的回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>比尔网</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们来看看这只股票，看看它是否是你应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>云九</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部完成的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自2019年12月上市以来，其股价已经翻了两番多，从开始交易时的每股36美元涨到周四收盘时的157美元以上。2020 年增长了 171%，2021 年迄今增长了 15% 以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务支付的订阅费赚钱，因此这是一个可靠、可重复的收入流，随着客户的增加而增长。该公司从为客户持有基金赚取的利息收入中所占比例也要小得多。在截至12月31日的第二财季，收入同比增长38%，达到5400万美元，其中5230万美元来自订阅费和交易费。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损 1720 万美元，但其毛利率高达 75%，这是减去所售商品生产成本后的收入。因此，虽然它可能还要几个季度才能盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com 拥有超过 10 万名客户，比上一年增长近 30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，有一个巨大的市场机会。正如我愚蠢的同事杰森·莫泽（Jason Moser）和马修·弗兰克尔（Matthew Frankel）在最近的播客中指出的那样，全球有2000万家中小型企业，潜在市场价值300亿美元，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官雷内·拉塞特 (Rene Lacerte) 不仅从客户的角度考虑金融科技公司，还从 250 万“会员”的网络的角度考虑，其中包括所有客户的用户和合作伙伴。Lacerte 在最新的财报看涨期权上表示：“我们相信我们是 SMB（中小型企业）领先的数字 B2B 支付平台，并运营着美国最大的 B2B 网络之一。”这是一个可以发展的庞大用户网络。网络越大，对成员的潜在价值就越大。此外，这种增长使 Bill.com 有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com 的另一个潜在竞争优势是其人工智能，它获得的客户越多、收集的数据越多，人工智能就越直观、越强大。人工智能越好，服务就越高效、方便和有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，拥有低成本的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只凯西·伍德 (Cathie Wood) 股票——她将其视为金融科技创新者——将是一个不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/\">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":{"BILL":"BILL HOLDINGS INC","ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","ARKW":"ARK Next Generation Internet ETF"},"source_url":"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106014844","content_text":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including ARK Innovation,ARK Genomic Revolution, and ARK Next Generation Internet -- are mostly focused on technology stocks and have all posted huge returns over the past five years.\nAt the end of March, Wood increased her investment in a company called Bill.com(NYSE:BILL)in one of her portfolios,ARK Fintech Innovation. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.\nOn cloud nine\nBill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.\nSince the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.\nThe company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.\nThe company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.\nPardon the disruption\nBill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues Jason Moser and Matthew Frankel pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.\nBut founder and CEO Rene Lacerte thinks of the fintech not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.\nBill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.\nThis is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKW":0.9,"BILL":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":2109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348457600,"gmtCreate":1617956608300,"gmtModify":1634295536615,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348457600","repostId":"1108224926","repostType":4,"isVote":1,"tweetType":1,"viewCount":1926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341658234,"gmtCreate":1617810497828,"gmtModify":1634296360872,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/341658234","repostId":"2125872814","repostType":4,"isVote":1,"tweetType":1,"viewCount":2558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349701674,"gmtCreate":1617635505598,"gmtModify":1634297395537,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349701674","repostId":"2125765056","repostType":4,"isVote":1,"tweetType":1,"viewCount":2465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349363302,"gmtCreate":1617545984706,"gmtModify":1634520576497,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349363302","repostId":"1121666420","repostType":4,"repost":{"id":"1121666420","kind":"news","pubTimestamp":1617365764,"share":"https://www.laohunote.com/m/news/1121666420?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:16","market":"us","language":"en","title":"Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121666420","media":"Motley Fool","summary":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forval","content":"<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找账面上盈利的惨败股票的好时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务状况稳健的公司，并在它们下跌时买入它们。当股价回归现实时，你就是赢家。华尔街有在股票下跌时踢它的习惯，因为围绕某个特定名字的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将看看三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克股票代码：GILD）在公开市场上的价值损失了约 40%，并且在同一时期表现远逊于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一套针对典型难以治疗的疾病的抗病毒药物。虽然吉利德在疫情期间一直是 Veklury（通常称为瑞德西韦）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司基本面相当强劲。它的市盈率是市盈率的 9 倍，在大型生物技术行业中相对便宜。它预计 2021 年将表现强劲，发布收入指引为 250 亿美元，每股收益在 7 美元范围内。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，该公司的交易价格相对于其产生的收益很有吸引力，希望既然疫情在今年年初有所减弱，患者就能开始治疗其他病毒性和慢性（非新冠）疾病。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前——<b>碟形网</b>（纳斯达克股票代码：DISH）已从每股略低于 50 美元跌至今天的 35 美元左右——有理由相信卷土重来正在进行中。该股目前的市盈率为 11 倍，以今天的标准来看相对便宜，并在 2020 年收入强劲增长，比 2019 年增长约 40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作伙伴关系；也许bunchis中最有前途的是与DraftKings的协议，该协议寻求从碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network 已经表现出跳出框框思考的能力，这反映在其盈利指标中。以目前的价格来看，它值得买入，并且有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最响亮的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）简单地经营着一项可持续盈利的业务。去年的收益为每股2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额有所下降，但盈利销售增长有所上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自 2013 年以来，该股也损失了三分之二的价值，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行其扭亏为盈计划（特别是有关其核心业务）。目前股价仍然很便宜，但事实仍然是：该公司赚钱了，并且有财务状况可以证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到那些恰好在公开市场上出售的盈利公司。虽然单一股票投资远不是一个有保证的策略，但值得研究一下那些看似“被遗忘”的公司，这些公司只是还没有在阳光下度过一天。那些已经证明自己有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们便宜的时候。</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>Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</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\">\nWall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</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\">2021-04-02 20:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找账面上盈利的惨败股票的好时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务状况稳健的公司，并在它们下跌时买入它们。当股价回归现实时，你就是赢家。华尔街有在股票下跌时踢它的习惯，因为围绕某个特定名字的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将看看三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克股票代码：GILD）在公开市场上的价值损失了约 40%，并且在同一时期表现远逊于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一套针对典型难以治疗的疾病的抗病毒药物。虽然吉利德在疫情期间一直是 Veklury（通常称为瑞德西韦）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司基本面相当强劲。它的市盈率是市盈率的 9 倍，在大型生物技术行业中相对便宜。它预计 2021 年将表现强劲，发布收入指引为 250 亿美元，每股收益在 7 美元范围内。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，该公司的交易价格相对于其产生的收益很有吸引力，希望既然疫情在今年年初有所减弱，患者就能开始治疗其他病毒性和慢性（非新冠）疾病。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前——<b>碟形网</b>（纳斯达克股票代码：DISH）已从每股略低于 50 美元跌至今天的 35 美元左右——有理由相信卷土重来正在进行中。该股目前的市盈率为 11 倍，以今天的标准来看相对便宜，并在 2020 年收入强劲增长，比 2019 年增长约 40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作伙伴关系；也许bunchis中最有前途的是与DraftKings的协议，该协议寻求从碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network 已经表现出跳出框框思考的能力，这反映在其盈利指标中。以目前的价格来看，它值得买入，并且有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最响亮的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）简单地经营着一项可持续盈利的业务。去年的收益为每股2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额有所下降，但盈利销售增长有所上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自 2013 年以来，该股也损失了三分之二的价值，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行其扭亏为盈计划（特别是有关其核心业务）。目前股价仍然很便宜，但事实仍然是：该公司赚钱了，并且有财务状况可以证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到那些恰好在公开市场上出售的盈利公司。虽然单一股票投资远不是一个有保证的策略，但值得研究一下那些看似“被遗忘”的公司，这些公司只是还没有在阳光下度过一天。那些已经证明自己有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们便宜的时候。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/\">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":{"GILD":"吉利德科学","DISH":"Dish Network"},"source_url":"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121666420","content_text":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.Gilead SciencesOver the past five years,Gilead Sciences(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.DISH NetworkDespite a stagnant stock price --DISH Network(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.Tupperware BrandsWhile not the most high-flying name you've ever heard,Tupperware Brands(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.When in doubt, seek valueThe basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.","news_type":1,"symbols_score_info":{"DISH":0.9,"GILD":0.9}},"isVote":1,"tweetType":1,"viewCount":2530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340450298,"gmtCreate":1617459400014,"gmtModify":1634520879342,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340450298","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":2399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340948488,"gmtCreate":1617333935344,"gmtModify":1634521361612,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340948488","repostId":"1102765777","repostType":4,"isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355764836,"gmtCreate":1617107451525,"gmtModify":1634522634794,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmmm","listText":"Hmmmmmm","text":"Hmmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355764836","repostId":"2123296931","repostType":4,"isVote":1,"tweetType":1,"viewCount":2687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355955286,"gmtCreate":1617025851245,"gmtModify":1634523066033,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355955286","repostId":"1193371328","repostType":4,"repost":{"id":"1193371328","kind":"news","pubTimestamp":1617024119,"share":"https://www.laohunote.com/m/news/1193371328?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:21","market":"us","language":"en","title":"CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193371328","media":"zerohedge","summary":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil","content":"<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</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>CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</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\">\nCFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-29 21:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193371328","content_text":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.\nThe bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).\nAs Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).\nCrucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).\nWhat makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.\nThe leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.\nCFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.\nAsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?\nBut,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).\nIn the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.\nAnd as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...\nSource: Bloomberg\nMohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"\nWe look forward to the Congressional hearings on this.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355955043,"gmtCreate":1617025834382,"gmtModify":1634523066277,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355955043","repostId":"1155390932","repostType":4,"isVote":1,"tweetType":1,"viewCount":840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351272423,"gmtCreate":1616600362562,"gmtModify":1634524967711,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351272423","repostId":"351176738","repostType":1,"repost":{"id":351176738,"gmtCreate":1616579786124,"gmtModify":1631884797304,"author":{"id":"3569530406935035","authorId":"3569530406935035","name":"Jinkachu","avatar":"https://static.tigerbbs.com/a47cb60ff4f5df9c8eac85aa6198baa0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569530406935035","authorIdStr":"3569530406935035"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ATOS\">$Atossa Genetics(ATOS)$</a>gg wp what happen&nbsp;","listText":"<a href=\"https://laohu8.com/S/ATOS\">$Atossa Genetics(ATOS)$</a>gg wp what happen&nbsp;","text":"$Atossa Genetics(ATOS)$gg wp what happen","images":[{"img":"https://static.tigerbbs.com/c417cbb5401dc6d97aa3ecfcfddc8d47","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351176738","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351272328,"gmtCreate":1616600338864,"gmtModify":1634524967953,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351272328","repostId":"2121457670","repostType":4,"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359779069,"gmtCreate":1616426468651,"gmtModify":1634525863800,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359779069","repostId":"1115438167","repostType":4,"repost":{"id":"1115438167","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":1616423750,"share":"https://www.laohunote.com/m/news/1115438167?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:35","market":"us","language":"en","title":"Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115438167","media":"Tiger Newspress","summary":"Some “meme” stocks are slipping in Monday trading,AMC Entertainment stock fall 13%,the shares of Sundial Growers drop 7%,GameStop Corp. stock is down 2%.These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days ","content":"<p>Some&nbsp;“meme”&nbsp;stocks&nbsp;are&nbsp;slipping&nbsp;in&nbsp;Monday&nbsp;trading,AMC&nbsp;Entertainment&nbsp;stock&nbsp;fall&nbsp;13%,the&nbsp;shares&nbsp;of&nbsp;Sundial&nbsp;Growers&nbsp;drop&nbsp;7%,GameStop&nbsp;Corp.&nbsp;stock&nbsp;is&nbsp;down&nbsp;2%.</p><p><blockquote>一些 “meme ”股票在周一交易中下滑，AMC Entertainment 股票下跌 13%，Sundial Growers 股票下跌 7%，GameStop Corp. 股票下跌 2%。</blockquote></p><p>These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.</p><p><blockquote>迈阿密大学的 Alok Kumar、岘港大学的 Houng Nguyen 以及悉尼科技大学和斯德哥尔摩经济学院的 Talis Putnins 最近发表的研究论文的方法将这些股票确定为潜在的赌博。该组织建议将 30 天的平均成交量与市值进行比较，以此来确定他们所谓的彩票股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de78ffef1bc7540f75fca0332d31e69c\" tg-width=\"371\" tg-height=\"592\" 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>Some “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</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\">\nSome “meme” stocks are slipping<blockquote>一些“模因”股票正在下滑</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\">2021-03-22 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some&nbsp;“meme”&nbsp;stocks&nbsp;are&nbsp;slipping&nbsp;in&nbsp;Monday&nbsp;trading,AMC&nbsp;Entertainment&nbsp;stock&nbsp;fall&nbsp;13%,the&nbsp;shares&nbsp;of&nbsp;Sundial&nbsp;Growers&nbsp;drop&nbsp;7%,GameStop&nbsp;Corp.&nbsp;stock&nbsp;is&nbsp;down&nbsp;2%.</p><p><blockquote>一些 “meme ”股票在周一交易中下滑，AMC Entertainment 股票下跌 13%，Sundial Growers 股票下跌 7%，GameStop Corp. 股票下跌 2%。</blockquote></p><p>These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.</p><p><blockquote>迈阿密大学的 Alok Kumar、岘港大学的 Houng Nguyen 以及悉尼科技大学和斯德哥尔摩经济学院的 Talis Putnins 最近发表的研究论文的方法将这些股票确定为潜在的赌博。该组织建议将 30 天的平均成交量与市值进行比较，以此来确定他们所谓的彩票股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de78ffef1bc7540f75fca0332d31e69c\" tg-width=\"371\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","AMC":"AMC院线","SNDL":"SNDL Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115438167","content_text":"Some “meme” stocks are slipping in Monday trading,AMC Entertainment stock fall 13%,the shares of Sundial Growers drop 7%,GameStop Corp. stock is down 2%.These stocks are identified as a potential gamble using methodology from recently published research paper—from Alok Kumar of the University of Miami, Houng Nguyen of the University of Danang, and Talis Putnins at the University of Technology Sydney and Stockholm School of Economics. The group proposed looking at the average volume over 30 days compared to market cap as a way of determining what they called lottery stocks.","news_type":1,"symbols_score_info":{"AMC":0.9,"SNDL":0.9,"GME":0.9,"NAKD":0.9}},"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359306978,"gmtCreate":1616335248094,"gmtModify":1634526310417,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359306978","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohunote.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如这里所讨论和深入讨论的那样，在伊丽莎白·沃伦和谢罗德·布朗等进步民主党人的政治压力下，美联储决定让临时补充杠杆率（SLR）豁免如期于3月31日到期，即规则变更一周年纪念日。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>美联储银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）临时变更将于2021年3月31日如期到期。鉴于 COVID-19 事件，做出临时改变是为了让存款机构能够灵活地向家庭和企业提供信贷。纽约联储前大师佐尔坦-波萨尔（Zoltan Pozsar）（再次）正确预测了这一结果，他在联邦公开市场委员会（FOMC）之后表示，“事实上，美联储做出这一调整实际上是先发制人的--o/n RRP工具目前没有被使用，因此还没有能力限制，而回购和票据收益率还没有出现负值交易--<b>这表明美联储正在为终止 SLR 豁免“铺平道路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这对市场来说将是一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，指出虽然 SLR 特殊待遇将于 3 月 31 日到期，但美联储正在“邀请公众对几项潜在的 SLR 修改发表评论”，此外，“<b>随着时间的推移，董事会可能需要解决 SLR 的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力</b>“——简而言之，如果收益率飙升，美联储将立即重新推出 SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350563605,"gmtCreate":1616232290307,"gmtModify":1634526633806,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Stonk please&nbsp;","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Stonk please&nbsp;","text":"$Sundial Growers Inc.(SNDL)$Stonk please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350563605","isVote":1,"tweetType":1,"viewCount":1334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324142588,"gmtCreate":1615978121644,"gmtModify":1703495801117,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324142588","repostId":"1156258917","repostType":4,"repost":{"id":"1156258917","kind":"news","pubTimestamp":1615977253,"share":"https://www.laohunote.com/m/news/1156258917?lang=zh_CN&edition=full","pubTime":"2021-03-17 18:34","market":"us","language":"en","title":"Squarespace raises $300M at a staggering $10B valuation<blockquote>Squarespace 以惊人的 10B 美元估值筹集 3 亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156258917","media":"Tech Crunch","summary":"Squarespace has raised $300 million in a round of funding that values the company at a staggering $1","content":"<p>Squarespace has raised $300 million in a round of funding that values the company at a staggering $10 billion valuation.</p><p><blockquote>Squarespace在一轮融资中筹集了3亿美元，该公司的估值达到了惊人的100亿美元。</blockquote></p><p> New backers includeDragoneer, Tiger Global, D1 Capital Partners, Fidelity Management &amp; Research Company, funds and accounts advised by T. Rowe Price Associates, Inc. and Spruce House. Existing backers Accel and General Atlantic also participated.</p><p><blockquote>新支持者包括 Dragoneer、Tiger Global、D1 Capital Partners、Fidelity Management &amp; Research Company、T. Rowe Price Associates, Inc. 和 Spruce House 提供咨询服务的基金和账户。现有支持者 Accel 和 General Atlantic 也参与其中。</blockquote></p><p> Squarespace founder &amp; CEO Anthony Casalena said the fresh capital will advance the company’s growth initiatives and help it scale its product suite.</p><p><blockquote>Squarespace 创始人兼首席执行官安东尼-卡萨莱纳（Anthony Casalena）表示，新的资本将推进公司的增长计划，并帮助其扩大产品套件的规模。</blockquote></p><p> The move comes less than two months after the companyfiled confidentiality to go publicvia a direct listing or initial public offering.</p><p><blockquote>此举是在该公司提交保密申请通过直接上市或首次公开募股上市后不到两个月。</blockquote></p><p> Squarespace, which has helped millions create their own websites, was founded in 2003 and bootstrapped until a$38.5 million Series Ain 2010 that was co-led by Accel and Index Ventures.</p><p><blockquote>Squarespace成立于2003年，已经帮助数百万人创建了自己的网站，直到2010年由Accel和Index Ventures共同领导的3850万澳元系列。</blockquote></p><p> The online website creation and hosting service — which has now expanded into e-commerce by hosting online stores — then raised another $40 million round in 2014. But it is perhaps best known for itsepic 2017-era $200 million secondary roundthat General Atlantic financed. That round was raised at a $1.5 billion pre-money valuation. That means it has effectively upped its valuation by more than five times in just over three years.</p><p><blockquote>在线网站创建和托管服务——现在已经通过托管在线商店扩展到电子商务——然后在2014年又筹集了4000万美元。但它最出名的可能是大西洋通用公司资助的 2017 年 2 亿美元第二轮融资。该轮融资以 15 亿美元的投前估值筹集。这意味着它在短短三年多的时间里有效地将其估值提高了五倍多。</blockquote></p><p> At that time, TechCrunch reported that Squarespace was a profitable company, with revenues increasing 50% in the prior year, to about $300 million. Execs are declining to comment on the company’s latest funding round beyonda poston its website.</p><p><blockquote>当时，TechCrunch报道称，Squarespace是一家盈利的公司，收入比上一年增长了50%，达到约3亿美元。beyonda poston 网站上的高管们拒绝就公司最新一轮融资发表评论。</blockquote></p><p> New York City-based Squarespace hasover 1,200 employees spread across its headquarters and offices in Dublin, Ireland; Portland, Oregon; and Los Angeles, California.</p><p><blockquote>总部位于纽约市的Squarespace在爱尔兰都柏林的总部和办事处拥有1200多名员工；俄勒冈州波特兰；还有加利福尼亚州的洛杉矶。</blockquote></p><p></p>","source":"lsy1615977248280","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>Squarespace raises $300M at a staggering $10B valuation<blockquote>Squarespace 以惊人的 10B 美元估值筹集 3 亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSquarespace raises $300M at a staggering $10B valuation<blockquote>Squarespace 以惊人的 10B 美元估值筹集 3 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Tech Crunch</strong><span class=\"h-time small\">2021-03-17 18:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Squarespace has raised $300 million in a round of funding that values the company at a staggering $10 billion valuation.</p><p><blockquote>Squarespace在一轮融资中筹集了3亿美元，该公司的估值达到了惊人的100亿美元。</blockquote></p><p> New backers includeDragoneer, Tiger Global, D1 Capital Partners, Fidelity Management &amp; Research Company, funds and accounts advised by T. Rowe Price Associates, Inc. and Spruce House. Existing backers Accel and General Atlantic also participated.</p><p><blockquote>新支持者包括 Dragoneer、Tiger Global、D1 Capital Partners、Fidelity Management &amp; Research Company、T. Rowe Price Associates, Inc. 和 Spruce House 提供咨询服务的基金和账户。现有支持者 Accel 和 General Atlantic 也参与其中。</blockquote></p><p> Squarespace founder &amp; CEO Anthony Casalena said the fresh capital will advance the company’s growth initiatives and help it scale its product suite.</p><p><blockquote>Squarespace 创始人兼首席执行官安东尼-卡萨莱纳（Anthony Casalena）表示，新的资本将推进公司的增长计划，并帮助其扩大产品套件的规模。</blockquote></p><p> The move comes less than two months after the companyfiled confidentiality to go publicvia a direct listing or initial public offering.</p><p><blockquote>此举是在该公司提交保密申请通过直接上市或首次公开募股上市后不到两个月。</blockquote></p><p> Squarespace, which has helped millions create their own websites, was founded in 2003 and bootstrapped until a$38.5 million Series Ain 2010 that was co-led by Accel and Index Ventures.</p><p><blockquote>Squarespace成立于2003年，已经帮助数百万人创建了自己的网站，直到2010年由Accel和Index Ventures共同领导的3850万澳元系列。</blockquote></p><p> The online website creation and hosting service — which has now expanded into e-commerce by hosting online stores — then raised another $40 million round in 2014. But it is perhaps best known for itsepic 2017-era $200 million secondary roundthat General Atlantic financed. That round was raised at a $1.5 billion pre-money valuation. That means it has effectively upped its valuation by more than five times in just over three years.</p><p><blockquote>在线网站创建和托管服务——现在已经通过托管在线商店扩展到电子商务——然后在2014年又筹集了4000万美元。但它最出名的可能是大西洋通用公司资助的 2017 年 2 亿美元第二轮融资。该轮融资以 15 亿美元的投前估值筹集。这意味着它在短短三年多的时间里有效地将其估值提高了五倍多。</blockquote></p><p> At that time, TechCrunch reported that Squarespace was a profitable company, with revenues increasing 50% in the prior year, to about $300 million. Execs are declining to comment on the company’s latest funding round beyonda poston its website.</p><p><blockquote>当时，TechCrunch报道称，Squarespace是一家盈利的公司，收入比上一年增长了50%，达到约3亿美元。beyonda poston 网站上的高管们拒绝就公司最新一轮融资发表评论。</blockquote></p><p> New York City-based Squarespace hasover 1,200 employees spread across its headquarters and offices in Dublin, Ireland; Portland, Oregon; and Los Angeles, California.</p><p><blockquote>总部位于纽约市的Squarespace在爱尔兰都柏林的总部和办事处拥有1200多名员工；俄勒冈州波特兰；还有加利福尼亚州的洛杉矶。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://techcrunch.com/2021/03/16/squarespace-raises-300m-at-staggering-10b-valuation/\">Tech Crunch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://techcrunch.com/2021/03/16/squarespace-raises-300m-at-staggering-10b-valuation/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156258917","content_text":"Squarespace has raised $300 million in a round of funding that values the company at a staggering $10 billion valuation.\nNew backers includeDragoneer, Tiger Global, D1 Capital Partners, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc. and Spruce House. Existing backers Accel and General Atlantic also participated.\nSquarespace founder & CEO Anthony Casalena said the fresh capital will advance the company’s growth initiatives and help it scale its product suite.\nThe move comes less than two months after the companyfiled confidentiality to go publicvia a direct listing or initial public offering.\nSquarespace, which has helped millions create their own websites, was founded in 2003 and bootstrapped until a$38.5 million Series Ain 2010 that was co-led by Accel and Index Ventures.\nThe online website creation and hosting service — which has now expanded into e-commerce by hosting online stores — then raised another $40 million round in 2014. But it is perhaps best known for itsepic 2017-era $200 million secondary roundthat General Atlantic financed. That round was raised at a $1.5 billion pre-money valuation. That means it has effectively upped its valuation by more than five times in just over three years.\nAt that time, TechCrunch reported that Squarespace was a profitable company, with revenues increasing 50% in the prior year, to about $300 million. Execs are declining to comment on the company’s latest funding round beyonda poston its website.\nNew York City-based Squarespace hasover 1,200 employees spread across its headquarters and offices in Dublin, Ireland; Portland, Oregon; and Los Angeles, California.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325371457,"gmtCreate":1615869765779,"gmtModify":1703494249284,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","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/325371457","repostId":"1196198740","repostType":4,"repost":{"id":"1196198740","kind":"news","pubTimestamp":1615865708,"share":"https://www.laohunote.com/m/news/1196198740?lang=zh_CN&edition=full","pubTime":"2021-03-16 11:35","market":"us","language":"en","title":"Stocks That Could Benefit as the U.S. Tries to Fix the Chip Shortage<blockquote>随着美国试图解决芯片短缺问题，可能受益的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196198740","media":"Barrons","summary":"As the U.S. government inches closer to funding a batch of incentives and subsidies designed to spur","content":"<p>As the U.S. government inches closer to funding a batch of incentives and subsidies designed to spur domestic semiconductor manufacturing and research, aJ.P. Morgananalyst has figured out which stocks could stand to gain the most from it.</p><p><blockquote>随着美国政府越来越接近为一系列旨在刺激国内半导体制造和研究的激励措施和补贴提供资金，aJ.P。摩根分析师已经找出了哪些股票可以从中获益最大。</blockquote></p><p>Amid global chip shortages, triggered in part by supply and demand fluctuations because of the Covid-19 pandemic as well asnatural disasters, Congress authorized a series of programs and incentives for U.S.-based chip companies earlier this year. Lawmakers included the programs designed to bolster U.S. manufacturing, research, and development in the National Defense Authorization Act for fiscal 2021, which became law in January, but didn’t provide funding for those initiatives.</p><p><blockquote>全球芯片短缺的部分原因是 Covid-19 大流行以及自然灾害导致的供需波动，国会今年早些时候批准了一系列针对美国芯片公司的计划和激励措施。立法者们将旨在支持美国制造业、研发的计划纳入了 2021 财年国防授权法案，该法案于 1 月份成为法律，但并未为这些举措提供资金。</blockquote></p><p>According to J.P. Morgan chip analyst Harlan Sur, it’s likely that funding for those programs may be included in President Joe Biden ‘s infrastructure bill, one of the next priorities for the administration. Sur expects the “Build Back Better” infrastructure plan to pass in the first half of the year, resulting in funding starting in the second half of 2021.</p><p><blockquote>摩根大通芯片分析师哈兰-苏尔（Harlan Sur）认为，这些项目的资金很可能会被纳入乔-拜登总统的基础设施法案，这是政府的下一个优先事项之一。苏尔预计 “重建得更好 ”基础设施计划将于今年上半年获得通过，资金将于 2021 年下半年开始发放。</blockquote></p><p>Sur’s team estimated the incentives and subsidies could total between $35 billion and $37 billion, with about $18 billion to $20 billion for domestic chip manufacturing and $15 billion to $17 billion for chip research and development.</p><p><blockquote>苏尔的团队估计，激励和补贴总额可能在 350 亿至 370 亿美元之间，其中约 180 亿至 200 亿美元用于国内芯片制造，150 亿至 170 亿美元用于芯片研发。</blockquote></p><p>Based on the current language in the National Defense Authorize Act, Sur wrote in a note published on Monday that he expects integrated device manufacturers based in the U.S. will likely be prioritized when it’s time to dole out funds and incentives.</p><p><blockquote>根据《国防授权法案》目前的措辞，苏尔在周一发表的一份说明中写道，他预计在发放资金和激励措施时，美国的集成设备制造商可能会被优先考虑。</blockquote></p><p>Those would include manufacturers such as&nbsp;Intel(ticker: INTC),Micron Technology(MU),Texas Instruments(TXN),Analog Devices(ADI), and&nbsp;On Semiconductor(ON) are all likely to benefit, Sur wrote. Companies that have U.S. defense-related qualifications are well-positioned to benefit as well, he wrote.Taiwan Semiconductor Manufacturing(TSM) and&nbsp;NXP Semiconductors(NXPI), international-based chip manufacturers that operate in the U.S., should benefit too, he said, but to a lesser degree.</p><p><blockquote>苏尔写道，其中包括英特尔（股票代码：INTC）、美光科技（MU）、德州仪器（TXN）、模拟器件（ADI）和安森美半导体（ON）等制造商都可能受益。他写道，拥有美国国防相关资质的公司也有能力从中受益。他说，在美国运营的国际芯片制造商台积电 (TSM) 和恩智浦半导体 (NXPI) 也应该受益，但程度较小。</blockquote></p><p>Companies that make chip manufacturing equipment such as&nbsp;Applied Materials(AMAT) and&nbsp;Lam Research(LRCX) should also receive a lift because of higher equipment purchasing resulting from the incentives.</p><p><blockquote>Applied Materials (AMAT) 和 Lam Research (LRCX) 等芯片制造设备制造公司也应该受到提振，因为激励措施导致设备采购增加。</blockquote></p><p>The&nbsp;PHLX Semiconductor index,or Sox, advanced about 2% on Monday, led by&nbsp;NXP Semiconductors&nbsp;NXP, which rose 8.9% to $199.91, and&nbsp;Broadcom(AVGO), which jumped 4.3% to $470.77.</p><p><blockquote>PHLX 半导体指数 (Sox) 周一上涨约 2%，其中恩智浦半导体 NXP 上涨 8.9%，至 199.91 美元，博通 (AVGO) 上涨 4.3%，至 470.77 美元。</blockquote></p><p>The Sox has gained 94% in the past year as&nbsp;demand for chips&nbsp;destined for productsranging from appliancesand videogame consoles to vehicles and smartphones has outpaced the industry’s ability to produce semiconductors.</p><p><blockquote>由于从家电、视频游戏机到汽车和智能手机等产品对芯片的需求已经超过了半导体行业的生产能力，Sox 在过去一年中上涨了 94%。</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>Stocks That Could Benefit as the U.S. Tries to Fix the Chip Shortage<blockquote>随着美国试图解决芯片短缺问题，可能受益的股票</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\">\nStocks That Could Benefit as the U.S. Tries to Fix the Chip Shortage<blockquote>随着美国试图解决芯片短缺问题，可能受益的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-16 11:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the U.S. government inches closer to funding a batch of incentives and subsidies designed to spur domestic semiconductor manufacturing and research, aJ.P. Morgananalyst has figured out which stocks could stand to gain the most from it.</p><p><blockquote>随着美国政府越来越接近为一系列旨在刺激国内半导体制造和研究的激励措施和补贴提供资金，aJ.P。摩根分析师已经找出了哪些股票可以从中获益最大。</blockquote></p><p>Amid global chip shortages, triggered in part by supply and demand fluctuations because of the Covid-19 pandemic as well asnatural disasters, Congress authorized a series of programs and incentives for U.S.-based chip companies earlier this year. Lawmakers included the programs designed to bolster U.S. manufacturing, research, and development in the National Defense Authorization Act for fiscal 2021, which became law in January, but didn’t provide funding for those initiatives.</p><p><blockquote>全球芯片短缺的部分原因是 Covid-19 大流行以及自然灾害导致的供需波动，国会今年早些时候批准了一系列针对美国芯片公司的计划和激励措施。立法者们将旨在支持美国制造业、研发的计划纳入了 2021 财年国防授权法案，该法案于 1 月份成为法律，但并未为这些举措提供资金。</blockquote></p><p>According to J.P. Morgan chip analyst Harlan Sur, it’s likely that funding for those programs may be included in President Joe Biden ‘s infrastructure bill, one of the next priorities for the administration. Sur expects the “Build Back Better” infrastructure plan to pass in the first half of the year, resulting in funding starting in the second half of 2021.</p><p><blockquote>摩根大通芯片分析师哈兰-苏尔（Harlan Sur）认为，这些项目的资金很可能会被纳入乔-拜登总统的基础设施法案，这是政府的下一个优先事项之一。苏尔预计 “重建得更好 ”基础设施计划将于今年上半年获得通过，资金将于 2021 年下半年开始发放。</blockquote></p><p>Sur’s team estimated the incentives and subsidies could total between $35 billion and $37 billion, with about $18 billion to $20 billion for domestic chip manufacturing and $15 billion to $17 billion for chip research and development.</p><p><blockquote>苏尔的团队估计，激励和补贴总额可能在 350 亿至 370 亿美元之间，其中约 180 亿至 200 亿美元用于国内芯片制造，150 亿至 170 亿美元用于芯片研发。</blockquote></p><p>Based on the current language in the National Defense Authorize Act, Sur wrote in a note published on Monday that he expects integrated device manufacturers based in the U.S. will likely be prioritized when it’s time to dole out funds and incentives.</p><p><blockquote>根据《国防授权法案》目前的措辞，苏尔在周一发表的一份说明中写道，他预计在发放资金和激励措施时，美国的集成设备制造商可能会被优先考虑。</blockquote></p><p>Those would include manufacturers such as&nbsp;Intel(ticker: INTC),Micron Technology(MU),Texas Instruments(TXN),Analog Devices(ADI), and&nbsp;On Semiconductor(ON) are all likely to benefit, Sur wrote. Companies that have U.S. defense-related qualifications are well-positioned to benefit as well, he wrote.Taiwan Semiconductor Manufacturing(TSM) and&nbsp;NXP Semiconductors(NXPI), international-based chip manufacturers that operate in the U.S., should benefit too, he said, but to a lesser degree.</p><p><blockquote>苏尔写道，其中包括英特尔（股票代码：INTC）、美光科技（MU）、德州仪器（TXN）、模拟器件（ADI）和安森美半导体（ON）等制造商都可能受益。他写道，拥有美国国防相关资质的公司也有能力从中受益。他说，在美国运营的国际芯片制造商台积电 (TSM) 和恩智浦半导体 (NXPI) 也应该受益，但程度较小。</blockquote></p><p>Companies that make chip manufacturing equipment such as&nbsp;Applied Materials(AMAT) and&nbsp;Lam Research(LRCX) should also receive a lift because of higher equipment purchasing resulting from the incentives.</p><p><blockquote>Applied Materials (AMAT) 和 Lam Research (LRCX) 等芯片制造设备制造公司也应该受到提振，因为激励措施导致设备采购增加。</blockquote></p><p>The&nbsp;PHLX Semiconductor index,or Sox, advanced about 2% on Monday, led by&nbsp;NXP Semiconductors&nbsp;NXP, which rose 8.9% to $199.91, and&nbsp;Broadcom(AVGO), which jumped 4.3% to $470.77.</p><p><blockquote>PHLX 半导体指数 (Sox) 周一上涨约 2%，其中恩智浦半导体 NXP 上涨 8.9%，至 199.91 美元，博通 (AVGO) 上涨 4.3%，至 470.77 美元。</blockquote></p><p>The Sox has gained 94% in the past year as&nbsp;demand for chips&nbsp;destined for productsranging from appliancesand videogame consoles to vehicles and smartphones has outpaced the industry’s ability to produce semiconductors.</p><p><blockquote>由于从家电、视频游戏机到汽车和智能手机等产品对芯片的需求已经超过了半导体行业的生产能力，Sox 在过去一年中上涨了 94%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-u-s-is-trying-to-fix-the-chip-shortage-what-it-could-mean-for-semiconductor-stocks-51615838286?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADI":"亚德诺","NXPI":"恩智浦","INTC":"英特尔","TXN":"德州仪器","MU":"美光科技","ON":"安森美半导体","TSM":"台积电"},"source_url":"https://www.barrons.com/articles/the-u-s-is-trying-to-fix-the-chip-shortage-what-it-could-mean-for-semiconductor-stocks-51615838286?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196198740","content_text":"As the U.S. government inches closer to funding a batch of incentives and subsidies designed to spur domestic semiconductor manufacturing and research, aJ.P. Morgananalyst has figured out which stocks could stand to gain the most from it.Amid global chip shortages, triggered in part by supply and demand fluctuations because of the Covid-19 pandemic as well asnatural disasters, Congress authorized a series of programs and incentives for U.S.-based chip companies earlier this year. Lawmakers included the programs designed to bolster U.S. manufacturing, research, and development in the National Defense Authorization Act for fiscal 2021, which became law in January, but didn’t provide funding for those initiatives.According to J.P. Morgan chip analyst Harlan Sur, it’s likely that funding for those programs may be included in President Joe Biden ‘s infrastructure bill, one of the next priorities for the administration. Sur expects the “Build Back Better” infrastructure plan to pass in the first half of the year, resulting in funding starting in the second half of 2021.Sur’s team estimated the incentives and subsidies could total between $35 billion and $37 billion, with about $18 billion to $20 billion for domestic chip manufacturing and $15 billion to $17 billion for chip research and development.Based on the current language in the National Defense Authorize Act, Sur wrote in a note published on Monday that he expects integrated device manufacturers based in the U.S. will likely be prioritized when it’s time to dole out funds and incentives.Those would include manufacturers such as Intel(ticker: INTC),Micron Technology(MU),Texas Instruments(TXN),Analog Devices(ADI), and On Semiconductor(ON) are all likely to benefit, Sur wrote. Companies that have U.S. defense-related qualifications are well-positioned to benefit as well, he wrote.Taiwan Semiconductor Manufacturing(TSM) and NXP Semiconductors(NXPI), international-based chip manufacturers that operate in the U.S., should benefit too, he said, but to a lesser degree.Companies that make chip manufacturing equipment such as Applied Materials(AMAT) and Lam Research(LRCX) should also receive a lift because of higher equipment purchasing resulting from the incentives.The PHLX Semiconductor index,or Sox, advanced about 2% on Monday, led by NXP Semiconductors NXP, which rose 8.9% to $199.91, and Broadcom(AVGO), which jumped 4.3% to $470.77.The Sox has gained 94% in the past year as demand for chips destined for productsranging from appliancesand videogame consoles to vehicles and smartphones has outpaced the industry’s ability to produce semiconductors.","news_type":1,"symbols_score_info":{"INTC":0.9,"TXN":0.9,"TSM":0.9,"ON":0.9,"MU":0.9,"ADI":0.9,"NXPI":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325371978,"gmtCreate":1615869637294,"gmtModify":1703494248434,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmm hmm","listText":"Hmm hmm","text":"Hmm hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325371978","isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322687074,"gmtCreate":1615803140898,"gmtModify":1703493187476,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573442142945386","authorIdStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322687074","repostId":"1169830276","repostType":4,"isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":386364362,"gmtCreate":1613138258156,"gmtModify":1634554381267,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>下的也多，上得更快，冲啊到月亮为止！[笑哭]&nbsp;","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>下的也多，上得更快，冲啊到月亮为止！[笑哭]&nbsp;","text":"$Sundial Growers Inc.(SNDL)$下的也多，上得更快，冲啊到月亮为止！[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/386364362","isVote":1,"tweetType":1,"viewCount":3291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":382464286,"gmtCreate":1613476898945,"gmtModify":1634553515726,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>飞去月亮吧！🌕","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>飞去月亮吧！🌕","text":"$Sundial Growers Inc.(SNDL)$飞去月亮吧！🌕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382464286","isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365234558,"gmtCreate":1614743686574,"gmtModify":1703480564249,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>The moon is 10 years away it seems","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>The moon is 10 years away it seems","text":"$Sundial Growers Inc.(SNDL)$The moon is 10 years away it seems","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365234558","isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364618929,"gmtCreate":1614846179761,"gmtModify":1703481864381,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NBEV\">$New Age Beverages Corporation(NBEV)$</a>Hmmm","listText":"<a href=\"https://laohu8.com/S/NBEV\">$New Age Beverages Corporation(NBEV)$</a>Hmmm","text":"$New Age Beverages Corporation(NBEV)$Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/364618929","isVote":1,"tweetType":1,"viewCount":1004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359306978,"gmtCreate":1616335248094,"gmtModify":1634526310417,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmmm","listText":"Hmmmmm","text":"Hmmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359306978","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohunote.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如这里所讨论和深入讨论的那样，在伊丽莎白·沃伦和谢罗德·布朗等进步民主党人的政治压力下，美联储决定让临时补充杠杆率（SLR）豁免如期于3月31日到期，即规则变更一周年纪念日。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>美联储银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）临时变更将于2021年3月31日如期到期。鉴于 COVID-19 事件，做出临时改变是为了让存款机构能够灵活地向家庭和企业提供信贷。纽约联储前大师佐尔坦-波萨尔（Zoltan Pozsar）（再次）正确预测了这一结果，他在联邦公开市场委员会（FOMC）之后表示，“事实上，美联储做出这一调整实际上是先发制人的--o/n RRP工具目前没有被使用，因此还没有能力限制，而回购和票据收益率还没有出现负值交易--<b>这表明美联储正在为终止 SLR 豁免“铺平道路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这对市场来说将是一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，指出虽然 SLR 特殊待遇将于 3 月 31 日到期，但美联储正在“邀请公众对几项潜在的 SLR 修改发表评论”，此外，“<b>随着时间的推移，董事会可能需要解决 SLR 的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力</b>“——简而言之，如果收益率飙升，美联储将立即重新推出 SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350563605,"gmtCreate":1616232290307,"gmtModify":1634526633806,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Stonk please&nbsp;","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Stonk please&nbsp;","text":"$Sundial Growers Inc.(SNDL)$Stonk please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350563605","isVote":1,"tweetType":1,"viewCount":1334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388502101,"gmtCreate":1613060644103,"gmtModify":1703769100191,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>To the moon my friends !!![得意]&nbsp;","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>To the moon my friends !!![得意]&nbsp;","text":"$Sundial Growers Inc.(SNDL)$To the moon my friends !!![得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/388502101","isVote":1,"tweetType":1,"viewCount":778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":349363302,"gmtCreate":1617545984706,"gmtModify":1634520576497,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349363302","repostId":"1121666420","repostType":4,"repost":{"id":"1121666420","kind":"news","pubTimestamp":1617365764,"share":"https://www.laohunote.com/m/news/1121666420?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:16","market":"us","language":"en","title":"Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121666420","media":"Motley Fool","summary":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forval","content":"<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找账面上盈利的惨败股票的好时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务状况稳健的公司，并在它们下跌时买入它们。当股价回归现实时，你就是赢家。华尔街有在股票下跌时踢它的习惯，因为围绕某个特定名字的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将看看三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克股票代码：GILD）在公开市场上的价值损失了约 40%，并且在同一时期表现远逊于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一套针对典型难以治疗的疾病的抗病毒药物。虽然吉利德在疫情期间一直是 Veklury（通常称为瑞德西韦）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司基本面相当强劲。它的市盈率是市盈率的 9 倍，在大型生物技术行业中相对便宜。它预计 2021 年将表现强劲，发布收入指引为 250 亿美元，每股收益在 7 美元范围内。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，该公司的交易价格相对于其产生的收益很有吸引力，希望既然疫情在今年年初有所减弱，患者就能开始治疗其他病毒性和慢性（非新冠）疾病。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前——<b>碟形网</b>（纳斯达克股票代码：DISH）已从每股略低于 50 美元跌至今天的 35 美元左右——有理由相信卷土重来正在进行中。该股目前的市盈率为 11 倍，以今天的标准来看相对便宜，并在 2020 年收入强劲增长，比 2019 年增长约 40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作伙伴关系；也许bunchis中最有前途的是与DraftKings的协议，该协议寻求从碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network 已经表现出跳出框框思考的能力，这反映在其盈利指标中。以目前的价格来看，它值得买入，并且有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最响亮的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）简单地经营着一项可持续盈利的业务。去年的收益为每股2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额有所下降，但盈利销售增长有所上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自 2013 年以来，该股也损失了三分之二的价值，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行其扭亏为盈计划（特别是有关其核心业务）。目前股价仍然很便宜，但事实仍然是：该公司赚钱了，并且有财务状况可以证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到那些恰好在公开市场上出售的盈利公司。虽然单一股票投资远不是一个有保证的策略，但值得研究一下那些看似“被遗忘”的公司，这些公司只是还没有在阳光下度过一天。那些已经证明自己有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们便宜的时候。</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>Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</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\">\nWall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake<blockquote>华尔街已经放弃了这三只股票，这是一个巨大的错误</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\">2021-04-02 20:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.</p><p><blockquote>现在是寻找账面上盈利的惨败股票的好时机。寻找价值股票非常简单：找到从股价角度来看表现不佳的财务状况稳健的公司，并在它们下跌时买入它们。当股价回归现实时，你就是赢家。华尔街有在股票下跌时踢它的习惯，因为围绕某个特定名字的负面情绪可能会给股东带来厄运。</blockquote></p><p>For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.</p><p><blockquote>对于那些寻求价值的人来说，这些时刻提供了一个机会。在这里，我们将看看三只价值股，它们经历了更好的日子，但也有很好的反弹机会。</blockquote></p><p><b>Gilead Sciences</b></p><p><blockquote><b>吉利德科学</b></blockquote></p><p>Over the past five years,<b>Gilead Sciences</b>(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.</p><p><blockquote>五年来，<b>吉利德科学</b>（纳斯达克股票代码：GILD）在公开市场上的价值损失了约 40%，并且在同一时期表现远逊于被动持有的指数基金（如下所示）。作为肿瘤学、艾滋病毒和丙型肝炎药物市场的市场领导者，该公司生产一套针对典型难以治疗的疾病的抗病毒药物。虽然吉利德在疫情期间一直是 Veklury（通常称为瑞德西韦）生产的前沿和中心，但它并不是主要的疫苗生产商之一。</blockquote></p><p>Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .</p><p><blockquote>对于那些考虑投资吉利德的人来说，也许更好的消息是该公司基本面相当强劲。它的市盈率是市盈率的 9 倍，在大型生物技术行业中相对便宜。它预计 2021 年将表现强劲，发布收入指引为 250 亿美元，每股收益在 7 美元范围内。</blockquote></p><p>Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.</p><p><blockquote>简而言之，该公司的交易价格相对于其产生的收益很有吸引力，希望既然疫情在今年年初有所减弱，患者就能开始治疗其他病毒性和慢性（非新冠）疾病。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3e7203dcf348bdd13924f561f04db9af\" tg-width=\"720\" tg-height=\"435\" referrerpolicy=\"no-referrer\"><b>DISH Network</b></p><p><blockquote><b>碟形网</b></blockquote></p><p>Despite a stagnant stock price --<b>DISH Network</b>(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.</p><p><blockquote>尽管股价停滞不前——<b>碟形网</b>（纳斯达克股票代码：DISH）已从每股略低于 50 美元跌至今天的 35 美元左右——有理由相信卷土重来正在进行中。该股目前的市盈率为 11 倍，以今天的标准来看相对便宜，并在 2020 年收入强劲增长，比 2019 年增长约 40%。</blockquote></p><p>DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.</p><p><blockquote>DISH参与了一些创造性的合作伙伴关系；也许bunchis中最有前途的是与DraftKings的协议，该协议寻求从碟形机顶盒提供体育博彩。这里的潜在趋势是，DISH Network 已经表现出跳出框框思考的能力，这反映在其盈利指标中。以目前的价格来看，它值得买入，并且有机会在未来几年卷土重来。</blockquote></p><p><b>Tupperware Brands</b></p><p><blockquote><b>特百惠品牌</b></blockquote></p><p>While not the most high-flying name you've ever heard,<b>Tupperware Brands</b>(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.</p><p><blockquote>虽然不是你听过的最响亮的名字，<b>特百惠品牌</b>（纽约证券交易所股票代码：TUP）简单地经营着一项可持续盈利的业务。去年的收益为每股2.24美元，该股目前的交易价格约为每股25美元，导致目前的市盈率仅为11左右。虽然2020年整体销售额有所下降，但盈利销售增长有所上升，这表明该公司仍然能够在最困难的情况下控制成本并赚钱。</blockquote></p><p>The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.</p><p><blockquote>自 2013 年以来，该股也损失了三分之二的价值，但仍保持盈利。根据其年终新闻稿，该公司已成功重组债务并执行其扭亏为盈计划（特别是有关其核心业务）。目前股价仍然很便宜，但事实仍然是：该公司赚钱了，并且有财务状况可以证明这一点。</blockquote></p><p><b>When in doubt, seek value</b></p><p><blockquote><b>当有疑问时，寻求价值</b></blockquote></p><p>The basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.</p><p><blockquote>价值投资的基本前提是找到那些恰好在公开市场上出售的盈利公司。虽然单一股票投资远不是一个有保证的策略，但值得研究一下那些看似“被遗忘”的公司，这些公司只是还没有在阳光下度过一天。那些已经证明自己有能力增长和维持盈利能力的公司是你最好的选择，尤其是当它们便宜的时候。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/\">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":{"GILD":"吉利德科学","DISH":"Dish Network"},"source_url":"https://www.fool.com/investing/2021/04/02/wall-street-has-given-up-on-these-3-stocks-and-tha/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121666420","content_text":"It's never a bad time to search for beaten-down stocks that are profitable on paper.Searching forvalue stocksis pretty simple: Find financially robust companies that have performed poorly from a share price perspective, and buy them when they're down. When the share price comes back to reality, you'll be a winner. Wall Street has the habit of kicking a stock when it's down, as negative sentiment surrounding a particular name can spell doom for shareholders.For those seeking value, these moments present an opportunity. Here, we'll look at three value stocks that have seen better days, but also have a good chance at rebounding.Gilead SciencesOver the past five years,Gilead Sciences(NASDAQ:GILD)has managed to lose about 40% of its value on the open market, and has vastly underperformed apassively held index fundover the same period (as shown below). As a market leader in the oncology, HIV, and hepatitis C drug markets, respectively, the company produces a suite of antivirals for typically hard-to-treat illnesses. While Gilead was -- and is -- front-and-center during the pandemic in its production of Veklury (more commonly known as remdesivir), it is not one of the major vaccine producers.Perhaps the better news for those considering a Gilead investment is that the company is fundamentally quite strong. It trades at 9 times earnings, which is comparably cheap across the large-cap biotech sector. It projects a strong 2021, releasing guidance for revenue of $25 billion and EPS in the $7 range .Put simply, the company trades at an attractive price relative to the earnings it generates, and the hope is that patients start treatment for other viral and chronic (non-COVID) illnesses now that the pandemic has waned a bit in the early part of the year.DISH NetworkDespite a stagnant stock price --DISH Network(NASDAQ:DISH)has fallen from just under $50 per share to around $35 today -- there is reason to believe a comeback is in the works. The stock currently trades at 11 times earnings, relatively cheap based on today's standards, and posted strong revenue growth in 2020, up about 40% from 2019.DISH has engaged in a few creative partnerships; perhaps the most promising of the bunchis a pact with DraftKings, which seeks to offer sports betting from DISH set-top boxes. The underlying current here is that DISH Network has shown an ability to think outside the box, which is reflected in itsprofitability measures. It is a buy at its current price, and has an opportunity to stage a comeback in the coming years.Tupperware BrandsWhile not the most high-flying name you've ever heard,Tupperware Brands(NYSE:TUP)simply runs a sustainably profitable business. Last year's earnings were $2.24 a share, and the stock currently trades around $25 per share, leading to a current price-to-earnings ratio of only about 11. While overall sales were down in 2020, profitable sales growth rose, a sign that the company is still able to control costs and make money in the most difficult of circumstances.The stock has also lost two-thirds of its value since 2013 but remains profitable. According to its year-end press release, the company has been successful in restructuring its debt and executing on its turnaround plans (especially concerning its core businesses). Shares remain cheap for the moment, but the fact remains: The company makes money and has the financials to prove it.When in doubt, seek valueThe basic premise of value investing is to find profitable companies that happen to be on sale in the open market. While single-stock investing is far from a guaranteed strategy, it's worth looking into seemingly \"forgotten\" companies that simply have not yet had their day in the sun. Companies that have demonstrated their ability to grow and sustain profitability are your best bet, especially when they're cheap.","news_type":1,"symbols_score_info":{"DISH":0.9,"GILD":0.9}},"isVote":1,"tweetType":1,"viewCount":2530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351272328,"gmtCreate":1616600338864,"gmtModify":1634524967953,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351272328","repostId":"2121457670","repostType":4,"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346246264,"gmtCreate":1618057074558,"gmtModify":1634295040650,"author":{"id":"3573442142945386","authorId":"3573442142945386","name":"VivalaRan","avatar":"https://static.tigerbbs.com/bbdf1f2a57583bc2d6a9cae2d7c9b451","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573442142945386","idStr":"3573442142945386"},"themes":[],"title":"","htmlText":"Hmmmm","listText":"Hmmmm","text":"Hmmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/346246264","repostId":"1106014844","repostType":4,"repost":{"id":"1106014844","kind":"news","pubTimestamp":1617979503,"share":"https://www.laohunote.com/m/news/1106014844?lang=zh_CN&edition=full","pubTime":"2021-04-09 22:45","market":"us","language":"en","title":"Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106014844","media":"Motley Fool","summary":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or i","content":"<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约 300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯茜·伍德 (Cathie Wood) 在其投资组合中增加股票或增加头寸时，人们会关注。伍德是 ARK Invest 的创始人兼首席执行官，该公司经营着一些表现最好的交易所交易基金 (ETF)。她积极管理的 ETF 包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>-- 主要专注于科技股，并且在过去五年中都取得了巨大的回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>比尔网</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们来看看这只股票，看看它是否是你应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>云九</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部完成的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自2019年12月上市以来，其股价已经翻了两番多，从开始交易时的每股36美元涨到周四收盘时的157美元以上。2020 年增长了 171%，2021 年迄今增长了 15% 以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务支付的订阅费赚钱，因此这是一个可靠、可重复的收入流，随着客户的增加而增长。该公司从为客户持有基金赚取的利息收入中所占比例也要小得多。在截至12月31日的第二财季，收入同比增长38%，达到5400万美元，其中5230万美元来自订阅费和交易费。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损 1720 万美元，但其毛利率高达 75%，这是减去所售商品生产成本后的收入。因此，虽然它可能还要几个季度才能盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com 拥有超过 10 万名客户，比上一年增长近 30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，有一个巨大的市场机会。正如我愚蠢的同事杰森·莫泽（Jason Moser）和马修·弗兰克尔（Matthew Frankel）在最近的播客中指出的那样，全球有2000万家中小型企业，潜在市场价值300亿美元，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官雷内·拉塞特 (Rene Lacerte) 不仅从客户的角度考虑金融科技公司，还从 250 万“会员”的网络的角度考虑，其中包括所有客户的用户和合作伙伴。Lacerte 在最新的财报看涨期权上表示：“我们相信我们是 SMB（中小型企业）领先的数字 B2B 支付平台，并运营着美国最大的 B2B 网络之一。”这是一个可以发展的庞大用户网络。网络越大，对成员的潜在价值就越大。此外，这种增长使 Bill.com 有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com 的另一个潜在竞争优势是其人工智能，它获得的客户越多、收集的数据越多，人工智能就越直观、越强大。人工智能越好，服务就越高效、方便和有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，拥有低成本的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只凯西·伍德 (Cathie Wood) 股票——她将其视为金融科技创新者——将是一个不错的选择。</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>Is Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Bill.com the Cathie Wood Stock for You?<blockquote>Bill.com 适合您吗？</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\">2021-04-09 22:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This fintech has posted a roughly 300% gain since it went public.</p><p><blockquote>这家金融科技公司自上市以来已上涨约 300%。</blockquote></p><p> When Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including&nbsp;<b>ARK Innovation</b>,<b>ARK Genomic Revolution</b>, and&nbsp;<b>ARK Next Generation Internet</b>&nbsp;-- are mostly focused on technology stocks and have all posted huge returns over the past five years.</p><p><blockquote>当凯茜·伍德 (Cathie Wood) 在其投资组合中增加股票或增加头寸时，人们会关注。伍德是 ARK Invest 的创始人兼首席执行官，该公司经营着一些表现最好的交易所交易基金 (ETF)。她积极管理的 ETF 包括<b>方舟创新</b>,<b>方舟基因组革命</b>，和<b>方舟下一代互联网</b>-- 主要专注于科技股，并且在过去五年中都取得了巨大的回报。</blockquote></p><p> At the end of March, Wood increased her investment in a company called&nbsp;<b>Bill.com</b>(NYSE:BILL)in one of her portfolios,<b>ARK Fintech Innovation</b>. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.</p><p><blockquote>3月底，伍德增加了对一家名为<b>比尔网</b>（纽约证券交易所代码：BILL）在她的一个投资组合中，<b>方舟金融科技创新</b>.它引起了我们的注意，所以让我们来看看这只股票，看看它是否是你应该考虑购买的股票。</blockquote></p><p> <b>On cloud nine</b></p><p><blockquote><b>云九</b></blockquote></p><p> Bill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.</p><p><blockquote>Bill.com基于云的平台简化了中小型企业的计费、支付处理、会计和其他后台操作。该平台使用人工智能（AI）和机器学习来简化发票和账单支付流程——本质上，它允许公司自动化这些工作，从而节省内部完成的资金。</blockquote></p><p> Since the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.</p><p><blockquote>自2019年12月上市以来，其股价已经翻了两番多，从开始交易时的每股36美元涨到周四收盘时的157美元以上。2020 年增长了 171%，2021 年迄今增长了 15% 以上。</blockquote></p><p> The company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.</p><p><blockquote>该公司主要通过客户为服务支付的订阅费赚钱，因此这是一个可靠、可重复的收入流，随着客户的增加而增长。该公司从为客户持有基金赚取的利息收入中所占比例也要小得多。在截至12月31日的第二财季，收入同比增长38%，达到5400万美元，其中5230万美元来自订阅费和交易费。</blockquote></p><p> The company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.</p><p><blockquote>该公司尚未盈利，本季度净亏损 1720 万美元，但其毛利率高达 75%，这是减去所售商品生产成本后的收入。因此，虽然它可能还要几个季度才能盈利。但一旦其对技术和运营的投资提高了运营效率，这些高毛利率最终将转化为高利润率。</blockquote></p><p> <b>Pardon the disruption</b></p><p><blockquote><b>抱歉打扰了</b></blockquote></p><p> Bill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues&nbsp;Jason Moser and Matthew Frankel&nbsp;pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.</p><p><blockquote>Bill.com 拥有超过 10 万名客户，比上一年增长近 30%。虽然这是一个竞争非常激烈的领域，但Bill.com是一个颠覆者，有一个巨大的市场机会。正如我愚蠢的同事杰森·莫泽（Jason Moser）和马修·弗兰克尔（Matthew Frankel）在最近的播客中指出的那样，全球有2000万家中小型企业，潜在市场价值300亿美元，其中美国有90亿美元。</blockquote></p><p> But founder and CEO Rene Lacerte thinks of the&nbsp;fintech&nbsp;not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the&nbsp;most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.</p><p><blockquote>但创始人兼首席执行官雷内·拉塞特 (Rene Lacerte) 不仅从客户的角度考虑金融科技公司，还从 250 万“会员”的网络的角度考虑，其中包括所有客户的用户和合作伙伴。Lacerte 在最新的财报看涨期权上表示：“我们相信我们是 SMB（中小型企业）领先的数字 B2B 支付平台，并运营着美国最大的 B2B 网络之一。”这是一个可以发展的庞大用户网络。网络越大，对成员的潜在价值就越大。此外，这种增长使 Bill.com 有机会与网络上的人建立更深层次的关系，提供额外的产品和服务。</blockquote></p><p> Bill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.</p><p><blockquote>Bill.com 的另一个潜在竞争优势是其人工智能，它获得的客户越多、收集的数据越多，人工智能就越直观、越强大。人工智能越好，服务就越高效、方便和有用。</blockquote></p><p> This is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.</p><p><blockquote>这是一家年轻的、颠覆性的公司，正处于增长模式，拥有低成本的商业模式和高盈利潜力，很快就会盈利。如果您正在寻找一只具有长期潜力的成长型股票，那么这只凯西·伍德 (Cathie Wood) 股票——她将其视为金融科技创新者——将是一个不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/\">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":{"BILL":"BILL HOLDINGS INC","ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","ARKW":"ARK Next Generation Internet ETF"},"source_url":"https://www.fool.com/investing/2021/04/09/is-billcom-the-cathie-wood-stock-for-you/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106014844","content_text":"This fintech has posted a roughly 300% gain since it went public.\nWhen Cathie Wood adds a stock or increases her positions in one of her portfolios, people pay attention. Wood is the founder and CEO of ARK Invest, a company that runs some of the top-performing exchange-traded funds (ETFs). Her actively managed ETFs -- including ARK Innovation,ARK Genomic Revolution, and ARK Next Generation Internet -- are mostly focused on technology stocks and have all posted huge returns over the past five years.\nAt the end of March, Wood increased her investment in a company called Bill.com(NYSE:BILL)in one of her portfolios,ARK Fintech Innovation. It caught our attention, so let's take a look at the stock to see if it's one you should consider buying.\nOn cloud nine\nBill.com's cloud-based platform simplifies billing, payment processing, accounting, and other back-office operations for small- and mid-sized business. The platform uses artificial intelligence (AI) and machine learning to streamline the invoicing and bill paying process -- essentially, it allows companies to automate these jobs, saving money on doing it in-house.\nSince the company went public in December 2019, its stock price has more than quadrupled, from $36 per share when it started trading to more than $157 at Thursday's close. It gained 171% in 2020 and is up more than 15% year to date in 2021.\nThe company makes money mostly on subscriptions its clients pay for the service, so it's a reliable, repeatable income stream that grows as it adds clients. The company also makes a far smaller percentage of revenue on interest earned holding funds for clients. In the fiscal second quarter, which ended Dec. 31, revenue spiked 38% year over year to $54 million, with $52.3 million coming from subscription and transaction fees.\nThe company is not yet profitable, posting a net loss of $17.2 million in the quarter, but it posted a huge gross margin of 75%, which is the revenue after subtracting the cost of producing the item being sold. So while it may not be profitable for a few more quarters. But once its investments in its technology and operations increase operating efficiency, those high gross margins will eventually translate into high profit margins.\nPardon the disruption\nBill.com has more than 100,000 customers, up nearly 30% from the previous year. While this is a very competitive space,Bill.com is a disruptor, and there is a huge market opportunity. As my Foolish colleagues Jason Moser and Matthew Frankel pointed out in a recent podcast, there are 20 million small- and mid-sized businesses and an addressable market of $30 billion globally, including $9 billion in the U.S.\nBut founder and CEO Rene Lacerte thinks of the fintech not just in terms of customers, but of the network of 2.5 million \"members,\" including the users and partners of all of its clients. \"We believe we are the leading digital B2B payments platform for SMBs (small and mid-sized businesses) and operate one of the largest B2B networks in the United States,\" Lacerte said on the most recent earnings call. That is a huge network of users on which to grow. The bigger the network, the more potential value it has for its members. Also, this growth allows Bill.com the opportunity to form deeper relationships with those on the network, offering additional products and services.\nBill.com's other potential competitive advantage is its AI, which gets more intuitive and robust the more customers it gets and the more data it gathers. The better the AI, the more efficient, convenient and useful the service becomes.\nThis is a young, disruptive company that's in growth mode, with a low-expense business model and high earnings potential, that will soon be profitable. If you are looking for a growth stock with long-term potential, this Cathie Wood stock -- one she has identified as a fintech innovator -- would not be a bad choice.","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKW":0.9,"BILL":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":2109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}