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2021-03-15

Can u have a like and comment pls

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2021-03-15

Can I have a like and comment pls

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2021-02-16

Can I have a like and comment pls. Follow for follow too

With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>

2021-03-17

Can I have a like and comment pls

Why These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</blockquote>

2021-03-17

Can I have a like and comment pls

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2021-03-10

Comment and like pls

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2021-03-16

Can I have a like and comment pls

How To Spot A Bubble<blockquote>如何发现气泡</blockquote>

2021-03-09

Can I have some likes and comments pls

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2021-03-14

Can I have a like and comment pls

Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>

2021-03-11

Help to comment and like pls

US Daylight Saving Time<blockquote>美国夏令时</blockquote>

去老虎APP查看更多动态

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I have a like and&nbsp;comment pls","listText":"Can I have a like and&nbsp;comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324959253","repostId":"1140620694","repostType":4,"repost":{"id":"1140620694","kind":"news","pubTimestamp":1615953301,"share":"https://www.laohu8.com/m/news/1140620694?lang=zh_CN&edition=full","pubTime":"2021-03-17 11:55","market":"us","language":"en","title":"Why These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140620694","media":"Motley Fool","summary":"It's about what's happening in a potentially powerful marijuana state.\nWhat happened\nIt was a terrib","content":"<p>It's about what's happening in a potentially powerful marijuana state.</p><p><blockquote>这是关于在一个潜在强大的大麻州发生的事情。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> It was a terrible Tuesday for most marijuana stocks, particularly the Canadian ones.<b>Tilray</b>&nbsp;(NASDAQ:TLRY)&nbsp;sank by nearly 12%, while its partner-to-be&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;fell by 9%.<b>Canopy Growth</b>&nbsp;(NASDAQ:CGC),<b>Aurora Cannabis</b>&nbsp;(NYSE:ACB),<b>Organigram Holdings</b>&nbsp;(NASDAQ:OGI), and&nbsp;<b>HEXO</b>&nbsp;(NYSE:HEXO)&nbsp;were close behind, sliding at rates from 4% to 7%.</p><p><blockquote>对于大多数大麻股票来说，这是一个糟糕的周二，尤其是加拿大的大麻股票。<b>蒂尔雷</b>（纳斯达克：TLRY）下跌近12%，而其未来合作伙伴<b>Aphria</b>（纳斯达克：APHA）下跌9%。<b>冠层生长</b>（纳斯达克：CGC），<b>奥罗拉大麻</b>（纽约证券交易所代码：ACB），<b>Organigram控股</b>（纳斯达克：OGI），及<b>己糖</b>（纽约证券交易所股票代码：HEXO）紧随其后，利率从4%下滑至7%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> If there's one thing investors despise, it's uncertainty. Tuesday's big question mark was New York, which is considered by many weed-watchers to be the next likely state to legalize recreational marijuana.</p><p><blockquote>如果有一件事是投资者鄙视的，那就是不确定性。周二的一个大问号是纽约，许多大麻观察者认为纽约是下一个可能将娱乐性大麻合法化的州。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31e57ae152cd078baebb7ec2593604d8\" tg-width=\"2000\" tg-height=\"1125\"><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> Yet on Tuesday, there were conflicting media reports about the state government's decision to flip the switch.</p><p><blockquote>然而，周二，关于州政府决定扳动开关的媒体报道相互矛盾。</blockquote></p><p> The Albany-based&nbsp;<i>Times Union</i>, for example, published an article that day headlined \"Legislature nears deal on recreational marijuana legalization.\" Yet Marijuana Moment quoted state Senate majority leader Andrea Stewart-Cousins as saying negotiations over such legislation \"reached a little bit of an impasse.\"</p><p><blockquote>奥尔巴尼的<i>时代联盟</i>例如，当天发表了一篇题为“立法机构即将就娱乐性大麻合法化达成协议”的文章。然而，《大麻时刻》援引州参议院多数党领袖安德里亚·斯图尔特-考辛斯的话说，有关此类立法的谈判“陷入了一点僵局”。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Much of this uncertainty can be attributed to the usual political horse-trading that goes into any significant piece of legislation. Most sensible New Yorkers -- even the politicians -- realize that the state is facing a&nbsp;budgetary chasm&nbsp;and desperately needs good tax revenue sources.</p><p><blockquote>这种不确定性很大程度上可以归因于任何重要立法中常见的政治讨价还价。大多数明智的纽约人——甚至政治家——都意识到该州正面临预算缺口，迫切需要良好的税收来源。</blockquote></p><p> At the end of the day, for all the political noise, New York seems to be barreling straight toward recreational legalization. This might ultimately be the factor driving the prices of Canadian&nbsp;pot companies&nbsp;down; after all, it's their American peers that will be able to immediately pounce on the New York market, not them.</p><p><blockquote>归根结底，尽管有所有的政治噪音，纽约似乎正朝着娱乐合法化的方向疾驰。这最终可能是压低加拿大大麻公司价格的因素；毕竟，能够立即扑向纽约市场的是他们的美国同行，而不是他们。</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>Why These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</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\">\nWhy These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</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\">2021-03-17 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's about what's happening in a potentially powerful marijuana state.</p><p><blockquote>这是关于在一个潜在强大的大麻州发生的事情。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> It was a terrible Tuesday for most marijuana stocks, particularly the Canadian ones.<b>Tilray</b>&nbsp;(NASDAQ:TLRY)&nbsp;sank by nearly 12%, while its partner-to-be&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;fell by 9%.<b>Canopy Growth</b>&nbsp;(NASDAQ:CGC),<b>Aurora Cannabis</b>&nbsp;(NYSE:ACB),<b>Organigram Holdings</b>&nbsp;(NASDAQ:OGI), and&nbsp;<b>HEXO</b>&nbsp;(NYSE:HEXO)&nbsp;were close behind, sliding at rates from 4% to 7%.</p><p><blockquote>对于大多数大麻股票来说，这是一个糟糕的周二，尤其是加拿大的大麻股票。<b>蒂尔雷</b>（纳斯达克：TLRY）下跌近12%，而其未来合作伙伴<b>Aphria</b>（纳斯达克：APHA）下跌9%。<b>冠层生长</b>（纳斯达克：CGC），<b>奥罗拉大麻</b>（纽约证券交易所代码：ACB），<b>Organigram控股</b>（纳斯达克：OGI），及<b>己糖</b>（纽约证券交易所股票代码：HEXO）紧随其后，利率从4%下滑至7%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> If there's one thing investors despise, it's uncertainty. Tuesday's big question mark was New York, which is considered by many weed-watchers to be the next likely state to legalize recreational marijuana.</p><p><blockquote>如果有一件事是投资者鄙视的，那就是不确定性。周二的一个大问号是纽约，许多大麻观察者认为纽约是下一个可能将娱乐性大麻合法化的州。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31e57ae152cd078baebb7ec2593604d8\" tg-width=\"2000\" tg-height=\"1125\"><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> Yet on Tuesday, there were conflicting media reports about the state government's decision to flip the switch.</p><p><blockquote>然而，周二，关于州政府决定扳动开关的媒体报道相互矛盾。</blockquote></p><p> The Albany-based&nbsp;<i>Times Union</i>, for example, published an article that day headlined \"Legislature nears deal on recreational marijuana legalization.\" Yet Marijuana Moment quoted state Senate majority leader Andrea Stewart-Cousins as saying negotiations over such legislation \"reached a little bit of an impasse.\"</p><p><blockquote>奥尔巴尼的<i>时代联盟</i>例如，当天发表了一篇题为“立法机构即将就娱乐性大麻合法化达成协议”的文章。然而，《大麻时刻》援引州参议院多数党领袖安德里亚·斯图尔特-考辛斯的话说，有关此类立法的谈判“陷入了一点僵局”。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Much of this uncertainty can be attributed to the usual political horse-trading that goes into any significant piece of legislation. Most sensible New Yorkers -- even the politicians -- realize that the state is facing a&nbsp;budgetary chasm&nbsp;and desperately needs good tax revenue sources.</p><p><blockquote>这种不确定性很大程度上可以归因于任何重要立法中常见的政治讨价还价。大多数明智的纽约人——甚至政治家——都意识到该州正面临预算缺口，迫切需要良好的税收来源。</blockquote></p><p> At the end of the day, for all the political noise, New York seems to be barreling straight toward recreational legalization. This might ultimately be the factor driving the prices of Canadian&nbsp;pot companies&nbsp;down; after all, it's their American peers that will be able to immediately pounce on the New York market, not them.</p><p><blockquote>归根结底，尽管有所有的政治噪音，纽约似乎正朝着娱乐合法化的方向疾驰。这最终可能是压低加拿大大麻公司价格的因素；毕竟，能够立即扑向纽约市场的是他们的美国同行，而不是他们。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/16/why-these-top-marijuana-stocks-got-slammed-today/\">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":{"TLRY":"Tilray Inc.","OGI":"ORGANIGRAM HOLD","CGC":"Canopy Growth Corporation","ACB":"奥罗拉大麻公司","APHA":"Aphria Inc."},"source_url":"https://www.fool.com/investing/2021/03/16/why-these-top-marijuana-stocks-got-slammed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140620694","content_text":"It's about what's happening in a potentially powerful marijuana state.\nWhat happened\nIt was a terrible Tuesday for most marijuana stocks, particularly the Canadian ones.Tilray (NASDAQ:TLRY) sank by nearly 12%, while its partner-to-be Aphria (NASDAQ:APHA) fell by 9%.Canopy Growth (NASDAQ:CGC),Aurora Cannabis (NYSE:ACB),Organigram Holdings (NASDAQ:OGI), and HEXO (NYSE:HEXO) were close behind, sliding at rates from 4% to 7%.\nSo what\nIf there's one thing investors despise, it's uncertainty. Tuesday's big question mark was New York, which is considered by many weed-watchers to be the next likely state to legalize recreational marijuana.\nIMAGE SOURCE: GETTY IMAGES.\nYet on Tuesday, there were conflicting media reports about the state government's decision to flip the switch.\nThe Albany-based Times Union, for example, published an article that day headlined \"Legislature nears deal on recreational marijuana legalization.\" Yet Marijuana Moment quoted state Senate majority leader Andrea Stewart-Cousins as saying negotiations over such legislation \"reached a little bit of an impasse.\"\nNow what\nMuch of this uncertainty can be attributed to the usual political horse-trading that goes into any significant piece of legislation. Most sensible New Yorkers -- even the politicians -- realize that the state is facing a budgetary chasm and desperately needs good tax revenue sources.\nAt the end of the day, for all the political noise, New York seems to be barreling straight toward recreational legalization. This might ultimately be the factor driving the prices of Canadian pot companies down; after all, it's their American peers that will be able to immediately pounce on the New York market, not them.","news_type":1,"symbols_score_info":{"TLRY":0.9,"ACB":0.9,"APHA":0.9,"HEXO":0.9,"OGI":0.9,"CGC":0.9}},"isVote":1,"tweetType":1,"viewCount":1339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324950815,"gmtCreate":1615954974237,"gmtModify":1703495490992,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls&nbsp;","listText":"Can I have a like and comment pls&nbsp;","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324950815","repostId":"2120972106","repostType":4,"isVote":1,"tweetType":1,"viewCount":1712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325193400,"gmtCreate":1615871774900,"gmtModify":1703494275779,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/325193400","repostId":"1172271196","repostType":4,"repost":{"id":"1172271196","kind":"news","pubTimestamp":1615871336,"share":"https://www.laohu8.com/m/news/1172271196?lang=zh_CN&edition=full","pubTime":"2021-03-16 13:08","market":"us","language":"en","title":"How To Spot A Bubble<blockquote>如何发现气泡</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172271196","media":"Hussman Funds","summary":"Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price b","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.</li>  <li>If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.</li>  <li>One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.</li>  <li>It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.</li>  <li>To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</li> </ul>   I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000  The word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.</p><p><blockquote><ul><li>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。</li><li>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。</li><li>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。</li><li>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。</li><li>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</li></ul>我可以非常精确地证明，一股有两个保证价格。我更喜欢的是基于盈利和增长率等基本面，但泡沫在某种意义上是理性的。对增长的预期产生了增长，增长证实了预期；人们会买它，因为它上涨了。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。——诺贝尔奖获得者佛朗哥·莫迪里阿尼，《纽约时报》，2000年3月30日“泡沫”一词在金融市场上经常被提及，但很少被正确使用。看，定义泡沫的不是估值极高，也不是预期回报极低。相反，泡沫的定义是投资者推高估值，而不同时降低回报预期。也就是说，投资者根据价格行为推断过去的回报，即使这些预期与将价格等同于贴现现金流的回报不一致。</blockquote></p><p> In March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&amp;P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.</p><p><blockquote>2000年3月，在科技泡沫最严重的时候，我指出：“随着时间的推移，市盈率会恢复正常。目前，这意味着科技股将暴跌83%。如果你了解价值观和市场历史，你就会知道我们不是在开玩笑。”接下来的一个月，我讨论了莫迪里阿尼在上面的引用，并详细描述了他所描述的动态。2000年泡沫的破裂最终将抹去标普500一半的价值，并使以科技股为主的纳斯达克100指数下跌83%，令人难以置信。</blockquote></p><p> The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.</p><p><blockquote>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。如果投资者今天支付150美元购买一种证券，而十年后只需支付100美元，但他们也完全明白，在不将过去的收益外推到未来的情况下，他们每年将损失4%，那么我们可能会说证券被高估了，我们可能会质疑为什么投资者会接受这种交易，但我们不能看涨期权它是泡沫。</blockquote></p><p> But if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"</p><p><blockquote>但如果投资者今天为该证券支付150美元，因为他们回头看后视镜，认为它随着时间的推移“总是上涨”，并说服自己预期的未来回报总是正的，那么你就有了泡沫。使用任何正预期回报贴现证券未来100美元的现金流将产生低于100美元的价格。因此，投资者预期的正回报与将价格等同于贴现现金流的回报不一致。泡沫的大小是代表预期“热空气”的市场价格的分数。</blockquote></p><p> Likewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"</p><p><blockquote>同样，投资者愿意接受基于过去表现的ETF和资产支持证券等“被动投资”，而很少关心其中证券的估值、收益率或信用风险，这正是泡沫反复出现的肥皂。在当前对特殊目的收购公司(SPAC)的热情中，投资者可能会回忆起2000年高峰期“孵化器”的泡沫、20世纪60年代末Go-Go泡沫的“企业集团”，甚至是20世纪初的南海公司。1700年代，以及当时成立的类似公司“为了开展一项具有巨大优势的事业，但没有人知道它是什么”。</blockquote></p><p> If investors price the S&amp;P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.</p><p><blockquote>如果投资者将标普500定价在十年内极有可能产生负回报的水平，就像他们在1929年和2000年所做的那样，而且我相信他们目前正在做的那样，但投资者继续推高股价，因为他们期望无论估值如何，他们都将提供历史上正常的未来回报水平，那么就存在定义泡沫的不一致性。</blockquote></p><p></p><p> Likewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.</p><p><blockquote>同样，如果传统被动投资组合在10-12年内的预期回报为负（基于与一个世纪市场历史中实际后续回报密切相关的可靠估值指标），但养老金回报假设仍锁定在7%附近每年，你就面临着泡沫，很可能是未来的养老金融资危机。</blockquote></p><p> This is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"</p><p><blockquote>这就是历史上金融市场上反复发生的非常糟糕的事情，加尔布雷斯所说的“金融记忆的极度短暂”促成了这一点。</blockquote></p><p> When Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"</p><p><blockquote>当莫迪里阿尼说有两种“合理”的价格时，他的意思是——至少在短期内——价格有两种方式可以满足投资者的预期。在一种情况下，投资者对未来回报有预期，而这些预期是由估值水平决定的。如果价格上涨，而预期现金流没有改变，投资者就会认识到未来的回报会更低。在“泡沫”案例中，投资者对未来回报有很高的预期，主要基于过去的回报，他们通过进一步推动价格上涨来实现这些预期。因此，进一步涨价的预期只是被强化了。“增长的预期产生了增长，增长证实了预期。”</blockquote></p><p> Only one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.</p><p><blockquote>这些价格中只有一个是一致的，因为投资者预期的回报率也是将价格等同于贴现的未来现金流的回报率。另一个价格变得越来越脱离基本面，因为价格中越来越大的部分代表着空话，随着差距变得难以维持，它最终会崩溃。</blockquote></p><p> During speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.</p><p><blockquote>在市场周期的投机阶段，没有什么能迫使投资者认识到更高的估值意味着更低的回报，或者改变他们对高回报的预期。当然，这就是为什么我们使用市场内部因素来衡量投资者的投机或避险倾向。估值提供了大量关于整个周期中可能的长期回报和潜在市场损失的信息。但估值不是择时工具。近年来，它甚至没有对投机鲁莽行为施加限制。</blockquote></p><p> Still, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.</p><p><blockquote>尽管如此，随着价格的每一次上涨，未来现金流所隐含的实际长期回报——投资者在这些现金流交付时最终将意识到的回报——进一步崩溃，即使投资者按照长期回报与价格无关的错觉行事。最终，证券价格的大部分代表了泡沫成分，而不是为了使投资者的长期预期准确而实际需要存在的价格。</blockquote></p><p> As I wrote at the 2000 market peak:</p><p><blockquote>正如我在2000年市场高峰时所写的：</blockquote></p><p>   \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"  By our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.</p><p><blockquote>“只要投资者关注的是同比回报，而不是现金流折现计算，泡沫就能以自我强化的方式持续增长。投资者预期高回报，价格行为强化了预期。真正的长期回报与投资者想象的长期回报越来越脱离，泡沫成分在总价中的占比越来越大。”根据我们最可靠的衡量标准，一般的历史估值标准比当前水平低约70%。我知道你不愿意相信。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/493c338076df85e2a04ebf892af4762f\" tg-width=\"1280\" tg-height=\"713\"></p><p><blockquote></blockquote></p><p> The trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.</p><p><blockquote>当估值极端且市场内部开始恶化时，活板门就会悄然打开。这就是我们最近几周在测量中观察到的情况，最初的恶化主要是由债务证券推动的，但股票的分歧也在扩大。</blockquote></p><p> <b>Valuations and discounted cash flows</b></p><p><blockquote><b>估值及贴现现金流量</b></blockquote></p><p>   Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.    - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019  I've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:</p><p><blockquote>估值衡量当前价格与长期预期未来现金流之间的权衡。每一个有用的估值比率都只是该计算的简写。每一个不符合这个标准的估值比率都是劣质的，你可以在历史数据中显示出来。–John P.Hussman博士，《估值的意义》，2019年12月我经常注意到，每一个好的估值衡量标准的分母都只是证券未来可能提供的数十年现金流的简写。事实上，我们总是通过检查来测试我们使用的估值方法的有效性：</blockquote></p><p> a) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;</p><p><blockquote>a)由此产生的估值措施与实际后续总回报的相关性有多强；</blockquote></p><p> b) how closely they replicate an explicit discounted cash flow analysis.</p><p><blockquote>b)它们在多大程度上复制了明确的贴现现金流分析。</blockquote></p><p></p><p> Below, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.</p><p><blockquote>下面，我们将研究各种估值指标，这些指标可以解释为什么我认为美国股市是一个接近崩溃点的泡沫。在此过程中，我将指出估值的一些有趣特征及其与后续回报的关系。如果数学让你荨麻疹，请随意浏览我在这里和那里包含的少量内容。</blockquote></p><p> Consider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.</p><p><blockquote>首先考虑估值和后续回报之间的关系。我将陈述以下内容，你可以通过玩弄现值模型来向自己证明这一点：一个好的估值衡量标准的对数应该与预期的后续投资回报呈反比且大致呈线性关系。</blockquote></p><p> Here's a simple example of what this looks like.</p><p><blockquote>这是一个简单的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1e5bdf4391c9c91a8b9a051f6635116\" tg-width=\"819\" tg-height=\"708\"></p><p><blockquote></blockquote></p><p> Here's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure</p><p><blockquote>这是我们最可靠的股市估值指标MarketCap/GVA的情况</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485141919c853722522159d2e9d05e85\" tg-width=\"1280\" tg-height=\"720\"></p><p><blockquote></blockquote></p><p> During the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.</p><p><blockquote>在过去的三十年里，我们研究并引入了广泛的估值方法。大多数可以追溯到1947年。有些可以评估一个世纪或更长时间。纵观历史，甚至在最近几十年，我们发现与实际后续回报最相关的估值指标是那些对利润率周期性波动敏感性较低的估值指标，并且在很大程度上类似于广泛的全市场市盈率。</blockquote></p><p> If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&amp;P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).</p><p><blockquote>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。以下是标普500自1900年以来实际股息流（包括回购的影响）的比较，按10%的固定利率贴现（有关更多详细信息，请参阅图表文本）。</blockquote></p><p> The reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&amp;P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.</p><p><blockquote>我们使用固定回报率的原因是，根据定义，1.0的倍数就是该特定预期回报水平的标普500定价水平。估值倍数与1.0的任何偏差都可以衡量未来回报与“典型”预期回报的可能性有多大。我们目前比历史上任何时候都更远离“典型”预期回报，包括1929年和2000年的市场峰值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e6f61d2794095c2545d0d2c130320e45\" tg-width=\"1280\" tg-height=\"722\"></p><p><blockquote></blockquote></p><p> One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.</p><p><blockquote>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。现在，保持未来现金流不变，提高投资价格会降低内含回报率，反之亦然，这是事实。如果你今天支付32美元，十年后支付100美元，你可以期待12%的年回报率。如果你为同样的证券支付82美元，你可以期待2%的年回报率。如果你今天付100美元，你什么也不能指望。因此，很明显，保持未来现金流不变，较低的回报率意味着较高的估值水平。</blockquote></p><p> The reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.</p><p><blockquote>“低利率证明高估值是合理的”这句话导致金融文盲的原因是，这句话完全是在算术背景下学习的。因此，投资者似乎想象，只要高估值能够“合理”，就可以预期股票在未来提供历史上正常的回报率。同样，投资者似乎没有概念，如果利率低是因为增长率低，那么股票的估值溢价就“合理”，因为较低的增长已经足以将未来的股票回报降至与低利率水平相称的水平。</blockquote></p><p> The truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.</p><p><blockquote>道理很简单，却让人难受。如果利率较低且预期增长保持不变，较高的估值意味着较低的长期回报。如果利率较低，因为预期的未来增长也较低，则不需要更高的估值。无论如何，长期回报都会更低。估值溢价只会让未来的回报变得更糟。</blockquote></p><p> Saying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"</p><p><blockquote>说极低的利率“证明”极高的股票估值是合理的，就像说极低的债券未来回报率“证明”极低的股票未来回报率是一样的。当华尔街告诉投资者股市估值“合理”时，我真的不认为这是它想澄清的事情。</blockquote></p><p></p><p> Investment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.</p><p><blockquote>投资估值关注的是三个对象之间的关系：当前价格、未来现金流以及像绳子一样将两者连接起来的回报率。当前价格越低，未来现金流越高，弦越陡。当前价格越高，未来现金流越低，字符串就越扁平。将当前价格提高到未来现金流之上，字符串将指向下方而不是上方。给定这些对象中的任意两个，你可以计算第三个。</blockquote></p><p> For example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.</p><p><blockquote>例如，如果你想估计预期的长期回报，你需要两个对象：a）当前价格和b）未来现金流的预期流。一个好的估值比率只是那两个对象的速记，所以你可以直接从估值水平来估计长期回报。然后，如果你愿意，你可以把它和利率的水平进行比较。这种比较可能是有用的，因为即使投资者意识到高股市估值意味着低长期回报，他们也根本不清楚他们是否意识到长期回报前景有多低。</blockquote></p><p> The chart below shows our estimate of expected 12-year S&amp;P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&amp;P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&amp;P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.</p><p><blockquote>下图显示了我们对一个世纪的市场历史中预期12年期标普500总回报率高于国债收益率的估计。相比之下，华尔街称之为“股票风险溢价”（通常被引用为标普500远期收益收益率减去10年期国债收益率）的几乎毫无用处的废话。是的，你没看错图表。鉴于目前的估值，我们预计未来12年标普500的总回报率将低于国债的低收益率约-6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42561963df9d259a93fe0d4f2502c13e\" tg-width=\"1024\" tg-height=\"577\"></p><p><blockquote></blockquote></p><p> Many investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.</p><p><blockquote>许多投资者将预期回报的估计（只需要预期现金流和观察到的价格）与另一个问题——“公允价值”的估计混为一谈。看，当你有一个预期的未来现金流，你想要计算一个“公平”的当前价格时，利率就会出现。在这种情况下，通常使用利率水平加上一些风险溢价作为预期的长期回报（或贴现率或资本化率），而不是从帽子中选择任意的回报率。这种计算对任意选择非常敏感。</blockquote></p><p> In particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.</p><p><blockquote>特别是，华尔街喜欢将超高的增长率、超低的贴现率和超长的时间范围结合起来，这使得人们可以计算出尽可能接近无穷大的“公允价值”。需要记住的是，无论分析师在公允价值计算中嵌入什么回报率，假设未来现金流按预期交付，如果您支付该价格，随着时间的推移您将获得的长期回报率。</blockquote></p><p> Among scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&amp;P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.</p><p><blockquote>在我们随着时间的推移评估或引入的数十项指标中，MarketCap/GVA（非金融市值与企业总增加值之比，包括我们对国外收入的估计）与随后10-12年标普500实际总回报的相关性最高，其次是我们的利润率调整市盈率(MAPE)。我觉得好笑的是，随着时间的推移，我引入的各种估值指标有时被描述为“机器学习”、“数据挖掘”和“曲线拟合”的产物，而事实上，它们只是整个经济范围内市盈率的不同版本。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/75dac426a3ad2f3830f9dce50f7c0a1c\" tg-width=\"1265\" tg-height=\"712\"></p><p><blockquote></blockquote></p><p> The S&amp;P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.</p><p><blockquote>标普500市盈率和非金融市值与GDP之比（“巴菲特指标”）也表现良好，优于基于收益的替代指标，如价格/远期收益、美联储模型，甚至席勒CAPE。看，虽然收益对于产生长期现金流是必要的，但它们也会受到利润率波动的影响（周期性地，甚至每十年一次），而事实证明，这些波动是非常缺乏信息的。</blockquote></p><p> Economically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.</p><p><blockquote>在经济上，利润率的波动主要是由实际单位劳动力成本的波动驱动的。由于企业是基于已实现的税后利润而非税前利润进行竞争，税收政策的变化对企业利润的持久影响也远不如投资者似乎想象的那样。虽然去年企业利润从医疗保健支出中获得了巨大的提振（一个部门的赤字总是表现为另一个部门的盈余），但以下是企业利润和实际单位劳动力成本之间的历史关系。</blockquote></p><p> Real unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.</p><p><blockquote>实际单位劳动力成本以倒置的左标度呈现。劳动力成本的上行压力（观察为蓝线暴跌）对未来利润来说并不是特别有利。尽管如此，最近几个季度仍存在如此多的扭曲，以至于我认为这种情况会持续多久还没有定论。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/3110e7d3c0468c39d343b20835566bcc\" tg-width=\"1157\" tg-height=\"652\"></p><p><blockquote></blockquote></p><p> It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.</p><p><blockquote>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。但即使对于科技股来说，这些假设也应该明确，并根据历史进行检验。你会发现像价格/收入这样的可观察指标仍然非常有用。事实上，科技股极端的市盈率帮助我在2000年3月预测该行业将损失83%。</blockquote></p><p> As Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"</p><p><blockquote>正如本杰明·格雷厄姆（Benjamin Graham）所写的那样，“将支付的东西与提供的东西联系起来的习惯是投资中的一个无价特征。估值越依赖于对未来的预期——它与过去表现所证明的数字的联系越少——它就越容易受到可能的误判和严重错误的影响。”</blockquote></p><p> The current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.</p><p><blockquote>纳斯达克100指数目前的市盈率为5.19，是自2001年2月以来的最极端水平，随后该指数下跌了60%（此前该指数已经下跌了一半）。这里的情况实际上比2001年还要糟糕一些。如果我们研究该指数的最大组成部分，就会发现它们的年增长率随着时间的推移大幅下降。</blockquote></p><p> As a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.</p><p><blockquote>因此，可以说，当前一美元收入的倍数应该低于新兴增长早期一美元收入的倍数。然而，即使人们从表面上看待纳斯达克100指数的市盈率，即使人们将注意力限制在2000年以来的泡沫时期，也很难指望纳斯达克在未来十年产生比零好得多的总回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48dd88f74eaed48d53b237b4d0209d8e\" tg-width=\"963\" tg-height=\"542\"></p><p><blockquote></blockquote></p><p> You don't really want to see what the same chart looks like for the S&amp;P 500.</p><p><blockquote>你不会真的想看到标普500的同样的图表是什么样子的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24f70ab683592ef20a8c6c75fc9bd1fc\" tg-width=\"963\" tg-height=\"543\"></p><p><blockquote></blockquote></p><p> The same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&amp;P 500, 30% in Treasury bonds, and 10% in Treasury bills.</p><p><blockquote>不幸的是，被动投资策略也是如此。我们目前估计，60%投资于标普500、30%投资于国债、10%投资于国库券的传统被动投资组合的12年平均年总回报率为负。</blockquote></p><p> In a 2019&nbsp;white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.</p><p><blockquote>在2019年的白皮书中，我详细介绍了一种通过共同考虑当前股市估值和利率来估计“以价值为中心的资产配置”的方法。它根据哪个资产类别估计具有最高的平均年预期回报（经风险调整）来指定长期投资范围内的每个点的投资分配。然后，风险管理组件可以修改这种分配，以在市场周期的各个部分调整风险敞口，在这些部分，市场参与者的风险规避或投机可能会暂时将估值推低或推高。该白皮书包括大量图表，显示了这种以价值为中心的资产配置在市场历史上是如何变化的，特别是在股票和债券市场的重要高峰和低谷。</blockquote></p><p> Along with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.</p><p><blockquote>除了这些方法，我还介绍了我们的“捐赠/支出倍数”，它估计了被动的60/30/10投资者预先需要的支出年数，以便为未来36年的通胀调整支出提供资金。这里的想法是，在一个预期未来回报很高的被严重低估的市场中，当估值极端且预期回报较低时，投资者可以用远低于他们所需的资金为未来的支出流提供资金。</blockquote></p><p> You know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.</p><p><blockquote>当为36年的预期通胀调整支出提供资金需要超过38年的前期资金时，你就知道自己处于泡沫之中。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1adff1ad0dbaa2737f60cb7589d206fb\" tg-width=\"1230\" tg-height=\"693\"></p><p><blockquote></blockquote></p><p> In the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.</p><p><blockquote>在下图中，捐赠/支出倍数以倒对数标度（左）以及60/30/10投资组合的实际后续平均年总回报（右标度）呈现。不用说，我们坚持旨在解决此类问题的投资纪律。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1480e881b4d04ace81a96f31f6368796\" tg-width=\"1229\" tg-height=\"692\"></p><p><blockquote></blockquote></p><p> As a testament to the breadth of this speculative episode, the median price/revenue ratio of S&amp;P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.</p><p><blockquote>作为这一投机事件广度的证明，标普500成分股的市盈率中位数现在超过了3.3，很容易创下纪录，而且极端程度足以引发无辜但消息不灵通的投资者在完成这一周期后可能遭受的潜在损失。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffe0cc33bdaf0695dacb7ae1d817edab\" tg-width=\"1110\" tg-height=\"625\"></p><p><blockquote></blockquote></p><p></p><p> The next chart shows the median price/revenue ratio of S&amp;P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&amp;P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.</p><p><blockquote>下图显示了按估值分为10个十分位数的标普500组件的市盈率中位数。该图表以对数标度显示，以便将每条线与其自身的历史进行比较。纵轴上的每个细分市场代表估值翻倍。请注意，标普500成分股的每一个十分位数都处于创纪录的估值极值。投资者现在依赖于这些极端情况下的永久高位平台。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb7c995e64e3c9cba85d6e0fc9124223\" tg-width=\"1280\" tg-height=\"721\"></p><p><blockquote></blockquote></p><p> It's interesting, but far less important, that the median price/earnings ratio of S&amp;P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&amp;P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.</p><p><blockquote>有趣的是，但远没有那么重要的是，标普500组件的市盈率中位数也达到了32.4，为历史最高水平。相比之下，2000年市场峰值时的市盈率中值为19.4。当然，市盈率倍数的问题在于它们很大程度上受到收益可变性的影响。事实上，在当前的峰值之前，标普500的最高市盈率中值实际上是在2002年3月，当时该指数比2000年3月的泡沫高点下跌了25%。这是因为当时盈利下降幅度更大，这提高了市盈率。这就是按面值计算市盈率倍数的危险。</blockquote></p><p> A crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.</p><p><blockquote>绕过收益周期性的一个粗略但相当有效的方法（但仅限于非常广泛的指数）是将价格与迄今为止达到的最高收益水平进行比较。我早在1998年就引入了这个指标，称为市盈率。下图显示了一个版本。蓝线（左标度）显示了美国股票总市值与GDP的比率。红线（右标度）显示了美国股票总市值与迄今为止美国整体经济利润最高水平的比率。投资者在这里遇到了麻烦。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a6630cf8302360e1b4645870051b21de\" tg-width=\"989\" tg-height=\"557\"></p><p><blockquote></blockquote></p><p> <b>What if valuations remain extreme forever?</b></p><p><blockquote><b>如果估值永远保持极端怎么办？</b></blockquote></p><p> Probably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.</p><p><blockquote>过去几年我从投资者那里听到的最常见的问题可能是“如果估值永远保持极端会发生什么？”这实际上是欧文·费希尔在1929年灾难性地预测的“永久高原”的一个版本。尽管如此，近年来投资者对美联储购买国债可以永久“支撑”股市充满信心。</blockquote></p><p> As I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.</p><p><blockquote>正如我之前详述的，量化宽松只能通过创造零利息的烫手山芋来支持市场，这些烫手山芋让投资者持有起来不舒服（前提是他们倾向于投机），而且总体上不可能摆脱这些烫手山芋。此外，在一个拥有11万亿美元公司债务、58万亿美元股票市值的经济体中，美联储在疫情期间购买的公司债券在法律上仅限于财政部提供的CARES资金，最终债券金额为140亿美元。</blockquote></p><p> Suffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.</p><p><blockquote>可以说，“美联储支持”很大程度上存在于投资者的脑海中，几乎完全依赖于持有低收益基础货币的心理不适。然而，由于感知可能与现实难以区分，尤其是在短期内，因此考虑这个问题很重要。</blockquote></p><p> My answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.</p><p><blockquote>我的回答是，如果美联储确实能够永远将估值维持在历史最高水平，股价可能会以与名义GDP大致相同的速度增长。因此，1.6%的实际结构性增长加上2%的通胀率得到3.6%。让我们将其看涨期权为4%，这将与截至2019年第四季度经济峰值（就在大流行之前）的10年和20年期间的名义GDP增长相匹配。通胀上升的第一个受害者是股票估值，因此在估值大致正常化之前，假设通胀上升是否会对股票有所帮助，这一点还不清楚，这需要消费者价格大约上涨两倍。</blockquote></p><p> The chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.</p><p><blockquote>下图提醒我们近几十年来结构性实际GDP增长是如何进展的（由人口劳动力增长和趋势生产率驱动），以及结构性实际GDP增长1.6%数字的基础。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf63b9b8f5f3b55136c8523d73e864f3\" tg-width=\"1131\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> Sticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&amp;P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.</p><p><blockquote>坚持4%的名义增长率，加上1.5%的股息收益率，市场估值的“永久高位”将意味着标普500每年的总回报率约为5.5%。同样，这是假设估值永远不会从目前约为历史标准3.6倍的水平回落。只要让它们在十年后回落至历史正常水平的2.4倍——这仍将使估值保持在美国历史上最高的10%之内——由此产生的10年总回报率将降至1.3%左右。我认为，即使在一个永远被高估的世界里，这实际上也是最好的情况。</blockquote></p><p></p><p> At elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&amp;P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.</p><p><blockquote>在高估值下，即使预期回报的微小变化也意味着价格的巨大变化。因此，平均估值高得多的时期不太可能逃脱相对较高波动性的前景。投资者可能预计市场会出现20-35%的频繁下跌，而不是目前市场下跌70%，这是标普500触及历史上普通估值标准所必需的，这基本上是我们在过去几年中所看到的。</blockquote></p><p> All of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&amp;P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.</p><p><blockquote>所有这些对我们来说都没问题。我们已经充分调整了我们的纪律（尤其是在2017年末），以容忍永久持续高估的可能性。我的印象是，随着我们有更多的机会生活在其中，这些适应的影响变得更加明显。我不能说我一秒钟都相信投资者实际上不会在未来几年的标普500中遭受50-70%的损失，但同样，如果市场永远不会接近历史估值规范，我们也没问题。随着我们在2017年底引入的适应，我们的学科足够灵活，即使不接受泡沫的前提，也可以驾驭泡沫。</blockquote></p><p> <b>An unusual overlap of high-risk conditions</b></p><p><blockquote><b>高风险状况的不寻常重叠</b></blockquote></p><p> Returning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"</p><p><blockquote>回到莫迪里阿尼，我的印象是，近年来向历史上最极端估值的推进恰恰反映了他所描述的泡沫动态，我预计它也会像他所描述的那样结束（尽管不一定一蹴而就）：“对增长的预期产生了增长，增长证实了预期；人们会因为它上涨而买入。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。”</blockquote></p><p> One of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.</p><p><blockquote>我们的一个内部指标跟踪市场状况与市场急剧崩溃之前的某些高风险特征的相关性——一系列衡量估值、内部因素、情绪、杠杆、过度扩张和收益率压力的指标。历史上只有少数情况像现在这样与崩溃前的情况重叠。目前的重叠实际上与1987年8月非常相似。与此同时，当前状况与市场低点时通常观察到的特征的相关性是历史上最负的。</blockquote></p><p> If you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.</p><p><blockquote>如果你想听听我的意见，我怀疑25-35%左右的近乎垂直的市场暴跌即将到来，可能很快，很可能是出乎意料的，就像1987年一样，无非是由过度扩张的投资者突然齐心协力抛售，以及需要大幅调整价格以诱导稀缺买家站在另一边。</blockquote></p><p> As usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.</p><p><blockquote>像往常一样，不需要预测。我们将根据每个时间点观察到的估值和市场行为来调整我们的投资立场。尽管如此，特别令人担忧的是，这些重叠发生在历史上最极端估值的背景下，以及许多个别问题中明显功能失调的流动性不足的背景下。这种不正常的行为与任何特定的视频游戏零售商无关。我怀疑这实际上是关于订单流机制的某种脆弱性或分割，可能与管理不善的衍生品敞口有关。</blockquote></p><p> As I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.</p><p><blockquote>正如我曾经教我的学生的那样，给我看一个金融崩溃，我会给你看一个拥有杠杆、不匹配头寸的人，他们突然被迫关闭到一个缺乏流动性的市场。</blockquote></p><p> Though my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:</p><p><blockquote>尽管我的担忧远远超出了系统中的杠杆金额，但美国股市的杠杆金额现在轻松达到历史最高水平并没有什么帮助。一些观察家倾向于通过除以股票市值来降低这一数字。但这里有一些有用的算术：</blockquote></p><p> Margin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP</p><p><blockquote>保证金债务/GDP=保证金债务/市值x市值/GDP</blockquote></p><p> To say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.</p><p><blockquote>说保证金债务占GDP的比例处于历史最高水平，不仅是说保证金大量持有股票，而且这些股票的估值也高得惊人。这种组合尤其令人担忧。</blockquote></p><p>   All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.    - John Kenneth Galbraith, A Short History of Financial Euphoria  <img src=\"https://static.tigerbbs.com/dc55dacbd5e01016cd9964422f941b0c\" tg-width=\"983\" tg-height=\"556\"></p><p><blockquote>所有危机都涉及债务，这些债务以这样或那样的方式与基本支付手段相比已经危险地超出了规模。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p><p> The kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.</p><p><blockquote>我所建议的这种事件不会使估值接近历史估值规范。鉴于目前的极端估值，它更像是一种味觉清洁剂。我对下一道菜没有特别的期望。如果我们确实观察到市场突然崩溃，美联储无疑会采取一些新的姑息措施来应对。它是否有效将取决于当时的风险规避、通货膨胀、信用风险和其他条件。正如我们所讨论的，更大的问题是，你不能通过支撑价格来“拯救”被高估的资产。价值在于随着时间的推移将交付给投资者的未来现金流。价格上涨只会确保从现在到那时的长期回报将是惨淡的。</blockquote></p><p> Of course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.</p><p><blockquote>当然，我们的学科中没有任何东西依赖于市场暴跌。鉴于高估和市场内部分歧（主要基于债务证券，但股票分歧也在增加）的结合，我确实认为股市仍处于“活板门”的情况。尽管如此，这种观点将随着市场状况的变化而改变。如果我们对市场内部的衡量有所改善，我们将避免采用或放大负面前景。即使在创纪录的高点下，这种纪律也为我们提供了良好的服务。同样，不需要预测，这种观点也不会驱动我们当前的投资立场。我只是认为与历史碰撞前情况的相关性值得注意。</blockquote></p><p>   How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.    - John Kenneth Galbraith on the 1929 collapse  <b>Valuations and investment duration</b></p><p><blockquote>也许人们会同意，关于这段历史，无论是原创的还是非凡的，都很少。价格上涨是基于价格会上涨的预期，这种预期通过由此产生的购买来实现。然后，由于一些看似破坏性的事件或发展，或者仅仅是因为智力脆弱的买家的供应耗尽，这些预期不可避免地逆转。不管原因是什么（这并不重要），绝对可以肯定的是，这个世界不是随着呜咽而结束，而是随着一声巨响而结束。等等，直到大规模幻灭和崩溃的时刻。这最后一点，现在已经足够明显了，从来不会轻易到来。它总是伴随着绝望且基本上不成功的脱身努力。——约翰·肯尼思·加尔布雷斯谈1929年的崩盘<b>估值和投资期限</b></blockquote></p><p> To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</p><p><blockquote>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</blockquote></p><p> Every security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.</p><p><blockquote>每种证券都是对未来现金流的债权，这些现金流预计将随着时间的推移交付给投资者。虽然“久期”的概念最常用于债券，但它实际上适用于任何证券，无论现金流有多“不稳定”。</blockquote></p><p> If you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.</p><p><blockquote>如果你不喜欢数学，可以随意浏览各种方程，只需阅读引号。为了完整起见，我提供了细节。</blockquote></p><p> The \"duration\" of a security can be defined in two ways.</p><p><blockquote>证券的“久期”可以通过两种方式定义。</blockquote></p><p> Investment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.</p><p><blockquote>投资期限：证券支付款项所需的加权平均年数。对于每个期间，您将当年付款所代表的总现值份额乘以未来收到付款的年数。把它们加起来。结果是从今天起您的投资现值将得到偿还的年数（加权平均值）。例如，十年后一次性付款的证券的期限仅为10年。</blockquote></p><p> Elasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%</p><p><blockquote>弹性：证券响应基础总回报率变化的百分比变化。从技术上讲，弹性是(-dP/P)/(dk/1+k)。例如，假设您拥有一种证券，十年后将支付100美元，其定价为82.0348美元，年回报率为2%。现在假设预期回报率升至2.01%。价格将降至81.9544美元。弹性为(0.0804/82.0348)/(0.0001/1.02)=10%</blockquote></p><p> It turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，证券以年为单位的“久期”与其“久期”相同。久期也是投资者对预期回报随时间变化“免疫”的持有期。换句话说，假设您随着时间的推移对现金流进行再投资，久期可以让您很好地了解您必须持有证券多长时间，以便您的最终财富在很大程度上独立于证券在该期间经历的波动。</blockquote></p><p> If you know differentiation, can prove to yourself that the \"modified duration\" of the S&amp;P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).</p><p><blockquote>如果你知道差异化，可以向自己证明标准普尔500的“修正久期”本质上是股息收益率的倒数。修改后的持续时间只是（-dP/P）/dk或麦考利持续时间/（1+k）。</blockquote></p><p> Consider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.</p><p><blockquote>考虑P=D/（k-g）。相对于k微分，dP/dk=-P/（k-g），因此持续时间（-dP/P）/dk=P/D。</blockquote></p><p></p><p> Here's how to think about the link between valuations and duration. Presently, the dividend yield of the S&amp;P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.</p><p><blockquote>以下是如何思考估值和久期之间的联系。目前，标普500的股息率为1.48%。如果收益率升至1.49%，保持股息不变，则价格在这1个基点的变动上下跌1.48/1.49-1=-0.67%。久期就是敏感度，定义为100个基点的变动，即67。事实证明，如果您今天投资，这也是从今天起您将获得现值的加权平均年数。</blockquote></p><p> Compare that to the typical situation over the past century, when the dividend yield of the S&amp;P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.</p><p><blockquote>与过去一个世纪的典型情况相比，当时标普500的股息收益率平均约为3.7%。在正常估值下，股息收益率上升1个基点将导致价格下跌3.7/3.71-1=0.27%，这意味着持续时间为27年。</blockquote></p><p>   It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.  Historically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，以年为单位的证券的“久期”与其“久期”相同。久期也是使投资者免受预期回报随时间变化的影响的持有期。从历史上看，希望将投资组合的久期与投资期限相匹配的投资者可以相当放心地将100%的资产持有股票，前提是他们的投资期限约为25-30年。目前，这些投资者需要接近65-70年的投资期限。他们目前拿着吸管杯。</blockquote></p><p> <b>Scarcity, usefulness, and value</b></p><p><blockquote><b>稀缺性、有用性和价值</b></blockquote></p><p> While we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.</p><p><blockquote>当我们谈到泡沫的话题时，我会在比特币上补充一些评论，只是为了好玩。我会写更多，但我的身体仍然笑得很痛。</blockquote></p><p> Objects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.</p><p><blockquote>像郁金香球茎和比特币这样的物品与证券的不同之处在于，它们不会向持有者提供现金流。相反，像郁金香和货币这样的物品随着时间的推移提供了一点服务，例如，作为一种永恒的美丽事物或作为一种支付手段。人们有时会忘记的是，定义一件物品价值的不仅仅是稀缺，而是它提供的一系列有用的“服务”（出于某种原因，没有人想买我独特的限量版数字签名豪猪座套）。物品的价格和它提供的服务流应该是相称的。</blockquote></p><p> U.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.</p><p><blockquote>例如，美元之所以有价值，主要是因为它们通过法定货币与实体经济联系在一起（正如任何美钞的正面所注明的那样，它们在法律上必须被接受为一种支付手段），并且它们代表了银行体系的整个基础——几乎在美国经济中来回的每一笔支付都代表着基础货币的转移。随着时间的推移，基础货币（货币和银行储备）提供了数十亿的小“服务”。</blockquote></p><p> With every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.</p><p><blockquote>在每一笔交易中，准备金都会以电子方式在一个账户持有人和另一个账户持有人之间从一家银行转移到另一家银行。法定法令和作为支付系统基础的持续使用的结合赋予了货币“价值”。这一价值也意味着美国政府本质上通过生产这些东西获得了“铸币税”的收入。对于那些认为政府会放弃这些收入而使用比特币的人，我有一个不可替代的代币要卖给你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/747b2ba31a8d94d85d374d12b13b3c96\" tg-width=\"665\" tg-height=\"718\"></p><p><blockquote></blockquote></p><p> As I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.</p><p><blockquote>正如我之前提到的，区块链是一个出色的算法，我预计它将在安全交易和库存管理方面有大量用途。然而，比特币是一种由低能效、可复制的区块链应用程序生成的令牌。最终，它的价值取决于提供交易服务的能力，但没有法定要求使用它，而且带宽非常窄——每10分钟大约有2000笔交易——我预计这将被证明是一个非常有限的功能。在投机者现在对比特币股票的估值是整个美国货币基础价值的五分之一的世界里，这是一个问题。</blockquote></p><p></p><p>   If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"    - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019  Of course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.</p><p><blockquote>如果你想想货币是如何被估价的，很明显，人们接受它是因为他们相信它会提供对他人未来产出的要求。当然，这种期望要求未来的生产者也会放弃他们的产出并接受这笔钱，因为他们相信其他未来的生产者也会这样做。这种期望必须无限期地持续下去。就像这样的问题“当阿特拉斯支撑着世界时，是什么支撑着阿特拉斯？“仅仅回答他站在一只乌龟上是不够的。下面一定是海龟。金钱的价值具有巨大的心理成分。”–John P.Hussman，博士，海龟一路下跌，2019年2月当然，比特币可能拥有一定的用户群作为洗钱和黑市交易的工具，但这是一个不受欢迎的投资论点。绝大多数交易都是为了交换比特币本身，尽管《纽约时报》最近确实报道称，“色情、庭院家具和家庭冠状病毒测试都是人们用加密货币购买的各种奇怪的商品和服务。”所以，基本上，如果你典型的一天是在院子里浏览色情片，同时测试自己的COVID，你会想看看比特币。</blockquote></p><p> My largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.</p><p><blockquote>我最担心的是，人们实际上是在用辛苦赚来的积蓄来换取这些代币，这使得早期的“矿工”可以套现。这本质上是庞氏骗局的定义特征。与所有依赖价格上涨而不是增值商品和服务生产产生的现金流的投机泡沫一样，比特币实际上并没有创造“财富”。这只是为财富转移创造了机会，主要是来自那些最终将掌管一切的人。</blockquote></p><p> Bitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.</p><p><blockquote>比特币具有基础货币的某些特征，因为它是在电子分类账上进行交易的，但根据设计，每个区块的交易平均限制在2000笔左右，平均每10分钟就有一个区块成功验证。为了验证一个事务块，世界各地的CPU场会研磨出随机SHA256验证尝试的万亿次哈希，以便发现与该块的加密哈希相匹配的足够小的二进制文件。</blockquote></p><p> All of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.</p><p><blockquote>所有这些“采矿”消耗的能量大约相当于运行一个中等规模的国家所需的能量。验证一笔交易会给矿工带来每笔6.25比特币的奖励（并稀释coinbase），目前每笔交易的奖励接近200美元。然而，比特币的交易价值中值一开始只有1000美元左右。</blockquote></p><p> There's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.</p><p><blockquote>有一种相当原始的回归分析（被一些显然对“对数”这个词麻木的观察者标记为“复杂”），试图将比特币的对数价格与对数“库存/流量”比率联系起来，好像它代表了某种机械的供需关系。除了两条对角线之间的相关性总是在0.9左右这一事实之外，我发现，只要将比特币的对数价格回归到区块难度/区块奖励的对数比率，就可以获得更好的拟合，这基本上是一种衡量一个人为了挖掘新的比特币需要浪费多少能量的方法。</blockquote></p><p> So the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.</p><p><blockquote>因此，比特币的“价值”部分与开采这些代币所浪费的能源的向后看沉没成本有关。尽管如此，我不会梦想用这种“模型”来交易一个“价值”主要在投机者头脑中的对象。喜欢就用吧。如果你碰巧在上面赚钱，请随时给我寄一张支票，最好是美元。</blockquote></p><p> Undoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.</p><p><blockquote>毫无疑问，这种对比特币的看法将在那些将持有比特币与激光眼和钻石手这样的超能力联系在一起的人中间不受欢迎。“赫斯曼不了解比特币并不奇怪。很少有人了解。”好吧。看，投机心态创造了自己的现实，当然有理由证明，虽然它创造了自己的现实，但也有机会从疯狂的后来者那里获得财富转移，他们再也不能容忍错过机会。郁金香会郁金香。不是我的工作，谢谢。</blockquote></p><p></p><p>   In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.    - John Kenneth Galbraith, A Brief History of Financial Euphoria </p><p><blockquote>从短期来看，人们会说这是一种攻击，其动机要么是缺乏理解，要么是无法控制的嫉妒，对丰富的奇妙过程。那些参与投机的人正在经历财富的增加——变得富有或进一步变得富有。没有人愿意相信这是偶然的或不应得的；所有人都希望认为这是他们自己卓越的洞察力或直觉的结果。只要他们在，他们就有一个强大的金钱承诺，相信独特的个人智慧告诉他们还会有更多。因此，附身必须与某种特殊的天才联系在一起。投机以一种非常实际的方式收买了相关人员的智力。只有在投机崩溃之后，真相才会浮出水面。被认为是不寻常的敏锐度被证明只是与资产的偶然和不幸的联系。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p>","source":"lsy1615871319183","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>How To Spot A Bubble<blockquote>如何发现气泡</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\">\nHow To Spot A Bubble<blockquote>如何发现气泡</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Hussman Funds</strong><span class=\"h-time small\">2021-03-16 13:08</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>The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.</li>  <li>If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.</li>  <li>One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.</li>  <li>It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.</li>  <li>To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</li> </ul>   I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000  The word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.</p><p><blockquote><ul><li>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。</li><li>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。</li><li>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。</li><li>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。</li><li>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</li></ul>我可以非常精确地证明，一股有两个保证价格。我更喜欢的是基于盈利和增长率等基本面，但泡沫在某种意义上是理性的。对增长的预期产生了增长，增长证实了预期；人们会买它，因为它上涨了。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。——诺贝尔奖获得者佛朗哥·莫迪里阿尼，《纽约时报》，2000年3月30日“泡沫”一词在金融市场上经常被提及，但很少被正确使用。看，定义泡沫的不是估值极高，也不是预期回报极低。相反，泡沫的定义是投资者推高估值，而不同时降低回报预期。也就是说，投资者根据价格行为推断过去的回报，即使这些预期与将价格等同于贴现现金流的回报不一致。</blockquote></p><p> In March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&amp;P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.</p><p><blockquote>2000年3月，在科技泡沫最严重的时候，我指出：“随着时间的推移，市盈率会恢复正常。目前，这意味着科技股将暴跌83%。如果你了解价值观和市场历史，你就会知道我们不是在开玩笑。”接下来的一个月，我讨论了莫迪里阿尼在上面的引用，并详细描述了他所描述的动态。2000年泡沫的破裂最终将抹去标普500一半的价值，并使以科技股为主的纳斯达克100指数下跌83%，令人难以置信。</blockquote></p><p> The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.</p><p><blockquote>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。如果投资者今天支付150美元购买一种证券，而十年后只需支付100美元，但他们也完全明白，在不将过去的收益外推到未来的情况下，他们每年将损失4%，那么我们可能会说证券被高估了，我们可能会质疑为什么投资者会接受这种交易，但我们不能看涨期权它是泡沫。</blockquote></p><p> But if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"</p><p><blockquote>但如果投资者今天为该证券支付150美元，因为他们回头看后视镜，认为它随着时间的推移“总是上涨”，并说服自己预期的未来回报总是正的，那么你就有了泡沫。使用任何正预期回报贴现证券未来100美元的现金流将产生低于100美元的价格。因此，投资者预期的正回报与将价格等同于贴现现金流的回报不一致。泡沫的大小是代表预期“热空气”的市场价格的分数。</blockquote></p><p> Likewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"</p><p><blockquote>同样，投资者愿意接受基于过去表现的ETF和资产支持证券等“被动投资”，而很少关心其中证券的估值、收益率或信用风险，这正是泡沫反复出现的肥皂。在当前对特殊目的收购公司(SPAC)的热情中，投资者可能会回忆起2000年高峰期“孵化器”的泡沫、20世纪60年代末Go-Go泡沫的“企业集团”，甚至是20世纪初的南海公司。1700年代，以及当时成立的类似公司“为了开展一项具有巨大优势的事业，但没有人知道它是什么”。</blockquote></p><p> If investors price the S&amp;P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.</p><p><blockquote>如果投资者将标普500定价在十年内极有可能产生负回报的水平，就像他们在1929年和2000年所做的那样，而且我相信他们目前正在做的那样，但投资者继续推高股价，因为他们期望无论估值如何，他们都将提供历史上正常的未来回报水平，那么就存在定义泡沫的不一致性。</blockquote></p><p></p><p> Likewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.</p><p><blockquote>同样，如果传统被动投资组合在10-12年内的预期回报为负（基于与一个世纪市场历史中实际后续回报密切相关的可靠估值指标），但养老金回报假设仍锁定在7%附近每年，你就面临着泡沫，很可能是未来的养老金融资危机。</blockquote></p><p> This is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"</p><p><blockquote>这就是历史上金融市场上反复发生的非常糟糕的事情，加尔布雷斯所说的“金融记忆的极度短暂”促成了这一点。</blockquote></p><p> When Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"</p><p><blockquote>当莫迪里阿尼说有两种“合理”的价格时，他的意思是——至少在短期内——价格有两种方式可以满足投资者的预期。在一种情况下，投资者对未来回报有预期，而这些预期是由估值水平决定的。如果价格上涨，而预期现金流没有改变，投资者就会认识到未来的回报会更低。在“泡沫”案例中，投资者对未来回报有很高的预期，主要基于过去的回报，他们通过进一步推动价格上涨来实现这些预期。因此，进一步涨价的预期只是被强化了。“增长的预期产生了增长，增长证实了预期。”</blockquote></p><p> Only one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.</p><p><blockquote>这些价格中只有一个是一致的，因为投资者预期的回报率也是将价格等同于贴现的未来现金流的回报率。另一个价格变得越来越脱离基本面，因为价格中越来越大的部分代表着空话，随着差距变得难以维持，它最终会崩溃。</blockquote></p><p> During speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.</p><p><blockquote>在市场周期的投机阶段，没有什么能迫使投资者认识到更高的估值意味着更低的回报，或者改变他们对高回报的预期。当然，这就是为什么我们使用市场内部因素来衡量投资者的投机或避险倾向。估值提供了大量关于整个周期中可能的长期回报和潜在市场损失的信息。但估值不是择时工具。近年来，它甚至没有对投机鲁莽行为施加限制。</blockquote></p><p> Still, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.</p><p><blockquote>尽管如此，随着价格的每一次上涨，未来现金流所隐含的实际长期回报——投资者在这些现金流交付时最终将意识到的回报——进一步崩溃，即使投资者按照长期回报与价格无关的错觉行事。最终，证券价格的大部分代表了泡沫成分，而不是为了使投资者的长期预期准确而实际需要存在的价格。</blockquote></p><p> As I wrote at the 2000 market peak:</p><p><blockquote>正如我在2000年市场高峰时所写的：</blockquote></p><p>   \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"  By our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.</p><p><blockquote>“只要投资者关注的是同比回报，而不是现金流折现计算，泡沫就能以自我强化的方式持续增长。投资者预期高回报，价格行为强化了预期。真正的长期回报与投资者想象的长期回报越来越脱离，泡沫成分在总价中的占比越来越大。”根据我们最可靠的衡量标准，一般的历史估值标准比当前水平低约70%。我知道你不愿意相信。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/493c338076df85e2a04ebf892af4762f\" tg-width=\"1280\" tg-height=\"713\"></p><p><blockquote></blockquote></p><p> The trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.</p><p><blockquote>当估值极端且市场内部开始恶化时，活板门就会悄然打开。这就是我们最近几周在测量中观察到的情况，最初的恶化主要是由债务证券推动的，但股票的分歧也在扩大。</blockquote></p><p> <b>Valuations and discounted cash flows</b></p><p><blockquote><b>估值及贴现现金流量</b></blockquote></p><p>   Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.    - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019  I've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:</p><p><blockquote>估值衡量当前价格与长期预期未来现金流之间的权衡。每一个有用的估值比率都只是该计算的简写。每一个不符合这个标准的估值比率都是劣质的，你可以在历史数据中显示出来。–John P.Hussman博士，《估值的意义》，2019年12月我经常注意到，每一个好的估值衡量标准的分母都只是证券未来可能提供的数十年现金流的简写。事实上，我们总是通过检查来测试我们使用的估值方法的有效性：</blockquote></p><p> a) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;</p><p><blockquote>a)由此产生的估值措施与实际后续总回报的相关性有多强；</blockquote></p><p> b) how closely they replicate an explicit discounted cash flow analysis.</p><p><blockquote>b)它们在多大程度上复制了明确的贴现现金流分析。</blockquote></p><p></p><p> Below, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.</p><p><blockquote>下面，我们将研究各种估值指标，这些指标可以解释为什么我认为美国股市是一个接近崩溃点的泡沫。在此过程中，我将指出估值的一些有趣特征及其与后续回报的关系。如果数学让你荨麻疹，请随意浏览我在这里和那里包含的少量内容。</blockquote></p><p> Consider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.</p><p><blockquote>首先考虑估值和后续回报之间的关系。我将陈述以下内容，你可以通过玩弄现值模型来向自己证明这一点：一个好的估值衡量标准的对数应该与预期的后续投资回报呈反比且大致呈线性关系。</blockquote></p><p> Here's a simple example of what this looks like.</p><p><blockquote>这是一个简单的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1e5bdf4391c9c91a8b9a051f6635116\" tg-width=\"819\" tg-height=\"708\"></p><p><blockquote></blockquote></p><p> Here's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure</p><p><blockquote>这是我们最可靠的股市估值指标MarketCap/GVA的情况</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485141919c853722522159d2e9d05e85\" tg-width=\"1280\" tg-height=\"720\"></p><p><blockquote></blockquote></p><p> During the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.</p><p><blockquote>在过去的三十年里，我们研究并引入了广泛的估值方法。大多数可以追溯到1947年。有些可以评估一个世纪或更长时间。纵观历史，甚至在最近几十年，我们发现与实际后续回报最相关的估值指标是那些对利润率周期性波动敏感性较低的估值指标，并且在很大程度上类似于广泛的全市场市盈率。</blockquote></p><p> If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&amp;P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).</p><p><blockquote>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。以下是标普500自1900年以来实际股息流（包括回购的影响）的比较，按10%的固定利率贴现（有关更多详细信息，请参阅图表文本）。</blockquote></p><p> The reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&amp;P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.</p><p><blockquote>我们使用固定回报率的原因是，根据定义，1.0的倍数就是该特定预期回报水平的标普500定价水平。估值倍数与1.0的任何偏差都可以衡量未来回报与“典型”预期回报的可能性有多大。我们目前比历史上任何时候都更远离“典型”预期回报，包括1929年和2000年的市场峰值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e6f61d2794095c2545d0d2c130320e45\" tg-width=\"1280\" tg-height=\"722\"></p><p><blockquote></blockquote></p><p> One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.</p><p><blockquote>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。现在，保持未来现金流不变，提高投资价格会降低内含回报率，反之亦然，这是事实。如果你今天支付32美元，十年后支付100美元，你可以期待12%的年回报率。如果你为同样的证券支付82美元，你可以期待2%的年回报率。如果你今天付100美元，你什么也不能指望。因此，很明显，保持未来现金流不变，较低的回报率意味着较高的估值水平。</blockquote></p><p> The reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.</p><p><blockquote>“低利率证明高估值是合理的”这句话导致金融文盲的原因是，这句话完全是在算术背景下学习的。因此，投资者似乎想象，只要高估值能够“合理”，就可以预期股票在未来提供历史上正常的回报率。同样，投资者似乎没有概念，如果利率低是因为增长率低，那么股票的估值溢价就“合理”，因为较低的增长已经足以将未来的股票回报降至与低利率水平相称的水平。</blockquote></p><p> The truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.</p><p><blockquote>道理很简单，却让人难受。如果利率较低且预期增长保持不变，较高的估值意味着较低的长期回报。如果利率较低，因为预期的未来增长也较低，则不需要更高的估值。无论如何，长期回报都会更低。估值溢价只会让未来的回报变得更糟。</blockquote></p><p> Saying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"</p><p><blockquote>说极低的利率“证明”极高的股票估值是合理的，就像说极低的债券未来回报率“证明”极低的股票未来回报率是一样的。当华尔街告诉投资者股市估值“合理”时，我真的不认为这是它想澄清的事情。</blockquote></p><p></p><p> Investment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.</p><p><blockquote>投资估值关注的是三个对象之间的关系：当前价格、未来现金流以及像绳子一样将两者连接起来的回报率。当前价格越低，未来现金流越高，弦越陡。当前价格越高，未来现金流越低，字符串就越扁平。将当前价格提高到未来现金流之上，字符串将指向下方而不是上方。给定这些对象中的任意两个，你可以计算第三个。</blockquote></p><p> For example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.</p><p><blockquote>例如，如果你想估计预期的长期回报，你需要两个对象：a）当前价格和b）未来现金流的预期流。一个好的估值比率只是那两个对象的速记，所以你可以直接从估值水平来估计长期回报。然后，如果你愿意，你可以把它和利率的水平进行比较。这种比较可能是有用的，因为即使投资者意识到高股市估值意味着低长期回报，他们也根本不清楚他们是否意识到长期回报前景有多低。</blockquote></p><p> The chart below shows our estimate of expected 12-year S&amp;P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&amp;P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&amp;P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.</p><p><blockquote>下图显示了我们对一个世纪的市场历史中预期12年期标普500总回报率高于国债收益率的估计。相比之下，华尔街称之为“股票风险溢价”（通常被引用为标普500远期收益收益率减去10年期国债收益率）的几乎毫无用处的废话。是的，你没看错图表。鉴于目前的估值，我们预计未来12年标普500的总回报率将低于国债的低收益率约-6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42561963df9d259a93fe0d4f2502c13e\" tg-width=\"1024\" tg-height=\"577\"></p><p><blockquote></blockquote></p><p> Many investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.</p><p><blockquote>许多投资者将预期回报的估计（只需要预期现金流和观察到的价格）与另一个问题——“公允价值”的估计混为一谈。看，当你有一个预期的未来现金流，你想要计算一个“公平”的当前价格时，利率就会出现。在这种情况下，通常使用利率水平加上一些风险溢价作为预期的长期回报（或贴现率或资本化率），而不是从帽子中选择任意的回报率。这种计算对任意选择非常敏感。</blockquote></p><p> In particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.</p><p><blockquote>特别是，华尔街喜欢将超高的增长率、超低的贴现率和超长的时间范围结合起来，这使得人们可以计算出尽可能接近无穷大的“公允价值”。需要记住的是，无论分析师在公允价值计算中嵌入什么回报率，假设未来现金流按预期交付，如果您支付该价格，随着时间的推移您将获得的长期回报率。</blockquote></p><p> Among scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&amp;P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.</p><p><blockquote>在我们随着时间的推移评估或引入的数十项指标中，MarketCap/GVA（非金融市值与企业总增加值之比，包括我们对国外收入的估计）与随后10-12年标普500实际总回报的相关性最高，其次是我们的利润率调整市盈率(MAPE)。我觉得好笑的是，随着时间的推移，我引入的各种估值指标有时被描述为“机器学习”、“数据挖掘”和“曲线拟合”的产物，而事实上，它们只是整个经济范围内市盈率的不同版本。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/75dac426a3ad2f3830f9dce50f7c0a1c\" tg-width=\"1265\" tg-height=\"712\"></p><p><blockquote></blockquote></p><p> The S&amp;P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.</p><p><blockquote>标普500市盈率和非金融市值与GDP之比（“巴菲特指标”）也表现良好，优于基于收益的替代指标，如价格/远期收益、美联储模型，甚至席勒CAPE。看，虽然收益对于产生长期现金流是必要的，但它们也会受到利润率波动的影响（周期性地，甚至每十年一次），而事实证明，这些波动是非常缺乏信息的。</blockquote></p><p> Economically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.</p><p><blockquote>在经济上，利润率的波动主要是由实际单位劳动力成本的波动驱动的。由于企业是基于已实现的税后利润而非税前利润进行竞争，税收政策的变化对企业利润的持久影响也远不如投资者似乎想象的那样。虽然去年企业利润从医疗保健支出中获得了巨大的提振（一个部门的赤字总是表现为另一个部门的盈余），但以下是企业利润和实际单位劳动力成本之间的历史关系。</blockquote></p><p> Real unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.</p><p><blockquote>实际单位劳动力成本以倒置的左标度呈现。劳动力成本的上行压力（观察为蓝线暴跌）对未来利润来说并不是特别有利。尽管如此，最近几个季度仍存在如此多的扭曲，以至于我认为这种情况会持续多久还没有定论。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/3110e7d3c0468c39d343b20835566bcc\" tg-width=\"1157\" tg-height=\"652\"></p><p><blockquote></blockquote></p><p> It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.</p><p><blockquote>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。但即使对于科技股来说，这些假设也应该明确，并根据历史进行检验。你会发现像价格/收入这样的可观察指标仍然非常有用。事实上，科技股极端的市盈率帮助我在2000年3月预测该行业将损失83%。</blockquote></p><p> As Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"</p><p><blockquote>正如本杰明·格雷厄姆（Benjamin Graham）所写的那样，“将支付的东西与提供的东西联系起来的习惯是投资中的一个无价特征。估值越依赖于对未来的预期——它与过去表现所证明的数字的联系越少——它就越容易受到可能的误判和严重错误的影响。”</blockquote></p><p> The current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.</p><p><blockquote>纳斯达克100指数目前的市盈率为5.19，是自2001年2月以来的最极端水平，随后该指数下跌了60%（此前该指数已经下跌了一半）。这里的情况实际上比2001年还要糟糕一些。如果我们研究该指数的最大组成部分，就会发现它们的年增长率随着时间的推移大幅下降。</blockquote></p><p> As a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.</p><p><blockquote>因此，可以说，当前一美元收入的倍数应该低于新兴增长早期一美元收入的倍数。然而，即使人们从表面上看待纳斯达克100指数的市盈率，即使人们将注意力限制在2000年以来的泡沫时期，也很难指望纳斯达克在未来十年产生比零好得多的总回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48dd88f74eaed48d53b237b4d0209d8e\" tg-width=\"963\" tg-height=\"542\"></p><p><blockquote></blockquote></p><p> You don't really want to see what the same chart looks like for the S&amp;P 500.</p><p><blockquote>你不会真的想看到标普500的同样的图表是什么样子的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24f70ab683592ef20a8c6c75fc9bd1fc\" tg-width=\"963\" tg-height=\"543\"></p><p><blockquote></blockquote></p><p> The same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&amp;P 500, 30% in Treasury bonds, and 10% in Treasury bills.</p><p><blockquote>不幸的是，被动投资策略也是如此。我们目前估计，60%投资于标普500、30%投资于国债、10%投资于国库券的传统被动投资组合的12年平均年总回报率为负。</blockquote></p><p> In a 2019&nbsp;white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.</p><p><blockquote>在2019年的白皮书中，我详细介绍了一种通过共同考虑当前股市估值和利率来估计“以价值为中心的资产配置”的方法。它根据哪个资产类别估计具有最高的平均年预期回报（经风险调整）来指定长期投资范围内的每个点的投资分配。然后，风险管理组件可以修改这种分配，以在市场周期的各个部分调整风险敞口，在这些部分，市场参与者的风险规避或投机可能会暂时将估值推低或推高。该白皮书包括大量图表，显示了这种以价值为中心的资产配置在市场历史上是如何变化的，特别是在股票和债券市场的重要高峰和低谷。</blockquote></p><p> Along with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.</p><p><blockquote>除了这些方法，我还介绍了我们的“捐赠/支出倍数”，它估计了被动的60/30/10投资者预先需要的支出年数，以便为未来36年的通胀调整支出提供资金。这里的想法是，在一个预期未来回报很高的被严重低估的市场中，当估值极端且预期回报较低时，投资者可以用远低于他们所需的资金为未来的支出流提供资金。</blockquote></p><p> You know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.</p><p><blockquote>当为36年的预期通胀调整支出提供资金需要超过38年的前期资金时，你就知道自己处于泡沫之中。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1adff1ad0dbaa2737f60cb7589d206fb\" tg-width=\"1230\" tg-height=\"693\"></p><p><blockquote></blockquote></p><p> In the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.</p><p><blockquote>在下图中，捐赠/支出倍数以倒对数标度（左）以及60/30/10投资组合的实际后续平均年总回报（右标度）呈现。不用说，我们坚持旨在解决此类问题的投资纪律。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1480e881b4d04ace81a96f31f6368796\" tg-width=\"1229\" tg-height=\"692\"></p><p><blockquote></blockquote></p><p> As a testament to the breadth of this speculative episode, the median price/revenue ratio of S&amp;P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.</p><p><blockquote>作为这一投机事件广度的证明，标普500成分股的市盈率中位数现在超过了3.3，很容易创下纪录，而且极端程度足以引发无辜但消息不灵通的投资者在完成这一周期后可能遭受的潜在损失。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffe0cc33bdaf0695dacb7ae1d817edab\" tg-width=\"1110\" tg-height=\"625\"></p><p><blockquote></blockquote></p><p></p><p> The next chart shows the median price/revenue ratio of S&amp;P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&amp;P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.</p><p><blockquote>下图显示了按估值分为10个十分位数的标普500组件的市盈率中位数。该图表以对数标度显示，以便将每条线与其自身的历史进行比较。纵轴上的每个细分市场代表估值翻倍。请注意，标普500成分股的每一个十分位数都处于创纪录的估值极值。投资者现在依赖于这些极端情况下的永久高位平台。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb7c995e64e3c9cba85d6e0fc9124223\" tg-width=\"1280\" tg-height=\"721\"></p><p><blockquote></blockquote></p><p> It's interesting, but far less important, that the median price/earnings ratio of S&amp;P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&amp;P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.</p><p><blockquote>有趣的是，但远没有那么重要的是，标普500组件的市盈率中位数也达到了32.4，为历史最高水平。相比之下，2000年市场峰值时的市盈率中值为19.4。当然，市盈率倍数的问题在于它们很大程度上受到收益可变性的影响。事实上，在当前的峰值之前，标普500的最高市盈率中值实际上是在2002年3月，当时该指数比2000年3月的泡沫高点下跌了25%。这是因为当时盈利下降幅度更大，这提高了市盈率。这就是按面值计算市盈率倍数的危险。</blockquote></p><p> A crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.</p><p><blockquote>绕过收益周期性的一个粗略但相当有效的方法（但仅限于非常广泛的指数）是将价格与迄今为止达到的最高收益水平进行比较。我早在1998年就引入了这个指标，称为市盈率。下图显示了一个版本。蓝线（左标度）显示了美国股票总市值与GDP的比率。红线（右标度）显示了美国股票总市值与迄今为止美国整体经济利润最高水平的比率。投资者在这里遇到了麻烦。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a6630cf8302360e1b4645870051b21de\" tg-width=\"989\" tg-height=\"557\"></p><p><blockquote></blockquote></p><p> <b>What if valuations remain extreme forever?</b></p><p><blockquote><b>如果估值永远保持极端怎么办？</b></blockquote></p><p> Probably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.</p><p><blockquote>过去几年我从投资者那里听到的最常见的问题可能是“如果估值永远保持极端会发生什么？”这实际上是欧文·费希尔在1929年灾难性地预测的“永久高原”的一个版本。尽管如此，近年来投资者对美联储购买国债可以永久“支撑”股市充满信心。</blockquote></p><p> As I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.</p><p><blockquote>正如我之前详述的，量化宽松只能通过创造零利息的烫手山芋来支持市场，这些烫手山芋让投资者持有起来不舒服（前提是他们倾向于投机），而且总体上不可能摆脱这些烫手山芋。此外，在一个拥有11万亿美元公司债务、58万亿美元股票市值的经济体中，美联储在疫情期间购买的公司债券在法律上仅限于财政部提供的CARES资金，最终债券金额为140亿美元。</blockquote></p><p> Suffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.</p><p><blockquote>可以说，“美联储支持”很大程度上存在于投资者的脑海中，几乎完全依赖于持有低收益基础货币的心理不适。然而，由于感知可能与现实难以区分，尤其是在短期内，因此考虑这个问题很重要。</blockquote></p><p> My answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.</p><p><blockquote>我的回答是，如果美联储确实能够永远将估值维持在历史最高水平，股价可能会以与名义GDP大致相同的速度增长。因此，1.6%的实际结构性增长加上2%的通胀率得到3.6%。让我们将其看涨期权为4%，这将与截至2019年第四季度经济峰值（就在大流行之前）的10年和20年期间的名义GDP增长相匹配。通胀上升的第一个受害者是股票估值，因此在估值大致正常化之前，假设通胀上升是否会对股票有所帮助，这一点还不清楚，这需要消费者价格大约上涨两倍。</blockquote></p><p> The chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.</p><p><blockquote>下图提醒我们近几十年来结构性实际GDP增长是如何进展的（由人口劳动力增长和趋势生产率驱动），以及结构性实际GDP增长1.6%数字的基础。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf63b9b8f5f3b55136c8523d73e864f3\" tg-width=\"1131\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> Sticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&amp;P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.</p><p><blockquote>坚持4%的名义增长率，加上1.5%的股息收益率，市场估值的“永久高位”将意味着标普500每年的总回报率约为5.5%。同样，这是假设估值永远不会从目前约为历史标准3.6倍的水平回落。只要让它们在十年后回落至历史正常水平的2.4倍——这仍将使估值保持在美国历史上最高的10%之内——由此产生的10年总回报率将降至1.3%左右。我认为，即使在一个永远被高估的世界里，这实际上也是最好的情况。</blockquote></p><p></p><p> At elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&amp;P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.</p><p><blockquote>在高估值下，即使预期回报的微小变化也意味着价格的巨大变化。因此，平均估值高得多的时期不太可能逃脱相对较高波动性的前景。投资者可能预计市场会出现20-35%的频繁下跌，而不是目前市场下跌70%，这是标普500触及历史上普通估值标准所必需的，这基本上是我们在过去几年中所看到的。</blockquote></p><p> All of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&amp;P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.</p><p><blockquote>所有这些对我们来说都没问题。我们已经充分调整了我们的纪律（尤其是在2017年末），以容忍永久持续高估的可能性。我的印象是，随着我们有更多的机会生活在其中，这些适应的影响变得更加明显。我不能说我一秒钟都相信投资者实际上不会在未来几年的标普500中遭受50-70%的损失，但同样，如果市场永远不会接近历史估值规范，我们也没问题。随着我们在2017年底引入的适应，我们的学科足够灵活，即使不接受泡沫的前提，也可以驾驭泡沫。</blockquote></p><p> <b>An unusual overlap of high-risk conditions</b></p><p><blockquote><b>高风险状况的不寻常重叠</b></blockquote></p><p> Returning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"</p><p><blockquote>回到莫迪里阿尼，我的印象是，近年来向历史上最极端估值的推进恰恰反映了他所描述的泡沫动态，我预计它也会像他所描述的那样结束（尽管不一定一蹴而就）：“对增长的预期产生了增长，增长证实了预期；人们会因为它上涨而买入。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。”</blockquote></p><p> One of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.</p><p><blockquote>我们的一个内部指标跟踪市场状况与市场急剧崩溃之前的某些高风险特征的相关性——一系列衡量估值、内部因素、情绪、杠杆、过度扩张和收益率压力的指标。历史上只有少数情况像现在这样与崩溃前的情况重叠。目前的重叠实际上与1987年8月非常相似。与此同时，当前状况与市场低点时通常观察到的特征的相关性是历史上最负的。</blockquote></p><p> If you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.</p><p><blockquote>如果你想听听我的意见，我怀疑25-35%左右的近乎垂直的市场暴跌即将到来，可能很快，很可能是出乎意料的，就像1987年一样，无非是由过度扩张的投资者突然齐心协力抛售，以及需要大幅调整价格以诱导稀缺买家站在另一边。</blockquote></p><p> As usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.</p><p><blockquote>像往常一样，不需要预测。我们将根据每个时间点观察到的估值和市场行为来调整我们的投资立场。尽管如此，特别令人担忧的是，这些重叠发生在历史上最极端估值的背景下，以及许多个别问题中明显功能失调的流动性不足的背景下。这种不正常的行为与任何特定的视频游戏零售商无关。我怀疑这实际上是关于订单流机制的某种脆弱性或分割，可能与管理不善的衍生品敞口有关。</blockquote></p><p> As I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.</p><p><blockquote>正如我曾经教我的学生的那样，给我看一个金融崩溃，我会给你看一个拥有杠杆、不匹配头寸的人，他们突然被迫关闭到一个缺乏流动性的市场。</blockquote></p><p> Though my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:</p><p><blockquote>尽管我的担忧远远超出了系统中的杠杆金额，但美国股市的杠杆金额现在轻松达到历史最高水平并没有什么帮助。一些观察家倾向于通过除以股票市值来降低这一数字。但这里有一些有用的算术：</blockquote></p><p> Margin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP</p><p><blockquote>保证金债务/GDP=保证金债务/市值x市值/GDP</blockquote></p><p> To say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.</p><p><blockquote>说保证金债务占GDP的比例处于历史最高水平，不仅是说保证金大量持有股票，而且这些股票的估值也高得惊人。这种组合尤其令人担忧。</blockquote></p><p>   All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.    - John Kenneth Galbraith, A Short History of Financial Euphoria  <img src=\"https://static.tigerbbs.com/dc55dacbd5e01016cd9964422f941b0c\" tg-width=\"983\" tg-height=\"556\"></p><p><blockquote>所有危机都涉及债务，这些债务以这样或那样的方式与基本支付手段相比已经危险地超出了规模。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p><p> The kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.</p><p><blockquote>我所建议的这种事件不会使估值接近历史估值规范。鉴于目前的极端估值，它更像是一种味觉清洁剂。我对下一道菜没有特别的期望。如果我们确实观察到市场突然崩溃，美联储无疑会采取一些新的姑息措施来应对。它是否有效将取决于当时的风险规避、通货膨胀、信用风险和其他条件。正如我们所讨论的，更大的问题是，你不能通过支撑价格来“拯救”被高估的资产。价值在于随着时间的推移将交付给投资者的未来现金流。价格上涨只会确保从现在到那时的长期回报将是惨淡的。</blockquote></p><p> Of course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.</p><p><blockquote>当然，我们的学科中没有任何东西依赖于市场暴跌。鉴于高估和市场内部分歧（主要基于债务证券，但股票分歧也在增加）的结合，我确实认为股市仍处于“活板门”的情况。尽管如此，这种观点将随着市场状况的变化而改变。如果我们对市场内部的衡量有所改善，我们将避免采用或放大负面前景。即使在创纪录的高点下，这种纪律也为我们提供了良好的服务。同样，不需要预测，这种观点也不会驱动我们当前的投资立场。我只是认为与历史碰撞前情况的相关性值得注意。</blockquote></p><p>   How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.    - John Kenneth Galbraith on the 1929 collapse  <b>Valuations and investment duration</b></p><p><blockquote>也许人们会同意，关于这段历史，无论是原创的还是非凡的，都很少。价格上涨是基于价格会上涨的预期，这种预期通过由此产生的购买来实现。然后，由于一些看似破坏性的事件或发展，或者仅仅是因为智力脆弱的买家的供应耗尽，这些预期不可避免地逆转。不管原因是什么（这并不重要），绝对可以肯定的是，这个世界不是随着呜咽而结束，而是随着一声巨响而结束。等等，直到大规模幻灭和崩溃的时刻。这最后一点，现在已经足够明显了，从来不会轻易到来。它总是伴随着绝望且基本上不成功的脱身努力。——约翰·肯尼思·加尔布雷斯谈1929年的崩盘<b>估值和投资期限</b></blockquote></p><p> To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</p><p><blockquote>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</blockquote></p><p> Every security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.</p><p><blockquote>每种证券都是对未来现金流的债权，这些现金流预计将随着时间的推移交付给投资者。虽然“久期”的概念最常用于债券，但它实际上适用于任何证券，无论现金流有多“不稳定”。</blockquote></p><p> If you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.</p><p><blockquote>如果你不喜欢数学，可以随意浏览各种方程，只需阅读引号。为了完整起见，我提供了细节。</blockquote></p><p> The \"duration\" of a security can be defined in two ways.</p><p><blockquote>证券的“久期”可以通过两种方式定义。</blockquote></p><p> Investment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.</p><p><blockquote>投资期限：证券支付款项所需的加权平均年数。对于每个期间，您将当年付款所代表的总现值份额乘以未来收到付款的年数。把它们加起来。结果是从今天起您的投资现值将得到偿还的年数（加权平均值）。例如，十年后一次性付款的证券的期限仅为10年。</blockquote></p><p> Elasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%</p><p><blockquote>弹性：证券响应基础总回报率变化的百分比变化。从技术上讲，弹性是(-dP/P)/(dk/1+k)。例如，假设您拥有一种证券，十年后将支付100美元，其定价为82.0348美元，年回报率为2%。现在假设预期回报率升至2.01%。价格将降至81.9544美元。弹性为(0.0804/82.0348)/(0.0001/1.02)=10%</blockquote></p><p> It turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，证券以年为单位的“久期”与其“久期”相同。久期也是投资者对预期回报随时间变化“免疫”的持有期。换句话说，假设您随着时间的推移对现金流进行再投资，久期可以让您很好地了解您必须持有证券多长时间，以便您的最终财富在很大程度上独立于证券在该期间经历的波动。</blockquote></p><p> If you know differentiation, can prove to yourself that the \"modified duration\" of the S&amp;P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).</p><p><blockquote>如果你知道差异化，可以向自己证明标准普尔500的“修正久期”本质上是股息收益率的倒数。修改后的持续时间只是（-dP/P）/dk或麦考利持续时间/（1+k）。</blockquote></p><p> Consider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.</p><p><blockquote>考虑P=D/（k-g）。相对于k微分，dP/dk=-P/（k-g），因此持续时间（-dP/P）/dk=P/D。</blockquote></p><p></p><p> Here's how to think about the link between valuations and duration. Presently, the dividend yield of the S&amp;P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.</p><p><blockquote>以下是如何思考估值和久期之间的联系。目前，标普500的股息率为1.48%。如果收益率升至1.49%，保持股息不变，则价格在这1个基点的变动上下跌1.48/1.49-1=-0.67%。久期就是敏感度，定义为100个基点的变动，即67。事实证明，如果您今天投资，这也是从今天起您将获得现值的加权平均年数。</blockquote></p><p> Compare that to the typical situation over the past century, when the dividend yield of the S&amp;P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.</p><p><blockquote>与过去一个世纪的典型情况相比，当时标普500的股息收益率平均约为3.7%。在正常估值下，股息收益率上升1个基点将导致价格下跌3.7/3.71-1=0.27%，这意味着持续时间为27年。</blockquote></p><p>   It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.  Historically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，以年为单位的证券的“久期”与其“久期”相同。久期也是使投资者免受预期回报随时间变化的影响的持有期。从历史上看，希望将投资组合的久期与投资期限相匹配的投资者可以相当放心地将100%的资产持有股票，前提是他们的投资期限约为25-30年。目前，这些投资者需要接近65-70年的投资期限。他们目前拿着吸管杯。</blockquote></p><p> <b>Scarcity, usefulness, and value</b></p><p><blockquote><b>稀缺性、有用性和价值</b></blockquote></p><p> While we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.</p><p><blockquote>当我们谈到泡沫的话题时，我会在比特币上补充一些评论，只是为了好玩。我会写更多，但我的身体仍然笑得很痛。</blockquote></p><p> Objects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.</p><p><blockquote>像郁金香球茎和比特币这样的物品与证券的不同之处在于，它们不会向持有者提供现金流。相反，像郁金香和货币这样的物品随着时间的推移提供了一点服务，例如，作为一种永恒的美丽事物或作为一种支付手段。人们有时会忘记的是，定义一件物品价值的不仅仅是稀缺，而是它提供的一系列有用的“服务”（出于某种原因，没有人想买我独特的限量版数字签名豪猪座套）。物品的价格和它提供的服务流应该是相称的。</blockquote></p><p> U.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.</p><p><blockquote>例如，美元之所以有价值，主要是因为它们通过法定货币与实体经济联系在一起（正如任何美钞的正面所注明的那样，它们在法律上必须被接受为一种支付手段），并且它们代表了银行体系的整个基础——几乎在美国经济中来回的每一笔支付都代表着基础货币的转移。随着时间的推移，基础货币（货币和银行储备）提供了数十亿的小“服务”。</blockquote></p><p> With every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.</p><p><blockquote>在每一笔交易中，准备金都会以电子方式在一个账户持有人和另一个账户持有人之间从一家银行转移到另一家银行。法定法令和作为支付系统基础的持续使用的结合赋予了货币“价值”。这一价值也意味着美国政府本质上通过生产这些东西获得了“铸币税”的收入。对于那些认为政府会放弃这些收入而使用比特币的人，我有一个不可替代的代币要卖给你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/747b2ba31a8d94d85d374d12b13b3c96\" tg-width=\"665\" tg-height=\"718\"></p><p><blockquote></blockquote></p><p> As I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.</p><p><blockquote>正如我之前提到的，区块链是一个出色的算法，我预计它将在安全交易和库存管理方面有大量用途。然而，比特币是一种由低能效、可复制的区块链应用程序生成的令牌。最终，它的价值取决于提供交易服务的能力，但没有法定要求使用它，而且带宽非常窄——每10分钟大约有2000笔交易——我预计这将被证明是一个非常有限的功能。在投机者现在对比特币股票的估值是整个美国货币基础价值的五分之一的世界里，这是一个问题。</blockquote></p><p></p><p>   If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"    - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019  Of course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.</p><p><blockquote>如果你想想货币是如何被估价的，很明显，人们接受它是因为他们相信它会提供对他人未来产出的要求。当然，这种期望要求未来的生产者也会放弃他们的产出并接受这笔钱，因为他们相信其他未来的生产者也会这样做。这种期望必须无限期地持续下去。就像这样的问题“当阿特拉斯支撑着世界时，是什么支撑着阿特拉斯？“仅仅回答他站在一只乌龟上是不够的。下面一定是海龟。金钱的价值具有巨大的心理成分。”–John P.Hussman，博士，海龟一路下跌，2019年2月当然，比特币可能拥有一定的用户群作为洗钱和黑市交易的工具，但这是一个不受欢迎的投资论点。绝大多数交易都是为了交换比特币本身，尽管《纽约时报》最近确实报道称，“色情、庭院家具和家庭冠状病毒测试都是人们用加密货币购买的各种奇怪的商品和服务。”所以，基本上，如果你典型的一天是在院子里浏览色情片，同时测试自己的COVID，你会想看看比特币。</blockquote></p><p> My largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.</p><p><blockquote>我最担心的是，人们实际上是在用辛苦赚来的积蓄来换取这些代币，这使得早期的“矿工”可以套现。这本质上是庞氏骗局的定义特征。与所有依赖价格上涨而不是增值商品和服务生产产生的现金流的投机泡沫一样，比特币实际上并没有创造“财富”。这只是为财富转移创造了机会，主要是来自那些最终将掌管一切的人。</blockquote></p><p> Bitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.</p><p><blockquote>比特币具有基础货币的某些特征，因为它是在电子分类账上进行交易的，但根据设计，每个区块的交易平均限制在2000笔左右，平均每10分钟就有一个区块成功验证。为了验证一个事务块，世界各地的CPU场会研磨出随机SHA256验证尝试的万亿次哈希，以便发现与该块的加密哈希相匹配的足够小的二进制文件。</blockquote></p><p> All of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.</p><p><blockquote>所有这些“采矿”消耗的能量大约相当于运行一个中等规模的国家所需的能量。验证一笔交易会给矿工带来每笔6.25比特币的奖励（并稀释coinbase），目前每笔交易的奖励接近200美元。然而，比特币的交易价值中值一开始只有1000美元左右。</blockquote></p><p> There's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.</p><p><blockquote>有一种相当原始的回归分析（被一些显然对“对数”这个词麻木的观察者标记为“复杂”），试图将比特币的对数价格与对数“库存/流量”比率联系起来，好像它代表了某种机械的供需关系。除了两条对角线之间的相关性总是在0.9左右这一事实之外，我发现，只要将比特币的对数价格回归到区块难度/区块奖励的对数比率，就可以获得更好的拟合，这基本上是一种衡量一个人为了挖掘新的比特币需要浪费多少能量的方法。</blockquote></p><p> So the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.</p><p><blockquote>因此，比特币的“价值”部分与开采这些代币所浪费的能源的向后看沉没成本有关。尽管如此，我不会梦想用这种“模型”来交易一个“价值”主要在投机者头脑中的对象。喜欢就用吧。如果你碰巧在上面赚钱，请随时给我寄一张支票，最好是美元。</blockquote></p><p> Undoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.</p><p><blockquote>毫无疑问，这种对比特币的看法将在那些将持有比特币与激光眼和钻石手这样的超能力联系在一起的人中间不受欢迎。“赫斯曼不了解比特币并不奇怪。很少有人了解。”好吧。看，投机心态创造了自己的现实，当然有理由证明，虽然它创造了自己的现实，但也有机会从疯狂的后来者那里获得财富转移，他们再也不能容忍错过机会。郁金香会郁金香。不是我的工作，谢谢。</blockquote></p><p></p><p>   In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.    - John Kenneth Galbraith, A Brief History of Financial Euphoria </p><p><blockquote>从短期来看，人们会说这是一种攻击，其动机要么是缺乏理解，要么是无法控制的嫉妒，对丰富的奇妙过程。那些参与投机的人正在经历财富的增加——变得富有或进一步变得富有。没有人愿意相信这是偶然的或不应得的；所有人都希望认为这是他们自己卓越的洞察力或直觉的结果。只要他们在，他们就有一个强大的金钱承诺，相信独特的个人智慧告诉他们还会有更多。因此，附身必须与某种特殊的天才联系在一起。投机以一种非常实际的方式收买了相关人员的智力。只有在投机崩溃之后，真相才会浮出水面。被认为是不寻常的敏锐度被证明只是与资产的偶然和不幸的联系。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.hussmanfunds.com/comment/mc210315/\">Hussman Funds</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",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.hussmanfunds.com/comment/mc210315/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172271196","content_text":"Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.\nIf we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.\nOne of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.\nIt's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.\nTo understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"\n\n\n I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000\n\nThe word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.\nIn March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.\nBut if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"\nLikewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"\nIf investors price the S&P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.\nLikewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.\nThis is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"\nWhen Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"\nOnly one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.\nDuring speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.\nStill, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.\nAs I wrote at the 2000 market peak:\n\n \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"\n\nBy our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.\n\nThe trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.\nValuations and discounted cash flows\n\n Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.\n\n\n - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019\n\nI've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:\na) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;\nb) how closely they replicate an explicit discounted cash flow analysis.\nBelow, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.\nConsider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.\nHere's a simple example of what this looks like.\n\nHere's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure\n\nDuring the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.\nIf we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).\nThe reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.\n\nOne of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.\nThe reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.\nThe truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.\nSaying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"\nInvestment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.\nFor example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.\nThe chart below shows our estimate of expected 12-year S&P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.\n\nMany investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.\nIn particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.\nAmong scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.\n\nThe S&P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.\nEconomically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.\nReal unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.\n\nIt's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.\nAs Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"\nThe current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.\nAs a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.\n\nYou don't really want to see what the same chart looks like for the S&P 500.\n\nThe same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&P 500, 30% in Treasury bonds, and 10% in Treasury bills.\nIn a 2019 white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.\nAlong with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.\nYou know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.\n\nIn the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.\n\nAs a testament to the breadth of this speculative episode, the median price/revenue ratio of S&P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.\n\nThe next chart shows the median price/revenue ratio of S&P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.\n\nIt's interesting, but far less important, that the median price/earnings ratio of S&P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.\nA crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.\n\nWhat if valuations remain extreme forever?\nProbably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.\nAs I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.\nSuffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.\nMy answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.\nThe chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.\n\nSticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.\nAt elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.\nAll of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.\nAn unusual overlap of high-risk conditions\nReturning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"\nOne of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.\nIf you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.\nAs usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.\nAs I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.\nThough my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:\nMargin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP\nTo say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.\n\n All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.\n\n\n - John Kenneth Galbraith, A Short History of Financial Euphoria\n\n\nThe kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.\nOf course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.\n\n How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.\n\n\n - John Kenneth Galbraith on the 1929 collapse\n\nValuations and investment duration\nTo understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"\nEvery security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.\nIf you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.\nThe \"duration\" of a security can be defined in two ways.\nInvestment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.\nElasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%\nIt turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.\nIf you know differentiation, can prove to yourself that the \"modified duration\" of the S&P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).\nConsider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.\nHere's how to think about the link between valuations and duration. Presently, the dividend yield of the S&P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.\nCompare that to the typical situation over the past century, when the dividend yield of the S&P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.\n\n It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.\n\nHistorically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.\nScarcity, usefulness, and value\nWhile we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.\nObjects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.\nU.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.\nWith every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.\n\nAs I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.\n\n If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"\n\n\n - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019\n\nOf course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.\nMy largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.\nBitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.\nAll of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.\nThere's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.\nSo the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.\nUndoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.\n\n In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.\n\n\n - John Kenneth Galbraith, A Brief History of Financial Euphoria","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322196426,"gmtCreate":1615780199265,"gmtModify":1703492842373,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322196426","repostId":"1198328952","repostType":4,"isVote":1,"tweetType":1,"viewCount":1212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322196119,"gmtCreate":1615780146931,"gmtModify":1703492842201,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can u have a like and comment pls","listText":"Can u have a like and comment pls","text":"Can u have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322196119","repostId":"1111036221","repostType":4,"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322198791,"gmtCreate":1615780115713,"gmtModify":1703492841508,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/322198791","repostId":"1110317271","repostType":4,"isVote":1,"tweetType":1,"viewCount":1841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326544008,"gmtCreate":1615690853804,"gmtModify":1703492111283,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/326544008","repostId":"1100128328","repostType":4,"repost":{"id":"1100128328","kind":"news","pubTimestamp":1615563404,"share":"https://www.laohu8.com/m/news/1100128328?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:36","market":"us","language":"en","title":"Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100128328","media":"Barrons","summary":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremon","content":"<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的形势。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</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 Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-12 23:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的形势。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100128328","content_text":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.Futures on the Nasdaq Composite Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.A Friday dip, however,doesn’t mean the end of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321482355,"gmtCreate":1615461797877,"gmtModify":1703489367670,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321482355","repostId":"1148700766","repostType":4,"isVote":1,"tweetType":1,"viewCount":2882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321482035,"gmtCreate":1615461741027,"gmtModify":1703489367152,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Help to comment and like pls","listText":"Help to comment and like pls","text":"Help to comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/321482035","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","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":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=zh_CN&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time<blockquote>美国夏令时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p><blockquote>从美国东部时间3月14日（本周日）02：00开始，北美地区进入夏令时，直到美国东部时间2021年11月7日02：00结束。</blockquote></p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><blockquote>于是，从3月14日周一开始，美国市场将在北美夏令时期间提前一小时开盘和收盘，即美国交易时间改为北京时间21:30至次日凌晨04:00，交易前时间为16:00至21:30，交易后时间为04:00至8:00。</blockquote></p><p><b>What is daylight saving time?</b></p><p><blockquote><b>什么是夏令时？</b></blockquote></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p><blockquote>夏令时是在夏季将时钟拨快一小时的做法，这样白天会持续更长时间到晚上。北美和欧洲的大部分地区遵循这一习俗，而其他地方的大多数国家则不这样做。</blockquote></p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p><p><blockquote>夏威夷、美属萨摩亚、关岛、波多黎各、美属维尔京群岛和亚利桑那州大部分地区不实行夏令时。坚持现状是义不容辞的责任。</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>US Daylight Saving Time<blockquote>美国夏令时</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\">\nUS Daylight Saving Time<blockquote>美国夏令时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-11 16:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p><blockquote>从美国东部时间3月14日（本周日）02：00开始，北美地区进入夏令时，直到美国东部时间2021年11月7日02：00结束。</blockquote></p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><blockquote>于是，从3月14日周一开始，美国市场将在北美夏令时期间提前一小时开盘和收盘，即美国交易时间改为北京时间21:30至次日凌晨04:00，交易前时间为16:00至21:30，交易后时间为04:00至8:00。</blockquote></p><p><b>What is daylight saving time?</b></p><p><blockquote><b>什么是夏令时？</b></blockquote></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p><blockquote>夏令时是在夏季将时钟拨快一小时的做法，这样白天会持续更长时间到晚上。北美和欧洲的大部分地区遵循这一习俗，而其他地方的大多数国家则不这样做。</blockquote></p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p><p><blockquote>夏威夷、美属萨摩亚、关岛、波多黎各、美属维尔京群岛和亚利桑那州大部分地区不实行夏令时。坚持现状是义不容辞的责任。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323673970,"gmtCreate":1615340878190,"gmtModify":1703487585440,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Comment and like pls&nbsp;","listText":"Comment and like pls&nbsp;","text":"Comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/323673970","repostId":"2118625319","repostType":4,"isVote":1,"tweetType":1,"viewCount":2473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329408030,"gmtCreate":1615264531520,"gmtModify":1703486461560,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have some likes and comments pls&nbsp;","listText":"Can I have some likes and comments pls&nbsp;","text":"Can I have some likes and comments pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/329408030","repostId":"1143436063","repostType":4,"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320684913,"gmtCreate":1615093108532,"gmtModify":1703484685510,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can i have a like and comment pls","listText":"Can i have a like and comment pls","text":"Can i have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/320684913","repostId":"1169596583","repostType":4,"repost":{"id":"1169596583","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614958557,"share":"https://www.laohu8.com/m/news/1169596583?lang=zh_CN&edition=full","pubTime":"2021-03-05 23:35","market":"us","language":"en","title":"Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169596583","media":"老虎资讯综合","summary":"(March 5)&nbsp;Palantir plunged more than 13%.","content":"<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</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\">\nPalantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 23:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169596583","content_text":"(March 5) Palantir plunged more than 13%.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367111916,"gmtCreate":1614919542235,"gmtModify":1703482980660,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/367111916","repostId":"1102182306","repostType":4,"repost":{"id":"1102182306","kind":"news","pubTimestamp":1614916086,"share":"https://www.laohu8.com/m/news/1102182306?lang=zh_CN&edition=full","pubTime":"2021-03-05 11:48","market":"us","language":"en","title":"Making A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102182306","media":"Nasdaq","summary":"Are These The Best Software Stocks To Have On Your Watchlist?The past year has been invigorating for","content":"<p>Are These The Best Software Stocks To Have On Your Watchlist?</p><p><blockquote>这些是您关注名单上最好的软件股票吗？</blockquote></p><p>The past year has been invigorating for&nbsp;software stocks&nbsp;on the stock market, to say the least. This comes as no surprise seeing as software is a vital tool for organizations of all sizes in this age. As a result, investors and software companies alike continue to see big gains. Moving forward, you might be wondering if the software industry can maintain its current momentum. Well, it is important to note that software is a part of the ever-evolving tech industry. Likewise, there are always innovations and refinements to be made over existing software. This coupled with countless applications for software across various industries bodes well for software investors.</p><p><blockquote>至少可以说，过去的一年对股市上的软件股来说是令人振奋的一年。这并不奇怪，因为在这个时代，软件是各种规模的组织的重要工具。因此，投资者和软件公司都继续看到巨大的收益。展望未来，你可能想知道软件行业是否能保持目前的势头。嗯，值得注意的是，软件是不断发展的科技行业的一部分。同样，对现有软件总是有创新和改进的。再加上软件在各个行业的无数应用，对软件投资者来说是个好兆头。</blockquote></p><p>For instance, Veeva Systems (NYSE: VEEV) caters to the cloud computing needs of the life sciences industry. Just this morning, it revealed that 90% of the biotech research companies it surveyed are looking to significantly improve research methods by adopting new digital strategies. Another example would be digital communications giant <a href=\"https://laohu8.com/S/ZM\">Zoom</a> (NASDAQ: ZM). The company’s recent-quarter revenue skyrocketed by 369% year-over-year. But more importantly, it ended the quarter with a whopping $4.2 billion in cash on hand. The likes of which CFO Kelly Steckleberg mentioned would be put towards investing in capacity building and R&amp;D hiring. All this paired with the recent pullbacks could provide an interesting opportunity for investors to buy on the dip. As such, here are fourtop software stocksin the limelight now.</p><p><blockquote>例如，Veeva Systems（纽约证券交易所股票代码：VEEV）满足生命科学行业的云计算需求。就在今天早上，它透露，其调查的90%的生物技术研究公司都希望通过采用新的数字战略来显着改进研究方法。另一个例子是数字通信巨头<a href=\"https://laohu8.com/S/ZM\">Zoom</a>（纳斯达克：ZM）。该公司最近一个季度的收入同比猛增369%。但更重要的是，该公司本季度末手头现金高达42亿美元。首席财务官凯利·斯特克尔伯格(Kelly Steckleberg)提到的此类资金将用于投资能力建设和研发招聘。所有这些加上最近的回调可能为投资者提供逢低买入的有趣机会。因此，以下是目前备受关注的四只顶级软件股。</blockquote></p><p>4 Top Software Stocks To Watch</p><p><blockquote>4只最值得关注的软件股</blockquote></p><p><ul><li><b>Microsoft Corporation</b>(NASDAQ: MSFT)</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite Inc.</a></b>(NYSE: EB)</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk Inc</a>.</b>(NASDAQ: SPLK)</li><li><b>Oracle Corporation</b>(NYSE: ORCL)</li></ul>Microsoft Corporation</p><p><blockquote><ul><li><b>微软公司</b>（纳斯达克：MSFT）</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite公司。</a></b>（纽约证券交易所代码：EB）</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk公司</a>.</b>（纳斯达克：SPLK）</li><li><b>甲骨文公司</b>（纽约证券交易所代码：ORCL）</li></ul>微软公司</blockquote></p><p>It is hard to talk about software without mentioning software goliath Microsoft. After all, it is the company behind the leading office tool software in the world, Microsoft Office. Given its status as <a href=\"https://laohu8.com/S/AONE.U\">one</a> of thebig tech stocks, most investors would be watching MSFT stock in anticipation of the company’s latest moves. Nevertheless, Microsoft continues to make groundbreaking developments in the software space.</p><p><blockquote>谈论软件很难不提到软件巨人微软。毕竟是全球领先的办公工具软件微软Office背后的公司。鉴于其地位<a href=\"https://laohu8.com/S/AONE.U\">一</a>在大型科技股中，大多数投资者都会关注MSFT股票，以期待该公司的最新举措。尽管如此，微软继续在软件领域取得突破性的发展。</blockquote></p><p>To begin with, Microsoft unveiled Microsoft Mesh, a seemingly new frontier in video communication. Simply put, Mesh is the company’s “mixed reality” upgrade to conventional virtual calls. Through a combination of virtual reality (VR) and augmented reality (AR), users will supposedly be able to interact with others as if they were in the same room.<img src=\"https://static.tigerbbs.com/c68235cbdd1889e829494cf6168bec83\" tg-width=\"759\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote>首先，微软推出了微软网格，这似乎是视频通信的一个新领域。简单来说，Mesh是该公司对常规虚拟评级的“混合现实”升级。通过虚拟现实（VR）和增强现实（AR）的结合，用户应该能够与他人互动，就像他们在同一个房间里一样。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>Now, Microsoft is offering it as both an application and a service via its cloud computing arm, Microsoft Azure. Speaking of Azure, Microsoft also expanded its services with Azure Arc hybrid and multi-cloud capabilities. Briefly, Azure Arc is a set of technologies that extend Azure’s services to “any infrastructure.” In practice, these upgrades give customers the flexibility and agility to innovate with Azure, anywhere. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?</p><p><blockquote>现在，微软通过其云计算部门微软Azure将其作为应用程序和服务提供。说到Azure，微软还通过Azure Arc混合和多云功能扩展了其服务。简而言之，Azure Arc是一套将Azure的服务扩展到“任何基础设施”的技术。实际上，这些升级为客户提供了随时随地使用Azure进行创新的灵活性和敏捷性。随着微软全力以赴，现在是关注MSFT股票的好时机吗？</blockquote></p><p>Eventbrite Inc.</p><p><blockquote>Eventbrite公司。</blockquote></p><p>Another software player in focus now would be global self-service ticketing and experience tech platform Eventbrite. The company operates an event management and ticketing website. Through its application software, users can browse, create, and promote local events. In terms of revenue, Eventbrite charges a fee to paid-event organizers in exchange for its online ticketing services. Moreover, the company caters to nearly <a href=\"https://laohu8.com/S/AONE\">one</a> million event creators across 180 countries. With most in-person events being canceled, you’d think that the company would be on the downtrend. However, its recent quarter fiscal posted last week suggests otherwise.</p><p><blockquote>现在另一个成为焦点的软件公司是全球自助票务和体验技术平台Eventbrite。该公司运营一个活动管理和票务网站。通过其应用软件，用户可以浏览、创建和推广本地活动。就收入而言，Eventbrite向付费活动组织者收取费用，以换取其在线票务服务。此外，公司迎合了近<a href=\"https://laohu8.com/S/AONE\">一</a>180个国家的百万活动创作者。随着大多数面对面的活动被取消，你可能会认为该公司将处于下降趋势。然而，其上周公布的最近一个季度财报却表明情况并非如此。</blockquote></p><p>In it, the company saw its revenue increase by over 22% quarter-over-quarter. According to CEO Julia Hartz, Eventbrite’s users hosted 4.6 million events throughout 2020. Through Eventbrite, people continued to gather in inventive ways via virtual events, drive-ins, and socially distanced experiences.<img src=\"https://static.tigerbbs.com/128f22262235ece45d047268235c6be1\" tg-width=\"762\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>其中，该公司收入环比增长超过22%。据首席执行官朱莉娅·哈茨称，Eventbrite的用户在2020年全年举办了460万场活动。通过Eventbrite，人们继续通过虚拟活动、免下车餐馆和社交距离体验以创造性的方式聚集在一起。资料来源：德美利证券TOS</blockquote></p><p>If anything, this shows the resilience of the company even amidst these trying times. After you factor in improving pandemic conditions, things could be looking up for the company. Investors appear to think so as EB stock has surged by over 12% since these results were posted a week ago. Given all of this, will you be adding EB stock to your watchlist?</p><p><blockquote>如果说有什么不同的话，那就是这显示了该公司即使在艰难时期也具有韧性。在考虑到大流行状况的改善后，公司的情况可能会有所好转。投资者似乎是这么认为的，因为自一周前公布这些业绩以来，EB股价已飙升超过12%。鉴于所有这些，您会将EB股票添加到您的观察列表中吗？</blockquote></p><p>Splunk Inc.</p><p><blockquote>Splunk公司。</blockquote></p><p></p><p>Following that, we have big data analytics software company, Splunk. In brief, the company produces software for searching, monitoring, and analyzing machine-generated big data. Splunk does all this via its Data-to-Everything platform. For the most part, the company helps organizations gain actionable insights from their data regardless of scale. In the age of information, this would serve as a vital service for businesses looking to refine their business strategies. Accordingly, this would position Splunk to continue benefiting from the pandemic-fueled exposure it gained over the past year. Seeing as Splunk posted stellar figures in its fourth-quarter fiscal after yesterday’s closing bell, investors could be watching SPLK stock.</p><p><blockquote>接下来，我们有大数据分析软件公司Splunk。简而言之，该公司生产用于搜索、监控和分析机器生成的大数据的软件。Splunk通过其数据到一切平台来实现这一切。在很大程度上，该公司帮助组织从其数据中获得可操作的见解，无论其规模如何。在信息时代，这将是寻求完善业务战略的企业的一项重要服务。因此，这将使Splunk能够继续受益于过去一年因大流行而获得的风险敞口。鉴于Splunk在昨天收盘后公布了第四季度财报的出色数据，投资者可能会关注SPLK股票。</blockquote></p><p>Diving right into it, the company raked in a total annual recurring revenue (ARR) of $2.36 billion for the quarter. This marks an impressive 41% year-over-year increase. Additionally, Splunk saw its cloud ARR surge by 83% over the same period. In terms of cloud revenue for fiscal 2021, the company posted a 77% increase compared to its fiscal year 2020. No doubt, Splunk continues to ride the boom in corporate cloud spending.<img src=\"https://static.tigerbbs.com/8c4aee1421659dfcebcf9ffe09d7e9c4\" tg-width=\"759\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该公司本季度的年度经常性收入(ARR)总额为23.6亿美元。这标志着令人印象深刻的41%的同比增长。此外，Splunk的云ARR同期飙升了83%。就2021财年的云收入而言，该公司比2020财年增长了77%。毫无疑问，Splunk继续受益于企业云支出的繁荣。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>In closing, CFO Jason Child cites continuous cloud adoption as a driving force for Splunk’s long-term success. Time will tell if this holds to be true. For now, will you be keeping SPLK stock in your sights?</p><p><blockquote>最后，首席财务官Jason Child表示，持续采用云是Splunk长期成功的驱动力。时间会证明这是否属实。目前，您会继续关注SPLK股票吗？</blockquote></p><p>Oracle Corporation</p><p><blockquote>甲骨文公司</blockquote></p><p>Last but not least, we will be looking at software giant, Oracle. The company offers a suite of integrated applications and secure, autonomous infrastructure via its Oracle Cloud platform. Specifically, these applications help organizations by providing sales, marketing, human resources, finance, and manufacturing solutions. Notably, Oracle announced yesterday that its third-quarterearnings callwill be held next Wednesday after market close. This could place ORCL stock on investors’ radars.</p><p><blockquote>最后但同样重要的是，我们将关注软件巨头甲骨文。该公司通过其Oracle云平台提供一套集成应用程序和安全、自主的基础设施。具体来说，这些应用程序通过提供销售、营销、人力资源、财务和制造解决方案来帮助组织。值得注意的是，甲骨文昨天宣布，第三季度财报电话会议将于下周三收盘后举行。这可能会让ORCL股票受到投资者的关注。</blockquote></p><p>For one thing, the company has had a busy month throughout February. For starters, it expanded its hybrid cloud portfolio earlier in the month with the Oracle Roving Edge Infrastructure. The upgrade means that customers can employ Oracle’s secure and scalable cloud services even “in the most remote areas of the world.” Subsequently, the company posted on two occasions regarding its clients in the healthcare sector. On February 11, it revealed that several leading healthcare organizations across the U.S. adopted its services.<img src=\"https://static.tigerbbs.com/37a61353adeec0dab2147bcbf18a0e3f\" tg-width=\"758\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>一方面，该公司整个二月份都很忙。首先，它在本月早些时候通过Oracle Roving Edge基础设施扩展了其混合云产品组合。此次升级意味着客户即使在“世界上最偏远的地区”也可以使用Oracle安全且可扩展的云服务。随后，该公司两次发布了有关其医疗保健行业客户的信息。2月11日，它透露美国几家领先的医疗保健组织采用了它的服务。资料来源：德美利证券TOS</blockquote></p><p>According to Oracle, said clients cater to over 26 million Americans annually. Similarly, the company announced that Northwell Health, one of the largest New York health systems is also a client. Overall Oracle continues to expand its services while aiding the healthcare industry amidst the pandemic. Could it be wise to watch ORCL stock ahead of its earnings next week? Your guess is as good as mine.</p><p><blockquote>据甲骨文称，上述客户每年为超过2600万美国人提供服务。同样，该公司宣布纽约最大的医疗系统之一Northwell Health也是其客户。总体而言，甲骨文继续扩大其服务，同时帮助疫情的医疗保健行业。在下周公布财报之前关注ORCL股票是否明智？你的猜测和我的一样好。</blockquote></p><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p><p><blockquote>本文表达的观点和意见是作者的观点和意见，不一定反映纳斯达克公司的观点和意见。</blockquote></p><p></p>","source":"lsy1603171495471","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>Making A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</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\">\nMaking A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-03-05 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Are These The Best Software Stocks To Have On Your Watchlist?</p><p><blockquote>这些是您关注名单上最好的软件股票吗？</blockquote></p><p>The past year has been invigorating for&nbsp;software stocks&nbsp;on the stock market, to say the least. This comes as no surprise seeing as software is a vital tool for organizations of all sizes in this age. As a result, investors and software companies alike continue to see big gains. Moving forward, you might be wondering if the software industry can maintain its current momentum. Well, it is important to note that software is a part of the ever-evolving tech industry. Likewise, there are always innovations and refinements to be made over existing software. This coupled with countless applications for software across various industries bodes well for software investors.</p><p><blockquote>至少可以说，过去的一年对股市上的软件股来说是令人振奋的一年。这并不奇怪，因为在这个时代，软件是各种规模的组织的重要工具。因此，投资者和软件公司都继续看到巨大的收益。展望未来，你可能想知道软件行业是否能保持目前的势头。嗯，值得注意的是，软件是不断发展的科技行业的一部分。同样，对现有软件总是有创新和改进的。再加上软件在各个行业的无数应用，对软件投资者来说是个好兆头。</blockquote></p><p>For instance, Veeva Systems (NYSE: VEEV) caters to the cloud computing needs of the life sciences industry. Just this morning, it revealed that 90% of the biotech research companies it surveyed are looking to significantly improve research methods by adopting new digital strategies. Another example would be digital communications giant <a href=\"https://laohu8.com/S/ZM\">Zoom</a> (NASDAQ: ZM). The company’s recent-quarter revenue skyrocketed by 369% year-over-year. But more importantly, it ended the quarter with a whopping $4.2 billion in cash on hand. The likes of which CFO Kelly Steckleberg mentioned would be put towards investing in capacity building and R&amp;D hiring. All this paired with the recent pullbacks could provide an interesting opportunity for investors to buy on the dip. As such, here are fourtop software stocksin the limelight now.</p><p><blockquote>例如，Veeva Systems（纽约证券交易所股票代码：VEEV）满足生命科学行业的云计算需求。就在今天早上，它透露，其调查的90%的生物技术研究公司都希望通过采用新的数字战略来显着改进研究方法。另一个例子是数字通信巨头<a href=\"https://laohu8.com/S/ZM\">Zoom</a>（纳斯达克：ZM）。该公司最近一个季度的收入同比猛增369%。但更重要的是，该公司本季度末手头现金高达42亿美元。首席财务官凯利·斯特克尔伯格(Kelly Steckleberg)提到的此类资金将用于投资能力建设和研发招聘。所有这些加上最近的回调可能为投资者提供逢低买入的有趣机会。因此，以下是目前备受关注的四只顶级软件股。</blockquote></p><p>4 Top Software Stocks To Watch</p><p><blockquote>4只最值得关注的软件股</blockquote></p><p><ul><li><b>Microsoft Corporation</b>(NASDAQ: MSFT)</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite Inc.</a></b>(NYSE: EB)</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk Inc</a>.</b>(NASDAQ: SPLK)</li><li><b>Oracle Corporation</b>(NYSE: ORCL)</li></ul>Microsoft Corporation</p><p><blockquote><ul><li><b>微软公司</b>（纳斯达克：MSFT）</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite公司。</a></b>（纽约证券交易所代码：EB）</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk公司</a>.</b>（纳斯达克：SPLK）</li><li><b>甲骨文公司</b>（纽约证券交易所代码：ORCL）</li></ul>微软公司</blockquote></p><p>It is hard to talk about software without mentioning software goliath Microsoft. After all, it is the company behind the leading office tool software in the world, Microsoft Office. Given its status as <a href=\"https://laohu8.com/S/AONE.U\">one</a> of thebig tech stocks, most investors would be watching MSFT stock in anticipation of the company’s latest moves. Nevertheless, Microsoft continues to make groundbreaking developments in the software space.</p><p><blockquote>谈论软件很难不提到软件巨人微软。毕竟是全球领先的办公工具软件微软Office背后的公司。鉴于其地位<a href=\"https://laohu8.com/S/AONE.U\">一</a>在大型科技股中，大多数投资者都会关注MSFT股票，以期待该公司的最新举措。尽管如此，微软继续在软件领域取得突破性的发展。</blockquote></p><p>To begin with, Microsoft unveiled Microsoft Mesh, a seemingly new frontier in video communication. Simply put, Mesh is the company’s “mixed reality” upgrade to conventional virtual calls. Through a combination of virtual reality (VR) and augmented reality (AR), users will supposedly be able to interact with others as if they were in the same room.<img src=\"https://static.tigerbbs.com/c68235cbdd1889e829494cf6168bec83\" tg-width=\"759\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote>首先，微软推出了微软网格，这似乎是视频通信的一个新领域。简单来说，Mesh是该公司对常规虚拟评级的“混合现实”升级。通过虚拟现实（VR）和增强现实（AR）的结合，用户应该能够与他人互动，就像他们在同一个房间里一样。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>Now, Microsoft is offering it as both an application and a service via its cloud computing arm, Microsoft Azure. Speaking of Azure, Microsoft also expanded its services with Azure Arc hybrid and multi-cloud capabilities. Briefly, Azure Arc is a set of technologies that extend Azure’s services to “any infrastructure.” In practice, these upgrades give customers the flexibility and agility to innovate with Azure, anywhere. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?</p><p><blockquote>现在，微软通过其云计算部门微软Azure将其作为应用程序和服务提供。说到Azure，微软还通过Azure Arc混合和多云功能扩展了其服务。简而言之，Azure Arc是一套将Azure的服务扩展到“任何基础设施”的技术。实际上，这些升级为客户提供了随时随地使用Azure进行创新的灵活性和敏捷性。随着微软全力以赴，现在是关注MSFT股票的好时机吗？</blockquote></p><p>Eventbrite Inc.</p><p><blockquote>Eventbrite公司。</blockquote></p><p>Another software player in focus now would be global self-service ticketing and experience tech platform Eventbrite. The company operates an event management and ticketing website. Through its application software, users can browse, create, and promote local events. In terms of revenue, Eventbrite charges a fee to paid-event organizers in exchange for its online ticketing services. Moreover, the company caters to nearly <a href=\"https://laohu8.com/S/AONE\">one</a> million event creators across 180 countries. With most in-person events being canceled, you’d think that the company would be on the downtrend. However, its recent quarter fiscal posted last week suggests otherwise.</p><p><blockquote>现在另一个成为焦点的软件公司是全球自助票务和体验技术平台Eventbrite。该公司运营一个活动管理和票务网站。通过其应用软件，用户可以浏览、创建和推广本地活动。就收入而言，Eventbrite向付费活动组织者收取费用，以换取其在线票务服务。此外，公司迎合了近<a href=\"https://laohu8.com/S/AONE\">一</a>180个国家的百万活动创作者。随着大多数面对面的活动被取消，你可能会认为该公司将处于下降趋势。然而，其上周公布的最近一个季度财报却表明情况并非如此。</blockquote></p><p>In it, the company saw its revenue increase by over 22% quarter-over-quarter. According to CEO Julia Hartz, Eventbrite’s users hosted 4.6 million events throughout 2020. Through Eventbrite, people continued to gather in inventive ways via virtual events, drive-ins, and socially distanced experiences.<img src=\"https://static.tigerbbs.com/128f22262235ece45d047268235c6be1\" tg-width=\"762\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>其中，该公司收入环比增长超过22%。据首席执行官朱莉娅·哈茨称，Eventbrite的用户在2020年全年举办了460万场活动。通过Eventbrite，人们继续通过虚拟活动、免下车餐馆和社交距离体验以创造性的方式聚集在一起。资料来源：德美利证券TOS</blockquote></p><p>If anything, this shows the resilience of the company even amidst these trying times. After you factor in improving pandemic conditions, things could be looking up for the company. Investors appear to think so as EB stock has surged by over 12% since these results were posted a week ago. Given all of this, will you be adding EB stock to your watchlist?</p><p><blockquote>如果说有什么不同的话，那就是这显示了该公司即使在艰难时期也具有韧性。在考虑到大流行状况的改善后，公司的情况可能会有所好转。投资者似乎是这么认为的，因为自一周前公布这些业绩以来，EB股价已飙升超过12%。鉴于所有这些，您会将EB股票添加到您的观察列表中吗？</blockquote></p><p>Splunk Inc.</p><p><blockquote>Splunk公司。</blockquote></p><p></p><p>Following that, we have big data analytics software company, Splunk. In brief, the company produces software for searching, monitoring, and analyzing machine-generated big data. Splunk does all this via its Data-to-Everything platform. For the most part, the company helps organizations gain actionable insights from their data regardless of scale. In the age of information, this would serve as a vital service for businesses looking to refine their business strategies. Accordingly, this would position Splunk to continue benefiting from the pandemic-fueled exposure it gained over the past year. Seeing as Splunk posted stellar figures in its fourth-quarter fiscal after yesterday’s closing bell, investors could be watching SPLK stock.</p><p><blockquote>接下来，我们有大数据分析软件公司Splunk。简而言之，该公司生产用于搜索、监控和分析机器生成的大数据的软件。Splunk通过其数据到一切平台来实现这一切。在很大程度上，该公司帮助组织从其数据中获得可操作的见解，无论其规模如何。在信息时代，这将是寻求完善业务战略的企业的一项重要服务。因此，这将使Splunk能够继续受益于过去一年因大流行而获得的风险敞口。鉴于Splunk在昨天收盘后公布了第四季度财报的出色数据，投资者可能会关注SPLK股票。</blockquote></p><p>Diving right into it, the company raked in a total annual recurring revenue (ARR) of $2.36 billion for the quarter. This marks an impressive 41% year-over-year increase. Additionally, Splunk saw its cloud ARR surge by 83% over the same period. In terms of cloud revenue for fiscal 2021, the company posted a 77% increase compared to its fiscal year 2020. No doubt, Splunk continues to ride the boom in corporate cloud spending.<img src=\"https://static.tigerbbs.com/8c4aee1421659dfcebcf9ffe09d7e9c4\" tg-width=\"759\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该公司本季度的年度经常性收入(ARR)总额为23.6亿美元。这标志着令人印象深刻的41%的同比增长。此外，Splunk的云ARR同期飙升了83%。就2021财年的云收入而言，该公司比2020财年增长了77%。毫无疑问，Splunk继续受益于企业云支出的繁荣。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>In closing, CFO Jason Child cites continuous cloud adoption as a driving force for Splunk’s long-term success. Time will tell if this holds to be true. For now, will you be keeping SPLK stock in your sights?</p><p><blockquote>最后，首席财务官Jason Child表示，持续采用云是Splunk长期成功的驱动力。时间会证明这是否属实。目前，您会继续关注SPLK股票吗？</blockquote></p><p>Oracle Corporation</p><p><blockquote>甲骨文公司</blockquote></p><p>Last but not least, we will be looking at software giant, Oracle. The company offers a suite of integrated applications and secure, autonomous infrastructure via its Oracle Cloud platform. Specifically, these applications help organizations by providing sales, marketing, human resources, finance, and manufacturing solutions. Notably, Oracle announced yesterday that its third-quarterearnings callwill be held next Wednesday after market close. This could place ORCL stock on investors’ radars.</p><p><blockquote>最后但同样重要的是，我们将关注软件巨头甲骨文。该公司通过其Oracle云平台提供一套集成应用程序和安全、自主的基础设施。具体来说，这些应用程序通过提供销售、营销、人力资源、财务和制造解决方案来帮助组织。值得注意的是，甲骨文昨天宣布，第三季度财报电话会议将于下周三收盘后举行。这可能会让ORCL股票受到投资者的关注。</blockquote></p><p>For one thing, the company has had a busy month throughout February. For starters, it expanded its hybrid cloud portfolio earlier in the month with the Oracle Roving Edge Infrastructure. The upgrade means that customers can employ Oracle’s secure and scalable cloud services even “in the most remote areas of the world.” Subsequently, the company posted on two occasions regarding its clients in the healthcare sector. On February 11, it revealed that several leading healthcare organizations across the U.S. adopted its services.<img src=\"https://static.tigerbbs.com/37a61353adeec0dab2147bcbf18a0e3f\" tg-width=\"758\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>一方面，该公司整个二月份都很忙。首先，它在本月早些时候通过Oracle Roving Edge基础设施扩展了其混合云产品组合。此次升级意味着客户即使在“世界上最偏远的地区”也可以使用Oracle安全且可扩展的云服务。随后，该公司两次发布了有关其医疗保健行业客户的信息。2月11日，它透露美国几家领先的医疗保健组织采用了它的服务。资料来源：德美利证券TOS</blockquote></p><p>According to Oracle, said clients cater to over 26 million Americans annually. Similarly, the company announced that Northwell Health, one of the largest New York health systems is also a client. Overall Oracle continues to expand its services while aiding the healthcare industry amidst the pandemic. Could it be wise to watch ORCL stock ahead of its earnings next week? Your guess is as good as mine.</p><p><blockquote>据甲骨文称，上述客户每年为超过2600万美国人提供服务。同样，该公司宣布纽约最大的医疗系统之一Northwell Health也是其客户。总体而言，甲骨文继续扩大其服务，同时帮助疫情的医疗保健行业。在下周公布财报之前关注ORCL股票是否明智？你的猜测和我的一样好。</blockquote></p><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p><p><blockquote>本文表达的观点和意见是作者的观点和意见，不一定反映纳斯达克公司的观点和意见。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/making-a-list-of-the-top-software-stocks-to-watch-now-4-names-to-know-2021-03-04\">Nasdaq</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":{"SPLK":"Splunk Inc","EB":"Eventbrite Inc.","ORCL":"甲骨文","MSFT":"微软"},"source_url":"https://www.nasdaq.com/articles/making-a-list-of-the-top-software-stocks-to-watch-now-4-names-to-know-2021-03-04","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102182306","content_text":"Are These The Best Software Stocks To Have On Your Watchlist?The past year has been invigorating for software stocks on the stock market, to say the least. This comes as no surprise seeing as software is a vital tool for organizations of all sizes in this age. As a result, investors and software companies alike continue to see big gains. Moving forward, you might be wondering if the software industry can maintain its current momentum. Well, it is important to note that software is a part of the ever-evolving tech industry. Likewise, there are always innovations and refinements to be made over existing software. This coupled with countless applications for software across various industries bodes well for software investors.For instance, Veeva Systems (NYSE: VEEV) caters to the cloud computing needs of the life sciences industry. Just this morning, it revealed that 90% of the biotech research companies it surveyed are looking to significantly improve research methods by adopting new digital strategies. Another example would be digital communications giant Zoom (NASDAQ: ZM). The company’s recent-quarter revenue skyrocketed by 369% year-over-year. But more importantly, it ended the quarter with a whopping $4.2 billion in cash on hand. The likes of which CFO Kelly Steckleberg mentioned would be put towards investing in capacity building and R&D hiring. All this paired with the recent pullbacks could provide an interesting opportunity for investors to buy on the dip. As such, here are fourtop software stocksin the limelight now.4 Top Software Stocks To WatchMicrosoft Corporation(NASDAQ: MSFT)Eventbrite Inc.(NYSE: EB)Splunk Inc.(NASDAQ: SPLK)Oracle Corporation(NYSE: ORCL)Microsoft CorporationIt is hard to talk about software without mentioning software goliath Microsoft. After all, it is the company behind the leading office tool software in the world, Microsoft Office. Given its status as one of thebig tech stocks, most investors would be watching MSFT stock in anticipation of the company’s latest moves. Nevertheless, Microsoft continues to make groundbreaking developments in the software space.To begin with, Microsoft unveiled Microsoft Mesh, a seemingly new frontier in video communication. Simply put, Mesh is the company’s “mixed reality” upgrade to conventional virtual calls. Through a combination of virtual reality (VR) and augmented reality (AR), users will supposedly be able to interact with others as if they were in the same room.Source: TD Ameritrade TOSNow, Microsoft is offering it as both an application and a service via its cloud computing arm, Microsoft Azure. Speaking of Azure, Microsoft also expanded its services with Azure Arc hybrid and multi-cloud capabilities. Briefly, Azure Arc is a set of technologies that extend Azure’s services to “any infrastructure.” In practice, these upgrades give customers the flexibility and agility to innovate with Azure, anywhere. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?Eventbrite Inc.Another software player in focus now would be global self-service ticketing and experience tech platform Eventbrite. The company operates an event management and ticketing website. Through its application software, users can browse, create, and promote local events. In terms of revenue, Eventbrite charges a fee to paid-event organizers in exchange for its online ticketing services. Moreover, the company caters to nearly one million event creators across 180 countries. With most in-person events being canceled, you’d think that the company would be on the downtrend. However, its recent quarter fiscal posted last week suggests otherwise.In it, the company saw its revenue increase by over 22% quarter-over-quarter. According to CEO Julia Hartz, Eventbrite’s users hosted 4.6 million events throughout 2020. Through Eventbrite, people continued to gather in inventive ways via virtual events, drive-ins, and socially distanced experiences.Source: TD Ameritrade TOSIf anything, this shows the resilience of the company even amidst these trying times. After you factor in improving pandemic conditions, things could be looking up for the company. Investors appear to think so as EB stock has surged by over 12% since these results were posted a week ago. Given all of this, will you be adding EB stock to your watchlist?Splunk Inc.Following that, we have big data analytics software company, Splunk. In brief, the company produces software for searching, monitoring, and analyzing machine-generated big data. Splunk does all this via its Data-to-Everything platform. For the most part, the company helps organizations gain actionable insights from their data regardless of scale. In the age of information, this would serve as a vital service for businesses looking to refine their business strategies. Accordingly, this would position Splunk to continue benefiting from the pandemic-fueled exposure it gained over the past year. Seeing as Splunk posted stellar figures in its fourth-quarter fiscal after yesterday’s closing bell, investors could be watching SPLK stock.Diving right into it, the company raked in a total annual recurring revenue (ARR) of $2.36 billion for the quarter. This marks an impressive 41% year-over-year increase. Additionally, Splunk saw its cloud ARR surge by 83% over the same period. In terms of cloud revenue for fiscal 2021, the company posted a 77% increase compared to its fiscal year 2020. No doubt, Splunk continues to ride the boom in corporate cloud spending.Source: TD Ameritrade TOSIn closing, CFO Jason Child cites continuous cloud adoption as a driving force for Splunk’s long-term success. Time will tell if this holds to be true. For now, will you be keeping SPLK stock in your sights?Oracle CorporationLast but not least, we will be looking at software giant, Oracle. The company offers a suite of integrated applications and secure, autonomous infrastructure via its Oracle Cloud platform. Specifically, these applications help organizations by providing sales, marketing, human resources, finance, and manufacturing solutions. Notably, Oracle announced yesterday that its third-quarterearnings callwill be held next Wednesday after market close. This could place ORCL stock on investors’ radars.For one thing, the company has had a busy month throughout February. For starters, it expanded its hybrid cloud portfolio earlier in the month with the Oracle Roving Edge Infrastructure. The upgrade means that customers can employ Oracle’s secure and scalable cloud services even “in the most remote areas of the world.” Subsequently, the company posted on two occasions regarding its clients in the healthcare sector. On February 11, it revealed that several leading healthcare organizations across the U.S. adopted its services.Source: TD Ameritrade TOSAccording to Oracle, said clients cater to over 26 million Americans annually. Similarly, the company announced that Northwell Health, one of the largest New York health systems is also a client. Overall Oracle continues to expand its services while aiding the healthcare industry amidst the pandemic. Could it be wise to watch ORCL stock ahead of its earnings next week? Your guess is as good as mine.The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.","news_type":1,"symbols_score_info":{"SPLK":0.9,"ORCL":0.9,"MSFT":0.9,"EB":0.9}},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367113978,"gmtCreate":1614919475194,"gmtModify":1703482979120,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367113978","repostId":"2117950085","repostType":4,"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364341530,"gmtCreate":1614818435420,"gmtModify":1703481500400,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls&nbsp;","listText":"Can I have a like and comment pls&nbsp;","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/364341530","repostId":"1107788140","repostType":4,"repost":{"id":"1107788140","kind":"news","pubTimestamp":1614816795,"share":"https://www.laohu8.com/m/news/1107788140?lang=zh_CN&edition=full","pubTime":"2021-03-04 08:13","market":"us","language":"en","title":"Wall Street drops as high-flying tech stocks retreat<blockquote>随着飙升的科技股回落，华尔街下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107788140","media":"Reuters","summary":"(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology ","content":"<p>(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.</p><p><blockquote>（路透社）-纳斯达克周三大幅收低，此前投资者抛售股价飙升的科技股，转向被视为更有可能从财政刺激和疫苗接种计划推动的经济复苏中受益的行业。</blockquote></p><p>Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&amp;P 500.</p><p><blockquote>微软公司、苹果公司和亚马逊公司跌幅超过2%，跌幅超过标普500任何其他股票。</blockquote></p><p>The S&amp;P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&amp;P 500 sectors declined.</p><p><blockquote>标普500金融和工业板块指数盘中创历史新高。其他标普500板块多数下跌。</blockquote></p><p>“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.</p><p><blockquote>“今天是我们过去几个月看到的大主题的完美概括：疫苗推出进展顺利，经济正在改善，这导致收益率和利率预期走高，这损害了成长型股票，”贝尔德投资策略师罗斯·梅菲尔德(Ross Mayfield)在肯塔基州路易斯维尔说道。</blockquote></p><p>The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&amp;P 500 lost 1.31% to 3,819.72.</p><p><blockquote>道琼斯工业平均指数下跌0.39%，收于31,270.09点；标普500下跌1.31%，收于3,819.72点。</blockquote></p><p>The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.</p><p><blockquote>纳斯达克综合指数下跌2.7%，至12,997.75点。这使其处于1月初以来的最低水平，并使2021年的涨幅降至不到1%。</blockquote></p><p>The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.</p><p><blockquote>美联储报告称，今年头几周，美国经济继续温和复苏，企业对未来几个月持乐观态度，住房需求“强劲”，但就业市场改善缓慢。</blockquote></p><p>While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.</p><p><blockquote>虽然疫苗分发预计将有助于经济，但数据显示，美国私营雇主2月份雇用的工人少于预期，这表明劳动力市场正在努力恢复增长。</blockquote></p><p>Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.</p><p><blockquote>另一份报告显示，由于冬季风暴，美国服务业活动在2月份意外放缓，而衡量企业为投入支付的价格的指标飙升至近12-1/2年来的最高水平。</blockquote></p><p>The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.</p><p><blockquote>美国10年期国债收益率升至1.47%，给市场高估值领域带来压力。由于投资者押注通胀上升，该指数仍低于上周1.61%以上的峰值，该峰值扰乱了股市。</blockquote></p><p>Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.</p><p><blockquote>利率上升对高增长科技公司的伤害尤其大，因为投资者根据未来几年的预期收益对它们进行估值，而高利率对未来收益价值的伤害大于短期收益价值。</blockquote></p><p>“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.</p><p><blockquote>BMO财富管理公司首席投资官迈克尔·斯特里奇(Michael Stritch)表示：“如果收益率超过1.5%的水平，股市肯定会面临阻力，因为大多数投资者都在关注收益率增长的步伐。”</blockquote></p><p>President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.</p><p><blockquote>据议员和媒体报道，乔·拜登总统提出的1.9万亿美元冠状病毒救助法案将逐步取消向高收入美国人支付1400美元，这是与温和派民主党参议员的妥协。</blockquote></p><p>Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.</p><p><blockquote>埃克森美孚公司(Exxon Mobil Corp)股价上涨0.8%，此前这家石油巨头公布了增加股息和抑制支出的计划，但预测不如往年大胆。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.31比1；在纳斯达克，1.95比1的比率有利于下跌股。</blockquote></p><p>The S&amp;P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.</p><p><blockquote>标普500创下62个52周新高，无新低；纳斯达克综合指数录得284个新高和68个新低。</blockquote></p><p>Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为140亿股，而过去20个交易日的平均成交量为149亿股。</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 drops as high-flying tech stocks retreat<blockquote>随着飙升的科技股回落，华尔街下跌</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 drops as high-flying tech stocks retreat<blockquote>随着飙升的科技股回落，华尔街下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-03-04 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.</p><p><blockquote>（路透社）-纳斯达克周三大幅收低，此前投资者抛售股价飙升的科技股，转向被视为更有可能从财政刺激和疫苗接种计划推动的经济复苏中受益的行业。</blockquote></p><p>Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&amp;P 500.</p><p><blockquote>微软公司、苹果公司和亚马逊公司跌幅超过2%，跌幅超过标普500任何其他股票。</blockquote></p><p>The S&amp;P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&amp;P 500 sectors declined.</p><p><blockquote>标普500金融和工业板块指数盘中创历史新高。其他标普500板块多数下跌。</blockquote></p><p>“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.</p><p><blockquote>“今天是我们过去几个月看到的大主题的完美概括：疫苗推出进展顺利，经济正在改善，这导致收益率和利率预期走高，这损害了成长型股票，”贝尔德投资策略师罗斯·梅菲尔德(Ross Mayfield)在肯塔基州路易斯维尔说道。</blockquote></p><p>The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&amp;P 500 lost 1.31% to 3,819.72.</p><p><blockquote>道琼斯工业平均指数下跌0.39%，收于31,270.09点；标普500下跌1.31%，收于3,819.72点。</blockquote></p><p>The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.</p><p><blockquote>纳斯达克综合指数下跌2.7%，至12,997.75点。这使其处于1月初以来的最低水平，并使2021年的涨幅降至不到1%。</blockquote></p><p>The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.</p><p><blockquote>美联储报告称，今年头几周，美国经济继续温和复苏，企业对未来几个月持乐观态度，住房需求“强劲”，但就业市场改善缓慢。</blockquote></p><p>While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.</p><p><blockquote>虽然疫苗分发预计将有助于经济，但数据显示，美国私营雇主2月份雇用的工人少于预期，这表明劳动力市场正在努力恢复增长。</blockquote></p><p>Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.</p><p><blockquote>另一份报告显示，由于冬季风暴，美国服务业活动在2月份意外放缓，而衡量企业为投入支付的价格的指标飙升至近12-1/2年来的最高水平。</blockquote></p><p>The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.</p><p><blockquote>美国10年期国债收益率升至1.47%，给市场高估值领域带来压力。由于投资者押注通胀上升，该指数仍低于上周1.61%以上的峰值，该峰值扰乱了股市。</blockquote></p><p>Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.</p><p><blockquote>利率上升对高增长科技公司的伤害尤其大，因为投资者根据未来几年的预期收益对它们进行估值，而高利率对未来收益价值的伤害大于短期收益价值。</blockquote></p><p>“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.</p><p><blockquote>BMO财富管理公司首席投资官迈克尔·斯特里奇(Michael Stritch)表示：“如果收益率超过1.5%的水平，股市肯定会面临阻力，因为大多数投资者都在关注收益率增长的步伐。”</blockquote></p><p>President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.</p><p><blockquote>据议员和媒体报道，乔·拜登总统提出的1.9万亿美元冠状病毒救助法案将逐步取消向高收入美国人支付1400美元，这是与温和派民主党参议员的妥协。</blockquote></p><p>Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.</p><p><blockquote>埃克森美孚公司(Exxon Mobil Corp)股价上涨0.8%，此前这家石油巨头公布了增加股息和抑制支出的计划，但预测不如往年大胆。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.31比1；在纳斯达克，1.95比1的比率有利于下跌股。</blockquote></p><p>The S&amp;P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.</p><p><blockquote>标普500创下62个52周新高，无新低；纳斯达克综合指数录得284个新高和68个新低。</blockquote></p><p>Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为140亿股，而过去20个交易日的平均成交量为149亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-high-flying-tech-stocks-retreat-idUSKBN2AV1EG\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","AAPL":"苹果"},"source_url":"https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-high-flying-tech-stocks-retreat-idUSKBN2AV1EG","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107788140","content_text":"(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&P 500.The S&P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&P 500 sectors declined.“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&P 500 lost 1.31% to 3,819.72.The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.The S&P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"AAPL":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365260371,"gmtCreate":1614746693893,"gmtModify":1703480596399,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365260371","repostId":"1169386190","repostType":4,"repost":{"id":"1169386190","kind":"news","pubTimestamp":1614743782,"share":"https://www.laohu8.com/m/news/1169386190?lang=zh_CN&edition=full","pubTime":"2021-03-03 11:56","market":"us","language":"en","title":"Making A List Of The Top Cryptocurrency Stocks To Watch? 4 Names To Know<blockquote>列出最值得关注的加密货币股票？4个需要知道的名字</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169386190","media":"Nasdaq","summary":"Are These The Best Cryptocurrency Stocks For Your Watchlist?Sponsored LinksBuying a Mattress in Hong","content":"<p>Are These The Best Cryptocurrency Stocks For Your Watchlist?Sponsored LinksBuying a Mattress in Hong Kong? Check Out Our Shopping GuideSkyler Mattress</p><p><blockquote>这些是您关注列表中最好的加密货币股票吗？赞助链接在香港买床垫？查看我们的购物指南Skyler床垫</blockquote></p><p> <b>Cryptocurrencies</b>have and continue to be a hot topic of discussion even as we enter March. Accordingly, investors looking to profit off this trend have flocked towards thetop cryptocurrency stocks. This would be thanks to the meteoric rise of Bitcoin. As a result, companies such as Marathon Digital Holdings (NASDAQ: MARA) that mine bitcoins are in the limelight now. Other cryptocurrencies making waves now would be Ethereum which has more than doubled in value year-to-date and Dogecoin. Particularly, the latter is up by over 1,000% year-to-date thanks to endorsements from Tesla (NASDAQ: TSLA) CEO Elon Musk. These figures seem impressive, yes, but the real question is how viable are cryptocurrencies in this age?</p><p><blockquote><b>加密货币</b>即使进入三月，也将继续成为讨论的热门话题。因此，希望从这一趋势中获利的投资者纷纷涌向顶级加密货币股票。这要归功于比特币的迅速崛起。因此，像马拉松数字控股公司（纳斯达克股票代码：MARA）这样开采比特币的公司现在成为人们关注的焦点。现在掀起波澜的其他加密货币包括以太币和狗狗币，今年迄今其价值已翻了一倍多。特别是，由于特斯拉（纳斯达克：TSLA）首席执行官Elon Musk的支持，后者今年迄今上涨了1,000%以上。是的，这些数字看起来令人印象深刻，但真正的问题是加密货币在这个时代的可行性如何？</blockquote></p><p> According to Citibank (NYSE: C), Bitcoin may “become the currency of choice for international trade” one day. Evidently, we can see more mainstream companies beginning to adopt the cryptocurrency as a legitimate form of payment. For example, Tesla revealed plans to do so last month as it acquired $1.5 billion worth of bitcoins. Another major company that has already made this shift is Microsoft (NASDAQ: MSFT). At the same time, fintech players like PayPal (NASDAQ: PYPL) now facilitate Bitcoin-related transactions as well. Regardless, investors may not be too keen on investing directly into the currency, given its volatility. Instead, they would turn towards companies with financial interests in Bitcoin. Well, if you are among them, here are four to consider.</p><p><blockquote>据花旗银行（NYSE：C）称，比特币有朝一日可能“成为国际贸易的首选货币”。显然，我们可以看到更多的主流公司开始采用加密货币作为合法的支付形式。例如，特斯拉上个月在收购价值15亿美元的比特币时透露了这样做的计划。另一家已经做出这一转变的大公司是微软（纳斯达克：MSFT）。与此同时，PayPal（纳斯达克股票代码：PYPL）等金融科技公司现在也为比特币相关交易提供便利。无论如何，鉴于该货币的波动性，投资者可能不太热衷于直接投资该货币。相反，他们会转向在比特币有经济利益的公司。好吧，如果你是其中之一，这里有四个可以考虑。</blockquote></p><p> Top Cryptocurrency Stocks To Watch This Week</p><p><blockquote>本周最值得关注的加密货币股票</blockquote></p><p> <ul>  <li><b>Future FinTech Group Inc.</b>(NASDAQ: FTFT)</li>  <li><b>Riot Blockchain Inc.</b>(NASDAQ: RIOT)</li>  <li><b>SOS Limited</b>(NYSE: SOS)</li>  <li><b>MicroStrategy Inc.</b>(NASDAQ: MSTR)</li> </ul> <b>Future FinTech Group Inc.</b></p><p><blockquote><ul><li><b>未来金融科技集团公司。</b>（纳斯达克：FTFT）</li><li><b>暴动区块链公司。</b>（纳斯达克：暴动）</li><li><b>SOS有限公司</b>（纽约证券交易所代码：SOS）</li><li><b>微战略公司。</b>（纳斯达克：MSTR）</li></ul><b>未来金融科技集团公司。</b></blockquote></p><p> For starters, Future FinTech is a cryptocurrency company that is in focus now. In brief, it is a leading blockchain-based e-commerce business and fintech service, provider. The company’s main operations include a blockchain-based online shopping mall platform, a cross-border e-commerce platform, and a blockchain project incubator. Through all of this, Future FinTech develops blockchain tech and services.</p><p><blockquote>首先，Future FinTech是一家现在备受关注的加密货币公司。简而言之，它是一家领先的区块链电子商务业务和金融科技服务提供商。公司主要运营包括基于区块链的网上商城平台、跨境电商平台、区块链项目孵化器。通过所有这些，未来金融科技开发了区块链技术和服务。</blockquote></p><p> If anything, the company could be in a good position to benefit from the growing adoption of cryptocurrencies. As such, FTFT stock has more than tripled in value year-to-date. Aside from overall upward movement in the industry, the company also made a major announcement over the weekend.</p><p><blockquote>如果说有什么不同的话，那就是该公司可能处于有利地位，可以从加密货币的日益普及中受益。因此，FTFT股票的价值今年迄今已上涨了两倍多。除了行业整体上涨外，该公司还在周末发布了一项重大公告。</blockquote></p><p> Notably, Future FinTech revealed that it signed an agreement with Sichuan Longma Electronic Technology (Longma). In detail, the company acquired a 60% equity interest in Longma’s subsidiary Sichuan Ticode Supply Chain Management (Ticode). Why does this matter? Well, Ticode offers financial services that focus on the supply chain industry. Primarily, this is in terms of electronic components, tech services, and supply chain data management. According to CEO Shanchun Huang, this would improve the value chain of Future FinTech’s fintech services. Given all of this, will you be watching FTFT stock?</p><p><blockquote>值得注意的是，未来金融科技透露，其与四川龙马电子科技（龙马）签署了协议。具体而言，该公司收购了龙马子公司四川天码供应链管理（天码）60%的股权。为什么这很重要？Ticode提供专注于供应链行业的金融服务。主要是在电子元件、技术服务和供应链数据管理方面。首席执行官黄善春表示，这将改善未来金融科技金融科技服务的价值链。鉴于所有这些，您会关注FTFT股票吗？</blockquote></p><p> <b>Riot Blockchain Inc.</b></p><p><blockquote><b>暴动区块链公司。</b></blockquote></p><p> Following that, we will be looking at Colorado-based Bitcoin miner, Riot. For some context, the company focuses on building, supporting, and operating blockchain technology ecosystems. It is also one of the few NASDAQ-listed bitcoin mining companies in the U.S. at the moment. With the recent rise of Bitcoin, RIOT stock has also been on a tear. The company’s shares are currently sitting on gains of over 1,400% in the past six months. Nevertheless, Riot does not seem to be slowing down anytime soon.</p><p><blockquote>接下来，我们将关注科罗拉多的比特币矿工Riot。在某些情况下，该公司专注于构建、支持和运营区块链技术生态系统。它也是目前美国为数不多的在纳斯达克上市的比特币矿业公司之一。随着比特币最近的崛起，RIOT的股票也在上涨。该公司股价目前在过去六个月内涨幅超过1,400%。然而，骚乱似乎不会很快放缓。</blockquote></p><p> Just last month, the company made several key announcements. First off, Riot appointed Jason Les as its new CEO on February 8. Les brings over 7 years of experience as a Bitcoin miner and blockchain technology engineer. Admittedly, this move makes sense as Riot has been expanding its Bitcoin mining capabilities over the past year. Also, the company received over 2,000 next-generation cryptocurrency miners (Antminers) from bitcoin-mining tech company, Bitmain on February 11. This further enhanced the company’s mining capabilities with a mining fleet of over 11,500 Antminers.</p><p><blockquote>就在上个月，该公司发布了几项重要公告。首先，Riot于2月8日任命Jason Les为新任首席执行官。Les拥有超过7年的比特币矿工和区块链技术工程师经验。诚然，此举是有道理的，因为Riot在过去一年中一直在扩大其比特币采矿能力。此外，该公司于2月11日从比特币矿业科技公司比特大陆接收了2000多台下一代加密货币矿工（蚂蚁矿工）。这进一步增强了该公司的采矿能力，拥有超过11,500名蚂蚁矿工的采矿车队。</blockquote></p><p> Moreover, the company mentioned that it has placed orders for another 26,100 Antminers. These will be fulfilled via scheduled monthly shipments through October 2021. According to Les, this means that Riot remains on schedule to triple its current mining capacity by Q4 2021. Given the company’s current momentum, will you be adding RIOT stock to your watchlist?</p><p><blockquote>此外，该公司提到，它已经订购了另外26,100台蚂蚁矿机。这些将通过2021年10月之前的每月预定发货来完成。Les表示，这意味着Riot仍按计划到2021年第四季度将其当前采矿能力增加两倍。鉴于该公司目前的势头，您会将RIOT股票添加到您的观察名单中吗？</blockquote></p><p> <b>SOS Limited</b></p><p><blockquote><b>SOS有限公司</b></blockquote></p><p></p><p> SOS is an emerging blockchain-based and big data-driven marketing and solution provider. Together with other cryptocurrency stocks, SOS stock jumped by over 40% during intraday trading yesterday. For one thing, SOS is one of the newer players on the cryptocurrency scene. At the moment, the company is working to roll out its mining infrastructure. On top of that, it has plans to develop insurance and security management solutions for digital assets and cryptocurrencies. As with most assets, cryptocurrency owners would require a means of keeping things secure. Given SOS’s current trajectory it could help to fill this demand in the future. Not to mention, the company also serves several booming end markets via its marketing data arm. These include but are not limited to the cloud computing, Internet of Things, and artificial intelligence industries.</p><p><blockquote>SOS是一家新兴的基于区块链的大数据驱动的营销和解决方案提供商。与其他加密货币股票一起，SOS股票昨天盘中上涨超过40%。一方面，SOS是加密货币领域的新参与者之一。目前，该公司正在努力推出其采矿基础设施。除此之外，它还计划为数字资产和加密货币开发保险和安全管理解决方案。与大多数资产一样，加密货币所有者需要一种保护资产安全的方法。鉴于SOS目前的发展轨迹，它可能有助于满足未来的这一需求。更不用说，该公司还通过其营销数据部门为几个蓬勃发展的终端市场提供服务。其中包括但不限于云计算、物联网和人工智能行业。</blockquote></p><p> In terms of cryptocurrency-related business, SOS provided a key update on its cloud crypto mining center last week. On Thursday, the company revealed that it entered into a definitive agreement with Leibodong Hydropower Station (Leibodong). With this agreement, Leibodong will provide SOS with electricity and house its crypto mining rigs for a term of three years. Having secured a location, SOS is now another step closer to setting up its cloud mining operations.</p><p><blockquote>在加密货币相关业务方面，SOS上周提供了其云加密挖掘中心的关键更新。周四，该公司透露，与雷波洞水电站（Leibodong）达成最终协议。根据该协议，雷波东将为SOS提供电力并为其加密采矿钻机提供住房，为期三年。在确定了一个位置后，SOS现在离建立云挖掘业务又近了一步。</blockquote></p><p> Furthermore, the company also announced that it received 5,000 additional crypto mining rigs as well. Time will tell if SOS can make the most of its current mining infrastructure once it is set up. For now, would you consider watching SOS stock?</p><p><blockquote>此外，该公司还宣布，它还收到了5,000台额外的加密采矿钻机。时间会证明SOS一旦建立起来，是否能够充分利用其当前的采矿基础设施。目前，您会考虑关注SOS股票吗？</blockquote></p><p> <b>MicroStrategy Inc.</b></p><p><blockquote><b>微战略公司。</b></blockquote></p><p> Another cryptocurrency player in the spotlight now would be MicroStrategy. In summary, the company offers business intelligence and cloud-based services. But, MSTR stock is on a tear now thanks to its growing Bitcoin reserves. Thanks to CEO Michael Saylor’s adamant belief in the cryptocurrency, MicroStrategy has become a go-to for many crypto investors. Subsequently, this would explain MSTR stock’s year-to-date gains of over 80%. In particular, after gaining by 4% yesterday, MicroStrategy made yet another purchase of bitcoins.</p><p><blockquote>现在另一个备受关注的加密货币参与者是MicroStrategy。总之，该公司提供商业智能和基于云的服务。但是，由于其不断增长的比特币储备，MSTR的股票现在正在上涨。由于首席执行官Michael Saylor对加密货币的坚定信念，MicroStrategy已成为许多加密投资者的首选。随后，这将解释MSTR股票今年迄今超过80%的涨幅。特别是，在昨天上涨4%后，MicroStrategy再次购买了比特币。</blockquote></p><p> Diving right into it, the company revealed that it had bought 328 bitcoins for $15 million in cash. All in all, this puts MicroStrategy’s Bitcoin count up to about 90,859, raising its total Bitcoin holdings above the $4 billion mark. Coupled with its earlier $1 billion investment into the cryptocurrency, I can see why crypto investors would be keen to invest in MSTR stock.</p><p><blockquote>该公司直接透露，它以1500万美元现金购买了328个比特币。总而言之，这使得MicroStrategy的比特币数量达到约90,859，使其比特币总持有量突破40亿美元大关。再加上早些时候对加密货币的10亿美元投资，我可以理解为什么加密货币投资者热衷于投资MSTR股票。</blockquote></p><p> According to Saylor, the company’s current reserve was purchased at a price of around $2.186 billion. Given Bitcoin’s current valuation, this would put the company at a profit around the $2 billion mark. This paired with its apparent move towards building a blockchain analytics team could bode well for MSTR stock moving forward. Would you agree?</p><p><blockquote>据Saylor称，该公司目前的储备是以约21.86亿美元的价格购买的。鉴于比特币目前的估值，这将使该公司的利润达到20亿美元左右。这与其建立区块链分析团队的明显举措相结合，可能预示着MSTR股票的未来发展。你会同意吗？</blockquote></p><p></p>","source":"lsy1603171495471","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>Making A List Of The Top Cryptocurrency Stocks To Watch? 4 Names To Know<blockquote>列出最值得关注的加密货币股票？4个需要知道的名字</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\">\nMaking A List Of The Top Cryptocurrency Stocks To Watch? 4 Names To Know<blockquote>列出最值得关注的加密货币股票？4个需要知道的名字</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-03-03 11:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Are These The Best Cryptocurrency Stocks For Your Watchlist?Sponsored LinksBuying a Mattress in Hong Kong? Check Out Our Shopping GuideSkyler Mattress</p><p><blockquote>这些是您关注列表中最好的加密货币股票吗？赞助链接在香港买床垫？查看我们的购物指南Skyler床垫</blockquote></p><p> <b>Cryptocurrencies</b>have and continue to be a hot topic of discussion even as we enter March. Accordingly, investors looking to profit off this trend have flocked towards thetop cryptocurrency stocks. This would be thanks to the meteoric rise of Bitcoin. As a result, companies such as Marathon Digital Holdings (NASDAQ: MARA) that mine bitcoins are in the limelight now. Other cryptocurrencies making waves now would be Ethereum which has more than doubled in value year-to-date and Dogecoin. Particularly, the latter is up by over 1,000% year-to-date thanks to endorsements from Tesla (NASDAQ: TSLA) CEO Elon Musk. These figures seem impressive, yes, but the real question is how viable are cryptocurrencies in this age?</p><p><blockquote><b>加密货币</b>即使进入三月，也将继续成为讨论的热门话题。因此，希望从这一趋势中获利的投资者纷纷涌向顶级加密货币股票。这要归功于比特币的迅速崛起。因此，像马拉松数字控股公司（纳斯达克股票代码：MARA）这样开采比特币的公司现在成为人们关注的焦点。现在掀起波澜的其他加密货币包括以太币和狗狗币，今年迄今其价值已翻了一倍多。特别是，由于特斯拉（纳斯达克：TSLA）首席执行官Elon Musk的支持，后者今年迄今上涨了1,000%以上。是的，这些数字看起来令人印象深刻，但真正的问题是加密货币在这个时代的可行性如何？</blockquote></p><p> According to Citibank (NYSE: C), Bitcoin may “become the currency of choice for international trade” one day. Evidently, we can see more mainstream companies beginning to adopt the cryptocurrency as a legitimate form of payment. For example, Tesla revealed plans to do so last month as it acquired $1.5 billion worth of bitcoins. Another major company that has already made this shift is Microsoft (NASDAQ: MSFT). At the same time, fintech players like PayPal (NASDAQ: PYPL) now facilitate Bitcoin-related transactions as well. Regardless, investors may not be too keen on investing directly into the currency, given its volatility. Instead, they would turn towards companies with financial interests in Bitcoin. Well, if you are among them, here are four to consider.</p><p><blockquote>据花旗银行（NYSE：C）称，比特币有朝一日可能“成为国际贸易的首选货币”。显然，我们可以看到更多的主流公司开始采用加密货币作为合法的支付形式。例如，特斯拉上个月在收购价值15亿美元的比特币时透露了这样做的计划。另一家已经做出这一转变的大公司是微软（纳斯达克：MSFT）。与此同时，PayPal（纳斯达克股票代码：PYPL）等金融科技公司现在也为比特币相关交易提供便利。无论如何，鉴于该货币的波动性，投资者可能不太热衷于直接投资该货币。相反，他们会转向在比特币有经济利益的公司。好吧，如果你是其中之一，这里有四个可以考虑。</blockquote></p><p> Top Cryptocurrency Stocks To Watch This Week</p><p><blockquote>本周最值得关注的加密货币股票</blockquote></p><p> <ul>  <li><b>Future FinTech Group Inc.</b>(NASDAQ: FTFT)</li>  <li><b>Riot Blockchain Inc.</b>(NASDAQ: RIOT)</li>  <li><b>SOS Limited</b>(NYSE: SOS)</li>  <li><b>MicroStrategy Inc.</b>(NASDAQ: MSTR)</li> </ul> <b>Future FinTech Group Inc.</b></p><p><blockquote><ul><li><b>未来金融科技集团公司。</b>（纳斯达克：FTFT）</li><li><b>暴动区块链公司。</b>（纳斯达克：暴动）</li><li><b>SOS有限公司</b>（纽约证券交易所代码：SOS）</li><li><b>微战略公司。</b>（纳斯达克：MSTR）</li></ul><b>未来金融科技集团公司。</b></blockquote></p><p> For starters, Future FinTech is a cryptocurrency company that is in focus now. In brief, it is a leading blockchain-based e-commerce business and fintech service, provider. The company’s main operations include a blockchain-based online shopping mall platform, a cross-border e-commerce platform, and a blockchain project incubator. Through all of this, Future FinTech develops blockchain tech and services.</p><p><blockquote>首先，Future FinTech是一家现在备受关注的加密货币公司。简而言之，它是一家领先的区块链电子商务业务和金融科技服务提供商。公司主要运营包括基于区块链的网上商城平台、跨境电商平台、区块链项目孵化器。通过所有这些，未来金融科技开发了区块链技术和服务。</blockquote></p><p> If anything, the company could be in a good position to benefit from the growing adoption of cryptocurrencies. As such, FTFT stock has more than tripled in value year-to-date. Aside from overall upward movement in the industry, the company also made a major announcement over the weekend.</p><p><blockquote>如果说有什么不同的话，那就是该公司可能处于有利地位，可以从加密货币的日益普及中受益。因此，FTFT股票的价值今年迄今已上涨了两倍多。除了行业整体上涨外，该公司还在周末发布了一项重大公告。</blockquote></p><p> Notably, Future FinTech revealed that it signed an agreement with Sichuan Longma Electronic Technology (Longma). In detail, the company acquired a 60% equity interest in Longma’s subsidiary Sichuan Ticode Supply Chain Management (Ticode). Why does this matter? Well, Ticode offers financial services that focus on the supply chain industry. Primarily, this is in terms of electronic components, tech services, and supply chain data management. According to CEO Shanchun Huang, this would improve the value chain of Future FinTech’s fintech services. Given all of this, will you be watching FTFT stock?</p><p><blockquote>值得注意的是，未来金融科技透露，其与四川龙马电子科技（龙马）签署了协议。具体而言，该公司收购了龙马子公司四川天码供应链管理（天码）60%的股权。为什么这很重要？Ticode提供专注于供应链行业的金融服务。主要是在电子元件、技术服务和供应链数据管理方面。首席执行官黄善春表示，这将改善未来金融科技金融科技服务的价值链。鉴于所有这些，您会关注FTFT股票吗？</blockquote></p><p> <b>Riot Blockchain Inc.</b></p><p><blockquote><b>暴动区块链公司。</b></blockquote></p><p> Following that, we will be looking at Colorado-based Bitcoin miner, Riot. For some context, the company focuses on building, supporting, and operating blockchain technology ecosystems. It is also one of the few NASDAQ-listed bitcoin mining companies in the U.S. at the moment. With the recent rise of Bitcoin, RIOT stock has also been on a tear. The company’s shares are currently sitting on gains of over 1,400% in the past six months. Nevertheless, Riot does not seem to be slowing down anytime soon.</p><p><blockquote>接下来，我们将关注科罗拉多的比特币矿工Riot。在某些情况下，该公司专注于构建、支持和运营区块链技术生态系统。它也是目前美国为数不多的在纳斯达克上市的比特币矿业公司之一。随着比特币最近的崛起，RIOT的股票也在上涨。该公司股价目前在过去六个月内涨幅超过1,400%。然而，骚乱似乎不会很快放缓。</blockquote></p><p> Just last month, the company made several key announcements. First off, Riot appointed Jason Les as its new CEO on February 8. Les brings over 7 years of experience as a Bitcoin miner and blockchain technology engineer. Admittedly, this move makes sense as Riot has been expanding its Bitcoin mining capabilities over the past year. Also, the company received over 2,000 next-generation cryptocurrency miners (Antminers) from bitcoin-mining tech company, Bitmain on February 11. This further enhanced the company’s mining capabilities with a mining fleet of over 11,500 Antminers.</p><p><blockquote>就在上个月，该公司发布了几项重要公告。首先，Riot于2月8日任命Jason Les为新任首席执行官。Les拥有超过7年的比特币矿工和区块链技术工程师经验。诚然，此举是有道理的，因为Riot在过去一年中一直在扩大其比特币采矿能力。此外，该公司于2月11日从比特币矿业科技公司比特大陆接收了2000多台下一代加密货币矿工（蚂蚁矿工）。这进一步增强了该公司的采矿能力，拥有超过11,500名蚂蚁矿工的采矿车队。</blockquote></p><p> Moreover, the company mentioned that it has placed orders for another 26,100 Antminers. These will be fulfilled via scheduled monthly shipments through October 2021. According to Les, this means that Riot remains on schedule to triple its current mining capacity by Q4 2021. Given the company’s current momentum, will you be adding RIOT stock to your watchlist?</p><p><blockquote>此外，该公司提到，它已经订购了另外26,100台蚂蚁矿机。这些将通过2021年10月之前的每月预定发货来完成。Les表示，这意味着Riot仍按计划到2021年第四季度将其当前采矿能力增加两倍。鉴于该公司目前的势头，您会将RIOT股票添加到您的观察名单中吗？</blockquote></p><p> <b>SOS Limited</b></p><p><blockquote><b>SOS有限公司</b></blockquote></p><p></p><p> SOS is an emerging blockchain-based and big data-driven marketing and solution provider. Together with other cryptocurrency stocks, SOS stock jumped by over 40% during intraday trading yesterday. For one thing, SOS is one of the newer players on the cryptocurrency scene. At the moment, the company is working to roll out its mining infrastructure. On top of that, it has plans to develop insurance and security management solutions for digital assets and cryptocurrencies. As with most assets, cryptocurrency owners would require a means of keeping things secure. Given SOS’s current trajectory it could help to fill this demand in the future. Not to mention, the company also serves several booming end markets via its marketing data arm. These include but are not limited to the cloud computing, Internet of Things, and artificial intelligence industries.</p><p><blockquote>SOS是一家新兴的基于区块链的大数据驱动的营销和解决方案提供商。与其他加密货币股票一起，SOS股票昨天盘中上涨超过40%。一方面，SOS是加密货币领域的新参与者之一。目前，该公司正在努力推出其采矿基础设施。除此之外，它还计划为数字资产和加密货币开发保险和安全管理解决方案。与大多数资产一样，加密货币所有者需要一种保护资产安全的方法。鉴于SOS目前的发展轨迹，它可能有助于满足未来的这一需求。更不用说，该公司还通过其营销数据部门为几个蓬勃发展的终端市场提供服务。其中包括但不限于云计算、物联网和人工智能行业。</blockquote></p><p> In terms of cryptocurrency-related business, SOS provided a key update on its cloud crypto mining center last week. On Thursday, the company revealed that it entered into a definitive agreement with Leibodong Hydropower Station (Leibodong). With this agreement, Leibodong will provide SOS with electricity and house its crypto mining rigs for a term of three years. Having secured a location, SOS is now another step closer to setting up its cloud mining operations.</p><p><blockquote>在加密货币相关业务方面，SOS上周提供了其云加密挖掘中心的关键更新。周四，该公司透露，与雷波洞水电站（Leibodong）达成最终协议。根据该协议，雷波东将为SOS提供电力并为其加密采矿钻机提供住房，为期三年。在确定了一个位置后，SOS现在离建立云挖掘业务又近了一步。</blockquote></p><p> Furthermore, the company also announced that it received 5,000 additional crypto mining rigs as well. Time will tell if SOS can make the most of its current mining infrastructure once it is set up. For now, would you consider watching SOS stock?</p><p><blockquote>此外，该公司还宣布，它还收到了5,000台额外的加密采矿钻机。时间会证明SOS一旦建立起来，是否能够充分利用其当前的采矿基础设施。目前，您会考虑关注SOS股票吗？</blockquote></p><p> <b>MicroStrategy Inc.</b></p><p><blockquote><b>微战略公司。</b></blockquote></p><p> Another cryptocurrency player in the spotlight now would be MicroStrategy. In summary, the company offers business intelligence and cloud-based services. But, MSTR stock is on a tear now thanks to its growing Bitcoin reserves. Thanks to CEO Michael Saylor’s adamant belief in the cryptocurrency, MicroStrategy has become a go-to for many crypto investors. Subsequently, this would explain MSTR stock’s year-to-date gains of over 80%. In particular, after gaining by 4% yesterday, MicroStrategy made yet another purchase of bitcoins.</p><p><blockquote>现在另一个备受关注的加密货币参与者是MicroStrategy。总之，该公司提供商业智能和基于云的服务。但是，由于其不断增长的比特币储备，MSTR的股票现在正在上涨。由于首席执行官Michael Saylor对加密货币的坚定信念，MicroStrategy已成为许多加密投资者的首选。随后，这将解释MSTR股票今年迄今超过80%的涨幅。特别是，在昨天上涨4%后，MicroStrategy再次购买了比特币。</blockquote></p><p> Diving right into it, the company revealed that it had bought 328 bitcoins for $15 million in cash. All in all, this puts MicroStrategy’s Bitcoin count up to about 90,859, raising its total Bitcoin holdings above the $4 billion mark. Coupled with its earlier $1 billion investment into the cryptocurrency, I can see why crypto investors would be keen to invest in MSTR stock.</p><p><blockquote>该公司直接透露，它以1500万美元现金购买了328个比特币。总而言之，这使得MicroStrategy的比特币数量达到约90,859，使其比特币总持有量突破40亿美元大关。再加上早些时候对加密货币的10亿美元投资，我可以理解为什么加密货币投资者热衷于投资MSTR股票。</blockquote></p><p> According to Saylor, the company’s current reserve was purchased at a price of around $2.186 billion. Given Bitcoin’s current valuation, this would put the company at a profit around the $2 billion mark. This paired with its apparent move towards building a blockchain analytics team could bode well for MSTR stock moving forward. Would you agree?</p><p><blockquote>据Saylor称，该公司目前的储备是以约21.86亿美元的价格购买的。鉴于比特币目前的估值，这将使该公司的利润达到20亿美元左右。这与其建立区块链分析团队的明显举措相结合，可能预示着MSTR股票的未来发展。你会同意吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/making-a-list-of-the-top-cryptocurrency-stocks-to-watch-4-names-to-know-2021-03-02\">Nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/making-a-list-of-the-top-cryptocurrency-stocks-to-watch-4-names-to-know-2021-03-02","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169386190","content_text":"Are These The Best Cryptocurrency Stocks For Your Watchlist?Sponsored LinksBuying a Mattress in Hong Kong? Check Out Our Shopping GuideSkyler Mattress\nCryptocurrencieshave and continue to be a hot topic of discussion even as we enter March. Accordingly, investors looking to profit off this trend have flocked towards thetop cryptocurrency stocks. This would be thanks to the meteoric rise of Bitcoin. As a result, companies such as Marathon Digital Holdings (NASDAQ: MARA) that mine bitcoins are in the limelight now. Other cryptocurrencies making waves now would be Ethereum which has more than doubled in value year-to-date and Dogecoin. Particularly, the latter is up by over 1,000% year-to-date thanks to endorsements from Tesla (NASDAQ: TSLA) CEO Elon Musk. These figures seem impressive, yes, but the real question is how viable are cryptocurrencies in this age?\nAccording to Citibank (NYSE: C), Bitcoin may “become the currency of choice for international trade” one day. Evidently, we can see more mainstream companies beginning to adopt the cryptocurrency as a legitimate form of payment. For example, Tesla revealed plans to do so last month as it acquired $1.5 billion worth of bitcoins. Another major company that has already made this shift is Microsoft (NASDAQ: MSFT). At the same time, fintech players like PayPal (NASDAQ: PYPL) now facilitate Bitcoin-related transactions as well. Regardless, investors may not be too keen on investing directly into the currency, given its volatility. Instead, they would turn towards companies with financial interests in Bitcoin. Well, if you are among them, here are four to consider.\nTop Cryptocurrency Stocks To Watch This Week\n\nFuture FinTech Group Inc.(NASDAQ: FTFT)\nRiot Blockchain Inc.(NASDAQ: RIOT)\nSOS Limited(NYSE: SOS)\nMicroStrategy Inc.(NASDAQ: MSTR)\n\nFuture FinTech Group Inc.\nFor starters, Future FinTech is a cryptocurrency company that is in focus now. In brief, it is a leading blockchain-based e-commerce business and fintech service, provider. The company’s main operations include a blockchain-based online shopping mall platform, a cross-border e-commerce platform, and a blockchain project incubator. Through all of this, Future FinTech develops blockchain tech and services.\nIf anything, the company could be in a good position to benefit from the growing adoption of cryptocurrencies. As such, FTFT stock has more than tripled in value year-to-date. Aside from overall upward movement in the industry, the company also made a major announcement over the weekend.\nNotably, Future FinTech revealed that it signed an agreement with Sichuan Longma Electronic Technology (Longma). In detail, the company acquired a 60% equity interest in Longma’s subsidiary Sichuan Ticode Supply Chain Management (Ticode). Why does this matter? Well, Ticode offers financial services that focus on the supply chain industry. Primarily, this is in terms of electronic components, tech services, and supply chain data management. According to CEO Shanchun Huang, this would improve the value chain of Future FinTech’s fintech services. Given all of this, will you be watching FTFT stock?\nRiot Blockchain Inc.\nFollowing that, we will be looking at Colorado-based Bitcoin miner, Riot. For some context, the company focuses on building, supporting, and operating blockchain technology ecosystems. It is also one of the few NASDAQ-listed bitcoin mining companies in the U.S. at the moment. With the recent rise of Bitcoin, RIOT stock has also been on a tear. The company’s shares are currently sitting on gains of over 1,400% in the past six months. Nevertheless, Riot does not seem to be slowing down anytime soon.\nJust last month, the company made several key announcements. First off, Riot appointed Jason Les as its new CEO on February 8. Les brings over 7 years of experience as a Bitcoin miner and blockchain technology engineer. Admittedly, this move makes sense as Riot has been expanding its Bitcoin mining capabilities over the past year. Also, the company received over 2,000 next-generation cryptocurrency miners (Antminers) from bitcoin-mining tech company, Bitmain on February 11. This further enhanced the company’s mining capabilities with a mining fleet of over 11,500 Antminers.\nMoreover, the company mentioned that it has placed orders for another 26,100 Antminers. These will be fulfilled via scheduled monthly shipments through October 2021. According to Les, this means that Riot remains on schedule to triple its current mining capacity by Q4 2021. Given the company’s current momentum, will you be adding RIOT stock to your watchlist?\nSOS Limited\nSOS is an emerging blockchain-based and big data-driven marketing and solution provider. Together with other cryptocurrency stocks, SOS stock jumped by over 40% during intraday trading yesterday. For one thing, SOS is one of the newer players on the cryptocurrency scene. At the moment, the company is working to roll out its mining infrastructure. On top of that, it has plans to develop insurance and security management solutions for digital assets and cryptocurrencies. As with most assets, cryptocurrency owners would require a means of keeping things secure. Given SOS’s current trajectory it could help to fill this demand in the future. Not to mention, the company also serves several booming end markets via its marketing data arm. These include but are not limited to the cloud computing, Internet of Things, and artificial intelligence industries.\nIn terms of cryptocurrency-related business, SOS provided a key update on its cloud crypto mining center last week. On Thursday, the company revealed that it entered into a definitive agreement with Leibodong Hydropower Station (Leibodong). With this agreement, Leibodong will provide SOS with electricity and house its crypto mining rigs for a term of three years. Having secured a location, SOS is now another step closer to setting up its cloud mining operations.\nFurthermore, the company also announced that it received 5,000 additional crypto mining rigs as well. Time will tell if SOS can make the most of its current mining infrastructure once it is set up. For now, would you consider watching SOS stock?\nMicroStrategy Inc.\nAnother cryptocurrency player in the spotlight now would be MicroStrategy. In summary, the company offers business intelligence and cloud-based services. But, MSTR stock is on a tear now thanks to its growing Bitcoin reserves. Thanks to CEO Michael Saylor’s adamant belief in the cryptocurrency, MicroStrategy has become a go-to for many crypto investors. Subsequently, this would explain MSTR stock’s year-to-date gains of over 80%. In particular, after gaining by 4% yesterday, MicroStrategy made yet another purchase of bitcoins.\nDiving right into it, the company revealed that it had bought 328 bitcoins for $15 million in cash. All in all, this puts MicroStrategy’s Bitcoin count up to about 90,859, raising its total Bitcoin holdings above the $4 billion mark. Coupled with its earlier $1 billion investment into the cryptocurrency, I can see why crypto investors would be keen to invest in MSTR stock.\nAccording to Saylor, the company’s current reserve was purchased at a price of around $2.186 billion. Given Bitcoin’s current valuation, this would put the company at a profit around the $2 billion mark. This paired with its apparent move towards building a blockchain analytics team could bode well for MSTR stock moving forward. Would you agree?","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365287229,"gmtCreate":1614746546361,"gmtModify":1703480595381,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"..&nbsp;","listText":"..&nbsp;","text":"..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365287229","repostId":"1102370044","repostType":4,"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382432426,"gmtCreate":1613473793365,"gmtModify":1634553532379,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls. Follow for follow too","listText":"Can I have a like and comment pls. Follow for follow too","text":"Can I have a like and comment pls. Follow for follow too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/382432426","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统的1.9万亿美元美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC的政治功能失调给美国经济蒙上阴影的时候发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统的1.9万亿美元美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC的政治功能失调给美国经济蒙上阴影的时候发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382368220,"gmtCreate":1613365213060,"gmtModify":1634553844263,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Can I get a comment and like pls","listText":"Can I get a comment and like pls","text":"Can I get a comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/382368220","repostId":"2110904027","repostType":4,"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386278610,"gmtCreate":1613191329930,"gmtModify":1634554186237,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574340444890290","idStr":"3574340444890290"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/386278610","repostId":"2110200430","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":322196119,"gmtCreate":1615780146931,"gmtModify":1703492842201,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can u have a like and comment pls","listText":"Can u have a like and comment pls","text":"Can u have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322196119","repostId":"1111036221","repostType":4,"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322198791,"gmtCreate":1615780115713,"gmtModify":1703492841508,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/322198791","repostId":"1110317271","repostType":4,"isVote":1,"tweetType":1,"viewCount":1841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382432426,"gmtCreate":1613473793365,"gmtModify":1634553532379,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls. Follow for follow too","listText":"Can I have a like and comment pls. Follow for follow too","text":"Can I have a like and comment pls. Follow for follow too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/382432426","repostId":"1108705396","repostType":4,"repost":{"id":"1108705396","kind":"news","pubTimestamp":1613469786,"share":"https://www.laohu8.com/m/news/1108705396?lang=zh_CN&edition=full","pubTime":"2021-02-16 18:03","market":"us","language":"en","title":"With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108705396","media":"CNN Business","summary":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a doubl","content":"<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统的1.9万亿美元美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC的政治功能失调给美国经济蒙上阴影的时候发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</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>With Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">\nWith Biden going big, Wall Street economists are growing bullish on the US economy<blockquote>随着拜登的崛起，华尔街经济学家越来越看好美国经济</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\">2021-02-16 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;</b>The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington&nbsp;and millions of families were about to&nbsp;lose crucial benefits.</p><p><blockquote><b>纽约（CNN商业）</b>2020年底，饱受新冠疫情蹂躏的美国经济濒临陷入双底衰退。疫情正在加剧，僵局使华盛顿陷入瘫痪，数百万家庭即将失去重要福利。</blockquote></p><p> Fast forward two months, and the&nbsp;economy is still struggling-- but confidence in the recovery is growing, rapidly.</p><p><blockquote>快进两个月，经济仍在挣扎，但对复苏的信心正在迅速增长。</blockquote></p><p> Economists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.</p><p><blockquote>经济学家正在迅速上调GDP和失业率预测，并将美联储能够提高最低利率的日期提前。高盛预测美国经济将以三十多年来最快的速度增长。</blockquote></p><p> The renewed optimism is being driven by two major factors: the&nbsp;health crisis is easing&nbsp;and Uncle Sam is&nbsp;coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.</p><p><blockquote>重新燃起的乐观情绪是由两个主要因素推动的：健康危机正在缓解，山姆大叔正在提供惊人数量的援助——比几个月前似乎多了数千亿美元。</blockquote></p><p> After supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.</p><p><blockquote>根据穆迪分析公司的数据，继去年提供4万亿美元的救助后，华盛顿预计将在2021年再提供2万亿美元的赤字融资支持。这相当于美国年度GDP的四分之一以上。</blockquote></p><p> \"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.</p><p><blockquote>穆迪分析公司首席经济学家马克·赞迪(Mark Zandi)告诉CNN Business：“这是大量的经济动力。”</blockquote></p><p> The turning point happened last month&nbsp;when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for&nbsp;President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.</p><p><blockquote>转折点发生在上个月，当时民主党在佐治亚州的决选中以微弱优势控制了美国参议院。这为乔·拜登总统的1.9万亿美元美国救援计划开辟了道路，该计划包括1400美元的刺激支票、提高失业救济金以及向州和地方政府提供3500亿美元的生命线。</blockquote></p><p> <b>'Summer mini-boom'</b></p><p><blockquote><b>“夏季迷你热潮”</b></blockquote></p><p> Before the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a&nbsp;forecast by Treasury Secretary Janet Yellen.</p><p><blockquote>在佐治亚州选举之前，赞迪认为美国经济要到2023年春季或夏季才能恢复充分就业（强劲的劳动力市场，失业率为4%）。现在，他预计这一成就将在明年春天实现，这与财政部长珍妮特·耶伦的预测相呼应。</blockquote></p><p> \"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.</p><p><blockquote>美国银行经济学家在最近给客户的一份报告中写道，“超级财政政策”意味着美国经济增长快于其他国家的论点“似乎日益强烈”。</blockquote></p><p> Oxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.</p><p><blockquote>牛津经济研究院首席美国经济学家Gregory Daco呼吁美国出现“夏季小繁荣”，2021年GDP增长5.9%。</blockquote></p><p> Likewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"</p><p><blockquote>同样，杰富瑞(Jefferies)经济学家表示，“爆炸性的收入增长（得益于财政刺激）可能会推动美国GDP今年增长6.4%，明年增长近5%。”</blockquote></p><p> \"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.</p><p><blockquote>杰富瑞在最近的一份报告中告诉客户：“如果说有什么不同的话，那就是我们的预测可能过于保守。”他指出，其观点仅纳入了拜登计划的1万亿美元。</blockquote></p><p> Indeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.</p><p><blockquote>事实上，高盛本周早些时候将2021年GDP预期上调至6.8%，因为这家华尔街银行现在假设额外财政救助为1.5万亿美元，高于此前的1.1万亿美元。根据圣路易斯联储的数据，如果高盛的预测成真，这将是美国自1989年以来最快的年度GDP增长。</blockquote></p><p> The rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.</p><p><blockquote>乐观的GDP预测远高于美联储的要求。去年12月，美联储预计2021年GDP增长仅为4.2%，并表示失业率要到2023年才会降至4%以下。</blockquote></p><p> <b>Double-dip recession averted</b></p><p><blockquote><b>避免了双底衰退</b></blockquote></p><p> The Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.</p><p><blockquote>美联储对经济预测趋于保守。而且，至关重要的是，美联储的预测是在DC的政治功能失调给美国经济蒙上阴影的时候发布的。</blockquote></p><p> For months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.</p><p><blockquote>几个月来，共和党和民主党试图就延长计划失效的关键失业和驱逐福利以及向小企业提供更多可原谅贷款达成协议，但未能达成协议。然后当最终达成协议时，前总统唐纳德·特朗普威胁要炸毁它。</blockquote></p><p> At the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.</p><p><blockquote>在最后一刻，特朗普将9000亿美元的救助计划签署成为法律，避免了经济灾难。</blockquote></p><p> \"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.</p><p><blockquote>穆迪经济学家赞迪表示：“如果没有这一点，我们将陷入双底衰退。”</blockquote></p><p> Slammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States&nbsp;added just 49,000 jobs in January.</p><p><blockquote>受疫情冲击，美国经济一瘸一拐地走到2020年底，今年开局缓慢。12月，雇主自春季以来首次裁员。美国1月份仅增加了49,000个就业岗位。</blockquote></p><p> Jobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.</p><p><blockquote>申请失业救济人数仍然高得惊人。仅上周就有793,000名美国人首次申请失业救济。就背景而言，这高于大衰退的最严重水平。</blockquote></p><p> <b>Vaccines to the rescue</b></p><p><blockquote><b>疫苗拯救生命</b></blockquote></p><p> But there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.</p><p><blockquote>但疫情仍有一线希望。尽管Covid死亡人数仍然高得难以想象，但住院人数和病例数已经下降。</blockquote></p><p> Critically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.</p><p><blockquote>至关重要的是，冠状病毒疫苗的推出正在加速。据摩根士丹利称，在总共分发的6600万支疫苗中，约70%已经接种。</blockquote></p><p> And Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday&nbsp;that the United States may be able to vaccinate most Americans by the middle or end of summer.</p><p><blockquote>美国顶级传染病专家安东尼·福奇博士周四告诉NBC新闻，美国可能能够在夏季中期或结束前为大多数美国人接种疫苗。</blockquote></p><p></p><p> All of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.</p><p><blockquote>所有这些使得包括加利福尼亚、纽约和新泽西在内的州放松了对餐馆和其他小企业的健康限制。</blockquote></p><p> That's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants&nbsp;force US states and cities to once again tighten health restrictions.</p><p><blockquote>这并不是说疫情已经结束。事实上，一个风险是，新的Covid-19变种迫使美国各州和城市再次收紧健康限制。</blockquote></p><p> <b>Low-wage workers are still hurting badly</b></p><p><blockquote><b>低薪工人仍然受到严重伤害</b></blockquote></p><p> Against this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.</p><p><blockquote>在此背景下，许多经济学家敦促华盛顿推进激进的财政刺激计划。</blockquote></p><p> \"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"</p><p><blockquote>穆迪经济学家赞迪表示：“请把脚平放在油门上。”“政策制定101说，错误在于做得太多，而不是做得太少。”</blockquote></p><p> Doing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.</p><p><blockquote>做得太少可能会加剧美国的不平等问题。这是因为与之前的衰退相比，这次衰退对餐馆、儿童保育和酒店业等遭受重创行业的低收入工人造成了不成比例的伤害。</blockquote></p><p> Employment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.</p><p><blockquote>根据Opportunity Insights经济跟踪系统的数据，低工资工人（年收入低于27,000美元的人）的就业水平仍下降了20%以上。相比之下，年收入超过6万美元的人的就业水平高于危机前的水平。</blockquote></p><p> \"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.</p><p><blockquote>美国银行的经济学家在给客户的一份报告中写道：“如果收入和种族群体之间的充分就业情况不明显，拜登的团队就不太可能为实现充分就业而开香槟。”</blockquote></p><p> However, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.</p><p><blockquote>然而，前美联储官员、现任Quill Intelligence首席执行官丹妮尔·迪马蒂诺·布斯(Danielle DiMartino Booth)担心，专注于提供收入，而不是投资基础设施和再培训工人，会让该国沉迷于刺激措施。</blockquote></p><p> \"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.</p><p><blockquote>布斯说：“经济将变成这个依赖患者，总是等待下一次注射。”</blockquote></p><p> <b>'Bring it on'</b></p><p><blockquote><b>“来吧”</b></blockquote></p><p> Some economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington&nbsp;overheats the economy by injecting too much support.</p><p><blockquote>包括前财政部长拉里·萨默斯在内的一些经济学家警告说，华盛顿注入过多支持可能会导致经济过热。</blockquote></p><p> \"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.</p><p><blockquote>布斯表示：“未来几个月可能会出现相当大的通胀恐慌，这将考验债券市场和美联储。”</blockquote></p><p> And that in turn would spook the&nbsp;red-hot stock market.</p><p><blockquote>这反过来又会惊动炙手可热的股市。</blockquote></p><p> Fed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.</p><p><blockquote>美联储观察人士正在提前确定美联储何时能够结束紧急政策的时间表。</blockquote></p><p> Citing \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.</p><p><blockquote>高盛援引“通胀前景走强的迹象”，目前预计美联储将在2022年初开始“缩减”资产购买规模，并在2024年上半年加息。</blockquote></p><p> Zandi isn't losing sleep over inflation, mostly because the United States is far from full employment.</p><p><blockquote>赞迪并没有因为通货膨胀而失眠，主要是因为美国还远未实现充分就业。</blockquote></p><p> \"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"</p><p><blockquote>“这是一种被大大夸大的担忧，”他说。“来吧。十多年来，我们最大的问题一直是低通胀。更高的通胀将是一个高级问题。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/02/11/economy/economy-jobs-biden-stimulus/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108705396","content_text":"New York (CNN Business) The Covid-ravaged American economy was on the verge of slipping into a double-dip recession at the end of 2020. The pandemic was intensifying,gridlock paralyzed Washington and millions of families were about to lose crucial benefits.\nFast forward two months, and the economy is still struggling-- but confidence in the recovery is growing, rapidly.\nEconomists are swiftly upgrading their GDP and unemployment forecasts and pulling forward the date when the Federal Reserve will be able to lift rock-bottom interest rates. Goldman Sachs is predicting the US economy will grow at the fastest clip in more than three decades.\nThe renewed optimism is being driven by two major factors: the health crisis is easing and Uncle Sam is coming to the rescue with staggering amounts of aid-- hundreds of billions more than seemed to be in the cards just months ago.\nAfter supplying $4 trillion of relief last year, Washington is expected to pump in another $2 trillion of deficit-financed support in 2021, according to Moody's Analytics. That represents more than a quarter of annual US GDP.\n\"That is a lot of economic juice,\" Mark Zandi, chief economist at Moody's Analytics, told CNN Business.\nThe turning point happened last month when Democrats took narrow control of the US Senate by sweeping the runoff races in Georgia. That opened a path for President Joe Biden's $1.9 trillion American Rescue Plan, which features $1,400 stimulus checks, enhanced unemployment benefits and a $350 billion lifeline to state and local governments.\n'Summer mini-boom'\nBefore the Georgia elections, Zandi didn't think the US economy would return to full employment (a strong labor market with 4% unemployment) until the spring or summer of 2023. Now, he expects that achievement to happen next spring, echoing a forecast by Treasury Secretary Janet Yellen.\n\"Super-charged fiscal policy\" means the argument for the US economy growing faster than its peers \"seems to get stronger day-by-day,\" economists at Bank of America wrote in a recent report to clients.\nOxford Economics chief US economist Gregory Daco is calling for a \"summer mini-boom\" in the United States and 5.9% GDP growth in 2021.\nLikewise, Jefferies economists say \"explosive income growth (courtesy of fiscal stimulus) is likely to propel US GDP 6.4% higher this year and nearly 5% next year.\"\n\"If anything, our forecast might be too conservative,\" Jefferies told clients in a recent note, pointing out that its view incorporates just $1 trillion of the Biden plan.\nIndeed, Goldman Sachs upgraded its 2021 GDP forecast to 6.8% earlier this week because the Wall Street bank now assumes additional fiscal relief of $1.5 trillion, up from $1.1 trillion previously. If Goldman's prediction comes true, it would be the fastest annual GDP growth for the United States since 1989,according to the St. Louis Fed.\nThe rosy GDP forecasts are well above what the Federal Reserve is calling for. In December, the Fed expected 2021 GDP growth of just 4.2% and said unemployment wouldn't slip below 4% until 2023.\nDouble-dip recession averted\nThe Fed tends to be conservative with its economic forecasts. And, crucially, the Fed forecast was released at a time when political dysfunction in DC was casting a shadow over the US economy.\nFor months, Republicans and Democrats tried and failed to reach a deal on extending crucial unemployment and eviction benefits scheduled to lapse and providing more forgivable loans to small businesses. And then when a deal was finally reached, former President Donald Trump threatened to blow it up.\nAt the last minute, Trump signed the $900 billion relief package into law, averting economic disaster.\n\"Without that, we would be in a double dip recession,\" said Zandi, the Moody's economist.\nSlammed by the pandemic, the US economy limped to the end of 2020 and started this year slowly. In December, employers cut jobs in for the first time since the spring. And the United States added just 49,000 jobs in January.\nJobless claims remain alarmingly high. Another 793,000 Americans filed for first time unemployment benefits last week alone. For context, that is above the worst levels of the Great Recession.\nVaccines to the rescue\nBut there are glimmers of hope on the pandemic. Although Covid deaths remain unthinkably high, hospitalizations and cases have retreated.\nCritically, the rollout of coronavirus vaccines is accelerating. Out of a total of 66 million vaccines distributed, about 70% have been administered, according to Morgan Stanley.\nAnd Dr. Anthony Fauci, the nation's top infectious disease expert,told NBC News Thursday that the United States may be able to vaccinate most Americans by the middle or end of summer.\nAll of this has allowed states including California, New York and New Jersey to relax health restrictions crushing restaurants and other small businesses.\nThat's not to say the pandemic is over. In fact,one risk is that new Covid-19 variants force US states and cities to once again tighten health restrictions.\nLow-wage workers are still hurting badly\nAgainst this backdrop, many economists are urging Washington to push ahead with plans for aggressive fiscal stimulus.\n\"Foot flat on the accelerator, please,\" Zandi, the Moody's economist said. \"Policymaking 101 says err on the side of doing too much, rather than too little.\"\nDoing too little risks worsening America's inequality problem. That's because this recession, more than prior ones, disproportionately hurt low-income workers in hard-hit sectors such as restaurants, childcare and hospitality.\nEmployment levels of low-wage workers (those making less than $27,000 per year) is still down more than 20%, according to the Opportunity Insights Economic tracker. By contrast, employment levels of those making more than $60,000 per year are above pre-crisis levels.\n\"Biden's team is unlikely to break out the champagne over reaching full employment if it isn't evident across income and racial groups,\" economists at Bank of America wrote in a report to clients.\nHowever, Danielle DiMartino Booth, a former Fed official who is now CEO of Quill Intelligence, worries the focus on providing income, instead of investing in infrastructure and reskilling workers, will make the country addicted to stimulus.\n\"The economy is going to turn into this dependent patient, always waiting for the next injection,\" Booth said.\n'Bring it on'\nSome economists, including former Treasury Secretary Larry Summers, have warned there is a risk that Washington overheats the economy by injecting too much support.\n\"You could have quite the inflation scare in the next few months that will test the bond market and the Fed,\" Booth said.\nAnd that in turn would spook the red-hot stock market.\nFed watchers are moving up their timelines for when the central bank will be able to end its emergency policies.\nCiting \"signs of a firmer inflation outlook,\" Goldman Sachs now expects the Fed to start \"tapering\" its asset purchases in early 2022 and to raise interest rates in the first half of 2024.\nZandi isn't losing sleep over inflation, mostly because the United States is far from full employment.\n\"It's a vastly overstated worry,\" he said. \"Bring it on. Our biggest problem for more than a decade has been low inflation. Higher inflation would be a high-class problem to have.\"","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324959253,"gmtCreate":1615955083972,"gmtModify":1703495492374,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and&nbsp;comment pls","listText":"Can I have a like and&nbsp;comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324959253","repostId":"1140620694","repostType":4,"repost":{"id":"1140620694","kind":"news","pubTimestamp":1615953301,"share":"https://www.laohu8.com/m/news/1140620694?lang=zh_CN&edition=full","pubTime":"2021-03-17 11:55","market":"us","language":"en","title":"Why These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140620694","media":"Motley Fool","summary":"It's about what's happening in a potentially powerful marijuana state.\nWhat happened\nIt was a terrib","content":"<p>It's about what's happening in a potentially powerful marijuana state.</p><p><blockquote>这是关于在一个潜在强大的大麻州发生的事情。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> It was a terrible Tuesday for most marijuana stocks, particularly the Canadian ones.<b>Tilray</b>&nbsp;(NASDAQ:TLRY)&nbsp;sank by nearly 12%, while its partner-to-be&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;fell by 9%.<b>Canopy Growth</b>&nbsp;(NASDAQ:CGC),<b>Aurora Cannabis</b>&nbsp;(NYSE:ACB),<b>Organigram Holdings</b>&nbsp;(NASDAQ:OGI), and&nbsp;<b>HEXO</b>&nbsp;(NYSE:HEXO)&nbsp;were close behind, sliding at rates from 4% to 7%.</p><p><blockquote>对于大多数大麻股票来说，这是一个糟糕的周二，尤其是加拿大的大麻股票。<b>蒂尔雷</b>（纳斯达克：TLRY）下跌近12%，而其未来合作伙伴<b>Aphria</b>（纳斯达克：APHA）下跌9%。<b>冠层生长</b>（纳斯达克：CGC），<b>奥罗拉大麻</b>（纽约证券交易所代码：ACB），<b>Organigram控股</b>（纳斯达克：OGI），及<b>己糖</b>（纽约证券交易所股票代码：HEXO）紧随其后，利率从4%下滑至7%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> If there's one thing investors despise, it's uncertainty. Tuesday's big question mark was New York, which is considered by many weed-watchers to be the next likely state to legalize recreational marijuana.</p><p><blockquote>如果有一件事是投资者鄙视的，那就是不确定性。周二的一个大问号是纽约，许多大麻观察者认为纽约是下一个可能将娱乐性大麻合法化的州。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31e57ae152cd078baebb7ec2593604d8\" tg-width=\"2000\" tg-height=\"1125\"><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> Yet on Tuesday, there were conflicting media reports about the state government's decision to flip the switch.</p><p><blockquote>然而，周二，关于州政府决定扳动开关的媒体报道相互矛盾。</blockquote></p><p> The Albany-based&nbsp;<i>Times Union</i>, for example, published an article that day headlined \"Legislature nears deal on recreational marijuana legalization.\" Yet Marijuana Moment quoted state Senate majority leader Andrea Stewart-Cousins as saying negotiations over such legislation \"reached a little bit of an impasse.\"</p><p><blockquote>奥尔巴尼的<i>时代联盟</i>例如，当天发表了一篇题为“立法机构即将就娱乐性大麻合法化达成协议”的文章。然而，《大麻时刻》援引州参议院多数党领袖安德里亚·斯图尔特-考辛斯的话说，有关此类立法的谈判“陷入了一点僵局”。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Much of this uncertainty can be attributed to the usual political horse-trading that goes into any significant piece of legislation. Most sensible New Yorkers -- even the politicians -- realize that the state is facing a&nbsp;budgetary chasm&nbsp;and desperately needs good tax revenue sources.</p><p><blockquote>这种不确定性很大程度上可以归因于任何重要立法中常见的政治讨价还价。大多数明智的纽约人——甚至政治家——都意识到该州正面临预算缺口，迫切需要良好的税收来源。</blockquote></p><p> At the end of the day, for all the political noise, New York seems to be barreling straight toward recreational legalization. This might ultimately be the factor driving the prices of Canadian&nbsp;pot companies&nbsp;down; after all, it's their American peers that will be able to immediately pounce on the New York market, not them.</p><p><blockquote>归根结底，尽管有所有的政治噪音，纽约似乎正朝着娱乐合法化的方向疾驰。这最终可能是压低加拿大大麻公司价格的因素；毕竟，能够立即扑向纽约市场的是他们的美国同行，而不是他们。</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>Why These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</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\">\nWhy These Top Marijuana Stocks Got Slammed Tuesday<blockquote>为什么这些顶级大麻股票周二遭受重创</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\">2021-03-17 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's about what's happening in a potentially powerful marijuana state.</p><p><blockquote>这是关于在一个潜在强大的大麻州发生的事情。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> It was a terrible Tuesday for most marijuana stocks, particularly the Canadian ones.<b>Tilray</b>&nbsp;(NASDAQ:TLRY)&nbsp;sank by nearly 12%, while its partner-to-be&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;fell by 9%.<b>Canopy Growth</b>&nbsp;(NASDAQ:CGC),<b>Aurora Cannabis</b>&nbsp;(NYSE:ACB),<b>Organigram Holdings</b>&nbsp;(NASDAQ:OGI), and&nbsp;<b>HEXO</b>&nbsp;(NYSE:HEXO)&nbsp;were close behind, sliding at rates from 4% to 7%.</p><p><blockquote>对于大多数大麻股票来说，这是一个糟糕的周二，尤其是加拿大的大麻股票。<b>蒂尔雷</b>（纳斯达克：TLRY）下跌近12%，而其未来合作伙伴<b>Aphria</b>（纳斯达克：APHA）下跌9%。<b>冠层生长</b>（纳斯达克：CGC），<b>奥罗拉大麻</b>（纽约证券交易所代码：ACB），<b>Organigram控股</b>（纳斯达克：OGI），及<b>己糖</b>（纽约证券交易所股票代码：HEXO）紧随其后，利率从4%下滑至7%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> If there's one thing investors despise, it's uncertainty. Tuesday's big question mark was New York, which is considered by many weed-watchers to be the next likely state to legalize recreational marijuana.</p><p><blockquote>如果有一件事是投资者鄙视的，那就是不确定性。周二的一个大问号是纽约，许多大麻观察者认为纽约是下一个可能将娱乐性大麻合法化的州。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31e57ae152cd078baebb7ec2593604d8\" tg-width=\"2000\" tg-height=\"1125\"><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> Yet on Tuesday, there were conflicting media reports about the state government's decision to flip the switch.</p><p><blockquote>然而，周二，关于州政府决定扳动开关的媒体报道相互矛盾。</blockquote></p><p> The Albany-based&nbsp;<i>Times Union</i>, for example, published an article that day headlined \"Legislature nears deal on recreational marijuana legalization.\" Yet Marijuana Moment quoted state Senate majority leader Andrea Stewart-Cousins as saying negotiations over such legislation \"reached a little bit of an impasse.\"</p><p><blockquote>奥尔巴尼的<i>时代联盟</i>例如，当天发表了一篇题为“立法机构即将就娱乐性大麻合法化达成协议”的文章。然而，《大麻时刻》援引州参议院多数党领袖安德里亚·斯图尔特-考辛斯的话说，有关此类立法的谈判“陷入了一点僵局”。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Much of this uncertainty can be attributed to the usual political horse-trading that goes into any significant piece of legislation. Most sensible New Yorkers -- even the politicians -- realize that the state is facing a&nbsp;budgetary chasm&nbsp;and desperately needs good tax revenue sources.</p><p><blockquote>这种不确定性很大程度上可以归因于任何重要立法中常见的政治讨价还价。大多数明智的纽约人——甚至政治家——都意识到该州正面临预算缺口，迫切需要良好的税收来源。</blockquote></p><p> At the end of the day, for all the political noise, New York seems to be barreling straight toward recreational legalization. This might ultimately be the factor driving the prices of Canadian&nbsp;pot companies&nbsp;down; after all, it's their American peers that will be able to immediately pounce on the New York market, not them.</p><p><blockquote>归根结底，尽管有所有的政治噪音，纽约似乎正朝着娱乐合法化的方向疾驰。这最终可能是压低加拿大大麻公司价格的因素；毕竟，能够立即扑向纽约市场的是他们的美国同行，而不是他们。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/16/why-these-top-marijuana-stocks-got-slammed-today/\">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":{"TLRY":"Tilray Inc.","OGI":"ORGANIGRAM HOLD","CGC":"Canopy Growth Corporation","ACB":"奥罗拉大麻公司","APHA":"Aphria Inc."},"source_url":"https://www.fool.com/investing/2021/03/16/why-these-top-marijuana-stocks-got-slammed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140620694","content_text":"It's about what's happening in a potentially powerful marijuana state.\nWhat happened\nIt was a terrible Tuesday for most marijuana stocks, particularly the Canadian ones.Tilray (NASDAQ:TLRY) sank by nearly 12%, while its partner-to-be Aphria (NASDAQ:APHA) fell by 9%.Canopy Growth (NASDAQ:CGC),Aurora Cannabis (NYSE:ACB),Organigram Holdings (NASDAQ:OGI), and HEXO (NYSE:HEXO) were close behind, sliding at rates from 4% to 7%.\nSo what\nIf there's one thing investors despise, it's uncertainty. Tuesday's big question mark was New York, which is considered by many weed-watchers to be the next likely state to legalize recreational marijuana.\nIMAGE SOURCE: GETTY IMAGES.\nYet on Tuesday, there were conflicting media reports about the state government's decision to flip the switch.\nThe Albany-based Times Union, for example, published an article that day headlined \"Legislature nears deal on recreational marijuana legalization.\" Yet Marijuana Moment quoted state Senate majority leader Andrea Stewart-Cousins as saying negotiations over such legislation \"reached a little bit of an impasse.\"\nNow what\nMuch of this uncertainty can be attributed to the usual political horse-trading that goes into any significant piece of legislation. Most sensible New Yorkers -- even the politicians -- realize that the state is facing a budgetary chasm and desperately needs good tax revenue sources.\nAt the end of the day, for all the political noise, New York seems to be barreling straight toward recreational legalization. This might ultimately be the factor driving the prices of Canadian pot companies down; after all, it's their American peers that will be able to immediately pounce on the New York market, not them.","news_type":1,"symbols_score_info":{"TLRY":0.9,"ACB":0.9,"APHA":0.9,"HEXO":0.9,"OGI":0.9,"CGC":0.9}},"isVote":1,"tweetType":1,"viewCount":1339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324950815,"gmtCreate":1615954974237,"gmtModify":1703495490992,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls&nbsp;","listText":"Can I have a like and comment pls&nbsp;","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324950815","repostId":"2120972106","repostType":4,"isVote":1,"tweetType":1,"viewCount":1712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323673970,"gmtCreate":1615340878190,"gmtModify":1703487585440,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Comment and like pls&nbsp;","listText":"Comment and like pls&nbsp;","text":"Comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/323673970","repostId":"2118625319","repostType":4,"isVote":1,"tweetType":1,"viewCount":2473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325193400,"gmtCreate":1615871774900,"gmtModify":1703494275779,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/325193400","repostId":"1172271196","repostType":4,"repost":{"id":"1172271196","kind":"news","pubTimestamp":1615871336,"share":"https://www.laohu8.com/m/news/1172271196?lang=zh_CN&edition=full","pubTime":"2021-03-16 13:08","market":"us","language":"en","title":"How To Spot A Bubble<blockquote>如何发现气泡</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172271196","media":"Hussman Funds","summary":"Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price b","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.</li>  <li>If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.</li>  <li>One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.</li>  <li>It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.</li>  <li>To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</li> </ul>   I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000  The word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.</p><p><blockquote><ul><li>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。</li><li>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。</li><li>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。</li><li>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。</li><li>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</li></ul>我可以非常精确地证明，一股有两个保证价格。我更喜欢的是基于盈利和增长率等基本面，但泡沫在某种意义上是理性的。对增长的预期产生了增长，增长证实了预期；人们会买它，因为它上涨了。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。——诺贝尔奖获得者佛朗哥·莫迪里阿尼，《纽约时报》，2000年3月30日“泡沫”一词在金融市场上经常被提及，但很少被正确使用。看，定义泡沫的不是估值极高，也不是预期回报极低。相反，泡沫的定义是投资者推高估值，而不同时降低回报预期。也就是说，投资者根据价格行为推断过去的回报，即使这些预期与将价格等同于贴现现金流的回报不一致。</blockquote></p><p> In March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&amp;P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.</p><p><blockquote>2000年3月，在科技泡沫最严重的时候，我指出：“随着时间的推移，市盈率会恢复正常。目前，这意味着科技股将暴跌83%。如果你了解价值观和市场历史，你就会知道我们不是在开玩笑。”接下来的一个月，我讨论了莫迪里阿尼在上面的引用，并详细描述了他所描述的动态。2000年泡沫的破裂最终将抹去标普500一半的价值，并使以科技股为主的纳斯达克100指数下跌83%，令人难以置信。</blockquote></p><p> The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.</p><p><blockquote>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。如果投资者今天支付150美元购买一种证券，而十年后只需支付100美元，但他们也完全明白，在不将过去的收益外推到未来的情况下，他们每年将损失4%，那么我们可能会说证券被高估了，我们可能会质疑为什么投资者会接受这种交易，但我们不能看涨期权它是泡沫。</blockquote></p><p> But if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"</p><p><blockquote>但如果投资者今天为该证券支付150美元，因为他们回头看后视镜，认为它随着时间的推移“总是上涨”，并说服自己预期的未来回报总是正的，那么你就有了泡沫。使用任何正预期回报贴现证券未来100美元的现金流将产生低于100美元的价格。因此，投资者预期的正回报与将价格等同于贴现现金流的回报不一致。泡沫的大小是代表预期“热空气”的市场价格的分数。</blockquote></p><p> Likewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"</p><p><blockquote>同样，投资者愿意接受基于过去表现的ETF和资产支持证券等“被动投资”，而很少关心其中证券的估值、收益率或信用风险，这正是泡沫反复出现的肥皂。在当前对特殊目的收购公司(SPAC)的热情中，投资者可能会回忆起2000年高峰期“孵化器”的泡沫、20世纪60年代末Go-Go泡沫的“企业集团”，甚至是20世纪初的南海公司。1700年代，以及当时成立的类似公司“为了开展一项具有巨大优势的事业，但没有人知道它是什么”。</blockquote></p><p> If investors price the S&amp;P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.</p><p><blockquote>如果投资者将标普500定价在十年内极有可能产生负回报的水平，就像他们在1929年和2000年所做的那样，而且我相信他们目前正在做的那样，但投资者继续推高股价，因为他们期望无论估值如何，他们都将提供历史上正常的未来回报水平，那么就存在定义泡沫的不一致性。</blockquote></p><p></p><p> Likewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.</p><p><blockquote>同样，如果传统被动投资组合在10-12年内的预期回报为负（基于与一个世纪市场历史中实际后续回报密切相关的可靠估值指标），但养老金回报假设仍锁定在7%附近每年，你就面临着泡沫，很可能是未来的养老金融资危机。</blockquote></p><p> This is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"</p><p><blockquote>这就是历史上金融市场上反复发生的非常糟糕的事情，加尔布雷斯所说的“金融记忆的极度短暂”促成了这一点。</blockquote></p><p> When Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"</p><p><blockquote>当莫迪里阿尼说有两种“合理”的价格时，他的意思是——至少在短期内——价格有两种方式可以满足投资者的预期。在一种情况下，投资者对未来回报有预期，而这些预期是由估值水平决定的。如果价格上涨，而预期现金流没有改变，投资者就会认识到未来的回报会更低。在“泡沫”案例中，投资者对未来回报有很高的预期，主要基于过去的回报，他们通过进一步推动价格上涨来实现这些预期。因此，进一步涨价的预期只是被强化了。“增长的预期产生了增长，增长证实了预期。”</blockquote></p><p> Only one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.</p><p><blockquote>这些价格中只有一个是一致的，因为投资者预期的回报率也是将价格等同于贴现的未来现金流的回报率。另一个价格变得越来越脱离基本面，因为价格中越来越大的部分代表着空话，随着差距变得难以维持，它最终会崩溃。</blockquote></p><p> During speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.</p><p><blockquote>在市场周期的投机阶段，没有什么能迫使投资者认识到更高的估值意味着更低的回报，或者改变他们对高回报的预期。当然，这就是为什么我们使用市场内部因素来衡量投资者的投机或避险倾向。估值提供了大量关于整个周期中可能的长期回报和潜在市场损失的信息。但估值不是择时工具。近年来，它甚至没有对投机鲁莽行为施加限制。</blockquote></p><p> Still, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.</p><p><blockquote>尽管如此，随着价格的每一次上涨，未来现金流所隐含的实际长期回报——投资者在这些现金流交付时最终将意识到的回报——进一步崩溃，即使投资者按照长期回报与价格无关的错觉行事。最终，证券价格的大部分代表了泡沫成分，而不是为了使投资者的长期预期准确而实际需要存在的价格。</blockquote></p><p> As I wrote at the 2000 market peak:</p><p><blockquote>正如我在2000年市场高峰时所写的：</blockquote></p><p>   \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"  By our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.</p><p><blockquote>“只要投资者关注的是同比回报，而不是现金流折现计算，泡沫就能以自我强化的方式持续增长。投资者预期高回报，价格行为强化了预期。真正的长期回报与投资者想象的长期回报越来越脱离，泡沫成分在总价中的占比越来越大。”根据我们最可靠的衡量标准，一般的历史估值标准比当前水平低约70%。我知道你不愿意相信。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/493c338076df85e2a04ebf892af4762f\" tg-width=\"1280\" tg-height=\"713\"></p><p><blockquote></blockquote></p><p> The trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.</p><p><blockquote>当估值极端且市场内部开始恶化时，活板门就会悄然打开。这就是我们最近几周在测量中观察到的情况，最初的恶化主要是由债务证券推动的，但股票的分歧也在扩大。</blockquote></p><p> <b>Valuations and discounted cash flows</b></p><p><blockquote><b>估值及贴现现金流量</b></blockquote></p><p>   Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.    - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019  I've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:</p><p><blockquote>估值衡量当前价格与长期预期未来现金流之间的权衡。每一个有用的估值比率都只是该计算的简写。每一个不符合这个标准的估值比率都是劣质的，你可以在历史数据中显示出来。–John P.Hussman博士，《估值的意义》，2019年12月我经常注意到，每一个好的估值衡量标准的分母都只是证券未来可能提供的数十年现金流的简写。事实上，我们总是通过检查来测试我们使用的估值方法的有效性：</blockquote></p><p> a) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;</p><p><blockquote>a)由此产生的估值措施与实际后续总回报的相关性有多强；</blockquote></p><p> b) how closely they replicate an explicit discounted cash flow analysis.</p><p><blockquote>b)它们在多大程度上复制了明确的贴现现金流分析。</blockquote></p><p></p><p> Below, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.</p><p><blockquote>下面，我们将研究各种估值指标，这些指标可以解释为什么我认为美国股市是一个接近崩溃点的泡沫。在此过程中，我将指出估值的一些有趣特征及其与后续回报的关系。如果数学让你荨麻疹，请随意浏览我在这里和那里包含的少量内容。</blockquote></p><p> Consider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.</p><p><blockquote>首先考虑估值和后续回报之间的关系。我将陈述以下内容，你可以通过玩弄现值模型来向自己证明这一点：一个好的估值衡量标准的对数应该与预期的后续投资回报呈反比且大致呈线性关系。</blockquote></p><p> Here's a simple example of what this looks like.</p><p><blockquote>这是一个简单的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1e5bdf4391c9c91a8b9a051f6635116\" tg-width=\"819\" tg-height=\"708\"></p><p><blockquote></blockquote></p><p> Here's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure</p><p><blockquote>这是我们最可靠的股市估值指标MarketCap/GVA的情况</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485141919c853722522159d2e9d05e85\" tg-width=\"1280\" tg-height=\"720\"></p><p><blockquote></blockquote></p><p> During the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.</p><p><blockquote>在过去的三十年里，我们研究并引入了广泛的估值方法。大多数可以追溯到1947年。有些可以评估一个世纪或更长时间。纵观历史，甚至在最近几十年，我们发现与实际后续回报最相关的估值指标是那些对利润率周期性波动敏感性较低的估值指标，并且在很大程度上类似于广泛的全市场市盈率。</blockquote></p><p> If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&amp;P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).</p><p><blockquote>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。以下是标普500自1900年以来实际股息流（包括回购的影响）的比较，按10%的固定利率贴现（有关更多详细信息，请参阅图表文本）。</blockquote></p><p> The reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&amp;P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.</p><p><blockquote>我们使用固定回报率的原因是，根据定义，1.0的倍数就是该特定预期回报水平的标普500定价水平。估值倍数与1.0的任何偏差都可以衡量未来回报与“典型”预期回报的可能性有多大。我们目前比历史上任何时候都更远离“典型”预期回报，包括1929年和2000年的市场峰值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e6f61d2794095c2545d0d2c130320e45\" tg-width=\"1280\" tg-height=\"722\"></p><p><blockquote></blockquote></p><p> One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.</p><p><blockquote>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。现在，保持未来现金流不变，提高投资价格会降低内含回报率，反之亦然，这是事实。如果你今天支付32美元，十年后支付100美元，你可以期待12%的年回报率。如果你为同样的证券支付82美元，你可以期待2%的年回报率。如果你今天付100美元，你什么也不能指望。因此，很明显，保持未来现金流不变，较低的回报率意味着较高的估值水平。</blockquote></p><p> The reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.</p><p><blockquote>“低利率证明高估值是合理的”这句话导致金融文盲的原因是，这句话完全是在算术背景下学习的。因此，投资者似乎想象，只要高估值能够“合理”，就可以预期股票在未来提供历史上正常的回报率。同样，投资者似乎没有概念，如果利率低是因为增长率低，那么股票的估值溢价就“合理”，因为较低的增长已经足以将未来的股票回报降至与低利率水平相称的水平。</blockquote></p><p> The truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.</p><p><blockquote>道理很简单，却让人难受。如果利率较低且预期增长保持不变，较高的估值意味着较低的长期回报。如果利率较低，因为预期的未来增长也较低，则不需要更高的估值。无论如何，长期回报都会更低。估值溢价只会让未来的回报变得更糟。</blockquote></p><p> Saying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"</p><p><blockquote>说极低的利率“证明”极高的股票估值是合理的，就像说极低的债券未来回报率“证明”极低的股票未来回报率是一样的。当华尔街告诉投资者股市估值“合理”时，我真的不认为这是它想澄清的事情。</blockquote></p><p></p><p> Investment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.</p><p><blockquote>投资估值关注的是三个对象之间的关系：当前价格、未来现金流以及像绳子一样将两者连接起来的回报率。当前价格越低，未来现金流越高，弦越陡。当前价格越高，未来现金流越低，字符串就越扁平。将当前价格提高到未来现金流之上，字符串将指向下方而不是上方。给定这些对象中的任意两个，你可以计算第三个。</blockquote></p><p> For example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.</p><p><blockquote>例如，如果你想估计预期的长期回报，你需要两个对象：a）当前价格和b）未来现金流的预期流。一个好的估值比率只是那两个对象的速记，所以你可以直接从估值水平来估计长期回报。然后，如果你愿意，你可以把它和利率的水平进行比较。这种比较可能是有用的，因为即使投资者意识到高股市估值意味着低长期回报，他们也根本不清楚他们是否意识到长期回报前景有多低。</blockquote></p><p> The chart below shows our estimate of expected 12-year S&amp;P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&amp;P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&amp;P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.</p><p><blockquote>下图显示了我们对一个世纪的市场历史中预期12年期标普500总回报率高于国债收益率的估计。相比之下，华尔街称之为“股票风险溢价”（通常被引用为标普500远期收益收益率减去10年期国债收益率）的几乎毫无用处的废话。是的，你没看错图表。鉴于目前的估值，我们预计未来12年标普500的总回报率将低于国债的低收益率约-6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42561963df9d259a93fe0d4f2502c13e\" tg-width=\"1024\" tg-height=\"577\"></p><p><blockquote></blockquote></p><p> Many investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.</p><p><blockquote>许多投资者将预期回报的估计（只需要预期现金流和观察到的价格）与另一个问题——“公允价值”的估计混为一谈。看，当你有一个预期的未来现金流，你想要计算一个“公平”的当前价格时，利率就会出现。在这种情况下，通常使用利率水平加上一些风险溢价作为预期的长期回报（或贴现率或资本化率），而不是从帽子中选择任意的回报率。这种计算对任意选择非常敏感。</blockquote></p><p> In particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.</p><p><blockquote>特别是，华尔街喜欢将超高的增长率、超低的贴现率和超长的时间范围结合起来，这使得人们可以计算出尽可能接近无穷大的“公允价值”。需要记住的是，无论分析师在公允价值计算中嵌入什么回报率，假设未来现金流按预期交付，如果您支付该价格，随着时间的推移您将获得的长期回报率。</blockquote></p><p> Among scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&amp;P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.</p><p><blockquote>在我们随着时间的推移评估或引入的数十项指标中，MarketCap/GVA（非金融市值与企业总增加值之比，包括我们对国外收入的估计）与随后10-12年标普500实际总回报的相关性最高，其次是我们的利润率调整市盈率(MAPE)。我觉得好笑的是，随着时间的推移，我引入的各种估值指标有时被描述为“机器学习”、“数据挖掘”和“曲线拟合”的产物，而事实上，它们只是整个经济范围内市盈率的不同版本。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/75dac426a3ad2f3830f9dce50f7c0a1c\" tg-width=\"1265\" tg-height=\"712\"></p><p><blockquote></blockquote></p><p> The S&amp;P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.</p><p><blockquote>标普500市盈率和非金融市值与GDP之比（“巴菲特指标”）也表现良好，优于基于收益的替代指标，如价格/远期收益、美联储模型，甚至席勒CAPE。看，虽然收益对于产生长期现金流是必要的，但它们也会受到利润率波动的影响（周期性地，甚至每十年一次），而事实证明，这些波动是非常缺乏信息的。</blockquote></p><p> Economically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.</p><p><blockquote>在经济上，利润率的波动主要是由实际单位劳动力成本的波动驱动的。由于企业是基于已实现的税后利润而非税前利润进行竞争，税收政策的变化对企业利润的持久影响也远不如投资者似乎想象的那样。虽然去年企业利润从医疗保健支出中获得了巨大的提振（一个部门的赤字总是表现为另一个部门的盈余），但以下是企业利润和实际单位劳动力成本之间的历史关系。</blockquote></p><p> Real unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.</p><p><blockquote>实际单位劳动力成本以倒置的左标度呈现。劳动力成本的上行压力（观察为蓝线暴跌）对未来利润来说并不是特别有利。尽管如此，最近几个季度仍存在如此多的扭曲，以至于我认为这种情况会持续多久还没有定论。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/3110e7d3c0468c39d343b20835566bcc\" tg-width=\"1157\" tg-height=\"652\"></p><p><blockquote></blockquote></p><p> It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.</p><p><blockquote>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。但即使对于科技股来说，这些假设也应该明确，并根据历史进行检验。你会发现像价格/收入这样的可观察指标仍然非常有用。事实上，科技股极端的市盈率帮助我在2000年3月预测该行业将损失83%。</blockquote></p><p> As Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"</p><p><blockquote>正如本杰明·格雷厄姆（Benjamin Graham）所写的那样，“将支付的东西与提供的东西联系起来的习惯是投资中的一个无价特征。估值越依赖于对未来的预期——它与过去表现所证明的数字的联系越少——它就越容易受到可能的误判和严重错误的影响。”</blockquote></p><p> The current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.</p><p><blockquote>纳斯达克100指数目前的市盈率为5.19，是自2001年2月以来的最极端水平，随后该指数下跌了60%（此前该指数已经下跌了一半）。这里的情况实际上比2001年还要糟糕一些。如果我们研究该指数的最大组成部分，就会发现它们的年增长率随着时间的推移大幅下降。</blockquote></p><p> As a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.</p><p><blockquote>因此，可以说，当前一美元收入的倍数应该低于新兴增长早期一美元收入的倍数。然而，即使人们从表面上看待纳斯达克100指数的市盈率，即使人们将注意力限制在2000年以来的泡沫时期，也很难指望纳斯达克在未来十年产生比零好得多的总回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48dd88f74eaed48d53b237b4d0209d8e\" tg-width=\"963\" tg-height=\"542\"></p><p><blockquote></blockquote></p><p> You don't really want to see what the same chart looks like for the S&amp;P 500.</p><p><blockquote>你不会真的想看到标普500的同样的图表是什么样子的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24f70ab683592ef20a8c6c75fc9bd1fc\" tg-width=\"963\" tg-height=\"543\"></p><p><blockquote></blockquote></p><p> The same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&amp;P 500, 30% in Treasury bonds, and 10% in Treasury bills.</p><p><blockquote>不幸的是，被动投资策略也是如此。我们目前估计，60%投资于标普500、30%投资于国债、10%投资于国库券的传统被动投资组合的12年平均年总回报率为负。</blockquote></p><p> In a 2019&nbsp;white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.</p><p><blockquote>在2019年的白皮书中，我详细介绍了一种通过共同考虑当前股市估值和利率来估计“以价值为中心的资产配置”的方法。它根据哪个资产类别估计具有最高的平均年预期回报（经风险调整）来指定长期投资范围内的每个点的投资分配。然后，风险管理组件可以修改这种分配，以在市场周期的各个部分调整风险敞口，在这些部分，市场参与者的风险规避或投机可能会暂时将估值推低或推高。该白皮书包括大量图表，显示了这种以价值为中心的资产配置在市场历史上是如何变化的，特别是在股票和债券市场的重要高峰和低谷。</blockquote></p><p> Along with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.</p><p><blockquote>除了这些方法，我还介绍了我们的“捐赠/支出倍数”，它估计了被动的60/30/10投资者预先需要的支出年数，以便为未来36年的通胀调整支出提供资金。这里的想法是，在一个预期未来回报很高的被严重低估的市场中，当估值极端且预期回报较低时，投资者可以用远低于他们所需的资金为未来的支出流提供资金。</blockquote></p><p> You know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.</p><p><blockquote>当为36年的预期通胀调整支出提供资金需要超过38年的前期资金时，你就知道自己处于泡沫之中。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1adff1ad0dbaa2737f60cb7589d206fb\" tg-width=\"1230\" tg-height=\"693\"></p><p><blockquote></blockquote></p><p> In the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.</p><p><blockquote>在下图中，捐赠/支出倍数以倒对数标度（左）以及60/30/10投资组合的实际后续平均年总回报（右标度）呈现。不用说，我们坚持旨在解决此类问题的投资纪律。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1480e881b4d04ace81a96f31f6368796\" tg-width=\"1229\" tg-height=\"692\"></p><p><blockquote></blockquote></p><p> As a testament to the breadth of this speculative episode, the median price/revenue ratio of S&amp;P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.</p><p><blockquote>作为这一投机事件广度的证明，标普500成分股的市盈率中位数现在超过了3.3，很容易创下纪录，而且极端程度足以引发无辜但消息不灵通的投资者在完成这一周期后可能遭受的潜在损失。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffe0cc33bdaf0695dacb7ae1d817edab\" tg-width=\"1110\" tg-height=\"625\"></p><p><blockquote></blockquote></p><p></p><p> The next chart shows the median price/revenue ratio of S&amp;P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&amp;P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.</p><p><blockquote>下图显示了按估值分为10个十分位数的标普500组件的市盈率中位数。该图表以对数标度显示，以便将每条线与其自身的历史进行比较。纵轴上的每个细分市场代表估值翻倍。请注意，标普500成分股的每一个十分位数都处于创纪录的估值极值。投资者现在依赖于这些极端情况下的永久高位平台。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb7c995e64e3c9cba85d6e0fc9124223\" tg-width=\"1280\" tg-height=\"721\"></p><p><blockquote></blockquote></p><p> It's interesting, but far less important, that the median price/earnings ratio of S&amp;P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&amp;P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.</p><p><blockquote>有趣的是，但远没有那么重要的是，标普500组件的市盈率中位数也达到了32.4，为历史最高水平。相比之下，2000年市场峰值时的市盈率中值为19.4。当然，市盈率倍数的问题在于它们很大程度上受到收益可变性的影响。事实上，在当前的峰值之前，标普500的最高市盈率中值实际上是在2002年3月，当时该指数比2000年3月的泡沫高点下跌了25%。这是因为当时盈利下降幅度更大，这提高了市盈率。这就是按面值计算市盈率倍数的危险。</blockquote></p><p> A crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.</p><p><blockquote>绕过收益周期性的一个粗略但相当有效的方法（但仅限于非常广泛的指数）是将价格与迄今为止达到的最高收益水平进行比较。我早在1998年就引入了这个指标，称为市盈率。下图显示了一个版本。蓝线（左标度）显示了美国股票总市值与GDP的比率。红线（右标度）显示了美国股票总市值与迄今为止美国整体经济利润最高水平的比率。投资者在这里遇到了麻烦。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a6630cf8302360e1b4645870051b21de\" tg-width=\"989\" tg-height=\"557\"></p><p><blockquote></blockquote></p><p> <b>What if valuations remain extreme forever?</b></p><p><blockquote><b>如果估值永远保持极端怎么办？</b></blockquote></p><p> Probably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.</p><p><blockquote>过去几年我从投资者那里听到的最常见的问题可能是“如果估值永远保持极端会发生什么？”这实际上是欧文·费希尔在1929年灾难性地预测的“永久高原”的一个版本。尽管如此，近年来投资者对美联储购买国债可以永久“支撑”股市充满信心。</blockquote></p><p> As I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.</p><p><blockquote>正如我之前详述的，量化宽松只能通过创造零利息的烫手山芋来支持市场，这些烫手山芋让投资者持有起来不舒服（前提是他们倾向于投机），而且总体上不可能摆脱这些烫手山芋。此外，在一个拥有11万亿美元公司债务、58万亿美元股票市值的经济体中，美联储在疫情期间购买的公司债券在法律上仅限于财政部提供的CARES资金，最终债券金额为140亿美元。</blockquote></p><p> Suffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.</p><p><blockquote>可以说，“美联储支持”很大程度上存在于投资者的脑海中，几乎完全依赖于持有低收益基础货币的心理不适。然而，由于感知可能与现实难以区分，尤其是在短期内，因此考虑这个问题很重要。</blockquote></p><p> My answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.</p><p><blockquote>我的回答是，如果美联储确实能够永远将估值维持在历史最高水平，股价可能会以与名义GDP大致相同的速度增长。因此，1.6%的实际结构性增长加上2%的通胀率得到3.6%。让我们将其看涨期权为4%，这将与截至2019年第四季度经济峰值（就在大流行之前）的10年和20年期间的名义GDP增长相匹配。通胀上升的第一个受害者是股票估值，因此在估值大致正常化之前，假设通胀上升是否会对股票有所帮助，这一点还不清楚，这需要消费者价格大约上涨两倍。</blockquote></p><p> The chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.</p><p><blockquote>下图提醒我们近几十年来结构性实际GDP增长是如何进展的（由人口劳动力增长和趋势生产率驱动），以及结构性实际GDP增长1.6%数字的基础。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf63b9b8f5f3b55136c8523d73e864f3\" tg-width=\"1131\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> Sticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&amp;P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.</p><p><blockquote>坚持4%的名义增长率，加上1.5%的股息收益率，市场估值的“永久高位”将意味着标普500每年的总回报率约为5.5%。同样，这是假设估值永远不会从目前约为历史标准3.6倍的水平回落。只要让它们在十年后回落至历史正常水平的2.4倍——这仍将使估值保持在美国历史上最高的10%之内——由此产生的10年总回报率将降至1.3%左右。我认为，即使在一个永远被高估的世界里，这实际上也是最好的情况。</blockquote></p><p></p><p> At elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&amp;P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.</p><p><blockquote>在高估值下，即使预期回报的微小变化也意味着价格的巨大变化。因此，平均估值高得多的时期不太可能逃脱相对较高波动性的前景。投资者可能预计市场会出现20-35%的频繁下跌，而不是目前市场下跌70%，这是标普500触及历史上普通估值标准所必需的，这基本上是我们在过去几年中所看到的。</blockquote></p><p> All of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&amp;P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.</p><p><blockquote>所有这些对我们来说都没问题。我们已经充分调整了我们的纪律（尤其是在2017年末），以容忍永久持续高估的可能性。我的印象是，随着我们有更多的机会生活在其中，这些适应的影响变得更加明显。我不能说我一秒钟都相信投资者实际上不会在未来几年的标普500中遭受50-70%的损失，但同样，如果市场永远不会接近历史估值规范，我们也没问题。随着我们在2017年底引入的适应，我们的学科足够灵活，即使不接受泡沫的前提，也可以驾驭泡沫。</blockquote></p><p> <b>An unusual overlap of high-risk conditions</b></p><p><blockquote><b>高风险状况的不寻常重叠</b></blockquote></p><p> Returning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"</p><p><blockquote>回到莫迪里阿尼，我的印象是，近年来向历史上最极端估值的推进恰恰反映了他所描述的泡沫动态，我预计它也会像他所描述的那样结束（尽管不一定一蹴而就）：“对增长的预期产生了增长，增长证实了预期；人们会因为它上涨而买入。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。”</blockquote></p><p> One of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.</p><p><blockquote>我们的一个内部指标跟踪市场状况与市场急剧崩溃之前的某些高风险特征的相关性——一系列衡量估值、内部因素、情绪、杠杆、过度扩张和收益率压力的指标。历史上只有少数情况像现在这样与崩溃前的情况重叠。目前的重叠实际上与1987年8月非常相似。与此同时，当前状况与市场低点时通常观察到的特征的相关性是历史上最负的。</blockquote></p><p> If you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.</p><p><blockquote>如果你想听听我的意见，我怀疑25-35%左右的近乎垂直的市场暴跌即将到来，可能很快，很可能是出乎意料的，就像1987年一样，无非是由过度扩张的投资者突然齐心协力抛售，以及需要大幅调整价格以诱导稀缺买家站在另一边。</blockquote></p><p> As usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.</p><p><blockquote>像往常一样，不需要预测。我们将根据每个时间点观察到的估值和市场行为来调整我们的投资立场。尽管如此，特别令人担忧的是，这些重叠发生在历史上最极端估值的背景下，以及许多个别问题中明显功能失调的流动性不足的背景下。这种不正常的行为与任何特定的视频游戏零售商无关。我怀疑这实际上是关于订单流机制的某种脆弱性或分割，可能与管理不善的衍生品敞口有关。</blockquote></p><p> As I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.</p><p><blockquote>正如我曾经教我的学生的那样，给我看一个金融崩溃，我会给你看一个拥有杠杆、不匹配头寸的人，他们突然被迫关闭到一个缺乏流动性的市场。</blockquote></p><p> Though my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:</p><p><blockquote>尽管我的担忧远远超出了系统中的杠杆金额，但美国股市的杠杆金额现在轻松达到历史最高水平并没有什么帮助。一些观察家倾向于通过除以股票市值来降低这一数字。但这里有一些有用的算术：</blockquote></p><p> Margin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP</p><p><blockquote>保证金债务/GDP=保证金债务/市值x市值/GDP</blockquote></p><p> To say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.</p><p><blockquote>说保证金债务占GDP的比例处于历史最高水平，不仅是说保证金大量持有股票，而且这些股票的估值也高得惊人。这种组合尤其令人担忧。</blockquote></p><p>   All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.    - John Kenneth Galbraith, A Short History of Financial Euphoria  <img src=\"https://static.tigerbbs.com/dc55dacbd5e01016cd9964422f941b0c\" tg-width=\"983\" tg-height=\"556\"></p><p><blockquote>所有危机都涉及债务，这些债务以这样或那样的方式与基本支付手段相比已经危险地超出了规模。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p><p> The kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.</p><p><blockquote>我所建议的这种事件不会使估值接近历史估值规范。鉴于目前的极端估值，它更像是一种味觉清洁剂。我对下一道菜没有特别的期望。如果我们确实观察到市场突然崩溃，美联储无疑会采取一些新的姑息措施来应对。它是否有效将取决于当时的风险规避、通货膨胀、信用风险和其他条件。正如我们所讨论的，更大的问题是，你不能通过支撑价格来“拯救”被高估的资产。价值在于随着时间的推移将交付给投资者的未来现金流。价格上涨只会确保从现在到那时的长期回报将是惨淡的。</blockquote></p><p> Of course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.</p><p><blockquote>当然，我们的学科中没有任何东西依赖于市场暴跌。鉴于高估和市场内部分歧（主要基于债务证券，但股票分歧也在增加）的结合，我确实认为股市仍处于“活板门”的情况。尽管如此，这种观点将随着市场状况的变化而改变。如果我们对市场内部的衡量有所改善，我们将避免采用或放大负面前景。即使在创纪录的高点下，这种纪律也为我们提供了良好的服务。同样，不需要预测，这种观点也不会驱动我们当前的投资立场。我只是认为与历史碰撞前情况的相关性值得注意。</blockquote></p><p>   How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.    - John Kenneth Galbraith on the 1929 collapse  <b>Valuations and investment duration</b></p><p><blockquote>也许人们会同意，关于这段历史，无论是原创的还是非凡的，都很少。价格上涨是基于价格会上涨的预期，这种预期通过由此产生的购买来实现。然后，由于一些看似破坏性的事件或发展，或者仅仅是因为智力脆弱的买家的供应耗尽，这些预期不可避免地逆转。不管原因是什么（这并不重要），绝对可以肯定的是，这个世界不是随着呜咽而结束，而是随着一声巨响而结束。等等，直到大规模幻灭和崩溃的时刻。这最后一点，现在已经足够明显了，从来不会轻易到来。它总是伴随着绝望且基本上不成功的脱身努力。——约翰·肯尼思·加尔布雷斯谈1929年的崩盘<b>估值和投资期限</b></blockquote></p><p> To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</p><p><blockquote>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</blockquote></p><p> Every security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.</p><p><blockquote>每种证券都是对未来现金流的债权，这些现金流预计将随着时间的推移交付给投资者。虽然“久期”的概念最常用于债券，但它实际上适用于任何证券，无论现金流有多“不稳定”。</blockquote></p><p> If you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.</p><p><blockquote>如果你不喜欢数学，可以随意浏览各种方程，只需阅读引号。为了完整起见，我提供了细节。</blockquote></p><p> The \"duration\" of a security can be defined in two ways.</p><p><blockquote>证券的“久期”可以通过两种方式定义。</blockquote></p><p> Investment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.</p><p><blockquote>投资期限：证券支付款项所需的加权平均年数。对于每个期间，您将当年付款所代表的总现值份额乘以未来收到付款的年数。把它们加起来。结果是从今天起您的投资现值将得到偿还的年数（加权平均值）。例如，十年后一次性付款的证券的期限仅为10年。</blockquote></p><p> Elasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%</p><p><blockquote>弹性：证券响应基础总回报率变化的百分比变化。从技术上讲，弹性是(-dP/P)/(dk/1+k)。例如，假设您拥有一种证券，十年后将支付100美元，其定价为82.0348美元，年回报率为2%。现在假设预期回报率升至2.01%。价格将降至81.9544美元。弹性为(0.0804/82.0348)/(0.0001/1.02)=10%</blockquote></p><p> It turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，证券以年为单位的“久期”与其“久期”相同。久期也是投资者对预期回报随时间变化“免疫”的持有期。换句话说，假设您随着时间的推移对现金流进行再投资，久期可以让您很好地了解您必须持有证券多长时间，以便您的最终财富在很大程度上独立于证券在该期间经历的波动。</blockquote></p><p> If you know differentiation, can prove to yourself that the \"modified duration\" of the S&amp;P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).</p><p><blockquote>如果你知道差异化，可以向自己证明标准普尔500的“修正久期”本质上是股息收益率的倒数。修改后的持续时间只是（-dP/P）/dk或麦考利持续时间/（1+k）。</blockquote></p><p> Consider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.</p><p><blockquote>考虑P=D/（k-g）。相对于k微分，dP/dk=-P/（k-g），因此持续时间（-dP/P）/dk=P/D。</blockquote></p><p></p><p> Here's how to think about the link between valuations and duration. Presently, the dividend yield of the S&amp;P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.</p><p><blockquote>以下是如何思考估值和久期之间的联系。目前，标普500的股息率为1.48%。如果收益率升至1.49%，保持股息不变，则价格在这1个基点的变动上下跌1.48/1.49-1=-0.67%。久期就是敏感度，定义为100个基点的变动，即67。事实证明，如果您今天投资，这也是从今天起您将获得现值的加权平均年数。</blockquote></p><p> Compare that to the typical situation over the past century, when the dividend yield of the S&amp;P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.</p><p><blockquote>与过去一个世纪的典型情况相比，当时标普500的股息收益率平均约为3.7%。在正常估值下，股息收益率上升1个基点将导致价格下跌3.7/3.71-1=0.27%，这意味着持续时间为27年。</blockquote></p><p>   It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.  Historically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，以年为单位的证券的“久期”与其“久期”相同。久期也是使投资者免受预期回报随时间变化的影响的持有期。从历史上看，希望将投资组合的久期与投资期限相匹配的投资者可以相当放心地将100%的资产持有股票，前提是他们的投资期限约为25-30年。目前，这些投资者需要接近65-70年的投资期限。他们目前拿着吸管杯。</blockquote></p><p> <b>Scarcity, usefulness, and value</b></p><p><blockquote><b>稀缺性、有用性和价值</b></blockquote></p><p> While we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.</p><p><blockquote>当我们谈到泡沫的话题时，我会在比特币上补充一些评论，只是为了好玩。我会写更多，但我的身体仍然笑得很痛。</blockquote></p><p> Objects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.</p><p><blockquote>像郁金香球茎和比特币这样的物品与证券的不同之处在于，它们不会向持有者提供现金流。相反，像郁金香和货币这样的物品随着时间的推移提供了一点服务，例如，作为一种永恒的美丽事物或作为一种支付手段。人们有时会忘记的是，定义一件物品价值的不仅仅是稀缺，而是它提供的一系列有用的“服务”（出于某种原因，没有人想买我独特的限量版数字签名豪猪座套）。物品的价格和它提供的服务流应该是相称的。</blockquote></p><p> U.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.</p><p><blockquote>例如，美元之所以有价值，主要是因为它们通过法定货币与实体经济联系在一起（正如任何美钞的正面所注明的那样，它们在法律上必须被接受为一种支付手段），并且它们代表了银行体系的整个基础——几乎在美国经济中来回的每一笔支付都代表着基础货币的转移。随着时间的推移，基础货币（货币和银行储备）提供了数十亿的小“服务”。</blockquote></p><p> With every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.</p><p><blockquote>在每一笔交易中，准备金都会以电子方式在一个账户持有人和另一个账户持有人之间从一家银行转移到另一家银行。法定法令和作为支付系统基础的持续使用的结合赋予了货币“价值”。这一价值也意味着美国政府本质上通过生产这些东西获得了“铸币税”的收入。对于那些认为政府会放弃这些收入而使用比特币的人，我有一个不可替代的代币要卖给你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/747b2ba31a8d94d85d374d12b13b3c96\" tg-width=\"665\" tg-height=\"718\"></p><p><blockquote></blockquote></p><p> As I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.</p><p><blockquote>正如我之前提到的，区块链是一个出色的算法，我预计它将在安全交易和库存管理方面有大量用途。然而，比特币是一种由低能效、可复制的区块链应用程序生成的令牌。最终，它的价值取决于提供交易服务的能力，但没有法定要求使用它，而且带宽非常窄——每10分钟大约有2000笔交易——我预计这将被证明是一个非常有限的功能。在投机者现在对比特币股票的估值是整个美国货币基础价值的五分之一的世界里，这是一个问题。</blockquote></p><p></p><p>   If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"    - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019  Of course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.</p><p><blockquote>如果你想想货币是如何被估价的，很明显，人们接受它是因为他们相信它会提供对他人未来产出的要求。当然，这种期望要求未来的生产者也会放弃他们的产出并接受这笔钱，因为他们相信其他未来的生产者也会这样做。这种期望必须无限期地持续下去。就像这样的问题“当阿特拉斯支撑着世界时，是什么支撑着阿特拉斯？“仅仅回答他站在一只乌龟上是不够的。下面一定是海龟。金钱的价值具有巨大的心理成分。”–John P.Hussman，博士，海龟一路下跌，2019年2月当然，比特币可能拥有一定的用户群作为洗钱和黑市交易的工具，但这是一个不受欢迎的投资论点。绝大多数交易都是为了交换比特币本身，尽管《纽约时报》最近确实报道称，“色情、庭院家具和家庭冠状病毒测试都是人们用加密货币购买的各种奇怪的商品和服务。”所以，基本上，如果你典型的一天是在院子里浏览色情片，同时测试自己的COVID，你会想看看比特币。</blockquote></p><p> My largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.</p><p><blockquote>我最担心的是，人们实际上是在用辛苦赚来的积蓄来换取这些代币，这使得早期的“矿工”可以套现。这本质上是庞氏骗局的定义特征。与所有依赖价格上涨而不是增值商品和服务生产产生的现金流的投机泡沫一样，比特币实际上并没有创造“财富”。这只是为财富转移创造了机会，主要是来自那些最终将掌管一切的人。</blockquote></p><p> Bitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.</p><p><blockquote>比特币具有基础货币的某些特征，因为它是在电子分类账上进行交易的，但根据设计，每个区块的交易平均限制在2000笔左右，平均每10分钟就有一个区块成功验证。为了验证一个事务块，世界各地的CPU场会研磨出随机SHA256验证尝试的万亿次哈希，以便发现与该块的加密哈希相匹配的足够小的二进制文件。</blockquote></p><p> All of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.</p><p><blockquote>所有这些“采矿”消耗的能量大约相当于运行一个中等规模的国家所需的能量。验证一笔交易会给矿工带来每笔6.25比特币的奖励（并稀释coinbase），目前每笔交易的奖励接近200美元。然而，比特币的交易价值中值一开始只有1000美元左右。</blockquote></p><p> There's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.</p><p><blockquote>有一种相当原始的回归分析（被一些显然对“对数”这个词麻木的观察者标记为“复杂”），试图将比特币的对数价格与对数“库存/流量”比率联系起来，好像它代表了某种机械的供需关系。除了两条对角线之间的相关性总是在0.9左右这一事实之外，我发现，只要将比特币的对数价格回归到区块难度/区块奖励的对数比率，就可以获得更好的拟合，这基本上是一种衡量一个人为了挖掘新的比特币需要浪费多少能量的方法。</blockquote></p><p> So the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.</p><p><blockquote>因此，比特币的“价值”部分与开采这些代币所浪费的能源的向后看沉没成本有关。尽管如此，我不会梦想用这种“模型”来交易一个“价值”主要在投机者头脑中的对象。喜欢就用吧。如果你碰巧在上面赚钱，请随时给我寄一张支票，最好是美元。</blockquote></p><p> Undoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.</p><p><blockquote>毫无疑问，这种对比特币的看法将在那些将持有比特币与激光眼和钻石手这样的超能力联系在一起的人中间不受欢迎。“赫斯曼不了解比特币并不奇怪。很少有人了解。”好吧。看，投机心态创造了自己的现实，当然有理由证明，虽然它创造了自己的现实，但也有机会从疯狂的后来者那里获得财富转移，他们再也不能容忍错过机会。郁金香会郁金香。不是我的工作，谢谢。</blockquote></p><p></p><p>   In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.    - John Kenneth Galbraith, A Brief History of Financial Euphoria </p><p><blockquote>从短期来看，人们会说这是一种攻击，其动机要么是缺乏理解，要么是无法控制的嫉妒，对丰富的奇妙过程。那些参与投机的人正在经历财富的增加——变得富有或进一步变得富有。没有人愿意相信这是偶然的或不应得的；所有人都希望认为这是他们自己卓越的洞察力或直觉的结果。只要他们在，他们就有一个强大的金钱承诺，相信独特的个人智慧告诉他们还会有更多。因此，附身必须与某种特殊的天才联系在一起。投机以一种非常实际的方式收买了相关人员的智力。只有在投机崩溃之后，真相才会浮出水面。被认为是不寻常的敏锐度被证明只是与资产的偶然和不幸的联系。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p>","source":"lsy1615871319183","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>How To Spot A Bubble<blockquote>如何发现气泡</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\">\nHow To Spot A Bubble<blockquote>如何发现气泡</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Hussman Funds</strong><span class=\"h-time small\">2021-03-16 13:08</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>The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.</li>  <li>If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.</li>  <li>One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.</li>  <li>It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.</li>  <li>To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</li> </ul>   I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000  The word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.</p><p><blockquote><ul><li>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。</li><li>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。</li><li>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。</li><li>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。</li><li>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</li></ul>我可以非常精确地证明，一股有两个保证价格。我更喜欢的是基于盈利和增长率等基本面，但泡沫在某种意义上是理性的。对增长的预期产生了增长，增长证实了预期；人们会买它，因为它上涨了。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。——诺贝尔奖获得者佛朗哥·莫迪里阿尼，《纽约时报》，2000年3月30日“泡沫”一词在金融市场上经常被提及，但很少被正确使用。看，定义泡沫的不是估值极高，也不是预期回报极低。相反，泡沫的定义是投资者推高估值，而不同时降低回报预期。也就是说，投资者根据价格行为推断过去的回报，即使这些预期与将价格等同于贴现现金流的回报不一致。</blockquote></p><p> In March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&amp;P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.</p><p><blockquote>2000年3月，在科技泡沫最严重的时候，我指出：“随着时间的推移，市盈率会恢复正常。目前，这意味着科技股将暴跌83%。如果你了解价值观和市场历史，你就会知道我们不是在开玩笑。”接下来的一个月，我讨论了莫迪里阿尼在上面的引用，并详细描述了他所描述的动态。2000年泡沫的破裂最终将抹去标普500一半的价值，并使以科技股为主的纳斯达克100指数下跌83%，令人难以置信。</blockquote></p><p> The defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.</p><p><blockquote>泡沫的定义特征是基于价格行为的预期回报和基于估值的预期回报之间的不一致。如果投资者今天支付150美元购买一种证券，而十年后只需支付100美元，但他们也完全明白，在不将过去的收益外推到未来的情况下，他们每年将损失4%，那么我们可能会说证券被高估了，我们可能会质疑为什么投资者会接受这种交易，但我们不能看涨期权它是泡沫。</blockquote></p><p> But if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"</p><p><blockquote>但如果投资者今天为该证券支付150美元，因为他们回头看后视镜，认为它随着时间的推移“总是上涨”，并说服自己预期的未来回报总是正的，那么你就有了泡沫。使用任何正预期回报贴现证券未来100美元的现金流将产生低于100美元的价格。因此，投资者预期的正回报与将价格等同于贴现现金流的回报不一致。泡沫的大小是代表预期“热空气”的市场价格的分数。</blockquote></p><p> Likewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"</p><p><blockquote>同样，投资者愿意接受基于过去表现的ETF和资产支持证券等“被动投资”，而很少关心其中证券的估值、收益率或信用风险，这正是泡沫反复出现的肥皂。在当前对特殊目的收购公司(SPAC)的热情中，投资者可能会回忆起2000年高峰期“孵化器”的泡沫、20世纪60年代末Go-Go泡沫的“企业集团”，甚至是20世纪初的南海公司。1700年代，以及当时成立的类似公司“为了开展一项具有巨大优势的事业，但没有人知道它是什么”。</blockquote></p><p> If investors price the S&amp;P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.</p><p><blockquote>如果投资者将标普500定价在十年内极有可能产生负回报的水平，就像他们在1929年和2000年所做的那样，而且我相信他们目前正在做的那样，但投资者继续推高股价，因为他们期望无论估值如何，他们都将提供历史上正常的未来回报水平，那么就存在定义泡沫的不一致性。</blockquote></p><p></p><p> Likewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.</p><p><blockquote>同样，如果传统被动投资组合在10-12年内的预期回报为负（基于与一个世纪市场历史中实际后续回报密切相关的可靠估值指标），但养老金回报假设仍锁定在7%附近每年，你就面临着泡沫，很可能是未来的养老金融资危机。</blockquote></p><p> This is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"</p><p><blockquote>这就是历史上金融市场上反复发生的非常糟糕的事情，加尔布雷斯所说的“金融记忆的极度短暂”促成了这一点。</blockquote></p><p> When Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"</p><p><blockquote>当莫迪里阿尼说有两种“合理”的价格时，他的意思是——至少在短期内——价格有两种方式可以满足投资者的预期。在一种情况下，投资者对未来回报有预期，而这些预期是由估值水平决定的。如果价格上涨，而预期现金流没有改变，投资者就会认识到未来的回报会更低。在“泡沫”案例中，投资者对未来回报有很高的预期，主要基于过去的回报，他们通过进一步推动价格上涨来实现这些预期。因此，进一步涨价的预期只是被强化了。“增长的预期产生了增长，增长证实了预期。”</blockquote></p><p> Only one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.</p><p><blockquote>这些价格中只有一个是一致的，因为投资者预期的回报率也是将价格等同于贴现的未来现金流的回报率。另一个价格变得越来越脱离基本面，因为价格中越来越大的部分代表着空话，随着差距变得难以维持，它最终会崩溃。</blockquote></p><p> During speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.</p><p><blockquote>在市场周期的投机阶段，没有什么能迫使投资者认识到更高的估值意味着更低的回报，或者改变他们对高回报的预期。当然，这就是为什么我们使用市场内部因素来衡量投资者的投机或避险倾向。估值提供了大量关于整个周期中可能的长期回报和潜在市场损失的信息。但估值不是择时工具。近年来，它甚至没有对投机鲁莽行为施加限制。</blockquote></p><p> Still, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.</p><p><blockquote>尽管如此，随着价格的每一次上涨，未来现金流所隐含的实际长期回报——投资者在这些现金流交付时最终将意识到的回报——进一步崩溃，即使投资者按照长期回报与价格无关的错觉行事。最终，证券价格的大部分代表了泡沫成分，而不是为了使投资者的长期预期准确而实际需要存在的价格。</blockquote></p><p> As I wrote at the 2000 market peak:</p><p><blockquote>正如我在2000年市场高峰时所写的：</blockquote></p><p>   \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"  By our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.</p><p><blockquote>“只要投资者关注的是同比回报，而不是现金流折现计算，泡沫就能以自我强化的方式持续增长。投资者预期高回报，价格行为强化了预期。真正的长期回报与投资者想象的长期回报越来越脱离，泡沫成分在总价中的占比越来越大。”根据我们最可靠的衡量标准，一般的历史估值标准比当前水平低约70%。我知道你不愿意相信。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/493c338076df85e2a04ebf892af4762f\" tg-width=\"1280\" tg-height=\"713\"></p><p><blockquote></blockquote></p><p> The trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.</p><p><blockquote>当估值极端且市场内部开始恶化时，活板门就会悄然打开。这就是我们最近几周在测量中观察到的情况，最初的恶化主要是由债务证券推动的，但股票的分歧也在扩大。</blockquote></p><p> <b>Valuations and discounted cash flows</b></p><p><blockquote><b>估值及贴现现金流量</b></blockquote></p><p>   Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.    - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019  I've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:</p><p><blockquote>估值衡量当前价格与长期预期未来现金流之间的权衡。每一个有用的估值比率都只是该计算的简写。每一个不符合这个标准的估值比率都是劣质的，你可以在历史数据中显示出来。–John P.Hussman博士，《估值的意义》，2019年12月我经常注意到，每一个好的估值衡量标准的分母都只是证券未来可能提供的数十年现金流的简写。事实上，我们总是通过检查来测试我们使用的估值方法的有效性：</blockquote></p><p> a) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;</p><p><blockquote>a)由此产生的估值措施与实际后续总回报的相关性有多强；</blockquote></p><p> b) how closely they replicate an explicit discounted cash flow analysis.</p><p><blockquote>b)它们在多大程度上复制了明确的贴现现金流分析。</blockquote></p><p></p><p> Below, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.</p><p><blockquote>下面，我们将研究各种估值指标，这些指标可以解释为什么我认为美国股市是一个接近崩溃点的泡沫。在此过程中，我将指出估值的一些有趣特征及其与后续回报的关系。如果数学让你荨麻疹，请随意浏览我在这里和那里包含的少量内容。</blockquote></p><p> Consider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.</p><p><blockquote>首先考虑估值和后续回报之间的关系。我将陈述以下内容，你可以通过玩弄现值模型来向自己证明这一点：一个好的估值衡量标准的对数应该与预期的后续投资回报呈反比且大致呈线性关系。</blockquote></p><p> Here's a simple example of what this looks like.</p><p><blockquote>这是一个简单的例子。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1e5bdf4391c9c91a8b9a051f6635116\" tg-width=\"819\" tg-height=\"708\"></p><p><blockquote></blockquote></p><p> Here's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure</p><p><blockquote>这是我们最可靠的股市估值指标MarketCap/GVA的情况</blockquote></p><p> <img src=\"https://static.tigerbbs.com/485141919c853722522159d2e9d05e85\" tg-width=\"1280\" tg-height=\"720\"></p><p><blockquote></blockquote></p><p> During the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.</p><p><blockquote>在过去的三十年里，我们研究并引入了广泛的估值方法。大多数可以追溯到1947年。有些可以评估一个世纪或更长时间。纵观历史，甚至在最近几十年，我们发现与实际后续回报最相关的估值指标是那些对利润率周期性波动敏感性较低的估值指标，并且在很大程度上类似于广泛的全市场市盈率。</blockquote></p><p> If we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&amp;P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).</p><p><blockquote>如果我们将最可靠的估值指标与从适当的长期贴现现金流分析中获得的估值指标进行比较，我们会发现它们几乎相同。以下是标普500自1900年以来实际股息流（包括回购的影响）的比较，按10%的固定利率贴现（有关更多详细信息，请参阅图表文本）。</blockquote></p><p> The reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&amp;P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.</p><p><blockquote>我们使用固定回报率的原因是，根据定义，1.0的倍数就是该特定预期回报水平的标普500定价水平。估值倍数与1.0的任何偏差都可以衡量未来回报与“典型”预期回报的可能性有多大。我们目前比历史上任何时候都更远离“典型”预期回报，包括1929年和2000年的市场峰值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e6f61d2794095c2545d0d2c130320e45\" tg-width=\"1280\" tg-height=\"722\"></p><p><blockquote></blockquote></p><p> One of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.</p><p><blockquote>华尔街向投资者灌输的一个不幸的金融文盲是，低利率“证明”极端估值是合理的。现在，保持未来现金流不变，提高投资价格会降低内含回报率，反之亦然，这是事实。如果你今天支付32美元，十年后支付100美元，你可以期待12%的年回报率。如果你为同样的证券支付82美元，你可以期待2%的年回报率。如果你今天付100美元，你什么也不能指望。因此，很明显，保持未来现金流不变，较低的回报率意味着较高的估值水平。</blockquote></p><p> The reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.</p><p><blockquote>“低利率证明高估值是合理的”这句话导致金融文盲的原因是，这句话完全是在算术背景下学习的。因此，投资者似乎想象，只要高估值能够“合理”，就可以预期股票在未来提供历史上正常的回报率。同样，投资者似乎没有概念，如果利率低是因为增长率低，那么股票的估值溢价就“合理”，因为较低的增长已经足以将未来的股票回报降至与低利率水平相称的水平。</blockquote></p><p> The truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.</p><p><blockquote>道理很简单，却让人难受。如果利率较低且预期增长保持不变，较高的估值意味着较低的长期回报。如果利率较低，因为预期的未来增长也较低，则不需要更高的估值。无论如何，长期回报都会更低。估值溢价只会让未来的回报变得更糟。</blockquote></p><p> Saying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"</p><p><blockquote>说极低的利率“证明”极高的股票估值是合理的，就像说极低的债券未来回报率“证明”极低的股票未来回报率是一样的。当华尔街告诉投资者股市估值“合理”时，我真的不认为这是它想澄清的事情。</blockquote></p><p></p><p> Investment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.</p><p><blockquote>投资估值关注的是三个对象之间的关系：当前价格、未来现金流以及像绳子一样将两者连接起来的回报率。当前价格越低，未来现金流越高，弦越陡。当前价格越高，未来现金流越低，字符串就越扁平。将当前价格提高到未来现金流之上，字符串将指向下方而不是上方。给定这些对象中的任意两个，你可以计算第三个。</blockquote></p><p> For example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.</p><p><blockquote>例如，如果你想估计预期的长期回报，你需要两个对象：a）当前价格和b）未来现金流的预期流。一个好的估值比率只是那两个对象的速记，所以你可以直接从估值水平来估计长期回报。然后，如果你愿意，你可以把它和利率的水平进行比较。这种比较可能是有用的，因为即使投资者意识到高股市估值意味着低长期回报，他们也根本不清楚他们是否意识到长期回报前景有多低。</blockquote></p><p> The chart below shows our estimate of expected 12-year S&amp;P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&amp;P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&amp;P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.</p><p><blockquote>下图显示了我们对一个世纪的市场历史中预期12年期标普500总回报率高于国债收益率的估计。相比之下，华尔街称之为“股票风险溢价”（通常被引用为标普500远期收益收益率减去10年期国债收益率）的几乎毫无用处的废话。是的，你没看错图表。鉴于目前的估值，我们预计未来12年标普500的总回报率将低于国债的低收益率约-6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42561963df9d259a93fe0d4f2502c13e\" tg-width=\"1024\" tg-height=\"577\"></p><p><blockquote></blockquote></p><p> Many investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.</p><p><blockquote>许多投资者将预期回报的估计（只需要预期现金流和观察到的价格）与另一个问题——“公允价值”的估计混为一谈。看，当你有一个预期的未来现金流，你想要计算一个“公平”的当前价格时，利率就会出现。在这种情况下，通常使用利率水平加上一些风险溢价作为预期的长期回报（或贴现率或资本化率），而不是从帽子中选择任意的回报率。这种计算对任意选择非常敏感。</blockquote></p><p> In particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.</p><p><blockquote>特别是，华尔街喜欢将超高的增长率、超低的贴现率和超长的时间范围结合起来，这使得人们可以计算出尽可能接近无穷大的“公允价值”。需要记住的是，无论分析师在公允价值计算中嵌入什么回报率，假设未来现金流按预期交付，如果您支付该价格，随着时间的推移您将获得的长期回报率。</blockquote></p><p> Among scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&amp;P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.</p><p><blockquote>在我们随着时间的推移评估或引入的数十项指标中，MarketCap/GVA（非金融市值与企业总增加值之比，包括我们对国外收入的估计）与随后10-12年标普500实际总回报的相关性最高，其次是我们的利润率调整市盈率(MAPE)。我觉得好笑的是，随着时间的推移，我引入的各种估值指标有时被描述为“机器学习”、“数据挖掘”和“曲线拟合”的产物，而事实上，它们只是整个经济范围内市盈率的不同版本。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/75dac426a3ad2f3830f9dce50f7c0a1c\" tg-width=\"1265\" tg-height=\"712\"></p><p><blockquote></blockquote></p><p> The S&amp;P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.</p><p><blockquote>标普500市盈率和非金融市值与GDP之比（“巴菲特指标”）也表现良好，优于基于收益的替代指标，如价格/远期收益、美联储模型，甚至席勒CAPE。看，虽然收益对于产生长期现金流是必要的，但它们也会受到利润率波动的影响（周期性地，甚至每十年一次），而事实证明，这些波动是非常缺乏信息的。</blockquote></p><p> Economically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.</p><p><blockquote>在经济上，利润率的波动主要是由实际单位劳动力成本的波动驱动的。由于企业是基于已实现的税后利润而非税前利润进行竞争，税收政策的变化对企业利润的持久影响也远不如投资者似乎想象的那样。虽然去年企业利润从医疗保健支出中获得了巨大的提振（一个部门的赤字总是表现为另一个部门的盈余），但以下是企业利润和实际单位劳动力成本之间的历史关系。</blockquote></p><p> Real unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.</p><p><blockquote>实际单位劳动力成本以倒置的左标度呈现。劳动力成本的上行压力（观察为蓝线暴跌）对未来利润来说并不是特别有利。尽管如此，最近几个季度仍存在如此多的扭曲，以至于我认为这种情况会持续多久还没有定论。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/3110e7d3c0468c39d343b20835566bcc\" tg-width=\"1157\" tg-height=\"652\"></p><p><blockquote></blockquote></p><p> It's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.</p><p><blockquote>毫无疑问，利润率、预期增长和其他因素会影响未来可交付的现金流和投资者对股票的估值。但即使对于科技股来说，这些假设也应该明确，并根据历史进行检验。你会发现像价格/收入这样的可观察指标仍然非常有用。事实上，科技股极端的市盈率帮助我在2000年3月预测该行业将损失83%。</blockquote></p><p> As Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"</p><p><blockquote>正如本杰明·格雷厄姆（Benjamin Graham）所写的那样，“将支付的东西与提供的东西联系起来的习惯是投资中的一个无价特征。估值越依赖于对未来的预期——它与过去表现所证明的数字的联系越少——它就越容易受到可能的误判和严重错误的影响。”</blockquote></p><p> The current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.</p><p><blockquote>纳斯达克100指数目前的市盈率为5.19，是自2001年2月以来的最极端水平，随后该指数下跌了60%（此前该指数已经下跌了一半）。这里的情况实际上比2001年还要糟糕一些。如果我们研究该指数的最大组成部分，就会发现它们的年增长率随着时间的推移大幅下降。</blockquote></p><p> As a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.</p><p><blockquote>因此，可以说，当前一美元收入的倍数应该低于新兴增长早期一美元收入的倍数。然而，即使人们从表面上看待纳斯达克100指数的市盈率，即使人们将注意力限制在2000年以来的泡沫时期，也很难指望纳斯达克在未来十年产生比零好得多的总回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48dd88f74eaed48d53b237b4d0209d8e\" tg-width=\"963\" tg-height=\"542\"></p><p><blockquote></blockquote></p><p> You don't really want to see what the same chart looks like for the S&amp;P 500.</p><p><blockquote>你不会真的想看到标普500的同样的图表是什么样子的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24f70ab683592ef20a8c6c75fc9bd1fc\" tg-width=\"963\" tg-height=\"543\"></p><p><blockquote></blockquote></p><p> The same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&amp;P 500, 30% in Treasury bonds, and 10% in Treasury bills.</p><p><blockquote>不幸的是，被动投资策略也是如此。我们目前估计，60%投资于标普500、30%投资于国债、10%投资于国库券的传统被动投资组合的12年平均年总回报率为负。</blockquote></p><p> In a 2019&nbsp;white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.</p><p><blockquote>在2019年的白皮书中，我详细介绍了一种通过共同考虑当前股市估值和利率来估计“以价值为中心的资产配置”的方法。它根据哪个资产类别估计具有最高的平均年预期回报（经风险调整）来指定长期投资范围内的每个点的投资分配。然后，风险管理组件可以修改这种分配，以在市场周期的各个部分调整风险敞口，在这些部分，市场参与者的风险规避或投机可能会暂时将估值推低或推高。该白皮书包括大量图表，显示了这种以价值为中心的资产配置在市场历史上是如何变化的，特别是在股票和债券市场的重要高峰和低谷。</blockquote></p><p> Along with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.</p><p><blockquote>除了这些方法，我还介绍了我们的“捐赠/支出倍数”，它估计了被动的60/30/10投资者预先需要的支出年数，以便为未来36年的通胀调整支出提供资金。这里的想法是，在一个预期未来回报很高的被严重低估的市场中，当估值极端且预期回报较低时，投资者可以用远低于他们所需的资金为未来的支出流提供资金。</blockquote></p><p> You know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.</p><p><blockquote>当为36年的预期通胀调整支出提供资金需要超过38年的前期资金时，你就知道自己处于泡沫之中。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1adff1ad0dbaa2737f60cb7589d206fb\" tg-width=\"1230\" tg-height=\"693\"></p><p><blockquote></blockquote></p><p> In the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.</p><p><blockquote>在下图中，捐赠/支出倍数以倒对数标度（左）以及60/30/10投资组合的实际后续平均年总回报（右标度）呈现。不用说，我们坚持旨在解决此类问题的投资纪律。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1480e881b4d04ace81a96f31f6368796\" tg-width=\"1229\" tg-height=\"692\"></p><p><blockquote></blockquote></p><p> As a testament to the breadth of this speculative episode, the median price/revenue ratio of S&amp;P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.</p><p><blockquote>作为这一投机事件广度的证明，标普500成分股的市盈率中位数现在超过了3.3，很容易创下纪录，而且极端程度足以引发无辜但消息不灵通的投资者在完成这一周期后可能遭受的潜在损失。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffe0cc33bdaf0695dacb7ae1d817edab\" tg-width=\"1110\" tg-height=\"625\"></p><p><blockquote></blockquote></p><p></p><p> The next chart shows the median price/revenue ratio of S&amp;P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&amp;P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.</p><p><blockquote>下图显示了按估值分为10个十分位数的标普500组件的市盈率中位数。该图表以对数标度显示，以便将每条线与其自身的历史进行比较。纵轴上的每个细分市场代表估值翻倍。请注意，标普500成分股的每一个十分位数都处于创纪录的估值极值。投资者现在依赖于这些极端情况下的永久高位平台。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb7c995e64e3c9cba85d6e0fc9124223\" tg-width=\"1280\" tg-height=\"721\"></p><p><blockquote></blockquote></p><p> It's interesting, but far less important, that the median price/earnings ratio of S&amp;P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&amp;P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.</p><p><blockquote>有趣的是，但远没有那么重要的是，标普500组件的市盈率中位数也达到了32.4，为历史最高水平。相比之下，2000年市场峰值时的市盈率中值为19.4。当然，市盈率倍数的问题在于它们很大程度上受到收益可变性的影响。事实上，在当前的峰值之前，标普500的最高市盈率中值实际上是在2002年3月，当时该指数比2000年3月的泡沫高点下跌了25%。这是因为当时盈利下降幅度更大，这提高了市盈率。这就是按面值计算市盈率倍数的危险。</blockquote></p><p> A crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.</p><p><blockquote>绕过收益周期性的一个粗略但相当有效的方法（但仅限于非常广泛的指数）是将价格与迄今为止达到的最高收益水平进行比较。我早在1998年就引入了这个指标，称为市盈率。下图显示了一个版本。蓝线（左标度）显示了美国股票总市值与GDP的比率。红线（右标度）显示了美国股票总市值与迄今为止美国整体经济利润最高水平的比率。投资者在这里遇到了麻烦。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a6630cf8302360e1b4645870051b21de\" tg-width=\"989\" tg-height=\"557\"></p><p><blockquote></blockquote></p><p> <b>What if valuations remain extreme forever?</b></p><p><blockquote><b>如果估值永远保持极端怎么办？</b></blockquote></p><p> Probably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.</p><p><blockquote>过去几年我从投资者那里听到的最常见的问题可能是“如果估值永远保持极端会发生什么？”这实际上是欧文·费希尔在1929年灾难性地预测的“永久高原”的一个版本。尽管如此，近年来投资者对美联储购买国债可以永久“支撑”股市充满信心。</blockquote></p><p> As I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.</p><p><blockquote>正如我之前详述的，量化宽松只能通过创造零利息的烫手山芋来支持市场，这些烫手山芋让投资者持有起来不舒服（前提是他们倾向于投机），而且总体上不可能摆脱这些烫手山芋。此外，在一个拥有11万亿美元公司债务、58万亿美元股票市值的经济体中，美联储在疫情期间购买的公司债券在法律上仅限于财政部提供的CARES资金，最终债券金额为140亿美元。</blockquote></p><p> Suffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.</p><p><blockquote>可以说，“美联储支持”很大程度上存在于投资者的脑海中，几乎完全依赖于持有低收益基础货币的心理不适。然而，由于感知可能与现实难以区分，尤其是在短期内，因此考虑这个问题很重要。</blockquote></p><p> My answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.</p><p><blockquote>我的回答是，如果美联储确实能够永远将估值维持在历史最高水平，股价可能会以与名义GDP大致相同的速度增长。因此，1.6%的实际结构性增长加上2%的通胀率得到3.6%。让我们将其看涨期权为4%，这将与截至2019年第四季度经济峰值（就在大流行之前）的10年和20年期间的名义GDP增长相匹配。通胀上升的第一个受害者是股票估值，因此在估值大致正常化之前，假设通胀上升是否会对股票有所帮助，这一点还不清楚，这需要消费者价格大约上涨两倍。</blockquote></p><p> The chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.</p><p><blockquote>下图提醒我们近几十年来结构性实际GDP增长是如何进展的（由人口劳动力增长和趋势生产率驱动），以及结构性实际GDP增长1.6%数字的基础。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf63b9b8f5f3b55136c8523d73e864f3\" tg-width=\"1131\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> Sticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&amp;P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.</p><p><blockquote>坚持4%的名义增长率，加上1.5%的股息收益率，市场估值的“永久高位”将意味着标普500每年的总回报率约为5.5%。同样，这是假设估值永远不会从目前约为历史标准3.6倍的水平回落。只要让它们在十年后回落至历史正常水平的2.4倍——这仍将使估值保持在美国历史上最高的10%之内——由此产生的10年总回报率将降至1.3%左右。我认为，即使在一个永远被高估的世界里，这实际上也是最好的情况。</blockquote></p><p></p><p> At elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&amp;P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.</p><p><blockquote>在高估值下，即使预期回报的微小变化也意味着价格的巨大变化。因此，平均估值高得多的时期不太可能逃脱相对较高波动性的前景。投资者可能预计市场会出现20-35%的频繁下跌，而不是目前市场下跌70%，这是标普500触及历史上普通估值标准所必需的，这基本上是我们在过去几年中所看到的。</blockquote></p><p> All of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&amp;P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.</p><p><blockquote>所有这些对我们来说都没问题。我们已经充分调整了我们的纪律（尤其是在2017年末），以容忍永久持续高估的可能性。我的印象是，随着我们有更多的机会生活在其中，这些适应的影响变得更加明显。我不能说我一秒钟都相信投资者实际上不会在未来几年的标普500中遭受50-70%的损失，但同样，如果市场永远不会接近历史估值规范，我们也没问题。随着我们在2017年底引入的适应，我们的学科足够灵活，即使不接受泡沫的前提，也可以驾驭泡沫。</blockquote></p><p> <b>An unusual overlap of high-risk conditions</b></p><p><blockquote><b>高风险状况的不寻常重叠</b></blockquote></p><p> Returning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"</p><p><blockquote>回到莫迪里阿尼，我的印象是，近年来向历史上最极端估值的推进恰恰反映了他所描述的泡沫动态，我预计它也会像他所描述的那样结束（尽管不一定一蹴而就）：“对增长的预期产生了增长，增长证实了预期；人们会因为它上涨而买入。但一旦你确信它不再增长，就没有人愿意持有一只股票，因为它被高估了。每个人都想退出，但它崩溃了，超出了基本面。”</blockquote></p><p> One of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.</p><p><blockquote>我们的一个内部指标跟踪市场状况与市场急剧崩溃之前的某些高风险特征的相关性——一系列衡量估值、内部因素、情绪、杠杆、过度扩张和收益率压力的指标。历史上只有少数情况像现在这样与崩溃前的情况重叠。目前的重叠实际上与1987年8月非常相似。与此同时，当前状况与市场低点时通常观察到的特征的相关性是历史上最负的。</blockquote></p><p> If you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.</p><p><blockquote>如果你想听听我的意见，我怀疑25-35%左右的近乎垂直的市场暴跌即将到来，可能很快，很可能是出乎意料的，就像1987年一样，无非是由过度扩张的投资者突然齐心协力抛售，以及需要大幅调整价格以诱导稀缺买家站在另一边。</blockquote></p><p> As usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.</p><p><blockquote>像往常一样，不需要预测。我们将根据每个时间点观察到的估值和市场行为来调整我们的投资立场。尽管如此，特别令人担忧的是，这些重叠发生在历史上最极端估值的背景下，以及许多个别问题中明显功能失调的流动性不足的背景下。这种不正常的行为与任何特定的视频游戏零售商无关。我怀疑这实际上是关于订单流机制的某种脆弱性或分割，可能与管理不善的衍生品敞口有关。</blockquote></p><p> As I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.</p><p><blockquote>正如我曾经教我的学生的那样，给我看一个金融崩溃，我会给你看一个拥有杠杆、不匹配头寸的人，他们突然被迫关闭到一个缺乏流动性的市场。</blockquote></p><p> Though my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:</p><p><blockquote>尽管我的担忧远远超出了系统中的杠杆金额，但美国股市的杠杆金额现在轻松达到历史最高水平并没有什么帮助。一些观察家倾向于通过除以股票市值来降低这一数字。但这里有一些有用的算术：</blockquote></p><p> Margin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP</p><p><blockquote>保证金债务/GDP=保证金债务/市值x市值/GDP</blockquote></p><p> To say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.</p><p><blockquote>说保证金债务占GDP的比例处于历史最高水平，不仅是说保证金大量持有股票，而且这些股票的估值也高得惊人。这种组合尤其令人担忧。</blockquote></p><p>   All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.    - John Kenneth Galbraith, A Short History of Financial Euphoria  <img src=\"https://static.tigerbbs.com/dc55dacbd5e01016cd9964422f941b0c\" tg-width=\"983\" tg-height=\"556\"></p><p><blockquote>所有危机都涉及债务，这些债务以这样或那样的方式与基本支付手段相比已经危险地超出了规模。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p><p> The kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.</p><p><blockquote>我所建议的这种事件不会使估值接近历史估值规范。鉴于目前的极端估值，它更像是一种味觉清洁剂。我对下一道菜没有特别的期望。如果我们确实观察到市场突然崩溃，美联储无疑会采取一些新的姑息措施来应对。它是否有效将取决于当时的风险规避、通货膨胀、信用风险和其他条件。正如我们所讨论的，更大的问题是，你不能通过支撑价格来“拯救”被高估的资产。价值在于随着时间的推移将交付给投资者的未来现金流。价格上涨只会确保从现在到那时的长期回报将是惨淡的。</blockquote></p><p> Of course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.</p><p><blockquote>当然，我们的学科中没有任何东西依赖于市场暴跌。鉴于高估和市场内部分歧（主要基于债务证券，但股票分歧也在增加）的结合，我确实认为股市仍处于“活板门”的情况。尽管如此，这种观点将随着市场状况的变化而改变。如果我们对市场内部的衡量有所改善，我们将避免采用或放大负面前景。即使在创纪录的高点下，这种纪律也为我们提供了良好的服务。同样，不需要预测，这种观点也不会驱动我们当前的投资立场。我只是认为与历史碰撞前情况的相关性值得注意。</blockquote></p><p>   How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.    - John Kenneth Galbraith on the 1929 collapse  <b>Valuations and investment duration</b></p><p><blockquote>也许人们会同意，关于这段历史，无论是原创的还是非凡的，都很少。价格上涨是基于价格会上涨的预期，这种预期通过由此产生的购买来实现。然后，由于一些看似破坏性的事件或发展，或者仅仅是因为智力脆弱的买家的供应耗尽，这些预期不可避免地逆转。不管原因是什么（这并不重要），绝对可以肯定的是，这个世界不是随着呜咽而结束，而是随着一声巨响而结束。等等，直到大规模幻灭和崩溃的时刻。这最后一点，现在已经足够明显了，从来不会轻易到来。它总是伴随着绝望且基本上不成功的脱身努力。——约翰·肯尼思·加尔布雷斯谈1929年的崩盘<b>估值和投资期限</b></blockquote></p><p> To understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"</p><p><blockquote>为了理解为什么极端估值意味着高波动性，并且需要极长的投资期限，考虑“久期”的概念是有用的。</blockquote></p><p> Every security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.</p><p><blockquote>每种证券都是对未来现金流的债权，这些现金流预计将随着时间的推移交付给投资者。虽然“久期”的概念最常用于债券，但它实际上适用于任何证券，无论现金流有多“不稳定”。</blockquote></p><p> If you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.</p><p><blockquote>如果你不喜欢数学，可以随意浏览各种方程，只需阅读引号。为了完整起见，我提供了细节。</blockquote></p><p> The \"duration\" of a security can be defined in two ways.</p><p><blockquote>证券的“久期”可以通过两种方式定义。</blockquote></p><p> Investment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.</p><p><blockquote>投资期限：证券支付款项所需的加权平均年数。对于每个期间，您将当年付款所代表的总现值份额乘以未来收到付款的年数。把它们加起来。结果是从今天起您的投资现值将得到偿还的年数（加权平均值）。例如，十年后一次性付款的证券的期限仅为10年。</blockquote></p><p> Elasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%</p><p><blockquote>弹性：证券响应基础总回报率变化的百分比变化。从技术上讲，弹性是(-dP/P)/(dk/1+k)。例如，假设您拥有一种证券，十年后将支付100美元，其定价为82.0348美元，年回报率为2%。现在假设预期回报率升至2.01%。价格将降至81.9544美元。弹性为(0.0804/82.0348)/(0.0001/1.02)=10%</blockquote></p><p> It turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，证券以年为单位的“久期”与其“久期”相同。久期也是投资者对预期回报随时间变化“免疫”的持有期。换句话说，假设您随着时间的推移对现金流进行再投资，久期可以让您很好地了解您必须持有证券多长时间，以便您的最终财富在很大程度上独立于证券在该期间经历的波动。</blockquote></p><p> If you know differentiation, can prove to yourself that the \"modified duration\" of the S&amp;P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).</p><p><blockquote>如果你知道差异化，可以向自己证明标准普尔500的“修正久期”本质上是股息收益率的倒数。修改后的持续时间只是（-dP/P）/dk或麦考利持续时间/（1+k）。</blockquote></p><p> Consider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.</p><p><blockquote>考虑P=D/（k-g）。相对于k微分，dP/dk=-P/（k-g），因此持续时间（-dP/P）/dk=P/D。</blockquote></p><p></p><p> Here's how to think about the link between valuations and duration. Presently, the dividend yield of the S&amp;P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.</p><p><blockquote>以下是如何思考估值和久期之间的联系。目前，标普500的股息率为1.48%。如果收益率升至1.49%，保持股息不变，则价格在这1个基点的变动上下跌1.48/1.49-1=-0.67%。久期就是敏感度，定义为100个基点的变动，即67。事实证明，如果您今天投资，这也是从今天起您将获得现值的加权平均年数。</blockquote></p><p> Compare that to the typical situation over the past century, when the dividend yield of the S&amp;P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.</p><p><blockquote>与过去一个世纪的典型情况相比，当时标普500的股息收益率平均约为3.7%。在正常估值下，股息收益率上升1个基点将导致价格下跌3.7/3.71-1=0.27%，这意味着持续时间为27年。</blockquote></p><p>   It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.  Historically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.</p><p><blockquote>事实证明，就预期回报1%波动的价格变化百分比而言，以年为单位的证券的“久期”与其“久期”相同。久期也是使投资者免受预期回报随时间变化的影响的持有期。从历史上看，希望将投资组合的久期与投资期限相匹配的投资者可以相当放心地将100%的资产持有股票，前提是他们的投资期限约为25-30年。目前，这些投资者需要接近65-70年的投资期限。他们目前拿着吸管杯。</blockquote></p><p> <b>Scarcity, usefulness, and value</b></p><p><blockquote><b>稀缺性、有用性和价值</b></blockquote></p><p> While we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.</p><p><blockquote>当我们谈到泡沫的话题时，我会在比特币上补充一些评论，只是为了好玩。我会写更多，但我的身体仍然笑得很痛。</blockquote></p><p> Objects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.</p><p><blockquote>像郁金香球茎和比特币这样的物品与证券的不同之处在于，它们不会向持有者提供现金流。相反，像郁金香和货币这样的物品随着时间的推移提供了一点服务，例如，作为一种永恒的美丽事物或作为一种支付手段。人们有时会忘记的是，定义一件物品价值的不仅仅是稀缺，而是它提供的一系列有用的“服务”（出于某种原因，没有人想买我独特的限量版数字签名豪猪座套）。物品的价格和它提供的服务流应该是相称的。</blockquote></p><p> U.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.</p><p><blockquote>例如，美元之所以有价值，主要是因为它们通过法定货币与实体经济联系在一起（正如任何美钞的正面所注明的那样，它们在法律上必须被接受为一种支付手段），并且它们代表了银行体系的整个基础——几乎在美国经济中来回的每一笔支付都代表着基础货币的转移。随着时间的推移，基础货币（货币和银行储备）提供了数十亿的小“服务”。</blockquote></p><p> With every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.</p><p><blockquote>在每一笔交易中，准备金都会以电子方式在一个账户持有人和另一个账户持有人之间从一家银行转移到另一家银行。法定法令和作为支付系统基础的持续使用的结合赋予了货币“价值”。这一价值也意味着美国政府本质上通过生产这些东西获得了“铸币税”的收入。对于那些认为政府会放弃这些收入而使用比特币的人，我有一个不可替代的代币要卖给你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/747b2ba31a8d94d85d374d12b13b3c96\" tg-width=\"665\" tg-height=\"718\"></p><p><blockquote></blockquote></p><p> As I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.</p><p><blockquote>正如我之前提到的，区块链是一个出色的算法，我预计它将在安全交易和库存管理方面有大量用途。然而，比特币是一种由低能效、可复制的区块链应用程序生成的令牌。最终，它的价值取决于提供交易服务的能力，但没有法定要求使用它，而且带宽非常窄——每10分钟大约有2000笔交易——我预计这将被证明是一个非常有限的功能。在投机者现在对比特币股票的估值是整个美国货币基础价值的五分之一的世界里，这是一个问题。</blockquote></p><p></p><p>   If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"    - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019  Of course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.</p><p><blockquote>如果你想想货币是如何被估价的，很明显，人们接受它是因为他们相信它会提供对他人未来产出的要求。当然，这种期望要求未来的生产者也会放弃他们的产出并接受这笔钱，因为他们相信其他未来的生产者也会这样做。这种期望必须无限期地持续下去。就像这样的问题“当阿特拉斯支撑着世界时，是什么支撑着阿特拉斯？“仅仅回答他站在一只乌龟上是不够的。下面一定是海龟。金钱的价值具有巨大的心理成分。”–John P.Hussman，博士，海龟一路下跌，2019年2月当然，比特币可能拥有一定的用户群作为洗钱和黑市交易的工具，但这是一个不受欢迎的投资论点。绝大多数交易都是为了交换比特币本身，尽管《纽约时报》最近确实报道称，“色情、庭院家具和家庭冠状病毒测试都是人们用加密货币购买的各种奇怪的商品和服务。”所以，基本上，如果你典型的一天是在院子里浏览色情片，同时测试自己的COVID，你会想看看比特币。</blockquote></p><p> My largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.</p><p><blockquote>我最担心的是，人们实际上是在用辛苦赚来的积蓄来换取这些代币，这使得早期的“矿工”可以套现。这本质上是庞氏骗局的定义特征。与所有依赖价格上涨而不是增值商品和服务生产产生的现金流的投机泡沫一样，比特币实际上并没有创造“财富”。这只是为财富转移创造了机会，主要是来自那些最终将掌管一切的人。</blockquote></p><p> Bitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.</p><p><blockquote>比特币具有基础货币的某些特征，因为它是在电子分类账上进行交易的，但根据设计，每个区块的交易平均限制在2000笔左右，平均每10分钟就有一个区块成功验证。为了验证一个事务块，世界各地的CPU场会研磨出随机SHA256验证尝试的万亿次哈希，以便发现与该块的加密哈希相匹配的足够小的二进制文件。</blockquote></p><p> All of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.</p><p><blockquote>所有这些“采矿”消耗的能量大约相当于运行一个中等规模的国家所需的能量。验证一笔交易会给矿工带来每笔6.25比特币的奖励（并稀释coinbase），目前每笔交易的奖励接近200美元。然而，比特币的交易价值中值一开始只有1000美元左右。</blockquote></p><p> There's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.</p><p><blockquote>有一种相当原始的回归分析（被一些显然对“对数”这个词麻木的观察者标记为“复杂”），试图将比特币的对数价格与对数“库存/流量”比率联系起来，好像它代表了某种机械的供需关系。除了两条对角线之间的相关性总是在0.9左右这一事实之外，我发现，只要将比特币的对数价格回归到区块难度/区块奖励的对数比率，就可以获得更好的拟合，这基本上是一种衡量一个人为了挖掘新的比特币需要浪费多少能量的方法。</blockquote></p><p> So the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.</p><p><blockquote>因此，比特币的“价值”部分与开采这些代币所浪费的能源的向后看沉没成本有关。尽管如此，我不会梦想用这种“模型”来交易一个“价值”主要在投机者头脑中的对象。喜欢就用吧。如果你碰巧在上面赚钱，请随时给我寄一张支票，最好是美元。</blockquote></p><p> Undoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.</p><p><blockquote>毫无疑问，这种对比特币的看法将在那些将持有比特币与激光眼和钻石手这样的超能力联系在一起的人中间不受欢迎。“赫斯曼不了解比特币并不奇怪。很少有人了解。”好吧。看，投机心态创造了自己的现实，当然有理由证明，虽然它创造了自己的现实，但也有机会从疯狂的后来者那里获得财富转移，他们再也不能容忍错过机会。郁金香会郁金香。不是我的工作，谢谢。</blockquote></p><p></p><p>   In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.    - John Kenneth Galbraith, A Brief History of Financial Euphoria </p><p><blockquote>从短期来看，人们会说这是一种攻击，其动机要么是缺乏理解，要么是无法控制的嫉妒，对丰富的奇妙过程。那些参与投机的人正在经历财富的增加——变得富有或进一步变得富有。没有人愿意相信这是偶然的或不应得的；所有人都希望认为这是他们自己卓越的洞察力或直觉的结果。只要他们在，他们就有一个强大的金钱承诺，相信独特的个人智慧告诉他们还会有更多。因此，附身必须与某种特殊的天才联系在一起。投机以一种非常实际的方式收买了相关人员的智力。只有在投机崩溃之后，真相才会浮出水面。被认为是不寻常的敏锐度被证明只是与资产的偶然和不幸的联系。——约翰·肯尼思·加尔布雷斯，《金融欣快简史》</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.hussmanfunds.com/comment/mc210315/\">Hussman Funds</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",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.hussmanfunds.com/comment/mc210315/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172271196","content_text":"Summary\n\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations.\nIf we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical.\nOne of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates.\nIt's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks.\nTo understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"\n\n\n I can show, really precisely, that there are two warranted prices for a share. The one I prefer is based on such fundamentals as earnings and growth rates, but the bubble is rational in a certain sense. The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.- Nobel Laureate Franco Modigliani, New York Times, March 30, 2000\n\nThe word \"bubble\" is tossed around quite a bit in the financial markets, but it's rarely used correctly. See, the thing that defines a bubble isn't that valuations are extremely high, or that expected returns are extremely low. Instead, what defines a bubble is that investors drive valuations higher without simultaneously adjusting expectations for returns lower. That is, investors extrapolate past returns based on price behavior, even though those expectations are inconsistent with the returns that would equate price with discounted cash flows.\nIn March 2000, at the height of the technology bubble, I noted: \"Over time, price/revenue ratios come back in line. Currently, that would imply an 83% plunge in tech stocks. If you understand values and market history, you know we're not joking.\" The following month, I discussed Modigliani's quote above, and detailed the dynamics he was describing. The collapse of the 2000 bubble would ultimately erase half the value of the S&P 500, and would take the tech-heavy Nasdaq 100 down an implausibly precise 83%.\nThe defining feature of a bubble is inconsistency between expected returns based on price behavior and expected returns based on valuations. If investors pay $150 today for a security that will deliver a single $100 payment a decade from now, but they also fully understand that they'll lose 4% annually on the deal, without extrapolating past gains into the future, then we might say the security is overvalued, and we might question why investors would accept that trade, but we can't call it a bubble.\nBut if investors pay $150 today for that security, because they look back in the rear-view mirror, decide that it \"always goes up\" over time, and convince themselves that expected future returns are always positive, then you've got a bubble. Discounting the future $100 cash flow of the security using any positive expected return would produce a price less than $100. So the positive returns expected by investors are inconsistent with the returns that would equate price with discounted cash flows. The size of the bubble is the fraction of the market price that represents expectational \"hot air.\"\nLikewise, the willingness of investors to embrace \"passive investments\" like ETFs and asset-backed securities based on past performance, with little concern about the valuations, yields, or credit risk of the securities inside, is the very soap from which bubbles repeatedly emerge. Amid the current enthusiasm for special purpose acquisition companies (SPACS), investors might recall the bubble in \"incubators\" at the 2000 peak, the \"conglomerates\" of the late-1960s Go-Go bubble, and even the South Sea Company in the early 1700s, along with similar companies formed at the time \"for carrying on an undertaking of great advantage, but nobody to know what it is.\"\nIf investors price the S&P 500 at levels that are highly likely to produce negative returns for a decade, as they did in 1929 and 2000, and as I believe they are doing at present, yet investors continue to press stock prices higher on the expectation that they will provide historically normal levels of future return regardless of valuations, then you have the sort of inconsistency that defines a bubble.\nLikewise, if the expected return of a conventional passive investment mix is negative on a 10-12 year horizon (based on reliable valuation measures strongly correlated with actual subsequent returns over a century of market history), yet pension return assumptions remain locked near 7% annually, you've got a bubble, and most likely a future pension funding crisis, on your hands.\nThis is how very bad things have repeatedly happened in the financial markets across history, enabled by what Galbraith called \"the extreme brevity of the financial memory.\"\nWhen Modigliani says that there are two \"warranted\" prices, he means that - at least in the short run - there are two ways that prices can fulfill the expectations of investors. In one case, investors have expectations about future returns, and those expectations are informed by the level of valuations. If prices rise, and expected cash flows haven't changed, investors recognize that future returns will be lower. In the \"bubble\" case, investors have high expectations about future returns, mainly based on past returns, and they act on those expectations by driving prices up further. So the expectation of additional price increases is simply reinforced. \"The expectation of growth produces the growth, which confirms the expectation.\"\nOnly one of these prices is consistent, in that the rate of return expected by investors is also the rate of return that equates price with discounted future cash flows. The other price becomes increasingly detached from fundamentals, as a larger and larger fraction of the price represents hot air, and it ultimately collapses as the gap becomes untenably wide.\nDuring speculative segments of the market cycle, there's nothing that forces investors to recognize that higher valuations imply lower returns, or to change their expectation of high returns as far as the eye can see. That, of course, is why we use measures of market internals to gauge the inclination of investors toward speculation or risk-aversion. Valuation provides an enormous amount of information about likely long-term returns and potential market losses over the complete cycle. But valuation isn't a timing tool. In recent years, it hasn't even imposed a limit on speculative recklessness.\nStill, with each price advance, the actual long-term return implied by future cash flows - what investors will ultimately realize as those cash flows are delivered - collapses further, even while investors act on their delusion that long-term returns have nothing to do with price. Eventually, the bulk of the security price represents a bubble component, not the price that would actually need to exist in order for the long-term expectations of investors to be accurate.\nAs I wrote at the 2000 market peak:\n\n \"As long as investors focus on year-to-year returns and not discounted cash flow calculations, the bubble can continue to grow in self-reinforcing fashion. Investors anticipate a high return, and the price behavior reinforces the expectation. The true long-term return becomes increasingly detached from the long-term return imagined by investors, and the bubble component accounts for an increasingly large proportion of the total price.\"\n\nBy our most reliable measures, run-of-the-mill historical valuation norms are roughly 70% below current levels. I know you don't want to believe that.\n\nThe trap door quietly swings open when valuations are extreme and market internals begin to deteriorate. That's the situation we've observed in our measures in recent weeks, with the initial deterioration largely driven by debt securities, but with increasing divergences in equities as well.\nValuations and discounted cash flows\n\n Valuations measure the tradeoff between current prices and a very long-term stream of expected future cash flows. Every useful valuation ratio is just shorthand for that calculation. Every valuation ratio that fails that criterion is inferior, and you can show it in historical data.\n\n\n - John P. Hussman, Ph.D., The Meaning of Valuation, December 2019\n\nI've often noted that the denominator of every good valuation measure is just shorthand for the decades and decades of cash flows that the security is likely to deliver in the future. In fact, we always test the validity of the valuation measures we use by examining:\na) how strongly the resulting valuation measures are correlated with actual subsequent total returns, and;\nb) how closely they replicate an explicit discounted cash flow analysis.\nBelow, we'll examine a variety of valuation measures that offer some perspective on why I view the U.S. equity market as a bubble near the breaking point. Along the way, I'll point out some interesting features of valuations and their relationship with subsequent returns. If math gives you hives, feel free to skim over the small amount that I've included here and there.\nConsider first the relationship between valuations and subsequent returns. I'll state the following, which you can prove to yourself by toying around a bit with present value models: the logarithm of a good valuation measure should have an inverse and roughly linear relationship with the expected subsequent investment return.\nHere's a simple example of what this looks like.\n\nHere's what this looks like for MarketCap/GVA, our most reliable stock market valuation measure\n\nDuring the past three decades, we've studied and introduced a broad range of valuation measures. Most can be calculated back to 1947. Some can be evaluated over a century or more. Across history, even in recent decades, we find that the valuation measures that are best correlated with actual subsequent returns are those with muted sensitivity to cyclical fluctuations in profit margins, and that behave largely like broad, market-wide price/revenue ratios.\nIf we compare our most reliable valuation measures with the valuation measures that one would obtain from a proper long-term discounted cash flow analysis, we find that they're nearly identical. Here's what this comparison looks like for the actual stream of dividends (including the impact of repurchases) delivered by the S&P 500 since 1900, discounted at a fixed 10% rate (see the chart text for additional details).\nThe reason we use a fixed rate of return is that a multiple of 1.0 is then, by definition, the level at which the S&P 500 would have been priced for that particular level of expected return. Any deviation in the valuation multiple from 1.0 then gauges how far likely future returns are from that \"typical\" expected return. We're currently farther away from \"typical\" expected returns than at any moment in history, including the 1929 and 2000 market peaks.\n\nOne of the unfortunate bits of financial illiteracy that Wall Street has pushed into the heads of investors is the idea that extreme valuations are \"justified\" by low interest rates. Now, it's certainly true that holding future cash flows constant, raising the price of an investment will lower the embedded rate of return, and vice versa. If you pay $32 today for $100 a decade from today, you can expect a 12% annual return. If you pay $82 for the same security, you can expect a 2% annual return. If you pay $100 today, you can expect nothing. So it's clearly true that holding future cash flows constant, a lower rate of return implies a higher level of valuation.\nThe reason the statement \"low interest rates justify high valuations\" contributes to financial illiteracy is that the statement has been learned entirely out of context of the arithmetic. As a result, investors seem to imagine that, as long as high valuations can be \"justified,\" stocks can be expected to provide historically normal rates of return in the future. Likewise, investors seem to have no concept that if interest rates are low because growth rates are low, no valuation premium is \"justified\" for stocks, because the lower growth is already sufficient to bring future stock returns down to levels that are commensurate with the low level of interest rates.\nThe truth is simple but uncomfortable. If interest rates are low and expected growth is held constant, higher valuations imply lower long-term returns. If interest rates are low because expected future growth is also low, higher valuations are not required. Long-term returns will be lower anyway. A valuation premium just makes future returns even worse.\nSaying that extremely low interest rates \"justify\" extremely high stock valuations is identical to saying that extremely low future returns on bonds \"justify\" extremely low future returns on stocks. I don't really think that's something Wall Street cares to clarify when it tells investors that stock market valuations are \"justified.\"\nInvestment valuation is concerned with the relationship between three objects: the current price, the future cash flows, and the rate of return that connects the two like a string. The lower the current price and the higher the future cash flows, the steeper the string. The higher the current price and the lower the future cash flows, the flatter the string. Raise the current price above the future cash flows, and the string will point down instead of up. Given any two of these objects, you can calculate the third one.\nFor example, if you want to estimate expected long-term returns, you need two objects: a) the current price and b) the expected stream of future cash flows. A good valuation ratio is just shorthand for those two objects, so you can estimate the long-term return directly from the level of valuation. Then, if you like, you can compare it with the level of interest rates. That comparison can be useful, because even when investors realize that high stock market valuations imply low long-term returns, it's not at all clear that they realize how low long-term return prospects have been driven.\nThe chart below shows our estimate of expected 12-year S&P 500 total returns over-and-above Treasury bond yields, across a century of market history. Compare this with the nearly useless drivel that Wall Street passes off as the \"equity risk premium\" (typically quoted as the S&P 500 forward earnings yield minus the 10-year Treasury yield). Yes, you're reading the chart correctly. Given current valuations, we expect the total return of the S&P 500 to underperform the lowly yield on Treasury bonds by roughly -6% annually over the coming 12-year period.\n\nMany investors confuse the estimation of expected returns (which requires only expected cash flows and the observed price) with a different problem - the estimation of \"fair value.\" See, interest rates come into the picture when you have an expected stream of future cash flows and you want to calculate a \"fair\" current price. In that case, rather than picking an arbitrary rate of return from a hat, it's common to use the level of interest rates, plus some risk premium, as the expected long-term return (or discount rate, or capitalization rate). This sort of calculation can be super-sensitive to arbitrary choices.\nIn particular, Wall Street loves to combine super-high growth rates, super-low discount rates, and super-long time horizons, which allows one to calculate a \"fair value\" that's as close to infinity as possible. The thing to remember is that whatever rate of return an analyst embeds into the fair value calculation is also the long-term rate of return you'll earn over time if you pay that price, assuming the future cash flows are delivered as expected.\nAmong scores of measures we've evaluated or introduced over time, MarketCap/GVA (nonfinancial market capitalization to corporate gross value-added, including our estimate of foreign revenues) has the highest correlation with actual subsequent 10-12 year S&P 500 total returns, followed by our Margin-Adjusted P/E (MAPE). I find it hilarious that the various valuation measures I've introduced over time are sometimes described as products of \"machine learning,\" \"data mining,\" and \"curve fitting\" when they are, in fact, just different versions of an apples-to-apples economy-wide price/revenue ratio.\n\nThe S&P 500 price/revenue ratio and nonfinancial market capitalization to GDP (the \"Buffett indicator\") also perform well, and better than earnings-based alternatives like price/forward earnings, the Fed Model, and even the Shiller CAPE. See, while earnings are necessary to generate long-term cash flows, they are also subject to fluctuations in profit margins (both cyclically and even from decade to decade) that turn out to be highly uninformative.\nEconomically, fluctuations in profit margins are driven primarily by fluctuations in real unit labor costs. Because companies compete on the basis of realized after-tax profits rather than pre-tax profits, changes in tax policy also have far less durable impact on corporate profits than investors seem to imagine. While corporate profits got a tremendous boost last year from CARES spending (the deficit of one sector always emerges as the surplus of another), here's what the relationship between corporate profits and real unit labor costs looks like historically.\nReal unit labor costs are presented on an inverted left scale. The upward pressure on labor costs (observed as a plunge in the blue line) isn't particularly auspicious for future profits. Still, there's so much distortion in recent quarters that I'd consider the jury to be out on how much of this will be sustained.\n\nIt's undoubtedly true that profit margins, expected growth, and other factors have an effect on future deliverable cash flows and the valuations that investors place on stocks. But even for technology stocks, these assumptions should be made explicit and tested against history. You'll find that observable measures like price/revenue are still very serviceable. In fact, the extreme price/revenue multiples of technology stocks helped to inform my March 2000 projection of an 83% loss in that sector.\nAs Benjamin Graham wrote, \"The habit of relating what is paid to what is being offered is an invaluable trait in investment. The more dependent the valuation becomes on anticipations of the future - and the less it is tied to a figure demonstrated by past performance - the more vulnerable it becomes to possible miscalculation and serious error.\"\nThe current 5.19 price/revenue multiple for the Nasdaq 100, is the most extreme level since February 2001, which was followed by a 60% loss in the index (after it had already dropped in half). The situation is actually a bit worse than 2001 here. If one examines the largest components of the index, it becomes clear that their annual growth rates have declined substantially over time.\nAs a result, a dollar of current revenues should arguably command a smaller multiple than a dollar of revenues might have during earlier periods of emerging growth. Yet even if one takes the Nasdaq 100 price/revenue ratio at face value, and even if one restricts attention to the bubble period since 2000, it's difficult to expect the Nasdaq to produce total returns over the coming decade much better than zero.\n\nYou don't really want to see what the same chart looks like for the S&P 500.\n\nThe same is true, unfortunately, for passive investment strategies. We presently estimate negative 12-year average annual total returns for a conventional passive investment mix invested 60% in the S&P 500, 30% in Treasury bonds, and 10% in Treasury bills.\nIn a 2019 white paper, I detailed an approach to estimate a \"value-focused asset allocation\" by jointly considering prevailing stock market valuations and interest rates. It specifies an investment allocation based on which asset class is estimated to have the highest average annual expected return, adjusted for risk, to each point in a long-term investment horizon. That allocation can then be modified by a risk-management component, to adjust the exposure during segments of the market cycle where risk-aversion or speculation among market participants may temporarily drive valuations to depressed or elevated levels. The white paper includes numerous charts showing how this value-focused asset allocation has changed across market history, particularly at important peaks and troughs in the stock and bond markets.\nAlong with those methods, I introduced our \"Endowment/spending multiple,\" which estimates the number of years of spending that a passive 60/30/10 investor requires up-front, in order to finance an expected 36-year stream of future inflation-adjusted spending. The idea here is that in a deeply undervalued market with high expected future returns, investors can finance a future stream of spending with far less than they require when valuations are extreme and prospective returns are low.\nYou know you're in a bubble when funding a 36-year stream of expected inflation-adjusted spending requires over 38 years of money up-front.\n\nIn the chart below, the Endowment/spending multiple is presented on an inverted log scale (left), along with the actual subsequent average annual total return of a 60/30/10 portfolio mix (right scale). Needless to say, we adhere to investment disciplines that are intended to address problems like this.\n\nAs a testament to the breadth of this speculative episode, the median price/revenue ratio of S&P 500 components now exceeds 3.3, easily a record, and extreme enough to provoke distress about the potential losses that innocent but poorly-informed investors may experience over the completion of this cycle.\n\nThe next chart shows the median price/revenue ratio of S&P 500 components sorted into 10 deciles by valuation. The chart is presented on log scale to allow each line to be compared with its own history. Each segment on the vertical axis represents a doubling of valuations. Notice that every single decile of S&P 500 components is at record valuation extremes. Investors now rely on a permanently high plateau in these extremes.\n\nIt's interesting, but far less important, that the median price/earnings ratio of S&P 500 components has also reached 32.4, the highest level in history. This compares with a median P/E of 19.4 at the 2000 market peak. The problem with P/E multiples, of course, is that they are substantially affected by earnings variability. In fact, prior to the current peak, the highest median P/E for the S&P 500 was actually in March 2002, when the index was down 25% from the March 2000 bubble highs. That's because earnings were down far more by then, which boosted P/E ratios. Such is the danger of taking P/E multiples at face value.\nA crude but reasonably effective way to get around the cyclicality of earnings (but only for very broad indices), is to compare prices to the highest level of earnings achieved to-date. I introduced this metric back in 1998 as the price-to-peak-earnings ratio. The chart below shows a version of that. The blue line (left scale) shows the ratio of total U.S. equity market capitalization to GDP. The red line (right scale) shows the ratio of total U.S. equity market capitalization to the highest level of economy-wide U.S. profits to date. Investors have gotten themselves into trouble here.\n\nWhat if valuations remain extreme forever?\nProbably the single most frequent question I've heard from investors over the past couple of years is \"What happens if valuations remain extreme forever?\" It's actually a version of the \"permanently high plateau\" that Irving Fisher disastrously projected in 1929. Still, recent years have produced enormous confidence among investors that the Federal Reserve's purchases of Treasury debt can permanently \"backstop\" the stock market.\nAs I've detailed previously, quantitative easing supports the market only by creating zero interest hot potatoes that are uncomfortable for investors to hold (provided that they're inclined toward speculation), and that are impossible to get rid of in aggregate. Moreover, the Fed's purchases of corporate bonds during the pandemic were legally constrained to CARES funds provided by the Treasury, and ultimately amounted to $14 billion of bonds, in an economy with $11 trillion in corporate debt at $58 trillion in equity market capitalization.\nSuffice it to say that the \"Fed backstop\" is largely in the minds of investors, and relies almost exclusively on the psychological discomfort of holding low-yielding base money. Yet since perception can be indistinguishable from reality, particularly in the short run, it's important to entertain the question.\nMy answer is that if the Fed is indeed able to maintain valuations at the highest levels in history, forever, stock prices would likely grow at roughly the same rate as nominal GDP. So figure 1.6% real structural growth plus 2% inflation gets you 3.6%. Let's call it 4%, which would match nominal GDP growth in both the 10-year and 20-year periods ending at the Q4 2019 economic peak, just before the pandemic. The first casualty of rising inflation is stock valuations, so it's not at all clear that assuming higher inflation would help stocks until valuations were roughly normalized, which would require consumer prices to roughly triple.\nThe chart below is a reminder of how structural real GDP growth has progressed over recent decades (driven by demographic labor force growth and trend productivity), and the basis for that 1.6% figure for structural real GDP growth.\n\nSticking with 4% nominal growth, and adding a 1.5% dividend yield, a \"permanently high plateau\" in market valuations would imply S&P 500 total returns of about 5.5% annually. Again, this assumes that valuations never retreat from levels that presently stand at about 3.6 times their historical norms. Simply allow them to retreat to 2.4 times their historical norms a decade from now - which would still keep valuations among the highest 10% in U.S. history - and the resulting 10-year total return would drop to about 1.3%. I think this would actually be the best-case scenario even in a permanently overvalued world.\nAt elevated valuations, even very small changes in expected return imply enormous changes in prices. So it's unlikely that a period of much higher average valuations will escape the prospect of relatively high volatility. Rather than a 70% market decline, which would presently be required for the S&P 500 to simply touch historically run-of-the-mill valuation norms, investors could expect rather frequent market losses in the 20-35% range, which is essentially what we've seen even over the past few years.\nAll of that would be fine with us. We've adapted our discipline sufficiently (especially in late-2017) to tolerate the possibility of permanently sustained overvaluation. My impression is that the impact of those adaptations has become more evident as we've had greater opportunities to live into them. I can't say that I believe for a second that investors will actually be spared from a 50-70% loss in the S&P 500 in the coming years, but again, it will be fine with us if the market never approaches historical valuation norms again. With the adaptations we introduced in late-2017, our discipline is flexible enough to navigate a bubble even without embracing its premise.\nAn unusual overlap of high-risk conditions\nReturning to Modigliani, my impression is that the advance of recent years to the most extreme valuations in history reflects exactly the bubble dynamics he described, and I expect that it will also end as he described (though not necessarily in one fell swoop): \"The expectation of growth produces the growth, which confirms the expectation; people will buy it because it went up. But once you are convinced that it is not growing anymore, nobody wants to hold a stock because it is overvalued. Everybody wants to get out and it collapses, beyond the fundamentals.\"\nOne of our internal gauges tracks the correlation of market conditions with certain high-risk features that have preceded steep market collapses - a collection of measures capturing valuations, internals, sentiment, leverage, overextension, and yield pressures. Only a handful of instances in history overlap pre-crash conditions as well as they do at present. The current overlap is actually quite similar to August 1987. Meanwhile, the correlation of current conditions with features typically observed at market lows is the most negative in history.\nIf you want my opinion, I suspect that a near-vertical market plunge on the order of 25-35% is coming, probably quite shortly, most likely out of the blue, as in 1987, driven by nothing more than the sudden concerted effort of overextended investors to sell, and the need for a large price adjustment in order to induce scarce buyers to take the other side.\nAs usual, no forecasts are necessary. We'll align our investment stance in response to the valuations and market action that we observe at each point in time. Still, it's of particular concern that these overlaps are occurring in the context of the most extreme valuations in history, along with strikingly dysfunctional pockets of illiquidity in many individual issues. This dysfunctional behavior isn't about any particular video game retailer. I suspect it's actually about some sort of fragility or segmentation in order-flow mechanisms, possibly coupled with poorly managed derivatives exposure.\nAs I used to teach my students, show me a financial debacle, and I'll show you someone who had a leveraged, mismatched position that they were suddenly forced to close into an illiquid market.\nThough my concerns run far beyond the amount of leverage in the system, it isn't helpful that the amount of leverage in the U.S. equity markets is now easily the highest in history. Some observers are inclined to bring this figure down by dividing instead by the market capitalization of equities. But here's some useful arithmetic:\nMargin Debt/GDP = Margin Debt/Market Cap x Market Cap/GDP\nTo say that margin debt to GDP is at the highest level in history is to say not only that stocks are heavily owned on margin, but that those stocks are also breathtakingly overvalued. That combination is particularly worrisome.\n\n All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.\n\n\n - John Kenneth Galbraith, A Short History of Financial Euphoria\n\n\nThe kind of event I'm suggesting would not bring valuations anywhere near historical valuation norms. Given current valuation extremes, it would be more like a palate cleanser. I have no particular expectation about what the next dish would be. In the event we do observe an abrupt market collapse, the Fed will undoubtedly respond with some new palliative. Whether or not it is effective will depend on the context of risk-aversion, inflation, credit risk, and other conditions at the time. The larger problem, as we've discussed, is that you can't \"save\" an overvalued asset by propping up its price. The value is in the future cash flows that will be delivered to investors over time. The elevated price only ensures that the long-term return between now and then will be dismal.\nOf course, nothing in our discipline relies on a market plunge. Given the combination of hypervaluation and divergent market internals (largely based on debt securities, but with increasing divergences in equities as well), I do believe that the stock market remains in a \"trap door\" situation. Still, that view will change as market conditions change. We'll refrain from adopting or amplifying a negative outlook if our measures of market internals improve. That discipline has served us well even amid record highs. Again, no forecasts are required, nor does this opinion drive our current investment stance. I just think the correlation with historical pre-crash conditions is worth noting.\n\n How little, it will perhaps be agreed, was either original or otherwise remarkable about this history. Prices driven up on the expectation that they would go up, the expectation realized by the resulting purchases. Then the inevitable reversal of these expectations because of some seemingly damaging event or development or perhaps merely because the supply of intellectually vulnerable buyers was exhausted. Whatever the reason (and it is unimportant), the absolute certainty is that this world ends not with a whimper but with a bang. And so on to the moment of mass disillusion and the crash. This last, it will now be sufficiently evident, never comes gently. It is always accompanied by a desperate and largely unsuccessful effort to get out.\n\n\n - John Kenneth Galbraith on the 1929 collapse\n\nValuations and investment duration\nTo understand why extreme valuations imply high volatility, and require extremely long investment horizons, it's useful to consider the concept of \"duration.\"\nEvery security is a claim on a stream of future cash flows that can be expected to be delivered to the investor over time. While the concept of \"duration\" is most commonly used for bonds, it's actually applicable to any security, no matter how \"lumpy\" the stream of cash flows might be.\nIf you don't like math, feel free to skim over the various equations and just read the pull quotes. I've provided the details just for completeness.\nThe \"duration\" of a security can be defined in two ways.\nInvestment horizon: the weighted average number of years it takes for the security to deliver its payments. For each period, you take the share of total present value represented by that year's payment, and multiply it by the number of years in the future the payment will be received. Add them all up. The result is the number of years from today (a weighted average) that the present value of your investment will be repaid. For example, the duration of a security that delivers a single payment a decade from now is simply 10 years.\nElasticity: the percentage change in the security in response to a change in the underlying gross rate of return. Technically, elasticity is (-dP/P)/(dk/1+k). For example, suppose you own a security that will pay $100 a decade from now, and it's priced at $82.0348, for a 2% annual return. Now assume the expected return moves to 2.01%. The price would drop to $81.9544. Elasticity is (0.0804/82.0348)/(0.0001/1.02) = 10%\nIt turns out that the \"duration\" of a security in years is identical to its \"duration\" in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that \"immunizes\" the investor against changes in expected returns over time. In other words, assuming you reinvest your cash flows over time, duration gives you a good idea of how long you have to hold the security in order for your ending wealth to be largely independent of the fluctuations that the security experiences over that horizon.\nIf you know differentiation, can prove to yourself that the \"modified duration\" of the S&P 500 is essentially the inverse of the dividend yield. The modified duration is just (-dP/P)/dk or Macaulay duration/(1+k).\nConsider P = D/(k-g). Differentiating with respect to k, dP/dk = -P/(k-g), so duration (-dP/P)/dk = P/D.\nHere's how to think about the link between valuations and duration. Presently, the dividend yield of the S&P 500 is 1.48%. If the yield moves to 1.49%, holding dividends constant, prices drop by 1.48/1.49-1 = -0.67% on that 1 basis point move. Duration is just that sensitivity, defined for a 100 basis point move, which would be 67. It turns out that's also the weighted-average number of years from today that you'll receive your present value, if you invest today.\nCompare that to the typical situation over the past century, when the dividend yield of the S&P 500 averaged about 3.7%. At normal valuations, a 1 basis point increase in the dividend yield would produce a price drop of 3.7/3.71-1 = 0.27%, implying a duration of 27 years.\n\n It turns out that the 'duration' of a security in years is identical to its 'duration' in terms of the percentage change of price in response to a 1% fluctuation in expected returns. Duration is also the holding period that 'immunizes' the investor against changes in expected returns over time.\n\nHistorically, investors wishing to match the duration of their investment portfolio to the duration of their investment horizon could be reasonably comfortable holding 100% of their assets in stocks, provided they had an investment horizon of about 25-30 years. Presently, these investors would need an investment horizon closer to 65-70 years. They are currently holding sippy cups.\nScarcity, usefulness, and value\nWhile we're on the subject of bubbles, I'll add a few comments on Bitcoin, just for fun. I'd write more, but my sides still hurt from laughing.\nObjects like tulip bulbs and Bitcoin differ from securities in that they do not deliver a stream of cash flows to the holder. Instead, what objects like tulips and currencies provide is a little stream of services over time, for example, as a perennial thing of beauty or as a means of payment. What people sometimes forget is that it is not just scarcity that defines the value of an object, but the stream of useful \"services\" that it provides (for some reason, nobody wants to buy my unique, limited edition, digitally-signed porcupine seat covers). The price of the object, and the stream of services it provides, should be commensurate.\nU.S. dollars, for example, have value primarily because they are tethered to the real economy by fiat (they legally must be accepted as a means of payment, as noted on the face of any dollar bill), and they represent the entire substrate of the banking system - nearly every payment that goes back and forth in the U.S. economy represents a transfer of base money. Base money (currency and bank reserves) provides billions of little \"services\" over time.\nWith every transaction, reserves move electronically from bank to bank between one account holder and another. That combination of legal fiat and constant use as a substrate of the payments system is what gives money \"value.\" That value also means that the U.S. government essentially obtains revenue as \"seigniorage\" for producing the stuff. For those who imagine that governments are going to surrender that revenue in favor of using Bitcoin, I've got a non-fungible token to sell you.\n\nAs I've noted before, blockchain is a brilliant algorithm, and I expect that it will have a great number of uses for secure transactions and inventory management. Bitcoin, however, is a token generated by an energy-inefficient, replicable blockchain app. Ultimately, its value rests on the capacity to provide transactions services, yet without fiat to require its use, and with strikingly narrow bandwidth - one block of roughly 2000 transactions every 10 minutes - that I expect will prove to be a wildly limiting feature. That's a problem in a world where speculators now value the stock of bitcoin at one-fifth the value of the entire U.S. monetary base.\n\n If you think about how money is valued, it's clear that people accept it because they believe it will provide a claim on the future output of others. Of course, that expectation requires that future producers will also give away their output and accept the money, on the belief that yet other future producers will do the same. That expectation has to continue indefinitely. Like the question 'What holds up Atlas when Atlas holds up the world?' it's not enough to answer that he's standing on a turtle. It's got to be turtles all the way down. The value of money has an enormous psychological component.\"\n\n\n - John P. Hussman, Ph.D., Turtles All the Way Down, February 2019\n\nOf course, Bitcoin may have a certain user base as a vehicle for money laundering and black market transactions, but that's an undesirable investment thesis. The vast majority of transactions are to exchange Bitcoin itself, though the New York Times did recently report that \"pornography, patio furniture, and an at-home coronavirus test are among the odd assortment of goods and services that people are purchasing with the cryptocurrency.\" So, basically, if your typical day consists of surfing porn on your patio while testing yourself for COVID, you're gonna want to look into Bitcoin.\nMy largest concern is that people are actually forking over hard-earned savings in exchange for these tokens, which allows early \"miners\" to cash out. That's essentially the defining feature of a Ponzi scheme. Like all speculative bubbles that rely on increases in price, rather than cash flows generated by the production of value-added goods and services, Bitcoin isn't actually creating \"wealth.\" It's only creating the opportunity for wealth transfer, primarily from those who will end up holding the bag.\nBitcoin has certain characteristics of base money in the sense that it's exchanged on an electronic ledger, but by design, transactions are limited to an average of about 2000 per block, with one block successfully validated, on average, every 10 minutes. In order to validate a transaction block, CPU farms across the world grind out terahashes of random SHA256 validation attempts in order to discover a sufficiently small binary that matches the cryptographic hash of the block.\nAll of this \"mining\" burns up about as much energy as it takes to run a modest-sized country. Validating a block of transactions produces a reward to the miner (and dilution of the coinbase) of 6.25 Bitcoin per block, which currently works out to nearly $200 per transaction. Yet the value of the median transaction in Bitcoin is only about $1000 in the first place.\nThere's a rather primitive regression analysis floating around (tagged as \"sophisticated\" by some observers who apparently go numb at the word \"logarithm\") that attempts to relate the log price of bitcoin to the log \"stock/flow\" ratio, as if it represents some mechanistic supply-demand relationship. Aside from the fact that the correlation between two diagonal lines is always about 0.9-something, I find that one can obtain a better fit just by regressing the log price of Bitcoin on the log ratio of block difficulty/block reward, which is basically a measure of how much energy one needs to waste in order to mine a new bitcoin.\nSo the \"value\" of Bitcoin is partially linked to the backward-looking sunk cost of the energy wasted to mine these tokens. Still, I wouldn't dream of using this sort of \"model\" to trade an object whose \"value\" is primarily in the heads of speculators. Use it if you like. If you happen make money on it, feel free send me a check, preferably in U.S. dollars.\nUndoubtedly, this view of Bitcoin will be unpopular among those who associate holding Bitcoin with superpowers like laser eyes and diamond hands. \"Not surprised Hussman doesn't get Bitcoin. Few do.\" M'kay. Look, there's certainly a case to be made that a speculative mindset creates its own reality, and while it does, there's an opportunity to obtain wealth transfers from frantic late-comers who can no longer tolerate missing out. Tulips gonna tulip. Not my gig, thanks.\n\n In the short run, it will be said to be an attack, motivated by either deficient understanding or uncontrolled envy, of the wonderful process of enrichment. Those involved with the speculation are experiencing an increase in wealth - getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.\n\n\n - John Kenneth Galbraith, A Brief History of Financial Euphoria","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329408030,"gmtCreate":1615264531520,"gmtModify":1703486461560,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have some likes and comments pls&nbsp;","listText":"Can I have some likes and comments pls&nbsp;","text":"Can I have some likes and comments pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/329408030","repostId":"1143436063","repostType":4,"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326544008,"gmtCreate":1615690853804,"gmtModify":1703492111283,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Can I have a like and comment pls","listText":"Can I have a like and comment pls","text":"Can I have a like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/326544008","repostId":"1100128328","repostType":4,"repost":{"id":"1100128328","kind":"news","pubTimestamp":1615563404,"share":"https://www.laohu8.com/m/news/1100128328?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:36","market":"us","language":"en","title":"Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100128328","media":"Barrons","summary":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremon","content":"<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的形势。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</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 Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-12 23:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的形势。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100128328","content_text":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.Futures on the Nasdaq Composite Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.A Friday dip, however,doesn’t mean the end of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321482035,"gmtCreate":1615461741027,"gmtModify":1703489367152,"author":{"id":"3574340444890290","authorId":"3574340444890290","name":"7859c582","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574340444890290","authorIdStr":"3574340444890290"},"themes":[],"htmlText":"Help to comment and like pls","listText":"Help to comment and like pls","text":"Help to comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/321482035","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","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":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=zh_CN&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time<blockquote>美国夏令时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p><blockquote>从美国东部时间3月14日（本周日）02：00开始，北美地区进入夏令时，直到美国东部时间2021年11月7日02：00结束。</blockquote></p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><blockquote>于是，从3月14日周一开始，美国市场将在北美夏令时期间提前一小时开盘和收盘，即美国交易时间改为北京时间21:30至次日凌晨04:00，交易前时间为16:00至21:30，交易后时间为04:00至8:00。</blockquote></p><p><b>What is daylight saving time?</b></p><p><blockquote><b>什么是夏令时？</b></blockquote></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p><blockquote>夏令时是在夏季将时钟拨快一小时的做法，这样白天会持续更长时间到晚上。北美和欧洲的大部分地区遵循这一习俗，而其他地方的大多数国家则不这样做。</blockquote></p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p><p><blockquote>夏威夷、美属萨摩亚、关岛、波多黎各、美属维尔京群岛和亚利桑那州大部分地区不实行夏令时。坚持现状是义不容辞的责任。</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>US Daylight Saving Time<blockquote>美国夏令时</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\">\nUS Daylight Saving Time<blockquote>美国夏令时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-11 16:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p><blockquote>从美国东部时间3月14日（本周日）02：00开始，北美地区进入夏令时，直到美国东部时间2021年11月7日02：00结束。</blockquote></p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><blockquote>于是，从3月14日周一开始，美国市场将在北美夏令时期间提前一小时开盘和收盘，即美国交易时间改为北京时间21:30至次日凌晨04:00，交易前时间为16:00至21:30，交易后时间为04:00至8:00。</blockquote></p><p><b>What is daylight saving time?</b></p><p><blockquote><b>什么是夏令时？</b></blockquote></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p><blockquote>夏令时是在夏季将时钟拨快一小时的做法，这样白天会持续更长时间到晚上。北美和欧洲的大部分地区遵循这一习俗，而其他地方的大多数国家则不这样做。</blockquote></p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p><p><blockquote>夏威夷、美属萨摩亚、关岛、波多黎各、美属维尔京群岛和亚利桑那州大部分地区不实行夏令时。坚持现状是义不容辞的责任。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}