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OinKeY

OinKeY

Marcus Lee

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2021-08-27

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2021-10-27

Like comment pla

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2021-06-01

Nice read! Like and comment my community post please

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2021-05-12

Woop woop! Like and comment!

Condo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>SRX：4月份公寓、组屋租金再次攀升，上涨1.3%</blockquote>

2021-07-01

$SOS Limited(SOS)$Rip

2021-10-26

Heyyy yea!!

AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>

2021-09-06

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3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>

2021-05-26

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Amazon Can Cash In On MGM Acquisition By Fueling Prime Rewards Program<blockquote>亚马逊可以通过推动Prime奖励计划从米高梅收购中获利</blockquote>

2021-05-24

Nice info! Like and comment please

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2021-05-03

Woop Woop! Help like and comment on my post thank you!

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Cool!","listText":"Wow! Cool!","text":"Wow! Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/854052062","repostId":"1132883630","repostType":4,"repost":{"id":"1132883630","kind":"news","pubTimestamp":1635399451,"share":"https://www.laohu8.com/m/news/1132883630?lang=zh_CN&edition=full","pubTime":"2021-10-28 13:37","market":"us","language":"en","title":"Nio Stock Dropped Wednesday: Is This an Opportunity?<blockquote>蔚来股价周三下跌：这是一个机会吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132883630","media":"Motley Fool","summary":"Investors are getting uncomfortable with the level of competition in the electric vehicle space.","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> After kicking off Wednesday on a positive note and popping by 2% in early morning trading,electric vehicle stock&nbsp;<b>Nio</b>(NYSE:NIO)&nbsp;shed all of those gains and then some. At the close of the session, Nio shares were down by 2.9%.</p><p><blockquote>电动汽车股周三开盘上涨并在早盘交易中上涨2%后<b>蔚来</b>（纽约证券交易所股票代码：蔚来）放弃了所有这些涨幅，甚至一些涨幅。截至收盘，蔚来股价下跌2.9%。</blockquote></p><p> It seems investors are weighing the impact of rising competition on the Chinese automaker's prospects and finding it worrisome.</p><p><blockquote>投资者似乎正在权衡竞争加剧对这家中国汽车制造商前景的影响，并发现这令人担忧。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Nio's chief rival&nbsp;<b>Tesla</b>(NASDAQ:TSLA)is firing on all cylinders. After Tesla bagged an order for 100,000 electric vehicles from rental company&nbsp;<b>Hertz</b>&nbsp;earlier this week,it was back in the news again Wednesday&nbsp;after Hertz&nbsp;struck a deal with&nbsp;<b>Uber Technologies</b>&nbsp;to rent it 50,000 Tesla EVs. Although that development built on Hertz's previous order, it reflects the massive potential of the EV industry and the unmistakable traction that Tesla has already gained within it. It's also racing ahead in Nio's core market of China.</p><p><blockquote>蔚来的主要竞争对手<b>特斯拉</b>（纳斯达克：TSLA）正在全力以赴。特斯拉从租赁公司获得10万辆电动汽车订单后<b>赫兹</b>本周早些时候，在赫兹与<b>优步科技</b>向其租赁50,000辆特斯拉电动汽车。尽管这一发展建立在赫兹之前的订单之上，但它反映了电动汽车行业的巨大潜力以及特斯拉已经在其中获得的明显吸引力。它还在蔚来的中国核心市场遥遥领先。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d13f2a97da1133832ade5c930059cf8\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> On Wednesday morning,<b>General Motors</b>(NYSE:GM)&nbsp;CEO Mary Barra told CNBC that the auto giant could \"absolutely\" catch up with Tesla on EV sales by 2025. In June, GM announced an ambitious goal of selling more than 1 million EVs worldwide by 2025, backed by investments worth $35 billion in EVs and autonomous vehicles over that period.</p><p><blockquote>周三上午，<b>通用汽车</b>（纽约证券交易所股票代码：GM）首席执行官Mary Barra告诉CNBC，到2025年，这家汽车巨头在电动汽车销量方面“绝对”可以赶上特斯拉。6月，通用汽车宣布了一个雄心勃勃的目标，即到2025年在全球销售超过100万辆电动汽车，并在此期间对电动汽车和自动驾驶汽车进行了价值350亿美元的投资。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> EVs are a hot market right now, and this is just the start. It's therefore unsurprising to see competition intensifying as nearly every automaker strives to get a piece of a market segment with exponential growth potential.</p><p><blockquote>电动汽车目前是一个热门市场，而这仅仅是个开始。因此，竞争加剧也就不足为奇了，因为几乎每家汽车制造商都在努力在具有指数增长潜力的细分市场中分得一杯羹。</blockquote></p><p> Does that mean Nio will be edged out? I don't think so.</p><p><blockquote>这是否意味着蔚来将被淘汰？我不这么认为。</blockquote></p><p> In a short span of time, Nio has established itself as one of the top luxury car makers in China. It delivered more vehicles last quarter than it ever had before, recently began selling in Europe, and is set to launch its&nbsp;first electric luxury sedan, the ET7, in China as well as Norway in 2022 even as it prepares a blueprint for low-priced models to target the mass market in China. Nio's battery-as-a-service program also gives it an edge over rivals, especially among cost-conscious consumers.</p><p><blockquote>在很短的时间内，蔚来已经成为国内顶级豪华汽车制造商之一。该公司上季度交付的汽车数量比以往任何时候都多，最近开始在欧洲销售，并计划于2022年在中国和挪威推出首款电动豪华轿车ET7，同时正在为低价车型制定蓝图。瞄准中国大众市场的车型。蔚来的电池即服务计划也使其比竞争对手更具优势，尤其是在注重成本的消费者中。</blockquote></p><p> So while Tesla's wins may rattle Nio investors momentarily, the Chinese automaker is a long-term growth story and looks like one of the&nbsp;most promising EV stocks right now to buy on a dip.</p><p><blockquote>因此，虽然特斯拉的胜利可能会暂时让蔚来投资者感到不安，但这家中国汽车制造商是一个长期增长的故事，看起来是目前最有前途的逢低买入电动汽车股票之一。</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>Nio Stock Dropped Wednesday: Is This an Opportunity?<blockquote>蔚来股价周三下跌：这是一个机会吗？</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\">\nNio Stock Dropped Wednesday: Is This an Opportunity?<blockquote>蔚来股价周三下跌：这是一个机会吗？</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\">2021-10-28 13:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> After kicking off Wednesday on a positive note and popping by 2% in early morning trading,electric vehicle stock&nbsp;<b>Nio</b>(NYSE:NIO)&nbsp;shed all of those gains and then some. At the close of the session, Nio shares were down by 2.9%.</p><p><blockquote>电动汽车股周三开盘上涨并在早盘交易中上涨2%后<b>蔚来</b>（纽约证券交易所股票代码：蔚来）放弃了所有这些涨幅，甚至一些涨幅。截至收盘，蔚来股价下跌2.9%。</blockquote></p><p> It seems investors are weighing the impact of rising competition on the Chinese automaker's prospects and finding it worrisome.</p><p><blockquote>投资者似乎正在权衡竞争加剧对这家中国汽车制造商前景的影响，并发现这令人担忧。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Nio's chief rival&nbsp;<b>Tesla</b>(NASDAQ:TSLA)is firing on all cylinders. After Tesla bagged an order for 100,000 electric vehicles from rental company&nbsp;<b>Hertz</b>&nbsp;earlier this week,it was back in the news again Wednesday&nbsp;after Hertz&nbsp;struck a deal with&nbsp;<b>Uber Technologies</b>&nbsp;to rent it 50,000 Tesla EVs. Although that development built on Hertz's previous order, it reflects the massive potential of the EV industry and the unmistakable traction that Tesla has already gained within it. It's also racing ahead in Nio's core market of China.</p><p><blockquote>蔚来的主要竞争对手<b>特斯拉</b>（纳斯达克：TSLA）正在全力以赴。特斯拉从租赁公司获得10万辆电动汽车订单后<b>赫兹</b>本周早些时候，在赫兹与<b>优步科技</b>向其租赁50,000辆特斯拉电动汽车。尽管这一发展建立在赫兹之前的订单之上，但它反映了电动汽车行业的巨大潜力以及特斯拉已经在其中获得的明显吸引力。它还在蔚来的中国核心市场遥遥领先。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d13f2a97da1133832ade5c930059cf8\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> On Wednesday morning,<b>General Motors</b>(NYSE:GM)&nbsp;CEO Mary Barra told CNBC that the auto giant could \"absolutely\" catch up with Tesla on EV sales by 2025. In June, GM announced an ambitious goal of selling more than 1 million EVs worldwide by 2025, backed by investments worth $35 billion in EVs and autonomous vehicles over that period.</p><p><blockquote>周三上午，<b>通用汽车</b>（纽约证券交易所股票代码：GM）首席执行官Mary Barra告诉CNBC，到2025年，这家汽车巨头在电动汽车销量方面“绝对”可以赶上特斯拉。6月，通用汽车宣布了一个雄心勃勃的目标，即到2025年在全球销售超过100万辆电动汽车，并在此期间对电动汽车和自动驾驶汽车进行了价值350亿美元的投资。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> EVs are a hot market right now, and this is just the start. It's therefore unsurprising to see competition intensifying as nearly every automaker strives to get a piece of a market segment with exponential growth potential.</p><p><blockquote>电动汽车目前是一个热门市场，而这仅仅是个开始。因此，竞争加剧也就不足为奇了，因为几乎每家汽车制造商都在努力在具有指数增长潜力的细分市场中分得一杯羹。</blockquote></p><p> Does that mean Nio will be edged out? I don't think so.</p><p><blockquote>这是否意味着蔚来将被淘汰？我不这么认为。</blockquote></p><p> In a short span of time, Nio has established itself as one of the top luxury car makers in China. It delivered more vehicles last quarter than it ever had before, recently began selling in Europe, and is set to launch its&nbsp;first electric luxury sedan, the ET7, in China as well as Norway in 2022 even as it prepares a blueprint for low-priced models to target the mass market in China. Nio's battery-as-a-service program also gives it an edge over rivals, especially among cost-conscious consumers.</p><p><blockquote>在很短的时间内，蔚来已经成为国内顶级豪华汽车制造商之一。该公司上季度交付的汽车数量比以往任何时候都多，最近开始在欧洲销售，并计划于2022年在中国和挪威推出首款电动豪华轿车ET7，同时正在为低价车型制定蓝图。瞄准中国大众市场的车型。蔚来的电池即服务计划也使其比竞争对手更具优势，尤其是在注重成本的消费者中。</blockquote></p><p> So while Tesla's wins may rattle Nio investors momentarily, the Chinese automaker is a long-term growth story and looks like one of the&nbsp;most promising EV stocks right now to buy on a dip.</p><p><blockquote>因此，虽然特斯拉的胜利可能会暂时让蔚来投资者感到不安，但这家中国汽车制造商是一个长期增长的故事，看起来是目前最有前途的逢低买入电动汽车股票之一。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/27/nio-stock-dropped-wednesday-is-this-an-opportunity/\">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":{"NIO":"蔚来"},"source_url":"https://www.fool.com/investing/2021/10/27/nio-stock-dropped-wednesday-is-this-an-opportunity/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132883630","content_text":"What happened\nAfter kicking off Wednesday on a positive note and popping by 2% in early morning trading,electric vehicle stock Nio(NYSE:NIO) shed all of those gains and then some. At the close of the session, Nio shares were down by 2.9%.\nIt seems investors are weighing the impact of rising competition on the Chinese automaker's prospects and finding it worrisome.\nSo what\nNio's chief rival Tesla(NASDAQ:TSLA)is firing on all cylinders. After Tesla bagged an order for 100,000 electric vehicles from rental company Hertz earlier this week,it was back in the news again Wednesday after Hertz struck a deal with Uber Technologies to rent it 50,000 Tesla EVs. Although that development built on Hertz's previous order, it reflects the massive potential of the EV industry and the unmistakable traction that Tesla has already gained within it. It's also racing ahead in Nio's core market of China.\nIMAGE SOURCE: GETTY IMAGES.\nOn Wednesday morning,General Motors(NYSE:GM) CEO Mary Barra told CNBC that the auto giant could \"absolutely\" catch up with Tesla on EV sales by 2025. In June, GM announced an ambitious goal of selling more than 1 million EVs worldwide by 2025, backed by investments worth $35 billion in EVs and autonomous vehicles over that period.\nNow what\nEVs are a hot market right now, and this is just the start. It's therefore unsurprising to see competition intensifying as nearly every automaker strives to get a piece of a market segment with exponential growth potential.\nDoes that mean Nio will be edged out? I don't think so.\nIn a short span of time, Nio has established itself as one of the top luxury car makers in China. It delivered more vehicles last quarter than it ever had before, recently began selling in Europe, and is set to launch its first electric luxury sedan, the ET7, in China as well as Norway in 2022 even as it prepares a blueprint for low-priced models to target the mass market in China. Nio's battery-as-a-service program also gives it an edge over rivals, especially among cost-conscious consumers.\nSo while Tesla's wins may rattle Nio investors momentarily, the Chinese automaker is a long-term growth story and looks like one of the most promising EV stocks right now to buy on a dip.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":855088071,"gmtCreate":1635314283154,"gmtModify":1635314283411,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like comment pla","listText":"Like comment pla","text":"Like comment pla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/855088071","repostId":"2178408679","repostType":4,"isVote":1,"tweetType":1,"viewCount":2237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852997435,"gmtCreate":1635232159219,"gmtModify":1635232159814,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>G pltr","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>G pltr","text":"$Palantir Technologies Inc.(PLTR)$G pltr","images":[{"img":"https://static.tigerbbs.com/89051e651f9f065d3d8889698379b7a4","width":"1242","height":"2448"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852997435","isVote":1,"tweetType":1,"viewCount":3428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":852997907,"gmtCreate":1635232101595,"gmtModify":1635232102262,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Heyyy yea!!","listText":"Heyyy yea!!","text":"Heyyy yea!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/852997907","repostId":"2177412181","repostType":4,"repost":{"id":"2177412181","kind":"highlight","pubTimestamp":1635219132,"share":"https://www.laohu8.com/m/news/2177412181?lang=zh_CN&edition=full","pubTime":"2021-10-26 11:32","market":"us","language":"en","title":"AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2177412181","media":"MarketWatch","summary":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analy","content":"<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nAMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-26 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177412181","content_text":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink\nAdvanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.\nAdvanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.\nAMD is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.\nThat led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.\nBernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.\n\"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.\nThat underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.\nWhile AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.\nOne other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.\nRevenue: Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.\nStock movement: While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.\nAMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.\nWhat analysts are saying\nCowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"\n\"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"\nEarlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.\nOn data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.\n\"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"\nStill, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.\nOf the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":3101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":885585334,"gmtCreate":1631803463928,"gmtModify":1631890485145,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Wow! Oh no!&nbsp;","listText":"Wow! Oh no!&nbsp;","text":"Wow! Oh no!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885585334","repostId":"2167599164","repostType":4,"repost":{"id":"2167599164","kind":"highlight","pubTimestamp":1631777665,"share":"https://www.laohu8.com/m/news/2167599164?lang=zh_CN&edition=full","pubTime":"2021-09-16 15:34","market":"us","language":"en","title":"Short-selling stocks -- and trying to play short squeezes -- can be very dangerous<blockquote>卖空股票——并试图进行空头挤压——可能非常危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2167599164","media":"MarketWatch","summary":"How this type of high-stakes trading can influence stock prices\nIt's easy to follow and online tradi","content":"<p>How this type of high-stakes trading can influence stock prices</p><p><blockquote>这种高风险交易如何影响股价</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2a0fe9f473bd854010152ae460a3ae3\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>It's easy to follow and online trading fad using your phone - and just as easy to lose a lot of money.</span></p><p><blockquote><p class=\"t-img-caption\"><span>使用手机很容易跟随和在线交易时尚，也很容易损失很多钱。</span></p></blockquote></p><p> Investing and trading are two completely different activities. If you are new to either or haven't delved into the mechanics of short-selling, it's important to understand how this type of high-stakes trading can influence stock prices, even if you have no intention of doing it yourself.</p><p><blockquote>投资和交易是两种完全不同的活动。如果您是这两者的新手或尚未深入研究卖空机制，那么了解这种高风险交易如何影响股价非常重要，即使您自己无意这样做。</blockquote></p><p> Shorting a stock is one of the riskiest things you can do as an investor. But the meme-stock craze -- essentially playing the other side of short trades -- can be nearly as risky because of the wild swings in share prices.</p><p><blockquote>作为投资者，做空股票是风险最大的事情之一。但模因股票热潮——本质上是空头交易的另一面——由于股价的剧烈波动，风险几乎同样大。</blockquote></p><p> First, some definitions. In this article, investing means buying something and holding it, hoping that it goes up in value, that it provides income or both. Trading is buying and selling frequently to book gains.</p><p><blockquote>首先，一些定义。在本文中，投资意味着购买某样东西并持有它，希望它升值，希望它提供收入或两者兼而有之。交易就是频繁地买入和卖出以获得收益。</blockquote></p><p> If you buy a stock, you have only risked the amount you invested. The stock can go to zero and you can lose 100% of the money you invested.</p><p><blockquote>如果您购买股票，您只承担了投资金额的风险。股票可能会跌至零，您可能会损失100%的投资资金。</blockquote></p><p> If you short-sell a stock, you are betting that the price will go down and there is no limit on your potential losses if the share price rises unexpectedly. This is not to say your loss potential is unlimited -- your broker will limit your losses by demanding more collateral to ensure you can cover those losses.</p><p><blockquote>如果你卖空一只股票，你是在赌价格会下跌，如果股价意外上涨，你的潜在损失是无限的。这并不是说您的潜在损失是无限的——您的经纪人会通过要求更多抵押品来限制您的损失，以确保您能够弥补这些损失。</blockquote></p><p> <b>The mechanics of shorting a stock</b></p><p><blockquote><b>做空股票的机制</b></blockquote></p><p> Short-selling a stock is when you borrow shares of a company and sell them immediately because you expect the price to drop, after which you can repurchase the shares, return them to the lender and pocket the difference. It is a specialized strategy for some professional investors and traders but for individuals, it can be very risky and for more than one reason.</p><p><blockquote>卖空股票是指您借入一家公司的股票并立即出售，因为您预计价格会下跌，之后您可以回购股票，将其返还给贷方并将差价收入囊中。对于一些专业投资者和交易者来说，这是一种专门的策略，但对于个人来说，这可能非常危险，原因不止一个。</blockquote></p><p> Some professionals have profited from highly publicized bets against companies they felt were in poor financial condition. Some have even alleged that corporate management teams have misled investors through inflated claims about their products or services.</p><p><blockquote>一些专业人士从大肆宣传的押注中获利，押注他们认为财务状况不佳的公司。一些人甚至声称公司管理团队通过夸大其产品或服务来误导投资者。</blockquote></p><p> For example, shortseller Hindenburg Research's claims that Lordstown Motors&nbsp;had overstated the success of internal efforts to develop battery and fuel-cell capacity for electric trucks helped lead to a federal indictment against its founder, Trevor Milton, and the stock plunged.</p><p><blockquote>例如，卖空者兴登堡研究公司声称洛兹敦汽车公司夸大了内部开发电动卡车电池和燃料电池产能的努力的成功，导致其创始人特雷弗·米尔顿(Trevor Milton)受到联邦起诉，股价暴跌。</blockquote></p><p> The above definition of short-selling is simple, but the devil is in the details, which will follow after some more definitions:</p><p><blockquote>上面对卖空的定义很简单，但魔鬼在细节中，这将在更多的定义之后出现：</blockquote></p><p> Having a long position in a stock means you own the shares and expect (or hope) they go up in price.</p><p><blockquote>持有股票多头头寸意味着您拥有该股票并期望（或希望）其价格上涨。</blockquote></p><p> Covering is when someone with a short position buys back the shares, to end the short trade and return them to the seller. The short-seller hopes to cover after the share price declines and book a profit. But the short-seller may also cover to limit losses if the price has gone up.</p><p><blockquote>回补是指持有空头头寸的人回购股票，以结束空头交易并将其返还给卖方。卖空者希望在股价下跌后回补并获利。但如果价格上涨，卖空者也可能会补仓以限制损失。</blockquote></p><p> Margin is the amount of money an investor (or trader) has borrowed from their broker. You can set up a margin account with your broker to buy shares essentially on credit as well as to short a stock, in both cases with a limit set by the broker. If you are betting that the stock price will go down but it instead goes up, you may need to put up more collateral to maintain the agreed-upon margin. Otherwise the broker will begin selling your securities.</p><p><blockquote>保证金是投资者（或交易者）从经纪人那里借入的金额。你可以在你的经纪人那里设立一个保证金账户，基本上是赊购股票，也可以做空股票，这两种情况都有经纪人设定的限额。如果您押注股价会下跌但实际上会上涨，您可能需要提供更多抵押品来维持约定的保证金。否则经纪人将开始出售您的证券。</blockquote></p><p> This brings us to our final definition: A short squeeze takes place when many investors looking to cover short positions start buying a stock at the same time. The resulting feeding frenzy pushes the share price higher, compelling more traders with short positions to cover, and so on. This can happen to any trader, and if you have a large portion of your risk concentrated in one short position, you can lose your shirt.</p><p><blockquote>这就引出了我们的最终定义：当许多寻求回补空头头寸的投资者同时开始购买股票时，就会发生轧空。由此产生的疯狂喂食推动股价走高，迫使更多持有空头头寸的交易者回补，等等。这可能发生在任何交易者身上，如果你的大部分风险集中在一个空头头寸上，你可能会血本无归。</blockquote></p><p> <b>Shorting is best left to the professionals</b></p><p><blockquote><b>做空最好留给专业人士</b></blockquote></p><p> One reason why the deck is stacked against an individual short-seller is that they cannot mitigate their risk by offsetting a large number of short positions with a large number of long positions.</p><p><blockquote>对单个卖空者不利的一个原因是，他们无法通过用大量多头头寸抵消大量空头头寸来降低风险。</blockquote></p><p> A professional short-seller might have dozens of long positions offsetting a large number of short positions -- both based on their own extensive research. They expect to get some trades wrong, but with the risk spread out, as well as their own triggers for when to cover, the overall risk to the pro manager from any one short squeeze may be relatively small.</p><p><blockquote>一个专业的卖空者可能有几十个多头头寸来抵消大量的空头头寸——这两者都是基于他们自己的广泛研究。他们预计会犯一些错误，但随着风险的分散，以及他们自己何时回补的触发因素，任何一次轧空给职业经理人带来的总体风险可能相对较小。</blockquote></p><p> And if you short a stock, there is the risk of a slow (or fast) bleed as you wait for a stock to go down enough for you to make your desired profit. For example, at one point in August 2021, shares of electric vehicle manufacturer Workhorse Group&nbsp;were 35.81% sold-short according to FactSet.</p><p><blockquote>如果你做空一只股票，当你等待一只股票下跌到足以让你获得想要的利润时，就有缓慢（或快速）流血的风险。例如，根据FactSet的数据，2021年8月，电动汽车制造商Workhorse Group的股票一度被卖空35.81%。</blockquote></p><p></p><p> At that time, it cost 6% annually to borrow shares of Workhorse from a broker, according to one portfolio manager. That may not seem to be very much, but if that stock had gone up after you shorted it say, 14%, then you would be paying 20% a year for the privilege of making a risky trade.</p><p><blockquote>一位投资组合经理表示，当时从经纪人那里借入Workhorse股票的年成本为6%。这可能看起来不是很多，但如果该股票在您做空后上涨了14%，那么您每年将支付20%的费用来获得进行风险交易的特权。</blockquote></p><p> <b>Trying to time short-squeezes -- the meme-stock craze</b></p><p><blockquote><b>试图把握空头挤压的时机——模因股票热潮</b></blockquote></p><p> Let's turn to a real example of short-selling and short squeezes. Professional traders had been shorting shares of videogame retailer GameStop&nbsp;and cinema operator AMC Entertainment&nbsp;because they didn't think the businesses had much of a future. But shares of both shot up in early 2021 because of short squeezes, which some traders posting in Reddit's WallStreetBets channel portrayed as a class struggle against hedge funds that had shorted the stocks. These so-called meme stocks have remained well above their pre-short-squeeze levels.</p><p><blockquote>让我们转向卖空和轧空的真实例子。专业交易员一直在做空视频游戏零售商游戏驿站和影院运营商AMC院线的股票，因为他们认为这些企业没有太大的未来。但由于轧空，这两家公司的股价在2021年初飙升，一些交易员在Reddit的WallStreetBets频道上发帖称，这是针对做空股票的对冲基金的阶级斗争。这些所谓的模因股票仍远高于轧空前的水平。</blockquote></p><p> Short interest in GameStop was higher than 100% through most of January, according to data provided by FactSet. Short interest in AMC Entertainment reached 57.81%.</p><p><blockquote>FactSet提供的数据显示，1月份大部分时间，游戏驿站的空头兴趣均高于100%。AMC院线的空头兴趣达到57.81%。</blockquote></p><p> Pros consider short interest above 30% to 40% to be dangerously high. Not only do high short percentages make it very expensive to borrow the shares but they create hair triggers for short squeezes. And that's what happened, with shares of both GameStop and AMC Entertainment going on roller-coaster rides.</p><p><blockquote>专业人士认为空头利息高于30%至40%是危险的。高空头百分比不仅使借入股票变得非常昂贵，而且还为轧空创造了一触即发的触发器。事情就是这样，游戏驿站和AMC院线的股价都在坐过山车。</blockquote></p><p> To be sure, the squeezes worked for traders who got in and out at the right times. It wasn't so neat for others. This chart shows GameStop's stock price for the first eight months of 2021.</p><p><blockquote>可以肯定的是，挤压对在正确的时间进出的交易者有效。对其他人来说就没那么整洁了。这张图表显示了游戏驿站2021年前八个月的股价。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817e6cd2941b0510d18a938d2d34145e\" tg-width=\"700\" tg-height=\"600\" referrerpolicy=\"no-referrer\"><span>FACTSET</span></p><p><blockquote><p class=\"t-img-caption\"><span>FACTSET</span></p></blockquote></p><p> The share of short interest for both stocks has since fallen sharply, making another short squeeze far less likely. The business prospects for both continue to look poor, especially relative to the broader stock market. Then again, both companies have taken advantage of the new interest among traders by issuing more shares to raise cash that could enable them to transform their businesses into healthier models.</p><p><blockquote>此后，这两只股票的空头兴趣份额大幅下降，使得再次轧空的可能性大大降低。两者的商业前景仍然不佳，尤其是相对于更广泛的股市而言。话又说回来，两家公司都利用了交易员的新兴趣，发行更多股票来筹集现金，使他们能够将业务转变为更健康的模式。</blockquote></p><p> The bottom line is that shorting individual stocks can be very risky. If you cut this risk by shorting many stocks for particular reasons while offsetting those shorts with long positions and monitoring all positions continually, you won't have time for much else -- you will be a professional trader.</p><p><blockquote>底线是做空个股可能风险很大。如果你通过出于特定原因做空许多股票，同时用多头头寸抵消这些空头并持续监控所有头寸来降低这种风险，你将没有时间做太多其他事情——你将成为一名专业交易者。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Short-selling stocks -- and trying to play short squeezes -- can be very dangerous<blockquote>卖空股票——并试图进行空头挤压——可能非常危险</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\">\nShort-selling stocks -- and trying to play short squeezes -- can be very dangerous<blockquote>卖空股票——并试图进行空头挤压——可能非常危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-16 15:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How this type of high-stakes trading can influence stock prices</p><p><blockquote>这种高风险交易如何影响股价</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2a0fe9f473bd854010152ae460a3ae3\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>It's easy to follow and online trading fad using your phone - and just as easy to lose a lot of money.</span></p><p><blockquote><p class=\"t-img-caption\"><span>使用手机很容易跟随和在线交易时尚，也很容易损失很多钱。</span></p></blockquote></p><p> Investing and trading are two completely different activities. If you are new to either or haven't delved into the mechanics of short-selling, it's important to understand how this type of high-stakes trading can influence stock prices, even if you have no intention of doing it yourself.</p><p><blockquote>投资和交易是两种完全不同的活动。如果您是这两者的新手或尚未深入研究卖空机制，那么了解这种高风险交易如何影响股价非常重要，即使您自己无意这样做。</blockquote></p><p> Shorting a stock is one of the riskiest things you can do as an investor. But the meme-stock craze -- essentially playing the other side of short trades -- can be nearly as risky because of the wild swings in share prices.</p><p><blockquote>作为投资者，做空股票是风险最大的事情之一。但模因股票热潮——本质上是空头交易的另一面——由于股价的剧烈波动，风险几乎同样大。</blockquote></p><p> First, some definitions. In this article, investing means buying something and holding it, hoping that it goes up in value, that it provides income or both. Trading is buying and selling frequently to book gains.</p><p><blockquote>首先，一些定义。在本文中，投资意味着购买某样东西并持有它，希望它升值，希望它提供收入或两者兼而有之。交易就是频繁地买入和卖出以获得收益。</blockquote></p><p> If you buy a stock, you have only risked the amount you invested. The stock can go to zero and you can lose 100% of the money you invested.</p><p><blockquote>如果您购买股票，您只承担了投资金额的风险。股票可能会跌至零，您可能会损失100%的投资资金。</blockquote></p><p> If you short-sell a stock, you are betting that the price will go down and there is no limit on your potential losses if the share price rises unexpectedly. This is not to say your loss potential is unlimited -- your broker will limit your losses by demanding more collateral to ensure you can cover those losses.</p><p><blockquote>如果你卖空一只股票，你是在赌价格会下跌，如果股价意外上涨，你的潜在损失是无限的。这并不是说您的潜在损失是无限的——您的经纪人会通过要求更多抵押品来限制您的损失，以确保您能够弥补这些损失。</blockquote></p><p> <b>The mechanics of shorting a stock</b></p><p><blockquote><b>做空股票的机制</b></blockquote></p><p> Short-selling a stock is when you borrow shares of a company and sell them immediately because you expect the price to drop, after which you can repurchase the shares, return them to the lender and pocket the difference. It is a specialized strategy for some professional investors and traders but for individuals, it can be very risky and for more than one reason.</p><p><blockquote>卖空股票是指您借入一家公司的股票并立即出售，因为您预计价格会下跌，之后您可以回购股票，将其返还给贷方并将差价收入囊中。对于一些专业投资者和交易者来说，这是一种专门的策略，但对于个人来说，这可能非常危险，原因不止一个。</blockquote></p><p> Some professionals have profited from highly publicized bets against companies they felt were in poor financial condition. Some have even alleged that corporate management teams have misled investors through inflated claims about their products or services.</p><p><blockquote>一些专业人士从大肆宣传的押注中获利，押注他们认为财务状况不佳的公司。一些人甚至声称公司管理团队通过夸大其产品或服务来误导投资者。</blockquote></p><p> For example, shortseller Hindenburg Research's claims that Lordstown Motors&nbsp;had overstated the success of internal efforts to develop battery and fuel-cell capacity for electric trucks helped lead to a federal indictment against its founder, Trevor Milton, and the stock plunged.</p><p><blockquote>例如，卖空者兴登堡研究公司声称洛兹敦汽车公司夸大了内部开发电动卡车电池和燃料电池产能的努力的成功，导致其创始人特雷弗·米尔顿(Trevor Milton)受到联邦起诉，股价暴跌。</blockquote></p><p> The above definition of short-selling is simple, but the devil is in the details, which will follow after some more definitions:</p><p><blockquote>上面对卖空的定义很简单，但魔鬼在细节中，这将在更多的定义之后出现：</blockquote></p><p> Having a long position in a stock means you own the shares and expect (or hope) they go up in price.</p><p><blockquote>持有股票多头头寸意味着您拥有该股票并期望（或希望）其价格上涨。</blockquote></p><p> Covering is when someone with a short position buys back the shares, to end the short trade and return them to the seller. The short-seller hopes to cover after the share price declines and book a profit. But the short-seller may also cover to limit losses if the price has gone up.</p><p><blockquote>回补是指持有空头头寸的人回购股票，以结束空头交易并将其返还给卖方。卖空者希望在股价下跌后回补并获利。但如果价格上涨，卖空者也可能会补仓以限制损失。</blockquote></p><p> Margin is the amount of money an investor (or trader) has borrowed from their broker. You can set up a margin account with your broker to buy shares essentially on credit as well as to short a stock, in both cases with a limit set by the broker. If you are betting that the stock price will go down but it instead goes up, you may need to put up more collateral to maintain the agreed-upon margin. Otherwise the broker will begin selling your securities.</p><p><blockquote>保证金是投资者（或交易者）从经纪人那里借入的金额。你可以在你的经纪人那里设立一个保证金账户，基本上是赊购股票，也可以做空股票，这两种情况都有经纪人设定的限额。如果您押注股价会下跌但实际上会上涨，您可能需要提供更多抵押品来维持约定的保证金。否则经纪人将开始出售您的证券。</blockquote></p><p> This brings us to our final definition: A short squeeze takes place when many investors looking to cover short positions start buying a stock at the same time. The resulting feeding frenzy pushes the share price higher, compelling more traders with short positions to cover, and so on. This can happen to any trader, and if you have a large portion of your risk concentrated in one short position, you can lose your shirt.</p><p><blockquote>这就引出了我们的最终定义：当许多寻求回补空头头寸的投资者同时开始购买股票时，就会发生轧空。由此产生的疯狂喂食推动股价走高，迫使更多持有空头头寸的交易者回补，等等。这可能发生在任何交易者身上，如果你的大部分风险集中在一个空头头寸上，你可能会血本无归。</blockquote></p><p> <b>Shorting is best left to the professionals</b></p><p><blockquote><b>做空最好留给专业人士</b></blockquote></p><p> One reason why the deck is stacked against an individual short-seller is that they cannot mitigate their risk by offsetting a large number of short positions with a large number of long positions.</p><p><blockquote>对单个卖空者不利的一个原因是，他们无法通过用大量多头头寸抵消大量空头头寸来降低风险。</blockquote></p><p> A professional short-seller might have dozens of long positions offsetting a large number of short positions -- both based on their own extensive research. They expect to get some trades wrong, but with the risk spread out, as well as their own triggers for when to cover, the overall risk to the pro manager from any one short squeeze may be relatively small.</p><p><blockquote>一个专业的卖空者可能有几十个多头头寸来抵消大量的空头头寸——这两者都是基于他们自己的广泛研究。他们预计会犯一些错误，但随着风险的分散，以及他们自己何时回补的触发因素，任何一次轧空给职业经理人带来的总体风险可能相对较小。</blockquote></p><p> And if you short a stock, there is the risk of a slow (or fast) bleed as you wait for a stock to go down enough for you to make your desired profit. For example, at one point in August 2021, shares of electric vehicle manufacturer Workhorse Group&nbsp;were 35.81% sold-short according to FactSet.</p><p><blockquote>如果你做空一只股票，当你等待一只股票下跌到足以让你获得想要的利润时，就有缓慢（或快速）流血的风险。例如，根据FactSet的数据，2021年8月，电动汽车制造商Workhorse Group的股票一度被卖空35.81%。</blockquote></p><p></p><p> At that time, it cost 6% annually to borrow shares of Workhorse from a broker, according to one portfolio manager. That may not seem to be very much, but if that stock had gone up after you shorted it say, 14%, then you would be paying 20% a year for the privilege of making a risky trade.</p><p><blockquote>一位投资组合经理表示，当时从经纪人那里借入Workhorse股票的年成本为6%。这可能看起来不是很多，但如果该股票在您做空后上涨了14%，那么您每年将支付20%的费用来获得进行风险交易的特权。</blockquote></p><p> <b>Trying to time short-squeezes -- the meme-stock craze</b></p><p><blockquote><b>试图把握空头挤压的时机——模因股票热潮</b></blockquote></p><p> Let's turn to a real example of short-selling and short squeezes. Professional traders had been shorting shares of videogame retailer GameStop&nbsp;and cinema operator AMC Entertainment&nbsp;because they didn't think the businesses had much of a future. But shares of both shot up in early 2021 because of short squeezes, which some traders posting in Reddit's WallStreetBets channel portrayed as a class struggle against hedge funds that had shorted the stocks. These so-called meme stocks have remained well above their pre-short-squeeze levels.</p><p><blockquote>让我们转向卖空和轧空的真实例子。专业交易员一直在做空视频游戏零售商游戏驿站和影院运营商AMC院线的股票，因为他们认为这些企业没有太大的未来。但由于轧空，这两家公司的股价在2021年初飙升，一些交易员在Reddit的WallStreetBets频道上发帖称，这是针对做空股票的对冲基金的阶级斗争。这些所谓的模因股票仍远高于轧空前的水平。</blockquote></p><p> Short interest in GameStop was higher than 100% through most of January, according to data provided by FactSet. Short interest in AMC Entertainment reached 57.81%.</p><p><blockquote>FactSet提供的数据显示，1月份大部分时间，游戏驿站的空头兴趣均高于100%。AMC院线的空头兴趣达到57.81%。</blockquote></p><p> Pros consider short interest above 30% to 40% to be dangerously high. Not only do high short percentages make it very expensive to borrow the shares but they create hair triggers for short squeezes. And that's what happened, with shares of both GameStop and AMC Entertainment going on roller-coaster rides.</p><p><blockquote>专业人士认为空头利息高于30%至40%是危险的。高空头百分比不仅使借入股票变得非常昂贵，而且还为轧空创造了一触即发的触发器。事情就是这样，游戏驿站和AMC院线的股价都在坐过山车。</blockquote></p><p> To be sure, the squeezes worked for traders who got in and out at the right times. It wasn't so neat for others. This chart shows GameStop's stock price for the first eight months of 2021.</p><p><blockquote>可以肯定的是，挤压对在正确的时间进出的交易者有效。对其他人来说就没那么整洁了。这张图表显示了游戏驿站2021年前八个月的股价。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817e6cd2941b0510d18a938d2d34145e\" tg-width=\"700\" tg-height=\"600\" referrerpolicy=\"no-referrer\"><span>FACTSET</span></p><p><blockquote><p class=\"t-img-caption\"><span>FACTSET</span></p></blockquote></p><p> The share of short interest for both stocks has since fallen sharply, making another short squeeze far less likely. The business prospects for both continue to look poor, especially relative to the broader stock market. Then again, both companies have taken advantage of the new interest among traders by issuing more shares to raise cash that could enable them to transform their businesses into healthier models.</p><p><blockquote>此后，这两只股票的空头兴趣份额大幅下降，使得再次轧空的可能性大大降低。两者的商业前景仍然不佳，尤其是相对于更广泛的股市而言。话又说回来，两家公司都利用了交易员的新兴趣，发行更多股票来筹集现金，使他们能够将业务转变为更健康的模式。</blockquote></p><p> The bottom line is that shorting individual stocks can be very risky. If you cut this risk by shorting many stocks for particular reasons while offsetting those shorts with long positions and monitoring all positions continually, you won't have time for much else -- you will be a professional trader.</p><p><blockquote>底线是做空个股可能风险很大。如果你通过出于特定原因做空许多股票，同时用多头头寸抵消这些空头并持续监控所有头寸来降低这种风险，你将没有时间做太多其他事情——你将成为一名专业交易者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/short-selling-stocks-and-trying-to-play-short-squeezes-can-be-very-dangerous-11631716710?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站",".DJI":"道琼斯","AMC":"AMC院线",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","WKHS":"Workhorse Group, Inc."},"source_url":"https://www.marketwatch.com/story/short-selling-stocks-and-trying-to-play-short-squeezes-can-be-very-dangerous-11631716710?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167599164","content_text":"How this type of high-stakes trading can influence stock prices\nIt's easy to follow and online trading fad using your phone - and just as easy to lose a lot of money.\nInvesting and trading are two completely different activities. If you are new to either or haven't delved into the mechanics of short-selling, it's important to understand how this type of high-stakes trading can influence stock prices, even if you have no intention of doing it yourself.\nShorting a stock is one of the riskiest things you can do as an investor. But the meme-stock craze -- essentially playing the other side of short trades -- can be nearly as risky because of the wild swings in share prices.\nFirst, some definitions. In this article, investing means buying something and holding it, hoping that it goes up in value, that it provides income or both. Trading is buying and selling frequently to book gains.\nIf you buy a stock, you have only risked the amount you invested. The stock can go to zero and you can lose 100% of the money you invested.\nIf you short-sell a stock, you are betting that the price will go down and there is no limit on your potential losses if the share price rises unexpectedly. This is not to say your loss potential is unlimited -- your broker will limit your losses by demanding more collateral to ensure you can cover those losses.\nThe mechanics of shorting a stock\nShort-selling a stock is when you borrow shares of a company and sell them immediately because you expect the price to drop, after which you can repurchase the shares, return them to the lender and pocket the difference. It is a specialized strategy for some professional investors and traders but for individuals, it can be very risky and for more than one reason.\nSome professionals have profited from highly publicized bets against companies they felt were in poor financial condition. Some have even alleged that corporate management teams have misled investors through inflated claims about their products or services.\nFor example, shortseller Hindenburg Research's claims that Lordstown Motors had overstated the success of internal efforts to develop battery and fuel-cell capacity for electric trucks helped lead to a federal indictment against its founder, Trevor Milton, and the stock plunged.\nThe above definition of short-selling is simple, but the devil is in the details, which will follow after some more definitions:\nHaving a long position in a stock means you own the shares and expect (or hope) they go up in price.\nCovering is when someone with a short position buys back the shares, to end the short trade and return them to the seller. The short-seller hopes to cover after the share price declines and book a profit. But the short-seller may also cover to limit losses if the price has gone up.\nMargin is the amount of money an investor (or trader) has borrowed from their broker. You can set up a margin account with your broker to buy shares essentially on credit as well as to short a stock, in both cases with a limit set by the broker. If you are betting that the stock price will go down but it instead goes up, you may need to put up more collateral to maintain the agreed-upon margin. Otherwise the broker will begin selling your securities.\nThis brings us to our final definition: A short squeeze takes place when many investors looking to cover short positions start buying a stock at the same time. The resulting feeding frenzy pushes the share price higher, compelling more traders with short positions to cover, and so on. This can happen to any trader, and if you have a large portion of your risk concentrated in one short position, you can lose your shirt.\nShorting is best left to the professionals\nOne reason why the deck is stacked against an individual short-seller is that they cannot mitigate their risk by offsetting a large number of short positions with a large number of long positions.\nA professional short-seller might have dozens of long positions offsetting a large number of short positions -- both based on their own extensive research. They expect to get some trades wrong, but with the risk spread out, as well as their own triggers for when to cover, the overall risk to the pro manager from any one short squeeze may be relatively small.\nAnd if you short a stock, there is the risk of a slow (or fast) bleed as you wait for a stock to go down enough for you to make your desired profit. For example, at one point in August 2021, shares of electric vehicle manufacturer Workhorse Group were 35.81% sold-short according to FactSet.\nAt that time, it cost 6% annually to borrow shares of Workhorse from a broker, according to one portfolio manager. That may not seem to be very much, but if that stock had gone up after you shorted it say, 14%, then you would be paying 20% a year for the privilege of making a risky trade.\nTrying to time short-squeezes -- the meme-stock craze\nLet's turn to a real example of short-selling and short squeezes. Professional traders had been shorting shares of videogame retailer GameStop and cinema operator AMC Entertainment because they didn't think the businesses had much of a future. But shares of both shot up in early 2021 because of short squeezes, which some traders posting in Reddit's WallStreetBets channel portrayed as a class struggle against hedge funds that had shorted the stocks. These so-called meme stocks have remained well above their pre-short-squeeze levels.\nShort interest in GameStop was higher than 100% through most of January, according to data provided by FactSet. Short interest in AMC Entertainment reached 57.81%.\nPros consider short interest above 30% to 40% to be dangerously high. Not only do high short percentages make it very expensive to borrow the shares but they create hair triggers for short squeezes. And that's what happened, with shares of both GameStop and AMC Entertainment going on roller-coaster rides.\nTo be sure, the squeezes worked for traders who got in and out at the right times. It wasn't so neat for others. This chart shows GameStop's stock price for the first eight months of 2021.\nFACTSET\nThe share of short interest for both stocks has since fallen sharply, making another short squeeze far less likely. The business prospects for both continue to look poor, especially relative to the broader stock market. Then again, both companies have taken advantage of the new interest among traders by issuing more shares to raise cash that could enable them to transform their businesses into healthier models.\nThe bottom line is that shorting individual stocks can be very risky. If you cut this risk by shorting many stocks for particular reasons while offsetting those shorts with long positions and monitoring all positions continually, you won't have time for much else -- you will be a professional trader.","news_type":1,"symbols_score_info":{".IXIC":0.9,"WKHS":0.9,".DJI":0.9,"RIDE":0.9,"GME":0.9,".SPX":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882250375,"gmtCreate":1631698608497,"gmtModify":1631890485159,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like &amp; comment","listText":"Like &amp; comment","text":"Like & comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882250375","repostId":"1108272392","repostType":4,"repost":{"id":"1108272392","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":1631693345,"share":"https://www.laohu8.com/m/news/1108272392?lang=zh_CN&edition=full","pubTime":"2021-09-15 16:09","market":"us","language":"en","title":"Apple shares rose 0.4% in premarket trading<blockquote>苹果股价在盘前交易中上涨0.4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108272392","media":"Tiger Newspress","summary":"Apple shares rose 0.4% in premarket trading.Apple held an event yesterday where the new iPhone 13 in","content":"<p>Apple shares rose 0.4% in premarket trading.Apple held an event yesterday where the&nbsp;new iPhone 13 in all of its versions were unveiled. The stock closed down 0.96% at $148.12.</p><p><blockquote>苹果股价在盘前交易中上涨0.4%。苹果昨天举行了一场活动，推出了所有版本的新款iPhone 13。该股收跌0.96%，报148.12美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/43a1bc16e540f70c96b045c162ee647d\" tg-width=\"850\" tg-height=\"638\" width=\"100%\" height=\"auto\"></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>Apple shares rose 0.4% in premarket trading<blockquote>苹果股价在盘前交易中上涨0.4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple shares rose 0.4% in premarket trading<blockquote>苹果股价在盘前交易中上涨0.4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-15 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares rose 0.4% in premarket trading.Apple held an event yesterday where the&nbsp;new iPhone 13 in all of its versions were unveiled. The stock closed down 0.96% at $148.12.</p><p><blockquote>苹果股价在盘前交易中上涨0.4%。苹果昨天举行了一场活动，推出了所有版本的新款iPhone 13。该股收跌0.96%，报148.12美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/43a1bc16e540f70c96b045c162ee647d\" tg-width=\"850\" tg-height=\"638\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108272392","content_text":"Apple shares rose 0.4% in premarket trading.Apple held an event yesterday where the new iPhone 13 in all of its versions were unveiled. The stock closed down 0.96% at $148.12.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883631437,"gmtCreate":1631236889229,"gmtModify":1631890485170,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883631437","repostId":"2166426123","repostType":4,"isVote":1,"tweetType":1,"viewCount":1710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889151418,"gmtCreate":1631117385434,"gmtModify":1631890485190,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Woop woop like and comment&nbsp;","listText":"Woop woop like and comment&nbsp;","text":"Woop woop like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889151418","repostId":"1180788041","repostType":4,"repost":{"id":"1180788041","kind":"news","pubTimestamp":1631062558,"share":"https://www.laohu8.com/m/news/1180788041?lang=zh_CN&edition=full","pubTime":"2021-09-08 08:55","market":"us","language":"en","title":"Wall Street's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire<blockquote>华尔街最炙手可热的投资者正在少数股票上下大赌注。批评者说她在玩火</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180788041","media":"CNN Business","summary":"New York  - At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.It's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.Last year, Wood's strategy paid huge dividends for investors in her flagship Ark Innovation exchange-traded fund. It surged nearly 150% in 2020","content":"<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.</p><p><blockquote><b>纽约（CNN商业）——</b>当许多投资者满足于随大流并购买苹果、亚马逊和微软等顶级科技公司时，凯西·伍德正在机器人、金融科技和太空探索等热门领域寻找下一个大创新者。</blockquote></p><p> It's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.</p><p><blockquote>这是一个雄心勃勃、高风险、高回报的投资层次。这让伍德的粉丝们在2021年感到紧张。</blockquote></p><p> Last year, Wood's strategy paid huge dividends for investors in her flagship&nbsp;Ark Innovation(ARKK)&nbsp;exchange-traded fund. It surged nearly 150% in 2020 and helped turn her into a Wall Street superstar — sort of the Warren Buffett of momentum investing.</p><p><blockquote>去年，伍德的策略为其旗舰方舟创新（ARKK）交易所交易基金的投资者带来了巨额股息。2020年股价飙升近150%，帮助她成为华尔街巨星——有点像动量投资界的沃伦·巴菲特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/120f0d157792edd784c8787a1c05e955\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Cathie Wood, CEO of Ark Investment Management, has become the face of the growth stock movement on Wall Street.</span></p><p><blockquote><p class=\"t-img-caption\"><span>方舟投资管理公司首席执行官凯西·伍德(Cathie Wood)已成为华尔街成长股运动的代言人。</span></p></blockquote></p><p> But this year hasn't been nearly as kind to Wood as the last. The Innovation ETF was down 2.5% through late August, despite a red-hot market for tech with the Nasdaq up more than 18% so far in 2021.</p><p><blockquote>但是今年对伍德来说并不像去年那么好。尽管科技市场炙手可热，2021年迄今为止纳斯达克上涨了18%以上，但截至8月底，创新ETF仍下跌了2.5%。</blockquote></p><p> Wood wasn't available to comment for this story, but she doubled down in&nbsp;an interview with CNBC&nbsp;in August. She's not worried that the Ark strategy of looking for new tech leaders will end badly, and she maintains that this current rally will not be a repeat of the epic 2000 dot-com implosion.</p><p><blockquote>伍德无法对此事发表评论，但她在8月份接受CNBC采访时加倍了评论。她并不担心寻找新科技领导者的方舟战略会以糟糕的结局告终，她坚持认为当前的反弹不会重演2000年史诗般的互联网内爆。</blockquote></p><p> \"I don't think we're in a bubble, which is what I think many bears think we are,\" Wood told CNBC. \"We have nothing like that right now. In fact, you see a lot of IPOs or SPACs coming out and falling to Earth. We couldn't be further away from a bubble.\"</p><p><blockquote>伍德对CNBC表示：“我不认为我们处于泡沫之中，我认为许多空头认为我们处于泡沫之中。”“我们现在没有这样的东西。事实上，你会看到很多IPO或SPAC上市，然后落地。我们离泡沫已经不远了。”</blockquote></p><p> <b>How Wood developed her strategy</b></p><p><blockquote><b>伍德如何制定她的战略</b></blockquote></p><p> Wood speaks from experience. She's no millennial or Gen Z investor for whom the 2000 tech implosion is merely a war story told by older traders. The 65-year-old Wood lived through the last major tech crash, as well as the infamous Black Monday of 1987.</p><p><blockquote>伍德凭经验说话。她不是千禧一代或Z世代投资者，对他们来说，2000年的科技内爆只是年长交易者讲述的战争故事。65岁的伍德经历了上一次重大科技崩盘，以及1987年臭名昭著的黑色星期一。</blockquote></p><p> She worked for Prudential-owned money manager Jennison Associates for 18 years in the 1980s and 1990s and then spent a dozen years at AllianceBernstein before leaving in 2013.</p><p><blockquote>20世纪80年代和90年代，她在保诚旗下的基金管理公司Jennison Associates工作了18年，然后在联博工作了十几年，然后于2013年离职。</blockquote></p><p> But then, AllianceBernstein passed on her idea to launch a suite of actively managed exchange-traded funds. So she struck out on her own and started Ark in 2014.</p><p><blockquote>但随后，联博传递了她的想法，推出了一套主动管理型交易所交易基金。因此，她独自一人，在2014年创办了Ark。</blockquote></p><p> \"I have been watching disruptive innovation for my entire career — why don't I help my own sector along?\" she&nbsp;told Forbes&nbsp;in a 2014 interview.</p><p><blockquote>“在我的整个职业生涯中，我一直在关注颠覆性创新——为什么我不帮助自己的行业呢？”她在2014年的一次采访中告诉《福布斯》。</blockquote></p><p> That focus on disruption means Wood ties her ETF's fortunes to visionary but mercurial leaders.</p><p><blockquote>这种对颠覆性的关注意味着伍德将她的ETF的命运与富有远见但善变的领导者联系在一起。</blockquote></p><p> In the most prominent example, Wood remains an unabashed fan of&nbsp;Tesla(TSLA)&nbsp;and CEO Elon Musk. The EV maker is the top stock, by far, in Ark's Innovation ETF, accounting for more than 10% of the fund's holdings. It's also the biggest position in Ark's&nbsp;Autonomous Technology &amp; Robotics(ARKQ)&nbsp;and&nbsp;Next Generation Internet(ARKW)&nbsp;ETFs.</p><p><blockquote>最突出的例子是，伍德仍然是特斯拉(TSLA)和首席执行官Elon Musk的毫不掩饰的粉丝。迄今为止，这家电动汽车制造商是Ark创新ETF中排名第一的股票，占该基金持股的10%以上。它也是Ark自主技术与机器人(ARKQ)和下一代互联网(ARKW)ETF中最大的头寸。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/425dc1ea59eb1c068eaba7a392e6c04d\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Wood is a vocal fan of Tesla, which is a top holding in several of Ark's funds.</span></p><p><blockquote><p class=\"t-img-caption\"><span>伍德是特斯拉的忠实粉丝，该公司是Ark旗下多只基金的重仓股。</span></p></blockquote></p><p> Wood is also OK with companies like Tesla issuing more stock to raise money to fund futuristic projects like autonomous vehicles. Some investors are wary of that strategy because the new shares lower the value of existing investors' holdings, but she thinks that's a short-sighted argument, particularly from Tesla bears.</p><p><blockquote>伍德也同意特斯拉等公司发行更多股票来筹集资金，为自动驾驶汽车等未来项目提供资金。一些投资者对这一策略持谨慎态度，因为新股会降低现有投资者持股的价值，但她认为这是一种短视的观点，尤其是来自特斯拉空头的观点。</blockquote></p><p> \"We're not afraid of dilution ... if we think they're doing it for the right reason,\" she told CNBC. \"We wanted them to scale as quickly as possible because we think if we're right on autonomous ...Tesla could get the lion's share of that market, certainly in the United States.\"</p><p><blockquote>“我们不怕稀释……如果我们认为他们这样做是出于正确的原因，”她告诉CNBC。“我们希望他们尽快扩大规模，因为我们认为如果我们在自动驾驶方面是正确的……特斯拉可以获得该市场的最大份额，当然是在美国。”</blockquote></p><p> Ark's big investment in Tesla is a bet on Musk continuing to innovate beyond the business of electric cars, Wood explained in an&nbsp;interview with Bloomberg Radio&nbsp;in August. She raved about Tesla's plans to&nbsp;build a humanoid robot, for example.</p><p><blockquote>伍德在8月份接受彭博电台采访时解释说，方舟对特斯拉的巨额投资是押注马斯克在电动汽车业务之外继续创新。例如，她对特斯拉制造人形机器人的计划赞不绝口。</blockquote></p><p> \"Every passing day, especially the more we learn about their AI expertise and how they're really driving the space ... we believe they have the pole position,\" she said, noting that Ark analysts were \"blown away\" by Musk's presentation.</p><p><blockquote>“日复一日，尤其是我们对他们的人工智能专业知识以及他们如何真正推动该领域的了解越多……我们相信他们拥有领先地位，”她说，并指出方舟分析师被马斯克的演讲“震惊”了。</blockquote></p><p> <b>Growth at all costs</b></p><p><blockquote><b>不惜一切代价实现增长</b></blockquote></p><p> Wood recognizes her growth-at-all-costs way of investing is not for everyone.</p><p><blockquote>伍德认识到，她不惜一切代价实现增长的投资方式并不适合所有人。</blockquote></p><p> Tesla has lagged the broader market this year. Shares of&nbsp;Teladoc(TDOC), a telehealth company that is the second-largest holding in the Ark Innovation ETF and was a big winner at the start of the pandemic, are down more than 25% in 2021.</p><p><blockquote>特斯拉今年表现落后于大盘。Teladoc(TDOC)是一家远程医疗公司，是Ark Innovation ETF的第二大持股，也是疫情爆发之初的大赢家，其股价在2021年下跌了25%以上。</blockquote></p><p> \"We've seen higher-valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said&nbsp;during a webcast&nbsp;hosted by Cboe Global Markets in March.</p><p><blockquote>“我们看到估值较高的股票今年遭受重创。但随着时间的推移，这些创新型公司的增长仍将受到良好对待，”伍德在3月份由芝加哥期权交易所全球市场主办的网络直播中表示。</blockquote></p><p></p><p> Wood added that she thinks investors also should put a small percentage of their money in bitcoin, another risky bet. And she stressed that investors have to overlook the inevitable short-term bumps that come with any asset. It's essential to maintain longer-term convictions and invest for future growth, Wood believes.</p><p><blockquote>伍德补充说，她认为投资者还应该将一小部分资金投入比特币，这是另一个高风险的赌注。她强调，投资者必须忽视任何资产不可避免的短期波动。伍德认为，保持长期信念并为未来增长进行投资至关重要。</blockquote></p><p> \"A lot of companies catering to short-term investors who wanted profits now [have] invested more in stock buybacks and dividends over innovation,\" she said. \"That puts them in harm's way.\"</p><p><blockquote>“许多迎合想要利润的短期投资者的公司现在在股票回购和股息上的投资超过了创新，”她说。“这让他们处于危险之中。”</blockquote></p><p> A colleague describes Wood's go-big-or-go-home approach as a model for the new way of investing. Too many fund managers are afraid to look far into the future when judging a company's merits, instead focusing myopically on the prior and next quarterly earnings reports.</p><p><blockquote>一位同事将伍德的“要么做大，要么回家”方法描述为新投资方式的典范。太多的基金经理在判断一家公司的优点时不敢展望未来，而是短视地关注上一季度和下一季度的收益报告。</blockquote></p><p> \"Cathie has been focusing on Tesla for a long time. She looks at it not just as an automobile manufacturer. You can't compare it to traditional car companies,\"&nbsp;Ark Invest's Ren Leggi, who works closely with Wood on investment decisions as the company's client portfolio manager, told&nbsp;CNN Business in March.</p><p><blockquote>Ark Invest的Ren Leggi在3月份告诉CNN Business：“Cathie长期以来一直关注特斯拉。她不仅仅将其视为一家汽车制造商。你不能将其与传统汽车公司相提并论。”他作为该公司的客户投资组合经理，在投资决策上与伍德密切合作。</blockquote></p><p> <b>Wood's critics</b></p><p><blockquote><b>伍德的批评者</b></blockquote></p><p> But a growing chorus of skeptics think Wood's funds could eventually collapse. Michael Burry, one of the super-bearish investors made famous in \"The Big Short,\" recently established a short position on the Ark Innovation ETF — essentially betting that it will fall sharply.</p><p><blockquote>但越来越多的怀疑者认为伍德的基金最终可能会崩溃。迈克尔·伯里(Michael Burry)是因《大空头》而闻名的超级看跌投资者之一，他最近在Ark Innovation ETF上建立了空头头寸——本质上是押注该基金将大幅下跌。</blockquote></p><p> Some tech stock veterans also wonder if Wood is just an investing flavor of the month, comparing her to once-popular portfolio managers like Kevin Landis of Firsthand Funds, Alberto Vilar of Amerindo and Garrett Van Wagoner, who ran a popular emerging-growth fund in the late 1990s.</p><p><blockquote>一些科技股资深人士还想知道伍德是否只是本月的投资风云人物，将她与Firsthand Funds的凯文·兰迪斯(Kevin Landis)、Amerindo的阿尔贝托·维拉尔(Alberto Vilar)和在20世纪90年代末运营着一只受欢迎的新兴增长基金的加勒特·范·瓦格纳(Garrett Van Wagoner)等曾经受欢迎的投资组合经理进行了比较。</blockquote></p><p> Many of those tech funds imploded following the 2000 bubble. The<i>Wall Street Journal</i>wrote a catch-up piece about Van Wagoner and other late 1990s tech gurus in 2010&nbsp;with the headline \"From Fame, Fortune to Flamed-Out Stars. Post-Bust Fates of Tech-Fund Mavens.\"</p><p><blockquote>许多科技基金在2000年泡沫之后崩溃了。The<i>华尔街日报</i>2010年，他写了一篇关于范·瓦格纳和其他20世纪90年代末科技大师的后续文章，标题是“从名声、财富到燃烧的明星。科技基金专家的破产后命运。”</blockquote></p><p> Is Wood destined for similar ignominy?</p><p><blockquote>伍德注定会遭受类似的耻辱吗？</blockquote></p><p> Rivals take issue with Wood making such big bets on only a handful of stocks. The Ark Innovation ETF, for example, has nearly half its assets concentrated in its top 10 holdings. Beyond Tesla, that fund also owns sizable stakes in&nbsp;Roku(ROKU),Coinbase,Zoom(ZM)&nbsp;and&nbsp;Square(SQ).</p><p><blockquote>竞争对手对伍德只在少数股票上下如此大的赌注提出异议。例如，Ark Innovation ETF近一半的资产集中在其前10名持股中。除了特斯拉之外，该基金还拥有Roku（Roku）、Coinbase、Zoom（ZM）和Square（SQ）的大量股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c02cbbe0138a0aaa5b930521275ad26e\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Roku is another example of a high-risk/high-reward stock that Wood loves.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roku是伍德喜欢的高风险/高回报股票的另一个例子。</span></p></blockquote></p><p> \"Our investment approach is similar to Ark in that we are focusing on tech. But we're different in that we avoid concentration,\"Jeremie Capron, head of research at ROBO Global, told CNN Business in March.</p><p><blockquote>ROBO Global研究主管Jeremie Capron 3月份对CNN Business表示：“我们的投资方式与Ark类似，因为我们专注于科技。但我们的不同之处在于我们避免集中。”</blockquote></p><p> The top 10 holdings in theROBO Global Robotics and Automation Index(ROBO)ETF&nbsp;account for less than 20% of the fund's total assets, and the fund owns about 80 stocks. Ark funds typically own shares in only about 30 to 50 companies.</p><p><blockquote>theROBO全球机器人与自动化指数（ROBO）ETF的前10大持股占该基金总资产的比例不到20%，该基金拥有约80只股票。方舟基金通常只拥有大约30到50家公司的股票。</blockquote></p><p> For the time being, Wood is having the last laugh.</p><p><blockquote>目前，伍德笑到了最后。</blockquote></p><p> Yes, her fund's returns may be volatile year-to-year — the Ark Innovation ETF fell nearly 25% in 2018 before rebounding 30% in 2019 — but it has tended to smooth out. The five-year average annualized return for the Ark Innovation ETF through mid-2021 was 48.6%, compared to 17.7% for the S&amp;P 500.</p><p><blockquote>是的，她的基金的回报可能逐年波动——Ark Innovation ETF在2018年下跌了近25%，然后在2019年反弹了30%——但它已经趋于平稳。截至2021年中期，Ark Innovation ETF的五年平均年化回报率为48.6%，而标普500为17.7%。</blockquote></p><p> As long as that long-term trend continues, Ark acolytes may forgive a down year every now and then as Wood continues to swing for the fences.</p><p><blockquote>只要这种长期趋势持续下去，方舟的追随者可能会时不时地原谅低迷的一年，因为伍德继续摇摆。</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's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire<blockquote>华尔街最炙手可热的投资者正在少数股票上下大赌注。批评者说她在玩火</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's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire<blockquote>华尔街最炙手可热的投资者正在少数股票上下大赌注。批评者说她在玩火</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-09-08 08:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.</p><p><blockquote><b>纽约（CNN商业）——</b>当许多投资者满足于随大流并购买苹果、亚马逊和微软等顶级科技公司时，凯西·伍德正在机器人、金融科技和太空探索等热门领域寻找下一个大创新者。</blockquote></p><p> It's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.</p><p><blockquote>这是一个雄心勃勃、高风险、高回报的投资层次。这让伍德的粉丝们在2021年感到紧张。</blockquote></p><p> Last year, Wood's strategy paid huge dividends for investors in her flagship&nbsp;Ark Innovation(ARKK)&nbsp;exchange-traded fund. It surged nearly 150% in 2020 and helped turn her into a Wall Street superstar — sort of the Warren Buffett of momentum investing.</p><p><blockquote>去年，伍德的策略为其旗舰方舟创新（ARKK）交易所交易基金的投资者带来了巨额股息。2020年股价飙升近150%，帮助她成为华尔街巨星——有点像动量投资界的沃伦·巴菲特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/120f0d157792edd784c8787a1c05e955\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Cathie Wood, CEO of Ark Investment Management, has become the face of the growth stock movement on Wall Street.</span></p><p><blockquote><p class=\"t-img-caption\"><span>方舟投资管理公司首席执行官凯西·伍德(Cathie Wood)已成为华尔街成长股运动的代言人。</span></p></blockquote></p><p> But this year hasn't been nearly as kind to Wood as the last. The Innovation ETF was down 2.5% through late August, despite a red-hot market for tech with the Nasdaq up more than 18% so far in 2021.</p><p><blockquote>但是今年对伍德来说并不像去年那么好。尽管科技市场炙手可热，2021年迄今为止纳斯达克上涨了18%以上，但截至8月底，创新ETF仍下跌了2.5%。</blockquote></p><p> Wood wasn't available to comment for this story, but she doubled down in&nbsp;an interview with CNBC&nbsp;in August. She's not worried that the Ark strategy of looking for new tech leaders will end badly, and she maintains that this current rally will not be a repeat of the epic 2000 dot-com implosion.</p><p><blockquote>伍德无法对此事发表评论，但她在8月份接受CNBC采访时加倍了评论。她并不担心寻找新科技领导者的方舟战略会以糟糕的结局告终，她坚持认为当前的反弹不会重演2000年史诗般的互联网内爆。</blockquote></p><p> \"I don't think we're in a bubble, which is what I think many bears think we are,\" Wood told CNBC. \"We have nothing like that right now. In fact, you see a lot of IPOs or SPACs coming out and falling to Earth. We couldn't be further away from a bubble.\"</p><p><blockquote>伍德对CNBC表示：“我不认为我们处于泡沫之中，我认为许多空头认为我们处于泡沫之中。”“我们现在没有这样的东西。事实上，你会看到很多IPO或SPAC上市，然后落地。我们离泡沫已经不远了。”</blockquote></p><p> <b>How Wood developed her strategy</b></p><p><blockquote><b>伍德如何制定她的战略</b></blockquote></p><p> Wood speaks from experience. She's no millennial or Gen Z investor for whom the 2000 tech implosion is merely a war story told by older traders. The 65-year-old Wood lived through the last major tech crash, as well as the infamous Black Monday of 1987.</p><p><blockquote>伍德凭经验说话。她不是千禧一代或Z世代投资者，对他们来说，2000年的科技内爆只是年长交易者讲述的战争故事。65岁的伍德经历了上一次重大科技崩盘，以及1987年臭名昭著的黑色星期一。</blockquote></p><p> She worked for Prudential-owned money manager Jennison Associates for 18 years in the 1980s and 1990s and then spent a dozen years at AllianceBernstein before leaving in 2013.</p><p><blockquote>20世纪80年代和90年代，她在保诚旗下的基金管理公司Jennison Associates工作了18年，然后在联博工作了十几年，然后于2013年离职。</blockquote></p><p> But then, AllianceBernstein passed on her idea to launch a suite of actively managed exchange-traded funds. So she struck out on her own and started Ark in 2014.</p><p><blockquote>但随后，联博传递了她的想法，推出了一套主动管理型交易所交易基金。因此，她独自一人，在2014年创办了Ark。</blockquote></p><p> \"I have been watching disruptive innovation for my entire career — why don't I help my own sector along?\" she&nbsp;told Forbes&nbsp;in a 2014 interview.</p><p><blockquote>“在我的整个职业生涯中，我一直在关注颠覆性创新——为什么我不帮助自己的行业呢？”她在2014年的一次采访中告诉《福布斯》。</blockquote></p><p> That focus on disruption means Wood ties her ETF's fortunes to visionary but mercurial leaders.</p><p><blockquote>这种对颠覆性的关注意味着伍德将她的ETF的命运与富有远见但善变的领导者联系在一起。</blockquote></p><p> In the most prominent example, Wood remains an unabashed fan of&nbsp;Tesla(TSLA)&nbsp;and CEO Elon Musk. The EV maker is the top stock, by far, in Ark's Innovation ETF, accounting for more than 10% of the fund's holdings. It's also the biggest position in Ark's&nbsp;Autonomous Technology &amp; Robotics(ARKQ)&nbsp;and&nbsp;Next Generation Internet(ARKW)&nbsp;ETFs.</p><p><blockquote>最突出的例子是，伍德仍然是特斯拉(TSLA)和首席执行官Elon Musk的毫不掩饰的粉丝。迄今为止，这家电动汽车制造商是Ark创新ETF中排名第一的股票，占该基金持股的10%以上。它也是Ark自主技术与机器人(ARKQ)和下一代互联网(ARKW)ETF中最大的头寸。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/425dc1ea59eb1c068eaba7a392e6c04d\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Wood is a vocal fan of Tesla, which is a top holding in several of Ark's funds.</span></p><p><blockquote><p class=\"t-img-caption\"><span>伍德是特斯拉的忠实粉丝，该公司是Ark旗下多只基金的重仓股。</span></p></blockquote></p><p> Wood is also OK with companies like Tesla issuing more stock to raise money to fund futuristic projects like autonomous vehicles. Some investors are wary of that strategy because the new shares lower the value of existing investors' holdings, but she thinks that's a short-sighted argument, particularly from Tesla bears.</p><p><blockquote>伍德也同意特斯拉等公司发行更多股票来筹集资金，为自动驾驶汽车等未来项目提供资金。一些投资者对这一策略持谨慎态度，因为新股会降低现有投资者持股的价值，但她认为这是一种短视的观点，尤其是来自特斯拉空头的观点。</blockquote></p><p> \"We're not afraid of dilution ... if we think they're doing it for the right reason,\" she told CNBC. \"We wanted them to scale as quickly as possible because we think if we're right on autonomous ...Tesla could get the lion's share of that market, certainly in the United States.\"</p><p><blockquote>“我们不怕稀释……如果我们认为他们这样做是出于正确的原因，”她告诉CNBC。“我们希望他们尽快扩大规模，因为我们认为如果我们在自动驾驶方面是正确的……特斯拉可以获得该市场的最大份额，当然是在美国。”</blockquote></p><p> Ark's big investment in Tesla is a bet on Musk continuing to innovate beyond the business of electric cars, Wood explained in an&nbsp;interview with Bloomberg Radio&nbsp;in August. She raved about Tesla's plans to&nbsp;build a humanoid robot, for example.</p><p><blockquote>伍德在8月份接受彭博电台采访时解释说，方舟对特斯拉的巨额投资是押注马斯克在电动汽车业务之外继续创新。例如，她对特斯拉制造人形机器人的计划赞不绝口。</blockquote></p><p> \"Every passing day, especially the more we learn about their AI expertise and how they're really driving the space ... we believe they have the pole position,\" she said, noting that Ark analysts were \"blown away\" by Musk's presentation.</p><p><blockquote>“日复一日，尤其是我们对他们的人工智能专业知识以及他们如何真正推动该领域的了解越多……我们相信他们拥有领先地位，”她说，并指出方舟分析师被马斯克的演讲“震惊”了。</blockquote></p><p> <b>Growth at all costs</b></p><p><blockquote><b>不惜一切代价实现增长</b></blockquote></p><p> Wood recognizes her growth-at-all-costs way of investing is not for everyone.</p><p><blockquote>伍德认识到，她不惜一切代价实现增长的投资方式并不适合所有人。</blockquote></p><p> Tesla has lagged the broader market this year. Shares of&nbsp;Teladoc(TDOC), a telehealth company that is the second-largest holding in the Ark Innovation ETF and was a big winner at the start of the pandemic, are down more than 25% in 2021.</p><p><blockquote>特斯拉今年表现落后于大盘。Teladoc(TDOC)是一家远程医疗公司，是Ark Innovation ETF的第二大持股，也是疫情爆发之初的大赢家，其股价在2021年下跌了25%以上。</blockquote></p><p> \"We've seen higher-valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said&nbsp;during a webcast&nbsp;hosted by Cboe Global Markets in March.</p><p><blockquote>“我们看到估值较高的股票今年遭受重创。但随着时间的推移，这些创新型公司的增长仍将受到良好对待，”伍德在3月份由芝加哥期权交易所全球市场主办的网络直播中表示。</blockquote></p><p></p><p> Wood added that she thinks investors also should put a small percentage of their money in bitcoin, another risky bet. And she stressed that investors have to overlook the inevitable short-term bumps that come with any asset. It's essential to maintain longer-term convictions and invest for future growth, Wood believes.</p><p><blockquote>伍德补充说，她认为投资者还应该将一小部分资金投入比特币，这是另一个高风险的赌注。她强调，投资者必须忽视任何资产不可避免的短期波动。伍德认为，保持长期信念并为未来增长进行投资至关重要。</blockquote></p><p> \"A lot of companies catering to short-term investors who wanted profits now [have] invested more in stock buybacks and dividends over innovation,\" she said. \"That puts them in harm's way.\"</p><p><blockquote>“许多迎合想要利润的短期投资者的公司现在在股票回购和股息上的投资超过了创新，”她说。“这让他们处于危险之中。”</blockquote></p><p> A colleague describes Wood's go-big-or-go-home approach as a model for the new way of investing. Too many fund managers are afraid to look far into the future when judging a company's merits, instead focusing myopically on the prior and next quarterly earnings reports.</p><p><blockquote>一位同事将伍德的“要么做大，要么回家”方法描述为新投资方式的典范。太多的基金经理在判断一家公司的优点时不敢展望未来，而是短视地关注上一季度和下一季度的收益报告。</blockquote></p><p> \"Cathie has been focusing on Tesla for a long time. She looks at it not just as an automobile manufacturer. You can't compare it to traditional car companies,\"&nbsp;Ark Invest's Ren Leggi, who works closely with Wood on investment decisions as the company's client portfolio manager, told&nbsp;CNN Business in March.</p><p><blockquote>Ark Invest的Ren Leggi在3月份告诉CNN Business：“Cathie长期以来一直关注特斯拉。她不仅仅将其视为一家汽车制造商。你不能将其与传统汽车公司相提并论。”他作为该公司的客户投资组合经理，在投资决策上与伍德密切合作。</blockquote></p><p> <b>Wood's critics</b></p><p><blockquote><b>伍德的批评者</b></blockquote></p><p> But a growing chorus of skeptics think Wood's funds could eventually collapse. Michael Burry, one of the super-bearish investors made famous in \"The Big Short,\" recently established a short position on the Ark Innovation ETF — essentially betting that it will fall sharply.</p><p><blockquote>但越来越多的怀疑者认为伍德的基金最终可能会崩溃。迈克尔·伯里(Michael Burry)是因《大空头》而闻名的超级看跌投资者之一，他最近在Ark Innovation ETF上建立了空头头寸——本质上是押注该基金将大幅下跌。</blockquote></p><p> Some tech stock veterans also wonder if Wood is just an investing flavor of the month, comparing her to once-popular portfolio managers like Kevin Landis of Firsthand Funds, Alberto Vilar of Amerindo and Garrett Van Wagoner, who ran a popular emerging-growth fund in the late 1990s.</p><p><blockquote>一些科技股资深人士还想知道伍德是否只是本月的投资风云人物，将她与Firsthand Funds的凯文·兰迪斯(Kevin Landis)、Amerindo的阿尔贝托·维拉尔(Alberto Vilar)和在20世纪90年代末运营着一只受欢迎的新兴增长基金的加勒特·范·瓦格纳(Garrett Van Wagoner)等曾经受欢迎的投资组合经理进行了比较。</blockquote></p><p> Many of those tech funds imploded following the 2000 bubble. The<i>Wall Street Journal</i>wrote a catch-up piece about Van Wagoner and other late 1990s tech gurus in 2010&nbsp;with the headline \"From Fame, Fortune to Flamed-Out Stars. Post-Bust Fates of Tech-Fund Mavens.\"</p><p><blockquote>许多科技基金在2000年泡沫之后崩溃了。The<i>华尔街日报</i>2010年，他写了一篇关于范·瓦格纳和其他20世纪90年代末科技大师的后续文章，标题是“从名声、财富到燃烧的明星。科技基金专家的破产后命运。”</blockquote></p><p> Is Wood destined for similar ignominy?</p><p><blockquote>伍德注定会遭受类似的耻辱吗？</blockquote></p><p> Rivals take issue with Wood making such big bets on only a handful of stocks. The Ark Innovation ETF, for example, has nearly half its assets concentrated in its top 10 holdings. Beyond Tesla, that fund also owns sizable stakes in&nbsp;Roku(ROKU),Coinbase,Zoom(ZM)&nbsp;and&nbsp;Square(SQ).</p><p><blockquote>竞争对手对伍德只在少数股票上下如此大的赌注提出异议。例如，Ark Innovation ETF近一半的资产集中在其前10名持股中。除了特斯拉之外，该基金还拥有Roku（Roku）、Coinbase、Zoom（ZM）和Square（SQ）的大量股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c02cbbe0138a0aaa5b930521275ad26e\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Roku is another example of a high-risk/high-reward stock that Wood loves.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roku是伍德喜欢的高风险/高回报股票的另一个例子。</span></p></blockquote></p><p> \"Our investment approach is similar to Ark in that we are focusing on tech. But we're different in that we avoid concentration,\"Jeremie Capron, head of research at ROBO Global, told CNN Business in March.</p><p><blockquote>ROBO Global研究主管Jeremie Capron 3月份对CNN Business表示：“我们的投资方式与Ark类似，因为我们专注于科技。但我们的不同之处在于我们避免集中。”</blockquote></p><p> The top 10 holdings in theROBO Global Robotics and Automation Index(ROBO)ETF&nbsp;account for less than 20% of the fund's total assets, and the fund owns about 80 stocks. Ark funds typically own shares in only about 30 to 50 companies.</p><p><blockquote>theROBO全球机器人与自动化指数（ROBO）ETF的前10大持股占该基金总资产的比例不到20%，该基金拥有约80只股票。方舟基金通常只拥有大约30到50家公司的股票。</blockquote></p><p> For the time being, Wood is having the last laugh.</p><p><blockquote>目前，伍德笑到了最后。</blockquote></p><p> Yes, her fund's returns may be volatile year-to-year — the Ark Innovation ETF fell nearly 25% in 2018 before rebounding 30% in 2019 — but it has tended to smooth out. The five-year average annualized return for the Ark Innovation ETF through mid-2021 was 48.6%, compared to 17.7% for the S&amp;P 500.</p><p><blockquote>是的，她的基金的回报可能逐年波动——Ark Innovation ETF在2018年下跌了近25%，然后在2019年反弹了30%——但它已经趋于平稳。截至2021年中期，Ark Innovation ETF的五年平均年化回报率为48.6%，而标普500为17.7%。</blockquote></p><p> As long as that long-term trend continues, Ark acolytes may forgive a down year every now and then as Wood continues to swing for the fences.</p><p><blockquote>只要这种长期趋势持续下去，方舟的追随者可能会时不时地原谅低迷的一年，因为伍德继续摇摆。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/09/07/investing/cathie-wood-risk-takers/index.html\">CNN Business</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":{"ARKG":"ARK Genomic Revolution ETF","TSLA":"特斯拉","ARKK":"ARK Innovation ETF","ARKW":"ARK Next Generation Internet ETF","ARKF":"ARK Fintech Innovation ETF"},"source_url":"https://edition.cnn.com/2021/09/07/investing/cathie-wood-risk-takers/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180788041","content_text":"New York (CNN Business) - At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.\nIt's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.\nLast year, Wood's strategy paid huge dividends for investors in her flagship Ark Innovation(ARKK) exchange-traded fund. It surged nearly 150% in 2020 and helped turn her into a Wall Street superstar — sort of the Warren Buffett of momentum investing.\nCathie Wood, CEO of Ark Investment Management, has become the face of the growth stock movement on Wall Street.\nBut this year hasn't been nearly as kind to Wood as the last. The Innovation ETF was down 2.5% through late August, despite a red-hot market for tech with the Nasdaq up more than 18% so far in 2021.\nWood wasn't available to comment for this story, but she doubled down in an interview with CNBC in August. She's not worried that the Ark strategy of looking for new tech leaders will end badly, and she maintains that this current rally will not be a repeat of the epic 2000 dot-com implosion.\n\"I don't think we're in a bubble, which is what I think many bears think we are,\" Wood told CNBC. \"We have nothing like that right now. In fact, you see a lot of IPOs or SPACs coming out and falling to Earth. We couldn't be further away from a bubble.\"\nHow Wood developed her strategy\nWood speaks from experience. She's no millennial or Gen Z investor for whom the 2000 tech implosion is merely a war story told by older traders. The 65-year-old Wood lived through the last major tech crash, as well as the infamous Black Monday of 1987.\nShe worked for Prudential-owned money manager Jennison Associates for 18 years in the 1980s and 1990s and then spent a dozen years at AllianceBernstein before leaving in 2013.\nBut then, AllianceBernstein passed on her idea to launch a suite of actively managed exchange-traded funds. So she struck out on her own and started Ark in 2014.\n\"I have been watching disruptive innovation for my entire career — why don't I help my own sector along?\" she told Forbes in a 2014 interview.\nThat focus on disruption means Wood ties her ETF's fortunes to visionary but mercurial leaders.\nIn the most prominent example, Wood remains an unabashed fan of Tesla(TSLA) and CEO Elon Musk. The EV maker is the top stock, by far, in Ark's Innovation ETF, accounting for more than 10% of the fund's holdings. It's also the biggest position in Ark's Autonomous Technology & Robotics(ARKQ) and Next Generation Internet(ARKW) ETFs.\nWood is a vocal fan of Tesla, which is a top holding in several of Ark's funds.\nWood is also OK with companies like Tesla issuing more stock to raise money to fund futuristic projects like autonomous vehicles. Some investors are wary of that strategy because the new shares lower the value of existing investors' holdings, but she thinks that's a short-sighted argument, particularly from Tesla bears.\n\"We're not afraid of dilution ... if we think they're doing it for the right reason,\" she told CNBC. \"We wanted them to scale as quickly as possible because we think if we're right on autonomous ...Tesla could get the lion's share of that market, certainly in the United States.\"\nArk's big investment in Tesla is a bet on Musk continuing to innovate beyond the business of electric cars, Wood explained in an interview with Bloomberg Radio in August. She raved about Tesla's plans to build a humanoid robot, for example.\n\"Every passing day, especially the more we learn about their AI expertise and how they're really driving the space ... we believe they have the pole position,\" she said, noting that Ark analysts were \"blown away\" by Musk's presentation.\nGrowth at all costs\nWood recognizes her growth-at-all-costs way of investing is not for everyone.\nTesla has lagged the broader market this year. Shares of Teladoc(TDOC), a telehealth company that is the second-largest holding in the Ark Innovation ETF and was a big winner at the start of the pandemic, are down more than 25% in 2021.\n\"We've seen higher-valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said during a webcast hosted by Cboe Global Markets in March.\nWood added that she thinks investors also should put a small percentage of their money in bitcoin, another risky bet. And she stressed that investors have to overlook the inevitable short-term bumps that come with any asset. It's essential to maintain longer-term convictions and invest for future growth, Wood believes.\n\"A lot of companies catering to short-term investors who wanted profits now [have] invested more in stock buybacks and dividends over innovation,\" she said. \"That puts them in harm's way.\"\nA colleague describes Wood's go-big-or-go-home approach as a model for the new way of investing. Too many fund managers are afraid to look far into the future when judging a company's merits, instead focusing myopically on the prior and next quarterly earnings reports.\n\"Cathie has been focusing on Tesla for a long time. She looks at it not just as an automobile manufacturer. You can't compare it to traditional car companies,\" Ark Invest's Ren Leggi, who works closely with Wood on investment decisions as the company's client portfolio manager, told CNN Business in March.\nWood's critics\nBut a growing chorus of skeptics think Wood's funds could eventually collapse. Michael Burry, one of the super-bearish investors made famous in \"The Big Short,\" recently established a short position on the Ark Innovation ETF — essentially betting that it will fall sharply.\nSome tech stock veterans also wonder if Wood is just an investing flavor of the month, comparing her to once-popular portfolio managers like Kevin Landis of Firsthand Funds, Alberto Vilar of Amerindo and Garrett Van Wagoner, who ran a popular emerging-growth fund in the late 1990s.\nMany of those tech funds imploded following the 2000 bubble. TheWall Street Journalwrote a catch-up piece about Van Wagoner and other late 1990s tech gurus in 2010 with the headline \"From Fame, Fortune to Flamed-Out Stars. Post-Bust Fates of Tech-Fund Mavens.\"\nIs Wood destined for similar ignominy?\nRivals take issue with Wood making such big bets on only a handful of stocks. The Ark Innovation ETF, for example, has nearly half its assets concentrated in its top 10 holdings. Beyond Tesla, that fund also owns sizable stakes in Roku(ROKU),Coinbase,Zoom(ZM) and Square(SQ).\nRoku is another example of a high-risk/high-reward stock that Wood loves.\n\"Our investment approach is similar to Ark in that we are focusing on tech. But we're different in that we avoid concentration,\"Jeremie Capron, head of research at ROBO Global, told CNN Business in March.\nThe top 10 holdings in theROBO Global Robotics and Automation Index(ROBO)ETF account for less than 20% of the fund's total assets, and the fund owns about 80 stocks. Ark funds typically own shares in only about 30 to 50 companies.\nFor the time being, Wood is having the last laugh.\nYes, her fund's returns may be volatile year-to-year — the Ark Innovation ETF fell nearly 25% in 2018 before rebounding 30% in 2019 — but it has tended to smooth out. The five-year average annualized return for the Ark Innovation ETF through mid-2021 was 48.6%, compared to 17.7% for the S&P 500.\nAs long as that long-term trend continues, Ark acolytes may forgive a down year every now and then as Wood continues to swing for the fences.","news_type":1,"symbols_score_info":{"ARKG":0.9,"ARKF":0.9,"ARKW":0.9,"ARKK":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817625689,"gmtCreate":1630943961441,"gmtModify":1631890485203,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like comment!","listText":"Like comment!","text":"Like comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817625689","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohu8.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816416695,"gmtCreate":1630512681917,"gmtModify":1631890485213,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like comment","listText":"Like comment","text":"Like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/816416695","repostId":"1110351476","repostType":4,"repost":{"id":"1110351476","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":1630510441,"share":"https://www.laohu8.com/m/news/1110351476?lang=zh_CN&edition=full","pubTime":"2021-09-01 23:34","market":"us","language":"en","title":"Focus Universal Inc. shares surged nearly 230%<blockquote>Focus Universal Inc.股价飙升近230%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110351476","media":"Tiger Newspress","summary":"Focus Universal Inc. shares surged nearly 230%. The stock started trading on Nasdaq Capital Market y","content":"<p>Focus&nbsp;Universal&nbsp;Inc.&nbsp;shares&nbsp;surged&nbsp;nearly&nbsp;230%. The stock started trading on Nasdaq Capital Market yesterday.</p><p><blockquote>Focus Universal Inc.股价飙升近230%。该股昨天开始在纳斯达克资本市场交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/20952cc6988ab208c1e782cf45b91b1a\" tg-width=\"878\" tg-height=\"635\" referrerpolicy=\"no-referrer\">Focus Universal Inc. &nbsp;is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security.</p><p><blockquote>Focus Universal Inc.是物联网(IoT)和5G专利硬件和软件设计技术的提供商。公司开发了四项颠覆性专利技术，以解决当今两个行业面临的硬件设计、硬件生产、软件设计和网络通信等重大问题。这些技术结合起来有可能降低成本、产品开发时间表和能源使用，同时提高范围、速度、效率和安全性。</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>Focus Universal Inc. shares surged nearly 230%<blockquote>Focus Universal Inc.股价飙升近230%</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\">\nFocus Universal Inc. shares surged nearly 230%<blockquote>Focus Universal Inc.股价飙升近230%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-01 23:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Focus&nbsp;Universal&nbsp;Inc.&nbsp;shares&nbsp;surged&nbsp;nearly&nbsp;230%. The stock started trading on Nasdaq Capital Market yesterday.</p><p><blockquote>Focus Universal Inc.股价飙升近230%。该股昨天开始在纳斯达克资本市场交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/20952cc6988ab208c1e782cf45b91b1a\" tg-width=\"878\" tg-height=\"635\" referrerpolicy=\"no-referrer\">Focus Universal Inc. &nbsp;is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security.</p><p><blockquote>Focus Universal Inc.是物联网(IoT)和5G专利硬件和软件设计技术的提供商。公司开发了四项颠覆性专利技术，以解决当今两个行业面临的硬件设计、硬件生产、软件设计和网络通信等重大问题。这些技术结合起来有可能降低成本、产品开发时间表和能源使用，同时提高范围、速度、效率和安全性。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FCUV":"Focus Universal, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110351476","content_text":"Focus Universal Inc. shares surged nearly 230%. The stock started trading on Nasdaq Capital Market yesterday.\nFocus Universal Inc.  is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security.","news_type":1,"symbols_score_info":{"FCUV":0.9}},"isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819128580,"gmtCreate":1630047087440,"gmtModify":1704955126392,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/819128580","repostId":"1196717589","repostType":4,"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831841242,"gmtCreate":1629303513086,"gmtModify":1631890485237,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Ajdnd","listText":"Ajdnd","text":"Ajdnd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831841242","repostId":"1122814365","repostType":4,"repost":{"id":"1122814365","kind":"news","pubTimestamp":1629292156,"share":"https://www.laohu8.com/m/news/1122814365?lang=zh_CN&edition=full","pubTime":"2021-08-18 21:09","market":"us","language":"en","title":"4 Hypergrowth Stocks Expected to Increase Sales 1,100% (or More) by 2025<blockquote>4只超高速增长股票预计到2025年销售额将增长1,100%（或更多）</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122814365","media":"Motley Fool","summary":"Revenue for these fast-paced stocks should skyrocket between 1,100% and 4,200% by mid-decade.\n\nKey P","content":"<p>  <b>Revenue for these fast-paced stocks should skyrocket between 1,100% and 4,200% by mid-decade.</b>  <b>Key Points</b></p><p><blockquote><b>到十年中期，这些快节奏股票的收入应该会飙升1,100%至4,200%。</b><b>要点</b></blockquote></p><p> <ul>  <li>Rapid sales growth doesn't always tell you the full story about a company.</li> </ul> For the past 12 years, growth stocks have been all the rage on Wall Street -- and with good reason. Historically low lending rates and abundant access to this cheap capital have fueled hiring, innovation, and even acquisitions among fast-paced companies.</p><p><blockquote><ul><li>快速的销售增长并不总是能告诉你一家公司的全部情况。</li></ul>过去12年来，成长型股票在华尔街风靡一时，这是有充分理由的。历史上较低的贷款利率和充足的廉价资本渠道推动了快节奏公司的招聘、创新甚至收购。</blockquote></p><p> But for some growth stocks, the expected uptick in revenue is just getting started. According to consensus estimates from Wall Street, the following four hypergrowth stocks are expected to increase their sales by anywhere from 1,100% to more than 4,200% over the next three to five years.</p><p><blockquote>但对于一些成长型股票来说，收入的预期增长才刚刚开始。根据华尔街的一致估计，以下四只高速增长股票的销售额预计将在未来三到五年内增长1,100%至4,200%以上。</blockquote></p><p> <b>Novavax: Implied sales growth of 1,337% by 2025</b></p><p><blockquote><b>Novavax：到2025年隐含销售额增长1,337%</b></blockquote></p><p> Biotech stocksare always a good bet to see their sales rocket from zero to hero with their first drug approval. Clinical-stage drug developer<b>Novavax</b>(NASDAQ:NVAX)is expected to do even more with the expected emergency-use authorization (EUA) approval of its coronavirus disease 2019 (COVID-19) vaccine, NVX-CoV2373. Per Wall Street, Novavax could see sales catapult from nearly $476 million in 2020 to roughly $6.84 billion by 2025.</p><p><blockquote>随着第一个药物获得批准，生物科技股的销售额从零飙升至英雄始终是一个不错的选择。临床阶段药物开发商<b>Novavax</b>（纳斯达克：NVAX）预计其冠状病毒疾病2019（COVID-19）疫苗NVX-CoV2373将获得紧急使用授权（EUA）批准，预计将做得更多。据华尔街报道，Novavax的销售额可能会从2020年的近4.76亿美元跃升至2025年的约68.4亿美元。</blockquote></p><p> To date, Novavax has run two large-scale clinical trials for its COVID-19 vaccine. In March, phase 3 trial data from the U.K. showed a vaccine efficacy (VE) of 89.7%. Data from the second phase 3 study, conducted in the U.S. and Mexico, was released in June and demonstrated a very similar VE of 90.4%. Theeffectiveness of Novavax's vaccinemakes it very likely that it'll soon be authorized in developed markets like the U.S., U.K., and Europe, and could play a key role in emerging markets, as well. Novavax may also push vaccines with lower perceived efficacy --<b>Johnson &amp; Johnson</b>&nbsp;and<b>AstraZeneca</b>&nbsp;-- to the back of the line.</p><p><blockquote>迄今为止，Novavax已经为其COVID-19疫苗进行了两项大规模临床试验。3月份，英国的3期试验数据显示疫苗效力(VE)为89.7%。在美国和墨西哥进行的第二项3期研究的数据于6月发布，显示VE非常相似，为90.4%。Novavax疫苗的有效性使得它很可能很快在美国、英国和欧洲等发达市场获得授权，并可能在新兴市场发挥关键作用。Novavax也可能会推出感知效力较低的疫苗——<b>强生公司</b>和<b>阿斯利康</b>--到队伍的后面。</blockquote></p><p> The only real drag for Novavax shareholders has been the company'snumerous delays in filing for EUA. Initially expected to go after EUA in the U.S. in the second quarter, the company now anticipates filing the appropriate paperwork during the fourth quarter. There have also been concerns about the company's timeline to ramp up vaccine production to full capacity.</p><p><blockquote>Novavax股东唯一真正的拖累是该公司多次推迟申请EUA。该公司最初预计将于第二季度在美国寻求EUA，现在预计将在第四季度提交适当的文件。人们还担心该公司将疫苗生产提高到满负荷的时间表。</blockquote></p><p> Nevertheless, these delays of a quarter or two aren't going to hamper Novavax's longer-term prospects, which appear to be buoyed by the development of disease variants. The company's ability to quickly develop a vaccine, as well as its early stage research that combines influenza and COVID-19 into a single booster shot, should keep Novavax on the map for a long time to come.</p><p><blockquote>尽管如此，一两个季度的延迟不会阻碍Novavax的长期前景，这似乎受到疾病变种发展的提振。该公司快速开发疫苗的能力，以及将流感和COVID-19结合到单一加强注射中的早期研究，应该会让Novavax在未来很长一段时间内保持领先地位。</blockquote></p><p> <b>Blink Charging: Implied sales growth of 2,352% by 2025</b></p><p><blockquote><b>Blink Charging：到2025年隐含销售额增长2,352%</b></blockquote></p><p> Another growth stocks with (pun intended) supercharged sales growth potential over the next five years is<b>Blink Charging</b>(NASDAQ:BLNK). Blink provides electric-vehicle (EV) charging infrastructure, as well as owns charging station networks.</p><p><blockquote>另一只在未来五年内具有强劲销售增长潜力的成长型股票是<b>闪烁充电</b>（纳斯达克：BLNK）。Blink提供电动汽车(EV)充电基础设施，并拥有充电站网络。</blockquote></p><p> The logic behind Blink's growth is pretty easy to wrap your hands around. Last year, 1.8% of all new vehicles registered in the U.S. were EVs. But by 2025, an IHS Markit study predicts that 10% of all new vehicle registrations will be EVs.&nbsp; As the electrification of America takes shape, demand for charging infrastructureis only going to tick higher. There should be plenty of room for ancillary EV players like Blink Charging to take advantage of this trend for decades to come.</p><p><blockquote>Blink增长背后的逻辑很容易理解。去年，在美国注册的所有新车中有1.8%是电动汽车。但IHS Markit的一项研究预测，到2025年，所有新车注册量的10%将是电动汽车。随着美国电气化的形成，对充电基础设施的需求只会越来越高。未来几十年，Blink Charging等辅助电动汽车厂商应该有足够的空间来利用这一趋势。</blockquote></p><p> Based on Wall Street's consensus estimate, Blink Charging is expected to grow its sales from a reported $6.2 million in 2020 to $152 million by mid-decade. That's a 2,352% revenue increase, for those of you keeping score at home.</p><p><blockquote>根据华尔街的普遍估计，Blink Charging的销售额预计将从2020年报告的620万美元增长到十年中期的1.52亿美元。对于那些在家记分的人来说，收入增长了2,352%。</blockquote></p><p> However, Blink's future is far from certain. Its current market cap places it at a multiple of 9 times estimated sales for 2025, and it's not particularly close to generating a profit. The company alsodoesn't appear to be investing any of its cash into research and development.&nbsp; With no true means to stand out, it's quite possible Blink Charging gets left in the dust by its competition.</p><p><blockquote>然而，Blink的未来还远未确定。其目前的市值是2025年预计销售额的9倍，而且还没有特别接近盈利。该公司似乎也没有将任何现金投入研发。由于没有真正的脱颖而出手段，Blink Charging很可能会被竞争对手远远甩在身后。</blockquote></p><p> <b>Jushi Holdings: Implied sales growth of 1,101% by 2024</b></p><p><blockquote><b>巨石控股：到2024年隐含销售额增长1101%</b></blockquote></p><p> U.S.marijuana stocks&nbsp;are a fantastic bet to deliver triple-digit aggregate sales growth over the next three to five years as new states legalize pot and already legalized states benefit from organic growth. But you can forget about triple-digit sales growth with multistate operator<b>Jushi Holdings</b>(OTC:JUSHF). According to estimates from&nbsp;<b>FactSet</b>, Jushi's projected push to $969 million in annual revenue by 2024 would mark a 1,101% increase from the $80.7 million in sales generated last year.</p><p><blockquote>随着新州大麻合法化以及已经合法化的州从有机增长中受益，美国大麻股票是未来三到五年实现三位数总销售额增长的绝佳选择。但您可以忘记多州运营商三位数的销售增长<b>巨石控股</b>（场外交易代码：JUSHF）。据估计<b>FactSet</b>巨石预计到2024年年收入将达到9.69亿美元，比去年的8070万美元销售额增长1,101%。</blockquote></p><p></p><p> Operating in the highly lucrative U.S. market is bound to give Jushi a boost. We've already seen 36 states legalize cannabis in some capacity, 18 of which have passed legislation to allow for the consumption and/or retail sale of adult-use weed. If New Frontier Data's latest report on the U.S. pot industry proves accurate, legal weed sales could grow by an annualized average of 21% through 2025, ultimately hitting north of $41 billion.</p><p><blockquote>在利润丰厚的美国市场运营势必会给巨石带来提振。我们已经看到36个州以某种方式将大麻合法化，其中18个州已经通过立法，允许消费和/或零售成人用大麻。如果New Frontier Data关于美国大麻行业的最新报告被证明是准确的，那么到2025年，合法大麻销售额可能会年均增长21%，最终达到410亿美元以上。</blockquote></p><p> Jushi is a relatively small player in the cannabis space, for the time being. It has 20 operating dispensaries, but will likely end the year closer to 30, inclusive of organic openings and acquisitions. The company's&nbsp;core focus is on a trio of limited-license states: Virginia, Pennsylvania, and Illinois. The former issues licenses based on jurisdiction, whereas the latter two limit the aggregate number of retail and cultivation licenses assigned. By targeting limited-license states, Jushi will be somewhat protected from competitors with deeper pockets.</p><p><blockquote>目前，巨石在大麻领域是一个相对较小的参与者。它有20家正在运营的药房，但今年年底可能会接近30家，包括有机开业和收购。该公司的核心重点是三个有限许可州：弗吉尼亚州、宾夕法尼亚州和伊利诺伊州。前者根据管辖权发放许可证，而后两者限制分配的零售和种植许可证的总数。通过瞄准有限许可州，巨石将在一定程度上免受财力雄厚的竞争对手的影响。</blockquote></p><p> Similar to Novavax, Jushi is expected to turn the corner to recurring profitability in 2022. It looks to be one of the&nbsp;biggest bargains in the cannabis industry.</p><p><blockquote>与Novavax类似，巨石预计将在2022年实现经常性盈利。这看起来是大麻行业最大的便宜货之一。</blockquote></p><p> <b>Riot Blockchain: Implied sales growth of 4,231% by 2023</b></p><p><blockquote><b>Riot区块链：到2023年隐含销售额增长4,231%</b></blockquote></p><p> The last hypergrowth stock expected to deliver insane revenue growth in the coming years is&nbsp;cryptocurrency miningcompany<b>Riot Blockchain</b>(NASDAQ:RIOT). After reporting just $12.1 million in full-year sales in 2020, Wall Street is expecting Riot to bring in $524 million in revenue by 2023. That's a greater than 4,200% sales increase in just three years.</p><p><blockquote>预计未来几年收入疯狂增长的最后一只高速增长股票是加密货币矿业公司<b>防暴区块链</b>（纳斯达克：暴动）。在报告2020年全年销售额仅为1210万美元后，华尔街预计Riot到2023年将带来5.24亿美元的收入。短短三年内销售额增长了4,200%以上。</blockquote></p><p> Cryptocurrency miners are people or companies that use high-powered computers to solve complex mathematical equations to validate groups of transactions known as a block. For doing so, crypto miners are paid a block reward. In Riot's case, its revenue is soaring becauseit's building up its farmto mine&nbsp;<b>Bitcoin</b>(CRYPTO:BTC), the world's largest digital currency by market cap. The Bitcoin block reward equates to 6.25 Bitcoin, which is worth about $287,000, as of August 15.</p><p><blockquote>加密货币矿工是使用高性能计算机求解复杂数学方程以验证称为区块的交易组的个人或公司。为此，加密矿工将获得整体奖励。就Riot而言，它的收入正在飙升，因为它正在建设农场到矿山<b>比特币</b>（加密货币：BTC），按市值计算，全球最大的数字货币。截至8月15日，比特币区块奖励相当于6.25比特币，价值约287,000美元。</blockquote></p><p> As of the end of July, Riot Blockchain held approximately 2,687 Bitcoin on its balance sheet (these are tokens the company has mined since inception), with plans to have 25,946 Antminers in operation by early September. The goal for Riot Blockchain is to have its full fleet of miners (81,146 Antminers) in operation by the fourth quarter of 2022.</p><p><blockquote>截至7月底，Riot Blockchain在其资产负债表上持有约2,687个比特币（这些是该公司自成立以来一直在开采的代币），计划到9月初有25,946个蚂蚁矿机投入运营。Riot Blockchain的目标是到2022年第四季度让其全部矿工（81,146台蚂蚁矿工）投入运营。</blockquote></p><p> While the sales growth in Bitcoin mining stocks is undeniable, therisks are hard to overlook, as well. Instead of being reliant on innovation, Riot is entirely dependent on investor sentiment in Bitcoin and the price of the token. We've also witnessed three declines of at least 80% in Bitcoin over the past decade, which could potentially crush Riot Blockchain's operating model.</p><p><blockquote>虽然比特币矿业股的销售增长是不可否认的，但其风险也不容忽视。Riot不依赖创新，而是完全依赖比特币投资者的情绪和代币的价格。在过去十年中，我们还目睹了比特币三次至少80%的下降，这可能会压垮Riot Blockchain的运营模式。</blockquote></p><p> But the real concern is that there's no barrier to entry in the crypto mining space, and Bitcoin block rewards will halve to 3.125 tokens by 2024. This is a highly competitive space with decreasing rewards.</p><p><blockquote>但真正令人担忧的是，进入加密货币挖矿领域没有障碍，到2024年，比特币区块奖励将减半至3.125个代币。这是一个竞争激烈、回报不断减少的领域。</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>4 Hypergrowth Stocks Expected to Increase Sales 1,100% (or More) by 2025<blockquote>4只超高速增长股票预计到2025年销售额将增长1,100%（或更多）</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\">\n4 Hypergrowth Stocks Expected to Increase Sales 1,100% (or More) by 2025<blockquote>4只超高速增长股票预计到2025年销售额将增长1,100%（或更多）</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\">2021-08-18 21:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Revenue for these fast-paced stocks should skyrocket between 1,100% and 4,200% by mid-decade.</b>  <b>Key Points</b></p><p><blockquote><b>到十年中期，这些快节奏股票的收入应该会飙升1,100%至4,200%。</b><b>要点</b></blockquote></p><p> <ul>  <li>Rapid sales growth doesn't always tell you the full story about a company.</li> </ul> For the past 12 years, growth stocks have been all the rage on Wall Street -- and with good reason. Historically low lending rates and abundant access to this cheap capital have fueled hiring, innovation, and even acquisitions among fast-paced companies.</p><p><blockquote><ul><li>快速的销售增长并不总是能告诉你一家公司的全部情况。</li></ul>过去12年来，成长型股票在华尔街风靡一时，这是有充分理由的。历史上较低的贷款利率和充足的廉价资本渠道推动了快节奏公司的招聘、创新甚至收购。</blockquote></p><p> But for some growth stocks, the expected uptick in revenue is just getting started. According to consensus estimates from Wall Street, the following four hypergrowth stocks are expected to increase their sales by anywhere from 1,100% to more than 4,200% over the next three to five years.</p><p><blockquote>但对于一些成长型股票来说，收入的预期增长才刚刚开始。根据华尔街的一致估计，以下四只高速增长股票的销售额预计将在未来三到五年内增长1,100%至4,200%以上。</blockquote></p><p> <b>Novavax: Implied sales growth of 1,337% by 2025</b></p><p><blockquote><b>Novavax：到2025年隐含销售额增长1,337%</b></blockquote></p><p> Biotech stocksare always a good bet to see their sales rocket from zero to hero with their first drug approval. Clinical-stage drug developer<b>Novavax</b>(NASDAQ:NVAX)is expected to do even more with the expected emergency-use authorization (EUA) approval of its coronavirus disease 2019 (COVID-19) vaccine, NVX-CoV2373. Per Wall Street, Novavax could see sales catapult from nearly $476 million in 2020 to roughly $6.84 billion by 2025.</p><p><blockquote>随着第一个药物获得批准，生物科技股的销售额从零飙升至英雄始终是一个不错的选择。临床阶段药物开发商<b>Novavax</b>（纳斯达克：NVAX）预计其冠状病毒疾病2019（COVID-19）疫苗NVX-CoV2373将获得紧急使用授权（EUA）批准，预计将做得更多。据华尔街报道，Novavax的销售额可能会从2020年的近4.76亿美元跃升至2025年的约68.4亿美元。</blockquote></p><p> To date, Novavax has run two large-scale clinical trials for its COVID-19 vaccine. In March, phase 3 trial data from the U.K. showed a vaccine efficacy (VE) of 89.7%. Data from the second phase 3 study, conducted in the U.S. and Mexico, was released in June and demonstrated a very similar VE of 90.4%. Theeffectiveness of Novavax's vaccinemakes it very likely that it'll soon be authorized in developed markets like the U.S., U.K., and Europe, and could play a key role in emerging markets, as well. Novavax may also push vaccines with lower perceived efficacy --<b>Johnson &amp; Johnson</b>&nbsp;and<b>AstraZeneca</b>&nbsp;-- to the back of the line.</p><p><blockquote>迄今为止，Novavax已经为其COVID-19疫苗进行了两项大规模临床试验。3月份，英国的3期试验数据显示疫苗效力(VE)为89.7%。在美国和墨西哥进行的第二项3期研究的数据于6月发布，显示VE非常相似，为90.4%。Novavax疫苗的有效性使得它很可能很快在美国、英国和欧洲等发达市场获得授权，并可能在新兴市场发挥关键作用。Novavax也可能会推出感知效力较低的疫苗——<b>强生公司</b>和<b>阿斯利康</b>--到队伍的后面。</blockquote></p><p> The only real drag for Novavax shareholders has been the company'snumerous delays in filing for EUA. Initially expected to go after EUA in the U.S. in the second quarter, the company now anticipates filing the appropriate paperwork during the fourth quarter. There have also been concerns about the company's timeline to ramp up vaccine production to full capacity.</p><p><blockquote>Novavax股东唯一真正的拖累是该公司多次推迟申请EUA。该公司最初预计将于第二季度在美国寻求EUA，现在预计将在第四季度提交适当的文件。人们还担心该公司将疫苗生产提高到满负荷的时间表。</blockquote></p><p> Nevertheless, these delays of a quarter or two aren't going to hamper Novavax's longer-term prospects, which appear to be buoyed by the development of disease variants. The company's ability to quickly develop a vaccine, as well as its early stage research that combines influenza and COVID-19 into a single booster shot, should keep Novavax on the map for a long time to come.</p><p><blockquote>尽管如此，一两个季度的延迟不会阻碍Novavax的长期前景，这似乎受到疾病变种发展的提振。该公司快速开发疫苗的能力，以及将流感和COVID-19结合到单一加强注射中的早期研究，应该会让Novavax在未来很长一段时间内保持领先地位。</blockquote></p><p> <b>Blink Charging: Implied sales growth of 2,352% by 2025</b></p><p><blockquote><b>Blink Charging：到2025年隐含销售额增长2,352%</b></blockquote></p><p> Another growth stocks with (pun intended) supercharged sales growth potential over the next five years is<b>Blink Charging</b>(NASDAQ:BLNK). Blink provides electric-vehicle (EV) charging infrastructure, as well as owns charging station networks.</p><p><blockquote>另一只在未来五年内具有强劲销售增长潜力的成长型股票是<b>闪烁充电</b>（纳斯达克：BLNK）。Blink提供电动汽车(EV)充电基础设施，并拥有充电站网络。</blockquote></p><p> The logic behind Blink's growth is pretty easy to wrap your hands around. Last year, 1.8% of all new vehicles registered in the U.S. were EVs. But by 2025, an IHS Markit study predicts that 10% of all new vehicle registrations will be EVs.&nbsp; As the electrification of America takes shape, demand for charging infrastructureis only going to tick higher. There should be plenty of room for ancillary EV players like Blink Charging to take advantage of this trend for decades to come.</p><p><blockquote>Blink增长背后的逻辑很容易理解。去年，在美国注册的所有新车中有1.8%是电动汽车。但IHS Markit的一项研究预测，到2025年，所有新车注册量的10%将是电动汽车。随着美国电气化的形成，对充电基础设施的需求只会越来越高。未来几十年，Blink Charging等辅助电动汽车厂商应该有足够的空间来利用这一趋势。</blockquote></p><p> Based on Wall Street's consensus estimate, Blink Charging is expected to grow its sales from a reported $6.2 million in 2020 to $152 million by mid-decade. That's a 2,352% revenue increase, for those of you keeping score at home.</p><p><blockquote>根据华尔街的普遍估计，Blink Charging的销售额预计将从2020年报告的620万美元增长到十年中期的1.52亿美元。对于那些在家记分的人来说，收入增长了2,352%。</blockquote></p><p> However, Blink's future is far from certain. Its current market cap places it at a multiple of 9 times estimated sales for 2025, and it's not particularly close to generating a profit. The company alsodoesn't appear to be investing any of its cash into research and development.&nbsp; With no true means to stand out, it's quite possible Blink Charging gets left in the dust by its competition.</p><p><blockquote>然而，Blink的未来还远未确定。其目前的市值是2025年预计销售额的9倍，而且还没有特别接近盈利。该公司似乎也没有将任何现金投入研发。由于没有真正的脱颖而出手段，Blink Charging很可能会被竞争对手远远甩在身后。</blockquote></p><p> <b>Jushi Holdings: Implied sales growth of 1,101% by 2024</b></p><p><blockquote><b>巨石控股：到2024年隐含销售额增长1101%</b></blockquote></p><p> U.S.marijuana stocks&nbsp;are a fantastic bet to deliver triple-digit aggregate sales growth over the next three to five years as new states legalize pot and already legalized states benefit from organic growth. But you can forget about triple-digit sales growth with multistate operator<b>Jushi Holdings</b>(OTC:JUSHF). According to estimates from&nbsp;<b>FactSet</b>, Jushi's projected push to $969 million in annual revenue by 2024 would mark a 1,101% increase from the $80.7 million in sales generated last year.</p><p><blockquote>随着新州大麻合法化以及已经合法化的州从有机增长中受益，美国大麻股票是未来三到五年实现三位数总销售额增长的绝佳选择。但您可以忘记多州运营商三位数的销售增长<b>巨石控股</b>（场外交易代码：JUSHF）。据估计<b>FactSet</b>巨石预计到2024年年收入将达到9.69亿美元，比去年的8070万美元销售额增长1,101%。</blockquote></p><p></p><p> Operating in the highly lucrative U.S. market is bound to give Jushi a boost. We've already seen 36 states legalize cannabis in some capacity, 18 of which have passed legislation to allow for the consumption and/or retail sale of adult-use weed. If New Frontier Data's latest report on the U.S. pot industry proves accurate, legal weed sales could grow by an annualized average of 21% through 2025, ultimately hitting north of $41 billion.</p><p><blockquote>在利润丰厚的美国市场运营势必会给巨石带来提振。我们已经看到36个州以某种方式将大麻合法化，其中18个州已经通过立法，允许消费和/或零售成人用大麻。如果New Frontier Data关于美国大麻行业的最新报告被证明是准确的，那么到2025年，合法大麻销售额可能会年均增长21%，最终达到410亿美元以上。</blockquote></p><p> Jushi is a relatively small player in the cannabis space, for the time being. It has 20 operating dispensaries, but will likely end the year closer to 30, inclusive of organic openings and acquisitions. The company's&nbsp;core focus is on a trio of limited-license states: Virginia, Pennsylvania, and Illinois. The former issues licenses based on jurisdiction, whereas the latter two limit the aggregate number of retail and cultivation licenses assigned. By targeting limited-license states, Jushi will be somewhat protected from competitors with deeper pockets.</p><p><blockquote>目前，巨石在大麻领域是一个相对较小的参与者。它有20家正在运营的药房，但今年年底可能会接近30家，包括有机开业和收购。该公司的核心重点是三个有限许可州：弗吉尼亚州、宾夕法尼亚州和伊利诺伊州。前者根据管辖权发放许可证，而后两者限制分配的零售和种植许可证的总数。通过瞄准有限许可州，巨石将在一定程度上免受财力雄厚的竞争对手的影响。</blockquote></p><p> Similar to Novavax, Jushi is expected to turn the corner to recurring profitability in 2022. It looks to be one of the&nbsp;biggest bargains in the cannabis industry.</p><p><blockquote>与Novavax类似，巨石预计将在2022年实现经常性盈利。这看起来是大麻行业最大的便宜货之一。</blockquote></p><p> <b>Riot Blockchain: Implied sales growth of 4,231% by 2023</b></p><p><blockquote><b>Riot区块链：到2023年隐含销售额增长4,231%</b></blockquote></p><p> The last hypergrowth stock expected to deliver insane revenue growth in the coming years is&nbsp;cryptocurrency miningcompany<b>Riot Blockchain</b>(NASDAQ:RIOT). After reporting just $12.1 million in full-year sales in 2020, Wall Street is expecting Riot to bring in $524 million in revenue by 2023. That's a greater than 4,200% sales increase in just three years.</p><p><blockquote>预计未来几年收入疯狂增长的最后一只高速增长股票是加密货币矿业公司<b>防暴区块链</b>（纳斯达克：暴动）。在报告2020年全年销售额仅为1210万美元后，华尔街预计Riot到2023年将带来5.24亿美元的收入。短短三年内销售额增长了4,200%以上。</blockquote></p><p> Cryptocurrency miners are people or companies that use high-powered computers to solve complex mathematical equations to validate groups of transactions known as a block. For doing so, crypto miners are paid a block reward. In Riot's case, its revenue is soaring becauseit's building up its farmto mine&nbsp;<b>Bitcoin</b>(CRYPTO:BTC), the world's largest digital currency by market cap. The Bitcoin block reward equates to 6.25 Bitcoin, which is worth about $287,000, as of August 15.</p><p><blockquote>加密货币矿工是使用高性能计算机求解复杂数学方程以验证称为区块的交易组的个人或公司。为此，加密矿工将获得整体奖励。就Riot而言，它的收入正在飙升，因为它正在建设农场到矿山<b>比特币</b>（加密货币：BTC），按市值计算，全球最大的数字货币。截至8月15日，比特币区块奖励相当于6.25比特币，价值约287,000美元。</blockquote></p><p> As of the end of July, Riot Blockchain held approximately 2,687 Bitcoin on its balance sheet (these are tokens the company has mined since inception), with plans to have 25,946 Antminers in operation by early September. The goal for Riot Blockchain is to have its full fleet of miners (81,146 Antminers) in operation by the fourth quarter of 2022.</p><p><blockquote>截至7月底，Riot Blockchain在其资产负债表上持有约2,687个比特币（这些是该公司自成立以来一直在开采的代币），计划到9月初有25,946个蚂蚁矿机投入运营。Riot Blockchain的目标是到2022年第四季度让其全部矿工（81,146台蚂蚁矿工）投入运营。</blockquote></p><p> While the sales growth in Bitcoin mining stocks is undeniable, therisks are hard to overlook, as well. Instead of being reliant on innovation, Riot is entirely dependent on investor sentiment in Bitcoin and the price of the token. We've also witnessed three declines of at least 80% in Bitcoin over the past decade, which could potentially crush Riot Blockchain's operating model.</p><p><blockquote>虽然比特币矿业股的销售增长是不可否认的，但其风险也不容忽视。Riot不依赖创新，而是完全依赖比特币投资者的情绪和代币的价格。在过去十年中，我们还目睹了比特币三次至少80%的下降，这可能会压垮Riot Blockchain的运营模式。</blockquote></p><p> But the real concern is that there's no barrier to entry in the crypto mining space, and Bitcoin block rewards will halve to 3.125 tokens by 2024. This is a highly competitive space with decreasing rewards.</p><p><blockquote>但真正令人担忧的是，进入加密货币挖矿领域没有障碍，到2024年，比特币区块奖励将减半至3.125个代币。这是一个竞争激烈、回报不断减少的领域。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/18/4-hypergrowth-stocks-increase-sales-1100-by-2025/\">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":{"NVAX":"诺瓦瓦克斯医药","RIOT":"Riot Platforms","BLNK":"Blink Charging"},"source_url":"https://www.fool.com/investing/2021/08/18/4-hypergrowth-stocks-increase-sales-1100-by-2025/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122814365","content_text":"Revenue for these fast-paced stocks should skyrocket between 1,100% and 4,200% by mid-decade.\n\nKey Points\n\nRapid sales growth doesn't always tell you the full story about a company.\n\nFor the past 12 years, growth stocks have been all the rage on Wall Street -- and with good reason. Historically low lending rates and abundant access to this cheap capital have fueled hiring, innovation, and even acquisitions among fast-paced companies.\nBut for some growth stocks, the expected uptick in revenue is just getting started. According to consensus estimates from Wall Street, the following four hypergrowth stocks are expected to increase their sales by anywhere from 1,100% to more than 4,200% over the next three to five years.\nNovavax: Implied sales growth of 1,337% by 2025\nBiotech stocksare always a good bet to see their sales rocket from zero to hero with their first drug approval. Clinical-stage drug developerNovavax(NASDAQ:NVAX)is expected to do even more with the expected emergency-use authorization (EUA) approval of its coronavirus disease 2019 (COVID-19) vaccine, NVX-CoV2373. Per Wall Street, Novavax could see sales catapult from nearly $476 million in 2020 to roughly $6.84 billion by 2025.\nTo date, Novavax has run two large-scale clinical trials for its COVID-19 vaccine. In March, phase 3 trial data from the U.K. showed a vaccine efficacy (VE) of 89.7%. Data from the second phase 3 study, conducted in the U.S. and Mexico, was released in June and demonstrated a very similar VE of 90.4%. Theeffectiveness of Novavax's vaccinemakes it very likely that it'll soon be authorized in developed markets like the U.S., U.K., and Europe, and could play a key role in emerging markets, as well. Novavax may also push vaccines with lower perceived efficacy --Johnson & Johnson andAstraZeneca -- to the back of the line.\nThe only real drag for Novavax shareholders has been the company'snumerous delays in filing for EUA. Initially expected to go after EUA in the U.S. in the second quarter, the company now anticipates filing the appropriate paperwork during the fourth quarter. There have also been concerns about the company's timeline to ramp up vaccine production to full capacity.\nNevertheless, these delays of a quarter or two aren't going to hamper Novavax's longer-term prospects, which appear to be buoyed by the development of disease variants. The company's ability to quickly develop a vaccine, as well as its early stage research that combines influenza and COVID-19 into a single booster shot, should keep Novavax on the map for a long time to come.\nBlink Charging: Implied sales growth of 2,352% by 2025\nAnother growth stocks with (pun intended) supercharged sales growth potential over the next five years isBlink Charging(NASDAQ:BLNK). Blink provides electric-vehicle (EV) charging infrastructure, as well as owns charging station networks.\nThe logic behind Blink's growth is pretty easy to wrap your hands around. Last year, 1.8% of all new vehicles registered in the U.S. were EVs. But by 2025, an IHS Markit study predicts that 10% of all new vehicle registrations will be EVs.  As the electrification of America takes shape, demand for charging infrastructureis only going to tick higher. There should be plenty of room for ancillary EV players like Blink Charging to take advantage of this trend for decades to come.\nBased on Wall Street's consensus estimate, Blink Charging is expected to grow its sales from a reported $6.2 million in 2020 to $152 million by mid-decade. That's a 2,352% revenue increase, for those of you keeping score at home.\nHowever, Blink's future is far from certain. Its current market cap places it at a multiple of 9 times estimated sales for 2025, and it's not particularly close to generating a profit. The company alsodoesn't appear to be investing any of its cash into research and development.  With no true means to stand out, it's quite possible Blink Charging gets left in the dust by its competition.\nJushi Holdings: Implied sales growth of 1,101% by 2024\nU.S.marijuana stocks are a fantastic bet to deliver triple-digit aggregate sales growth over the next three to five years as new states legalize pot and already legalized states benefit from organic growth. But you can forget about triple-digit sales growth with multistate operatorJushi Holdings(OTC:JUSHF). According to estimates from FactSet, Jushi's projected push to $969 million in annual revenue by 2024 would mark a 1,101% increase from the $80.7 million in sales generated last year.\nOperating in the highly lucrative U.S. market is bound to give Jushi a boost. We've already seen 36 states legalize cannabis in some capacity, 18 of which have passed legislation to allow for the consumption and/or retail sale of adult-use weed. If New Frontier Data's latest report on the U.S. pot industry proves accurate, legal weed sales could grow by an annualized average of 21% through 2025, ultimately hitting north of $41 billion.\nJushi is a relatively small player in the cannabis space, for the time being. It has 20 operating dispensaries, but will likely end the year closer to 30, inclusive of organic openings and acquisitions. The company's core focus is on a trio of limited-license states: Virginia, Pennsylvania, and Illinois. The former issues licenses based on jurisdiction, whereas the latter two limit the aggregate number of retail and cultivation licenses assigned. By targeting limited-license states, Jushi will be somewhat protected from competitors with deeper pockets.\nSimilar to Novavax, Jushi is expected to turn the corner to recurring profitability in 2022. It looks to be one of the biggest bargains in the cannabis industry.\nRiot Blockchain: Implied sales growth of 4,231% by 2023\nThe last hypergrowth stock expected to deliver insane revenue growth in the coming years is cryptocurrency miningcompanyRiot Blockchain(NASDAQ:RIOT). After reporting just $12.1 million in full-year sales in 2020, Wall Street is expecting Riot to bring in $524 million in revenue by 2023. That's a greater than 4,200% sales increase in just three years.\nCryptocurrency miners are people or companies that use high-powered computers to solve complex mathematical equations to validate groups of transactions known as a block. For doing so, crypto miners are paid a block reward. In Riot's case, its revenue is soaring becauseit's building up its farmto mine Bitcoin(CRYPTO:BTC), the world's largest digital currency by market cap. The Bitcoin block reward equates to 6.25 Bitcoin, which is worth about $287,000, as of August 15.\nAs of the end of July, Riot Blockchain held approximately 2,687 Bitcoin on its balance sheet (these are tokens the company has mined since inception), with plans to have 25,946 Antminers in operation by early September. The goal for Riot Blockchain is to have its full fleet of miners (81,146 Antminers) in operation by the fourth quarter of 2022.\nWhile the sales growth in Bitcoin mining stocks is undeniable, therisks are hard to overlook, as well. Instead of being reliant on innovation, Riot is entirely dependent on investor sentiment in Bitcoin and the price of the token. We've also witnessed three declines of at least 80% in Bitcoin over the past decade, which could potentially crush Riot Blockchain's operating model.\nBut the real concern is that there's no barrier to entry in the crypto mining space, and Bitcoin block rewards will halve to 3.125 tokens by 2024. This is a highly competitive space with decreasing rewards.","news_type":1,"symbols_score_info":{"RIOT":0.9,"NVAX":0.9,"BLNKW":0.9,"BLNK":0.9}},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833863496,"gmtCreate":1629216504715,"gmtModify":1631890485246,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Wewwwo","listText":"Wewwwo","text":"Wewwwo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833863496","repostId":"2160062252","repostType":4,"isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830141307,"gmtCreate":1629036470609,"gmtModify":1631890485259,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Wooop","listText":"Wooop","text":"Wooop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830141307","repostId":"2159721520","repostType":2,"repost":{"id":"2159721520","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1628887162,"share":"https://www.laohu8.com/m/news/2159721520?lang=zh_CN&edition=full","pubTime":"2021-08-14 04:39","market":"hk","language":"en","title":"Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159721520","media":"T-Reuters","summary":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil V","content":"<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></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>Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760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\">\nTesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-14 04:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LABP":"Landos Biopharma, Inc.","LHDX":"Lucira Health, Inc.","TSLA":"特斯拉","TSS":"Total System Services","SANA":"Sana Biotechnology, Inc.","CGEM":"Cullinan Therapeutics"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159721520","content_text":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. 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Like and comment my community post please","listText":"Nice read! Like and comment my community post please","text":"Nice read! Like and comment my community post please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/119698775","repostId":"2139486953","repostType":4,"isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193456873,"gmtCreate":1620812977992,"gmtModify":1634196121637,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Woop woop! Like and comment!","listText":"Woop woop! Like and comment!","text":"Woop woop! Like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/193456873","repostId":"1191266408","repostType":4,"repost":{"id":"1191266408","kind":"news","pubTimestamp":1620812300,"share":"https://www.laohu8.com/m/news/1191266408?lang=zh_CN&edition=full","pubTime":"2021-05-12 17:38","market":"sg","language":"en","title":"Condo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>SRX：4月份公寓、组屋租金再次攀升，上涨1.3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191266408","media":"The Straits Times","summary":"[SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in Ap","content":"<p><div> [SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped. As at last month, condo rents ...</p><p><blockquote><div>[新加坡]尽管租赁数量有所下降，但4月份共管公寓和住房委员会公寓的租金均较上月上涨1.3%。截至上个月，公寓租金...</div></blockquote></p><p>  <a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页连接</a></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>Condo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>SRX：4月份公寓、组屋租金再次攀升，上涨1.3%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nCondo, HDB rents climb again in April with 1.3% rise: SRX<blockquote>SRX：4月份公寓、组屋租金再次攀升，上涨1.3%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Straits Times</strong><span class=\"h-time small\">2021-05-12 17:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> [SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped. As at last month, condo rents ...</p><p><blockquote><div>[新加坡]尽管租赁数量有所下降，但4月份共管公寓和住房委员会公寓的租金均较上月上涨1.3%。截至上个月，公寓租金...</div></blockquote></p><p>  <a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx\">The Straits Times</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191266408","content_text":"[SINGAPORE] Rents for condominium units and Housing Board flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped.\nAs at last month, condo rents have risen for four consecutive months, while HDB rents rose for 10 straight months, according to flash data from real estate portal SRX released on Wednesday.\nCondo rents are up 5.2 per cent in April from a year ago, although they are still down 11.9 per cent from their peak in January 2013.\nHDB rents, which are 5.6 per cent higher than a year ago, have hit their highest since July 2016, although they are still 10 per cent down from their peak in August 2013.\nRents in non-mature estates rose by 2 per cent month on month, while those in mature estates edged up by 0.6 per cent. Rents also increased across all room types.\nRental volume for condo apartments dropped by 3.1 per cent in April to an estimated 5,100 units from 5,262 units the month before.\nHowever, rental volumes are 51 per cent higher compared with April last year, when Singapore was in its circuit breaker period. Discounting most of the Covid-19 effect, the number of condo leasings are 13.5 per cent higher than the five-year average for the month of April.\nHDB rental volume in April also saw a drop from March, down 8.8 per cent to an estimated 1,847 flats from 2,026 flats the month before.\nRental volumes are 33.9 per cent higher compared with April last year although they are 6.1 per cent lower than the five-year average volume for the month of April.\nChristine Sun, OrangeTee & Tie's senior vice-president of research and analytics, said rents have been rising as demand for rental units appear to be outstripping supply.\n\"Housing vacancy is low and supply of newly completed homes is limited. Many locals have been renting units in recent months, including HDB upgraders who have sold their flats recently to take advantage of the rapidly rising HDB resale prices,\" said Ms Sun.\nThese HDB upgraders may then rent a unit in the interim while they look for their next permanent home, she said.\nAlthough Covid-19 border restrictions are still largely in place, ERA Realty head of research and consultancy Nicholas Mak said the arrival of some foreigners, such as students, professionals and their dependents, may have caused rental prices to climb.\nHuttons Asia director of research Lee Sze Teck noted that employers in some industries such as technology and manufacturing are hiring again, which has helped to boost condo rental in April - usually a quiet month.\n\"Early economic indicators are pointing to a stronger-than-expected gross domestic product growth for this year,\" he said.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151467846,"gmtCreate":1625103092985,"gmtModify":1631886393518,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SOS\">$SOS Limited(SOS)$</a>Rip","listText":"<a href=\"https://laohu8.com/S/SOS\">$SOS Limited(SOS)$</a>Rip","text":"$SOS Limited(SOS)$Rip","images":[{"img":"https://static.tigerbbs.com/07509f452c4663495614aa45e3311b17","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/151467846","isVote":1,"tweetType":1,"viewCount":1153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":852997907,"gmtCreate":1635232101595,"gmtModify":1635232102262,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Heyyy yea!!","listText":"Heyyy yea!!","text":"Heyyy yea!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/852997907","repostId":"2177412181","repostType":4,"repost":{"id":"2177412181","kind":"highlight","pubTimestamp":1635219132,"share":"https://www.laohu8.com/m/news/2177412181?lang=zh_CN&edition=full","pubTime":"2021-10-26 11:32","market":"us","language":"en","title":"AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2177412181","media":"MarketWatch","summary":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analy","content":"<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</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; 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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\">\nAMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-26 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177412181","content_text":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink\nAdvanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.\nAdvanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.\nAMD is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.\nThat led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.\nBernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.\n\"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.\nThat underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.\nWhile AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.\nOne other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.\nRevenue: Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.\nStock movement: While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.\nAMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.\nWhat analysts are saying\nCowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"\n\"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"\nEarlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.\nOn data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.\n\"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"\nStill, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.\nOf the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":3101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":817625689,"gmtCreate":1630943961441,"gmtModify":1631890485203,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Like comment!","listText":"Like comment!","text":"Like comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817625689","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohu8.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136722449,"gmtCreate":1622040656581,"gmtModify":1634184404809,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Cool! Love this! Like and comment!","listText":"Cool! Love this! Like and comment!","text":"Cool! Love this! Like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/136722449","repostId":"2138438651","repostType":4,"repost":{"id":"2138438651","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1622040121,"share":"https://www.laohu8.com/m/news/2138438651?lang=zh_CN&edition=full","pubTime":"2021-05-26 22:42","market":"us","language":"en","title":"Amazon Can Cash In On MGM Acquisition By Fueling Prime Rewards Program<blockquote>亚马逊可以通过推动Prime奖励计划从米高梅收购中获利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2138438651","media":"Investors","summary":"Amazon will acquire Metro-Goldwyn-Mayer Studios for $8.45 billion, providing a huge boost for its Prime customer rewards program.","content":"<p><b>Amazon</b> announced Wednesday it is acquiring iconic film studio Metro-Goldwyn-Mayer for $8.45 billion, a move that the e-commerce giant hopes will expand its position in streaming video and increase the value of its Prime rewards program. Amazon stock edged up.</p><p><blockquote><b>亚马逊</b>周三宣布将以84.5亿美元收购标志性电影制片厂米高梅，这家电子商务巨头希望此举能够扩大其在流媒体视频领域的地位，并增加其Prime rewards计划的价值。亚马逊股价小幅上涨。</blockquote></p><p>The deal will allow Amazon to add MGM's catalog of more than 4,000 films and 17,000 hours of TV content to its streaming video services. MGM still produces the James Bond film franchise, and owns the \"Rocky\" series of films.</p><p><blockquote>这笔交易将允许亚马逊将米高梅4000多部电影和17000小时电视内容的目录添加到其流媒体视频服务中。米高梅仍然制作詹姆斯·邦德系列电影，并拥有“洛基”系列电影。</blockquote></p><p>Amazon stock inched up 0.3%, near 3,268.50, during morning trading on the stock market today.</p><p><blockquote>今天股市早盘交易中，亚马逊股价小幅上涨0.3%，接近3,268.50点。</blockquote></p><p>The acquisition is Amazon's largest since buying Whole Foods for $13.7 billion in 2017.</p><p><blockquote>此次收购是亚马逊自2017年以137亿美元收购全食超市以来规模最大的一次。</blockquote></p><p>\"The real financial value behind this deal is the treasure trove of IP (intellectual property) in the deep catalog that we plan to re-imagine and develop together with MGM's talented team,\" said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in written remarks with the announcement. \"It's very exciting and provides so many opportunities for high-quality storytelling.\"</p><p><blockquote>Prime Video和亚马逊高级副总裁迈克·霍普金斯(Mike Hopkins)表示：“这笔交易背后的真正财务价值是deep catalog中的IP（知识产权）宝库，我们计划与米高梅的才华横溢的团队一起重新想象和开发。”工作室，在公告的书面评论中。“这非常令人兴奋，为高质量的讲故事提供了很多机会。”</blockquote></p><p><h2>Amazon Stock Bolstered By Prime</h2>Analysts attribute a multiyear rise in Amazon stock, in part, to Amazon Prime. Users pay an annual or monthly fee for the service and receive multiple perks, such as free access to Amazon Video and Amazon Music. Amazon has invested billions of dollars in its film and TV operations as well as live sports.</p><p><blockquote><h2>Prime提振亚马逊股价</h2>分析师将亚马逊股票多年来的上涨部分归因于亚马逊Prime。用户为该服务支付年费或月费，并获得多种福利，例如免费访问亚马逊视频和亚马逊音乐。亚马逊在其电影和电视业务以及体育直播上投资了数十亿美元。</blockquote></p><p>\"We view the deal positively for Amazon, as it furthers their efforts to add new content to the Amazon Prime Video offering,\" Cowen analyst John Blackledge said in a note to clients.</p><p><blockquote>Cowen分析师John Blackledge在给客户的一份报告中表示：“我们对亚马逊的这笔交易持积极态度，因为它进一步努力为亚马逊Prime Video产品添加新内容。”</blockquote></p><p>For more than eight months, however, Amazon stock has trended sideways.</p><p><blockquote>然而，八个多月来，亚马逊股价一直横盘整理。</blockquote></p><p>Reports of a deal emerged last week, the same day <b>AT&amp;T</b> and<b> Discovery</b> announced they plan to merge their media assets. That union comes at a time when streaming video wars have escalated among multiple rivals.</p><p><blockquote>上周同一天，有报道称达成了一项协议<b>AT&amp;T</b>和<b>发现</b>宣布他们计划合并他们的媒体资产。此次联盟成立之际，多个竞争对手之间的流媒体视频战争已经升级。</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>Amazon Can Cash In On MGM Acquisition By Fueling Prime Rewards Program<blockquote>亚马逊可以通过推动Prime奖励计划从米高梅收购中获利</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\">\nAmazon Can Cash In On MGM Acquisition By Fueling Prime Rewards Program<blockquote>亚马逊可以通过推动Prime奖励计划从米高梅收购中获利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time smaller\">2021-05-26 22:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Amazon</b> announced Wednesday it is acquiring iconic film studio Metro-Goldwyn-Mayer for $8.45 billion, a move that the e-commerce giant hopes will expand its position in streaming video and increase the value of its Prime rewards program. Amazon stock edged up.</p><p><blockquote><b>亚马逊</b>周三宣布将以84.5亿美元收购标志性电影制片厂米高梅，这家电子商务巨头希望此举能够扩大其在流媒体视频领域的地位，并增加其Prime rewards计划的价值。亚马逊股价小幅上涨。</blockquote></p><p>The deal will allow Amazon to add MGM's catalog of more than 4,000 films and 17,000 hours of TV content to its streaming video services. MGM still produces the James Bond film franchise, and owns the \"Rocky\" series of films.</p><p><blockquote>这笔交易将允许亚马逊将米高梅4000多部电影和17000小时电视内容的目录添加到其流媒体视频服务中。米高梅仍然制作詹姆斯·邦德系列电影，并拥有“洛基”系列电影。</blockquote></p><p>Amazon stock inched up 0.3%, near 3,268.50, during morning trading on the stock market today.</p><p><blockquote>今天股市早盘交易中，亚马逊股价小幅上涨0.3%，接近3,268.50点。</blockquote></p><p>The acquisition is Amazon's largest since buying Whole Foods for $13.7 billion in 2017.</p><p><blockquote>此次收购是亚马逊自2017年以137亿美元收购全食超市以来规模最大的一次。</blockquote></p><p>\"The real financial value behind this deal is the treasure trove of IP (intellectual property) in the deep catalog that we plan to re-imagine and develop together with MGM's talented team,\" said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in written remarks with the announcement. \"It's very exciting and provides so many opportunities for high-quality storytelling.\"</p><p><blockquote>Prime Video和亚马逊高级副总裁迈克·霍普金斯(Mike Hopkins)表示：“这笔交易背后的真正财务价值是deep catalog中的IP（知识产权）宝库，我们计划与米高梅的才华横溢的团队一起重新想象和开发。”工作室，在公告的书面评论中。“这非常令人兴奋，为高质量的讲故事提供了很多机会。”</blockquote></p><p><h2>Amazon Stock Bolstered By Prime</h2>Analysts attribute a multiyear rise in Amazon stock, in part, to Amazon Prime. Users pay an annual or monthly fee for the service and receive multiple perks, such as free access to Amazon Video and Amazon Music. Amazon has invested billions of dollars in its film and TV operations as well as live sports.</p><p><blockquote><h2>Prime提振亚马逊股价</h2>分析师将亚马逊股票多年来的上涨部分归因于亚马逊Prime。用户为该服务支付年费或月费，并获得多种福利，例如免费访问亚马逊视频和亚马逊音乐。亚马逊在其电影和电视业务以及体育直播上投资了数十亿美元。</blockquote></p><p>\"We view the deal positively for Amazon, as it furthers their efforts to add new content to the Amazon Prime Video offering,\" Cowen analyst John Blackledge said in a note to clients.</p><p><blockquote>Cowen分析师John Blackledge在给客户的一份报告中表示：“我们对亚马逊的这笔交易持积极态度，因为它进一步努力为亚马逊Prime Video产品添加新内容。”</blockquote></p><p>For more than eight months, however, Amazon stock has trended sideways.</p><p><blockquote>然而，八个多月来，亚马逊股价一直横盘整理。</blockquote></p><p>Reports of a deal emerged last week, the same day <b>AT&amp;T</b> and<b> Discovery</b> announced they plan to merge their media assets. That union comes at a time when streaming video wars have escalated among multiple rivals.</p><p><blockquote>上周同一天，有报道称达成了一项协议<b>AT&amp;T</b>和<b>发现</b>宣布他们计划合并他们的媒体资产。此次联盟成立之际，多个竞争对手之间的流媒体视频战争已经升级。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138438651","content_text":"Amazon announced Wednesday it is acquiring iconic film studio Metro-Goldwyn-Mayer for $8.45 billion, a move that the e-commerce giant hopes will expand its position in streaming video and increase the value of its Prime rewards program. Amazon stock edged up.The deal will allow Amazon to add MGM's catalog of more than 4,000 films and 17,000 hours of TV content to its streaming video services. MGM still produces the James Bond film franchise, and owns the \"Rocky\" series of films.Amazon stock inched up 0.3%, near 3,268.50, during morning trading on the stock market today.The acquisition is Amazon's largest since buying Whole Foods for $13.7 billion in 2017.\"The real financial value behind this deal is the treasure trove of IP (intellectual property) in the deep catalog that we plan to re-imagine and develop together with MGM's talented team,\" said Mike Hopkins, senior vice president of Prime Video and Amazon Studios, in written remarks with the announcement. \"It's very exciting and provides so many opportunities for high-quality storytelling.\"Amazon Stock Bolstered By PrimeAnalysts attribute a multiyear rise in Amazon stock, in part, to Amazon Prime. Users pay an annual or monthly fee for the service and receive multiple perks, such as free access to Amazon Video and Amazon Music. Amazon has invested billions of dollars in its film and TV operations as well as live sports.\"We view the deal positively for Amazon, as it furthers their efforts to add new content to the Amazon Prime Video offering,\" Cowen analyst John Blackledge said in a note to clients.For more than eight months, however, Amazon stock has trended sideways.Reports of a deal emerged last week, the same day AT&T and Discovery announced they plan to merge their media assets. That union comes at a time when streaming video wars have escalated among multiple rivals.","news_type":1,"symbols_score_info":{"09086":0.9,"AMZN":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131923068,"gmtCreate":1621822306154,"gmtModify":1634186339526,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Nice info! Like and comment please","listText":"Nice info! Like and comment please","text":"Nice info! Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/131923068","repostId":"2137827351","repostType":4,"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108115475,"gmtCreate":1620004639897,"gmtModify":1634208624461,"author":{"id":"3573684796405934","authorId":"3573684796405934","name":"OinKeY","avatar":"https://static.tigerbbs.com/2f3d9ba6e0428bf38ab5a3329eec39be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573684796405934","authorIdStr":"3573684796405934"},"themes":[],"htmlText":"Woop Woop! Help like and comment on my post thank you!","listText":"Woop Woop! Help like and comment on my post thank you!","text":"Woop Woop! Help like and comment on my post thank you!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/108115475","repostId":"1197575918","repostType":4,"isVote":1,"tweetType":1,"viewCount":845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}