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MichaelScott

MichaelScott

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2021-02-04

Posting for coin reward

2021-02-03

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2021-02-14

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BRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million<blockquote>简短空白支票 Co Reinvent Technology Partners Y 申请高达 8.5 亿美元的 IPO</blockquote>

2021-02-10

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2021-02-10

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The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</blockquote>

2021-02-08

Coin reward ~~

2021-02-10

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Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>

2021-02-10

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2021-02-14

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UP TO $850 MILLION - SEC FILING</p><p><blockquote>* 空白支票 CO REINVENT TECHNOLOGY PARTNERS Y 申请高达 8.5 亿美元的 IPO - SEC 文件</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，它打算申请将其单位在纳斯达克上市，代码为“RTPYU”</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示摩根士丹利是 IPO 的唯一账簿管理人</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 &amp; CONSISTS OF 1 CLASS A ORDINARY SHARE &amp; ONE-EIGHTH OF 1 REDEEMABLE WARRANT</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，每个单位的发行价为 10.00 美元，由 1 股 A 类普通股和 1 份可赎回认股权证的八分之一组成</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，LINKEDIN 联合创始人 REID HOFFMAN 将担任 CO 的联合首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示 MARK PINCUS 将担任 CO 的联席首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，拟议的 IPO 价格仅用于计算 SEC 注册费</blockquote></p><p>Source text for Eikon: ()</p><p><blockquote>Eikon的源文本：（）</blockquote></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p><p><blockquote>((Reuters.Briefs@thomsonreuters.com;))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta 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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\">\nBRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million<blockquote>简短空白支票 Co Reinvent Technology Partners Y 申请高达 8.5 亿美元的 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-02-13 07:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Feb 12 (Reuters) - </p><p><blockquote><html><body>2月12日（路透社）-</body></html></blockquote></p><p>   * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING</p><p><blockquote>* 空白支票 CO REINVENT TECHNOLOGY PARTNERS Y 申请高达 8.5 亿美元的 IPO - SEC 文件</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，它打算申请将其单位在纳斯达克上市，代码为“RTPYU”</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示摩根士丹利是 IPO 的唯一账簿管理人</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 &amp; CONSISTS OF 1 CLASS A ORDINARY SHARE &amp; ONE-EIGHTH OF 1 REDEEMABLE WARRANT</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，每个单位的发行价为 10.00 美元，由 1 股 A 类普通股和 1 份可赎回认股权证的八分之一组成</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，LINKEDIN 联合创始人 REID HOFFMAN 将担任 CO 的联合首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示 MARK PINCUS 将担任 CO 的联席首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，拟议的 IPO 价格仅用于计算 SEC 注册费</blockquote></p><p>Source text for Eikon: ()</p><p><blockquote>Eikon的源文本：（）</blockquote></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p><p><blockquote>((Reuters.Briefs@thomsonreuters.com;))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RTP.U":"Reinvent Technology Partners"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2111007109","content_text":"Feb 12 (Reuters) -    * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 & CONSISTS OF 1 CLASS A ORDINARY SHARE & ONE-EIGHTH OF 1 REDEEMABLE WARRANT   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEESource text for Eikon: () ((Reuters.Briefs@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"RTP":1,"RTP.U":1}},"isVote":1,"tweetType":1,"viewCount":2127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386757277,"gmtCreate":1613282499199,"gmtModify":1634554014296,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574522643398993","idStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/386757277","repostId":"2111417072","repostType":2,"isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040909,"gmtCreate":1612916605901,"gmtModify":1703766855862,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574522643398993","idStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/381040909","repostId":"1176373590","repostType":4,"isVote":1,"tweetType":1,"viewCount":2011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040024,"gmtCreate":1612916595168,"gmtModify":1703766856034,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574522643398993","idStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/381040024","repostId":"1114166601","repostType":4,"repost":{"id":"1114166601","kind":"news","pubTimestamp":1612866163,"share":"https://www.laohu8.com/m/news/1114166601?lang=zh_CN&edition=full","pubTime":"2021-02-09 18:22","market":"us","language":"en","title":"The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114166601","media":"Barrons","summary":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first t","content":"<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.</p><p><blockquote>在长期国债收益率长期走高后，30 年期国债自 Covid-19 袭击以来首次攀升至 2% 以上。这让投资者询问债券收益率上升的大趋势何时会损害股市。</blockquote></p><p>The central concern is that&nbsp;once Treasury yields climb high enough&nbsp;investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries&nbsp;extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark<b>,</b>Wall Street consensus is hard to find:&nbsp;Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.</p><p><blockquote>主要的担忧是，一旦美国国债收益率攀升到足够高的水平，投资者将希望购买安全的债券，而不是股票或高收益债务。但目前还不清楚何时会发生这种情况，而且随着收益率不断上升，30 年期债券存在额外的损失风险。说到 10 年期票据，这是一个更受欢迎的基准<b>,</b>华尔街的共识很难找到： 策略师的预测称，10 年期国债收益率可能只需要升至 1.75%，即高达 5%，就能使其比那些风险较高的替代品更具吸引力。</blockquote></p><p>Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.</p><p><blockquote>自 8 月下旬以来，长期国债收益率一直在稳步上升，自 11 月 9 日辉瑞和 BioNTech 宣布推出有效的 Covid-19 疫苗以来，涨幅更快。30 年期国债收益率在早盘交易中突破该水平后，周一徘徊在 2% 附近，高于疫苗推出前的 1.6%。基准 10 年期国债收益率也有所攀升，从疫苗接种前的 0.8% 升至周一的 1.2%。</blockquote></p><p>Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.</p><p><blockquote>由于对 Covid-19 疫苗分发和全球经济重新开放步伐的担忧，截至周一下午，长期收益率已从早间高点回落，10 年期国债收益率下跌 1 个基点（百分之一百个百分点），30 年期国债收益率下跌 3 个基点。</blockquote></p><p>But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.</p><p><blockquote>但预计未来几周和几个月收益率将继续攀升。一个关键问题是收益率需要达到多高才能降低股市回报。几位华尔街策略师在最近的笔记中解决了这个难题。</blockquote></p><p>Almost 70% of S&amp;P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.</p><p><blockquote>股票策略师 Savita Subramanian 领导的团队在最近的一份报告中写道，近 70% 的标普500公司支付的收益率高于 10 年期国债。他们发现，如果公司将支出保持在当前水平，并且到今年年底国债收益率升至 1.75%，这一比例将降至 40%。</blockquote></p><p>That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&amp;P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.</p><p><blockquote>这可能会开始削弱股票作为一种收入游戏的吸引力；如今，标普500的总体股息率为 1.5%，高于 10 年期国债派息率。这有助于抵消对估值高于历史平均水平的担忧。</blockquote></p><p>Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&amp;P 500 is around 3%, the bank’s equity strategists wrote.</p><p><blockquote>然而，从总回报的角度来看，股票的情况要好得多。该银行的股票策略师写道，标普500的隐含长期回报率约为 3%。</blockquote></p><p>Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.</p><p><blockquote>华尔街策略师预计 10 年期国债不会很快挑战这一回报。在 1 月份的一篇展望文章中，美国银行的利率策略师预测，3% 将是此次扩张期间基准收益率的峰值，这意味着在美联储开始加息之前，收益率不会达到这些水平。根据该银行的一些估值模型，在其他条件相同的情况下，在收益率升至 5% 之前，股票与国债相比看起来会很便宜。</blockquote></p><p>More important, a 3% return from the S&amp;P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.</p><p><blockquote>更重要的是，未来十年，标普500 3%的回报率仍将超过市场对通胀预期的衡量。随着美国从 Covid-19 危机中复苏，增长预期改善推高了这一指标，称为盈亏平衡通胀率。周一达到2.2%，为2014年以来的最高水平。</blockquote></p><p>The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.</p><p><blockquote>相比之下，10年期国债收益率在此期间仍低于市场通胀预测，预计至少到今年年底仍将如此。瑞士信贷策略师乔纳森-戈卢布（Jonathan Golub）在2月8日的一份报告中写道，即使是更高的通胀调整后收益率也可能不会伤害股市，因为经济增长强劲对股市的提振应该会超过债券市场收益率的相对改善。</blockquote></p><p>In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.</p><p><blockquote>股市的另一个利好是，收益率上升并没有对美国大盘股公司的资产负债表产生负面影响。ICE美国银行企业指数（衡量高评级公司当前借贷成本的指标）的有效收益率在近12年的期限内仍仅为1.9%。去年创纪录的固定利率借款泛滥意味着企业在未来几年内都不需要为债务再融资。</blockquote></p><p>There is one way that rising rates are negatively affecting at least some stocks:&nbsp; Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.</p><p><blockquote>高盛策略师在 2 月 7 日的一份报告中写道，利率上升至少对某些股票产生负面影响的方式有一种：投资者不太愿意等待利润增长。他们发现，自 10 年期国债收益率攀升至 1% 以上以来，对经济增长敏感的股票和在大流行病期间表现不佳的 “价值 ”股票表现优异，因为投资者正在以更高的速度贴现未来的现金流。Russell 2000 Value ETF (IWN) 今年迄今已上涨 14%。</blockquote></p><p></p><p>Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.</p><p><blockquote>高盛策略师写道，美国国债收益率的快速上涨对整个股市来说将是危险的。但该银行估计，真正的损害需要收益率在一个月内上升 36 个基点。考虑到收益率在最近一次引人注目的走高期间花了大约三个月的时间才攀升到那么远，这看起来不太可能。</blockquote></p><p>Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.</p><p><blockquote>策略师和投资者表示，当然，收益率的上升可能需要对在不同市场配置现金的基金经理做出决策的方式做出一些改变。对冲基金D.E。肖最近发现，随着收益率上升，长期债券应该更好地对冲股市下跌。</blockquote></p><p>So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.</p><p><blockquote>因此，未来几个月债券可能会变得更有吸引力。但目前还不清楚这种转变是否足以削弱股市，尤其是在收益率上升对长期债券回报构成最大风险的情况下。因此，尽管有一天美国国债可能会提供比股票更好的替代品，但这一过程可能比投资者想象的要长。</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>The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</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\">\nThe 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-09 18:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.</p><p><blockquote>在长期国债收益率长期走高后，30 年期国债自 Covid-19 袭击以来首次攀升至 2% 以上。这让投资者询问债券收益率上升的大趋势何时会损害股市。</blockquote></p><p>The central concern is that&nbsp;once Treasury yields climb high enough&nbsp;investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries&nbsp;extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark<b>,</b>Wall Street consensus is hard to find:&nbsp;Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.</p><p><blockquote>主要的担忧是，一旦美国国债收益率攀升到足够高的水平，投资者将希望购买安全的债券，而不是股票或高收益债务。但目前还不清楚何时会发生这种情况，而且随着收益率不断上升，30 年期债券存在额外的损失风险。说到 10 年期票据，这是一个更受欢迎的基准<b>,</b>华尔街的共识很难找到： 策略师的预测称，10 年期国债收益率可能只需要升至 1.75%，即高达 5%，就能使其比那些风险较高的替代品更具吸引力。</blockquote></p><p>Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.</p><p><blockquote>自 8 月下旬以来，长期国债收益率一直在稳步上升，自 11 月 9 日辉瑞和 BioNTech 宣布推出有效的 Covid-19 疫苗以来，涨幅更快。30 年期国债收益率在早盘交易中突破该水平后，周一徘徊在 2% 附近，高于疫苗推出前的 1.6%。基准 10 年期国债收益率也有所攀升，从疫苗接种前的 0.8% 升至周一的 1.2%。</blockquote></p><p>Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.</p><p><blockquote>由于对 Covid-19 疫苗分发和全球经济重新开放步伐的担忧，截至周一下午，长期收益率已从早间高点回落，10 年期国债收益率下跌 1 个基点（百分之一百个百分点），30 年期国债收益率下跌 3 个基点。</blockquote></p><p>But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.</p><p><blockquote>但预计未来几周和几个月收益率将继续攀升。一个关键问题是收益率需要达到多高才能降低股市回报。几位华尔街策略师在最近的笔记中解决了这个难题。</blockquote></p><p>Almost 70% of S&amp;P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.</p><p><blockquote>股票策略师 Savita Subramanian 领导的团队在最近的一份报告中写道，近 70% 的标普500公司支付的收益率高于 10 年期国债。他们发现，如果公司将支出保持在当前水平，并且到今年年底国债收益率升至 1.75%，这一比例将降至 40%。</blockquote></p><p>That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&amp;P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.</p><p><blockquote>这可能会开始削弱股票作为一种收入游戏的吸引力；如今，标普500的总体股息率为 1.5%，高于 10 年期国债派息率。这有助于抵消对估值高于历史平均水平的担忧。</blockquote></p><p>Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&amp;P 500 is around 3%, the bank’s equity strategists wrote.</p><p><blockquote>然而，从总回报的角度来看，股票的情况要好得多。该银行的股票策略师写道，标普500的隐含长期回报率约为 3%。</blockquote></p><p>Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.</p><p><blockquote>华尔街策略师预计 10 年期国债不会很快挑战这一回报。在 1 月份的一篇展望文章中，美国银行的利率策略师预测，3% 将是此次扩张期间基准收益率的峰值，这意味着在美联储开始加息之前，收益率不会达到这些水平。根据该银行的一些估值模型，在其他条件相同的情况下，在收益率升至 5% 之前，股票与国债相比看起来会很便宜。</blockquote></p><p>More important, a 3% return from the S&amp;P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.</p><p><blockquote>更重要的是，未来十年，标普500 3%的回报率仍将超过市场对通胀预期的衡量。随着美国从 Covid-19 危机中复苏，增长预期改善推高了这一指标，称为盈亏平衡通胀率。周一达到2.2%，为2014年以来的最高水平。</blockquote></p><p>The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.</p><p><blockquote>相比之下，10年期国债收益率在此期间仍低于市场通胀预测，预计至少到今年年底仍将如此。瑞士信贷策略师乔纳森-戈卢布（Jonathan Golub）在2月8日的一份报告中写道，即使是更高的通胀调整后收益率也可能不会伤害股市，因为经济增长强劲对股市的提振应该会超过债券市场收益率的相对改善。</blockquote></p><p>In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.</p><p><blockquote>股市的另一个利好是，收益率上升并没有对美国大盘股公司的资产负债表产生负面影响。ICE美国银行企业指数（衡量高评级公司当前借贷成本的指标）的有效收益率在近12年的期限内仍仅为1.9%。去年创纪录的固定利率借款泛滥意味着企业在未来几年内都不需要为债务再融资。</blockquote></p><p>There is one way that rising rates are negatively affecting at least some stocks:&nbsp; Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.</p><p><blockquote>高盛策略师在 2 月 7 日的一份报告中写道，利率上升至少对某些股票产生负面影响的方式有一种：投资者不太愿意等待利润增长。他们发现，自 10 年期国债收益率攀升至 1% 以上以来，对经济增长敏感的股票和在大流行病期间表现不佳的 “价值 ”股票表现优异，因为投资者正在以更高的速度贴现未来的现金流。Russell 2000 Value ETF (IWN) 今年迄今已上涨 14%。</blockquote></p><p></p><p>Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.</p><p><blockquote>高盛策略师写道，美国国债收益率的快速上涨对整个股市来说将是危险的。但该银行估计，真正的损害需要收益率在一个月内上升 36 个基点。考虑到收益率在最近一次引人注目的走高期间花了大约三个月的时间才攀升到那么远，这看起来不太可能。</blockquote></p><p>Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.</p><p><blockquote>策略师和投资者表示，当然，收益率的上升可能需要对在不同市场配置现金的基金经理做出决策的方式做出一些改变。对冲基金D.E。肖最近发现，随着收益率上升，长期债券应该更好地对冲股市下跌。</blockquote></p><p>So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.</p><p><blockquote>因此，未来几个月债券可能会变得更有吸引力。但目前还不清楚这种转变是否足以削弱股市，尤其是在收益率上升对长期债券回报构成最大风险的情况下。因此，尽管有一天美国国债可能会提供比股票更好的替代品，但这一过程可能比投资者想象的要长。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3\">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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114166601","content_text":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.The central concern is that once Treasury yields climb high enough investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark,Wall Street consensus is hard to find: Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.Almost 70% of S&P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&P 500 is around 3%, the bank’s equity strategists wrote.Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.More important, a 3% return from the S&P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.There is one way that rising rates are negatively affecting at least some stocks:  Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057863,"gmtCreate":1612916532052,"gmtModify":1703766854660,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574522643398993","idStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381057863","repostId":"1143370300","repostType":4,"repost":{"id":"1143370300","kind":"news","pubTimestamp":1612839933,"share":"https://www.laohu8.com/m/news/1143370300?lang=zh_CN&edition=full","pubTime":"2021-02-09 11:05","market":"us","language":"en","title":"Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143370300","media":"MarketWatch","summary":"Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.Bitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.But one of the key questions swirling around the decision by the manufacturer of electric ","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>MARKETWATCH 照片插图/GETTY IMAGES|，ISTOCKPHOTO</span></p></blockquote></p><p> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p><p><blockquote>特斯拉公司周一表示，该公司斥资 15 亿美元收购了比特币，此前首席执行官埃隆-马斯克（Elon Musk）最近几周一直在推广全球第一大数字资产以及其他加密货币。</blockquote></p><p> Bitcoin’s price&nbsp;already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p><p><blockquote>比特币的股价已经飙升，这一消息又给这一消息带来了额外的提振，周一单一比特币易手至 42709 美元，涨幅超过 9%。价格触及45,000美元附近的历史峰值。</blockquote></p><p> But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p><p><blockquote>但围绕这家电动汽车制造商这一决定的关键问题之一是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的谨慎使用。鉴于特斯拉和比特币的股价都容易出现剧烈波动，这个问题尤为重要，即使这两家公司的股价几乎都在不间断地上涨。</blockquote></p><p> “I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p><p><blockquote>“加州大学欧文分校金融学副教授兼投资与财富管理中心系主任克里斯托弗-施瓦茨（Christopher Schwarz）在电子邮件评论中说：”我认为这在很多很多层面上都是一个糟糕的策略。</blockquote></p><p> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p><p><blockquote>“施瓦茨告诉 MarketWatch：”从本质上讲，这就像制造了（货币）风险，因为特斯拉的供应商都没有在比特币获得报酬。</blockquote></p><p> An email to the company for comment wasn’t immediately returned.</p><p><blockquote>向该公司发送的置评电子邮件没有立即得到回复。</blockquote></p><p> Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p><p><blockquote>马斯克此举正值特斯拉专注于提高电动汽车产量之际，其股价飙升，但尽管市值超过 8000 亿美元，这家汽车制造商仍然是一个相对小众的参与者。</blockquote></p><p> Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p><p><blockquote>特斯拉的股价在过去 12 个月中上涨了 472%，令人瞠目，是少数几只表现超过比特币同期 337% 涨幅的传统股票之一、</blockquote></p><p> The&nbsp;Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p><p><blockquote>《华尔街日报》指出，特斯拉利用其狂热的投资者基础和股价上涨来增强其现金状况，使其现金持有量从2019年底的约63亿美元增加到去年年底的约194亿美元。</blockquote></p><p> That means that its current bitcoin allocation represents about 8% of its cash holdings.</p><p><blockquote>这意味着其目前的比特币配置约占其现金持有量的 8%。</blockquote></p><p> “Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.</p><p><blockquote>“总部位于纽约的 Treasury Partners 董事总经理兼合伙人杰里-克莱恩（Jerry Klein）通过电子邮件告诉 MarketWatch：”特斯拉收购比特币是对企业现金的一种不同寻常的使用，企业现金通常持有在更安全、波动性较小的资产中，如短期固定收益证券，以确保流动性并限制波动性。</blockquote></p><p> “While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p><p><blockquote>“克莱因说：”虽然特斯拉股东对这一消息反应积极，但如果比特币股价下跌对特斯拉未来的盈利产生负面影响，股东会作何反应还有待观察。“首席财务官愿意接受整体业务中的风险，但不愿意接受资产负债表上的现金。虽然比特币在最近几个月一直在飙升，但在过去几年中却非常不稳定，”他说。</blockquote></p><p> To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.</p><p><blockquote>可以肯定的是，特斯拉不是第一家，也不可能是最后一家向比特币分配部分股份的公司。软件公司MicroStrategy Inc.去年收购了somce比特币，并一直是其他公司这样做的拥护者。</blockquote></p><p> MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from&nbsp;BitcoinTreasuries.org.</p><p><blockquote>MicroStrategy 最近举办了一场关于比特币对企业的效用的虚拟会议，援引 BitcoinTreasuries.org 的数据估计，私营和上市公司拥有价值约 500 亿美元的比特币。</blockquote></p><p> MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p><p><blockquote>MicroStrategy 报告称，来自近 7,000 家公司的约 8,200 人参加了周末会议。</blockquote></p><p> Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p><p><blockquote>回到特斯拉，JMP Securities 特斯拉分析师乔·奥沙 (Joe Osha) 在周一下午的电话采访中告诉 MarketWatch，这家电动汽车制造商经常被认为存在现金管理问题，但他认为这是一个虚假的评估。</blockquote></p><p> “I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p><p><blockquote>“Osha 说：”我认为，围绕特斯拉的流动性有一种非常陈旧的说法，这种说法在其资产负债表或现金流产生方面不再保持一致。</blockquote></p><p> He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p><p><blockquote>他认为，与公司产生现金的能力相比，两家公司在比特币的投资微不足道，这符合公司成为颠覆者的战略。</blockquote></p><p> “I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p><p><blockquote>“Osha 说：”我认为这是特斯拉努力重塑汽车销售和交付给人们的方式的又一步，他指的是特斯拉直接面向客户的销售模式。Osha 估计特斯拉在 12 月份季度产生了约 18.68 亿美元的自由现金流。</blockquote></p><p> Chester&nbsp;Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p><p><blockquote>卡内基梅隆大学泰珀商学院教授 Chester Spatt 告诉 MarketWatch，比特币的波动性使其很难作为企业的储备资产或交易媒介。</blockquote></p><p></p><p> “You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p><p><blockquote>“这位曾在 2004-07 年担任经济学家和美国证券交易委员会经济分析办公室主任的教授说：”这里的波动性大约是欧元的 10 倍。</blockquote></p><p> “That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p><p><blockquote>“他说：”这一举措给企业在资产负债表上保留[比特币]带来了许多挑战，但从消费者的角度来看，这也带来了挑战。</blockquote></p><p> Shares of Tesla closed up 1.3% on Monday.</p><p><blockquote>特斯拉股价周一收盘上涨 1.3%。</blockquote></p><p> Antoni Trenchev, co-founder and managing partner of&nbsp;Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p><p><blockquote>加密货币贷款机构 Nexo 的联合创始人兼管理合伙人安东尼-特伦切夫（Antoni Trenchev）表示，企业将一些 “干粉 ”投入比特币可能是有道理的，尤其是在利率接近 0%、美元承压的情况下，FactSet 数据显示，ICE 美元指数在过去一年中下跌了近 8%。</blockquote></p><p> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p><p><blockquote>“特伦切夫告诉 MarketWatch：”干粉不断增加的公司有一个最明显的现金管理选择：部分比特币分配。</blockquote></p><p> “Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p><p><blockquote>“坐拥成堆的现金几乎没有回报，而且会因为央行过度的量化宽松措施而不断贬值。制定风险和回报分散的财政政策，以及关注'最快的马'，不仅是一项合理的政策，也是最坚持股东价值最大化这一关键原则的政策，”他说。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-09 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>MARKETWATCH 照片插图/GETTY IMAGES|，ISTOCKPHOTO</span></p></blockquote></p><p> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p><p><blockquote>特斯拉公司周一表示，该公司斥资 15 亿美元收购了比特币，此前首席执行官埃隆-马斯克（Elon Musk）最近几周一直在推广全球第一大数字资产以及其他加密货币。</blockquote></p><p> Bitcoin’s price&nbsp;already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p><p><blockquote>比特币的股价已经飙升，这一消息又给这一消息带来了额外的提振，周一单一比特币易手至 42709 美元，涨幅超过 9%。价格触及45,000美元附近的历史峰值。</blockquote></p><p> But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p><p><blockquote>但围绕这家电动汽车制造商这一决定的关键问题之一是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的谨慎使用。鉴于特斯拉和比特币的股价都容易出现剧烈波动，这个问题尤为重要，即使这两家公司的股价几乎都在不间断地上涨。</blockquote></p><p> “I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p><p><blockquote>“加州大学欧文分校金融学副教授兼投资与财富管理中心系主任克里斯托弗-施瓦茨（Christopher Schwarz）在电子邮件评论中说：”我认为这在很多很多层面上都是一个糟糕的策略。</blockquote></p><p> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p><p><blockquote>“施瓦茨告诉 MarketWatch：”从本质上讲，这就像制造了（货币）风险，因为特斯拉的供应商都没有在比特币获得报酬。</blockquote></p><p> An email to the company for comment wasn’t immediately returned.</p><p><blockquote>向该公司发送的置评电子邮件没有立即得到回复。</blockquote></p><p> Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p><p><blockquote>马斯克此举正值特斯拉专注于提高电动汽车产量之际，其股价飙升，但尽管市值超过 8000 亿美元，这家汽车制造商仍然是一个相对小众的参与者。</blockquote></p><p> Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p><p><blockquote>特斯拉的股价在过去 12 个月中上涨了 472%，令人瞠目，是少数几只表现超过比特币同期 337% 涨幅的传统股票之一、</blockquote></p><p> The&nbsp;Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p><p><blockquote>《华尔街日报》指出，特斯拉利用其狂热的投资者基础和股价上涨来增强其现金状况，使其现金持有量从2019年底的约63亿美元增加到去年年底的约194亿美元。</blockquote></p><p> That means that its current bitcoin allocation represents about 8% of its cash holdings.</p><p><blockquote>这意味着其目前的比特币配置约占其现金持有量的 8%。</blockquote></p><p> “Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.</p><p><blockquote>“总部位于纽约的 Treasury Partners 董事总经理兼合伙人杰里-克莱恩（Jerry Klein）通过电子邮件告诉 MarketWatch：”特斯拉收购比特币是对企业现金的一种不同寻常的使用，企业现金通常持有在更安全、波动性较小的资产中，如短期固定收益证券，以确保流动性并限制波动性。</blockquote></p><p> “While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p><p><blockquote>“克莱因说：”虽然特斯拉股东对这一消息反应积极，但如果比特币股价下跌对特斯拉未来的盈利产生负面影响，股东会作何反应还有待观察。“首席财务官愿意接受整体业务中的风险，但不愿意接受资产负债表上的现金。虽然比特币在最近几个月一直在飙升，但在过去几年中却非常不稳定，”他说。</blockquote></p><p> To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.</p><p><blockquote>可以肯定的是，特斯拉不是第一家，也不可能是最后一家向比特币分配部分股份的公司。软件公司MicroStrategy Inc.去年收购了somce比特币，并一直是其他公司这样做的拥护者。</blockquote></p><p> MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from&nbsp;BitcoinTreasuries.org.</p><p><blockquote>MicroStrategy 最近举办了一场关于比特币对企业的效用的虚拟会议，援引 BitcoinTreasuries.org 的数据估计，私营和上市公司拥有价值约 500 亿美元的比特币。</blockquote></p><p> MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p><p><blockquote>MicroStrategy 报告称，来自近 7,000 家公司的约 8,200 人参加了周末会议。</blockquote></p><p> Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p><p><blockquote>回到特斯拉，JMP Securities 特斯拉分析师乔·奥沙 (Joe Osha) 在周一下午的电话采访中告诉 MarketWatch，这家电动汽车制造商经常被认为存在现金管理问题，但他认为这是一个虚假的评估。</blockquote></p><p> “I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p><p><blockquote>“Osha 说：”我认为，围绕特斯拉的流动性有一种非常陈旧的说法，这种说法在其资产负债表或现金流产生方面不再保持一致。</blockquote></p><p> He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p><p><blockquote>他认为，与公司产生现金的能力相比，两家公司在比特币的投资微不足道，这符合公司成为颠覆者的战略。</blockquote></p><p> “I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p><p><blockquote>“Osha 说：”我认为这是特斯拉努力重塑汽车销售和交付给人们的方式的又一步，他指的是特斯拉直接面向客户的销售模式。Osha 估计特斯拉在 12 月份季度产生了约 18.68 亿美元的自由现金流。</blockquote></p><p> Chester&nbsp;Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p><p><blockquote>卡内基梅隆大学泰珀商学院教授 Chester Spatt 告诉 MarketWatch，比特币的波动性使其很难作为企业的储备资产或交易媒介。</blockquote></p><p></p><p> “You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p><p><blockquote>“这位曾在 2004-07 年担任经济学家和美国证券交易委员会经济分析办公室主任的教授说：”这里的波动性大约是欧元的 10 倍。</blockquote></p><p> “That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p><p><blockquote>“他说：”这一举措给企业在资产负债表上保留[比特币]带来了许多挑战，但从消费者的角度来看，这也带来了挑战。</blockquote></p><p> Shares of Tesla closed up 1.3% on Monday.</p><p><blockquote>特斯拉股价周一收盘上涨 1.3%。</blockquote></p><p> Antoni Trenchev, co-founder and managing partner of&nbsp;Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p><p><blockquote>加密货币贷款机构 Nexo 的联合创始人兼管理合伙人安东尼-特伦切夫（Antoni Trenchev）表示，企业将一些 “干粉 ”投入比特币可能是有道理的，尤其是在利率接近 0%、美元承压的情况下，FactSet 数据显示，ICE 美元指数在过去一年中下跌了近 8%。</blockquote></p><p> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p><p><blockquote>“特伦切夫告诉 MarketWatch：”干粉不断增加的公司有一个最明显的现金管理选择：部分比特币分配。</blockquote></p><p> “Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p><p><blockquote>“坐拥成堆的现金几乎没有回报，而且会因为央行过度的量化宽松措施而不断贬值。制定风险和回报分散的财政政策，以及关注'最快的马'，不仅是一项合理的政策，也是最坚持股东价值最大化这一关键原则的政策，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1143370300","content_text":"MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO\nTesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.\nBitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.\nBut one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.\n“I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.\n“In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.\nAn email to the company for comment wasn’t immediately returned.\nMusk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.\nShares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,\nThe Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.\nThat means that its current bitcoin allocation represents about 8% of its cash holdings.\n“Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing director and partner at Treasury Partners, based in New York, told MarketWatch via email.\n“While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.\nTo be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company MicroStrategy Inc. last year acquired somce bitcoin and has been a champion of other corporations do so.\nMicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from BitcoinTreasuries.org.\nMicroStrategy reported that about 8,200 people attended its weekend conference from nearly 7,000 companies.\nBack to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.\n“I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.\nHe makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.\n“I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.\nChester Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.\n“You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.\n“That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.\nShares of Tesla closed up 1.3% on Monday.\nAntoni Trenchev, co-founder and managing partner of Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.\n“Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.\n“Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he 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brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1613172906,"share":"https://www.laohu8.com/m/news/2111007109?lang=zh_CN&edition=full","pubTime":"2021-02-13 07:35","market":"us","language":"en","title":"BRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million<blockquote>简短空白支票 Co Reinvent Technology Partners Y 申请高达 8.5 亿美元的 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2111007109","media":"Reuters","summary":"Feb 12 (Reuters) -    * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MI","content":"<p><html><body>Feb 12 (Reuters) - </p><p><blockquote><html><body>2月12日（路透社）-</body></html></blockquote></p><p>   * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING</p><p><blockquote>* 空白支票 CO REINVENT TECHNOLOGY PARTNERS Y 申请高达 8.5 亿美元的 IPO - SEC 文件</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，它打算申请将其单位在纳斯达克上市，代码为“RTPYU”</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示摩根士丹利是 IPO 的唯一账簿管理人</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 &amp; CONSISTS OF 1 CLASS A ORDINARY SHARE &amp; ONE-EIGHTH OF 1 REDEEMABLE WARRANT</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，每个单位的发行价为 10.00 美元，由 1 股 A 类普通股和 1 份可赎回认股权证的八分之一组成</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，LINKEDIN 联合创始人 REID HOFFMAN 将担任 CO 的联合首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示 MARK PINCUS 将担任 CO 的联席首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，拟议的 IPO 价格仅用于计算 SEC 注册费</blockquote></p><p>Source text for Eikon: ()</p><p><blockquote>Eikon的源文本：（）</blockquote></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p><p><blockquote>((Reuters.Briefs@thomsonreuters.com;))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Blank Check Co Reinvent Technology Partners Y Files For IPO Of Up To $850 Million<blockquote>简短空白支票 Co Reinvent Technology Partners Y 申请高达 8.5 亿美元的 IPO</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{ 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href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-02-13 07:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Feb 12 (Reuters) - </p><p><blockquote><html><body>2月12日（路透社）-</body></html></blockquote></p><p>   * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING</p><p><blockquote>* 空白支票 CO REINVENT TECHNOLOGY PARTNERS Y 申请高达 8.5 亿美元的 IPO - SEC 文件</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，它打算申请将其单位在纳斯达克上市，代码为“RTPYU”</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示摩根士丹利是 IPO 的唯一账簿管理人</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 &amp; CONSISTS OF 1 CLASS A ORDINARY SHARE &amp; ONE-EIGHTH OF 1 REDEEMABLE WARRANT</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，每个单位的发行价为 10.00 美元，由 1 股 A 类普通股和 1 份可赎回认股权证的八分之一组成</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，LINKEDIN 联合创始人 REID HOFFMAN 将担任 CO 的联合首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示 MARK PINCUS 将担任 CO 的联席首席董事</blockquote></p><p>   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE</p><p><blockquote>* REINVENT TECHNOLOGY PARTNERS Y 表示，拟议的 IPO 价格仅用于计算 SEC 注册费</blockquote></p><p>Source text for Eikon: ()</p><p><blockquote>Eikon的源文本：（）</blockquote></p><p> ((Reuters.Briefs@thomsonreuters.com;))</p><p><blockquote>((Reuters.Briefs@thomsonreuters.com;))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RTP.U":"Reinvent Technology Partners"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2111007109","content_text":"Feb 12 (Reuters) -    * BLANK CHECK CO REINVENT TECHNOLOGY PARTNERS Y FILES FOR IPO OF UP TO $850 MILLION - SEC FILING   * REINVENT TECHNOLOGY PARTNERS Y SAYS IT INTENDS TO APPLY TO HAVE ITS UNITS LISTED ON NASDAQ UNDER THE SYMBOL \"RTPYU\"   * REINVENT TECHNOLOGY PARTNERS Y SAYS MORGAN STANLEY IS SOLE BOOK-RUNNING MANAGER TO IPO   * REINVENT TECHNOLOGY PARTNERS Y SAYS EACH UNIT HAS OFFERING PRICE OF $10.00 & CONSISTS OF 1 CLASS A ORDINARY SHARE & ONE-EIGHTH OF 1 REDEEMABLE WARRANT   * REINVENT TECHNOLOGY PARTNERS Y SAYS REID HOFFMAN WHO CO-FOUNDED LINKEDIN WILL SERVE AS CO'S CO-LEAD DIRECTOR   * REINVENT TECHNOLOGY PARTNERS Y SAYS MARK PINCUS WILL SERVE AS CO'S CO-LEAD DIRECTOR   * REINVENT TECHNOLOGY PARTNERS Y SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEESource text for Eikon: () ((Reuters.Briefs@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"RTP":1,"RTP.U":1}},"isVote":1,"tweetType":1,"viewCount":2127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040909,"gmtCreate":1612916605901,"gmtModify":1703766855862,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/381040909","repostId":"1176373590","repostType":4,"isVote":1,"tweetType":1,"viewCount":2011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381040024,"gmtCreate":1612916595168,"gmtModify":1703766856034,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/381040024","repostId":"1114166601","repostType":4,"repost":{"id":"1114166601","kind":"news","pubTimestamp":1612866163,"share":"https://www.laohu8.com/m/news/1114166601?lang=zh_CN&edition=full","pubTime":"2021-02-09 18:22","market":"us","language":"en","title":"The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114166601","media":"Barrons","summary":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first t","content":"<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.</p><p><blockquote>在长期国债收益率长期走高后，30 年期国债自 Covid-19 袭击以来首次攀升至 2% 以上。这让投资者询问债券收益率上升的大趋势何时会损害股市。</blockquote></p><p>The central concern is that&nbsp;once Treasury yields climb high enough&nbsp;investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries&nbsp;extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark<b>,</b>Wall Street consensus is hard to find:&nbsp;Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.</p><p><blockquote>主要的担忧是，一旦美国国债收益率攀升到足够高的水平，投资者将希望购买安全的债券，而不是股票或高收益债务。但目前还不清楚何时会发生这种情况，而且随着收益率不断上升，30 年期债券存在额外的损失风险。说到 10 年期票据，这是一个更受欢迎的基准<b>,</b>华尔街的共识很难找到： 策略师的预测称，10 年期国债收益率可能只需要升至 1.75%，即高达 5%，就能使其比那些风险较高的替代品更具吸引力。</blockquote></p><p>Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.</p><p><blockquote>自 8 月下旬以来，长期国债收益率一直在稳步上升，自 11 月 9 日辉瑞和 BioNTech 宣布推出有效的 Covid-19 疫苗以来，涨幅更快。30 年期国债收益率在早盘交易中突破该水平后，周一徘徊在 2% 附近，高于疫苗推出前的 1.6%。基准 10 年期国债收益率也有所攀升，从疫苗接种前的 0.8% 升至周一的 1.2%。</blockquote></p><p>Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.</p><p><blockquote>由于对 Covid-19 疫苗分发和全球经济重新开放步伐的担忧，截至周一下午，长期收益率已从早间高点回落，10 年期国债收益率下跌 1 个基点（百分之一百个百分点），30 年期国债收益率下跌 3 个基点。</blockquote></p><p>But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.</p><p><blockquote>但预计未来几周和几个月收益率将继续攀升。一个关键问题是收益率需要达到多高才能降低股市回报。几位华尔街策略师在最近的笔记中解决了这个难题。</blockquote></p><p>Almost 70% of S&amp;P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.</p><p><blockquote>股票策略师 Savita Subramanian 领导的团队在最近的一份报告中写道，近 70% 的标普500公司支付的收益率高于 10 年期国债。他们发现，如果公司将支出保持在当前水平，并且到今年年底国债收益率升至 1.75%，这一比例将降至 40%。</blockquote></p><p>That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&amp;P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.</p><p><blockquote>这可能会开始削弱股票作为一种收入游戏的吸引力；如今，标普500的总体股息率为 1.5%，高于 10 年期国债派息率。这有助于抵消对估值高于历史平均水平的担忧。</blockquote></p><p>Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&amp;P 500 is around 3%, the bank’s equity strategists wrote.</p><p><blockquote>然而，从总回报的角度来看，股票的情况要好得多。该银行的股票策略师写道，标普500的隐含长期回报率约为 3%。</blockquote></p><p>Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.</p><p><blockquote>华尔街策略师预计 10 年期国债不会很快挑战这一回报。在 1 月份的一篇展望文章中，美国银行的利率策略师预测，3% 将是此次扩张期间基准收益率的峰值，这意味着在美联储开始加息之前，收益率不会达到这些水平。根据该银行的一些估值模型，在其他条件相同的情况下，在收益率升至 5% 之前，股票与国债相比看起来会很便宜。</blockquote></p><p>More important, a 3% return from the S&amp;P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.</p><p><blockquote>更重要的是，未来十年，标普500 3%的回报率仍将超过市场对通胀预期的衡量。随着美国从 Covid-19 危机中复苏，增长预期改善推高了这一指标，称为盈亏平衡通胀率。周一达到2.2%，为2014年以来的最高水平。</blockquote></p><p>The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.</p><p><blockquote>相比之下，10年期国债收益率在此期间仍低于市场通胀预测，预计至少到今年年底仍将如此。瑞士信贷策略师乔纳森-戈卢布（Jonathan Golub）在2月8日的一份报告中写道，即使是更高的通胀调整后收益率也可能不会伤害股市，因为经济增长强劲对股市的提振应该会超过债券市场收益率的相对改善。</blockquote></p><p>In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.</p><p><blockquote>股市的另一个利好是，收益率上升并没有对美国大盘股公司的资产负债表产生负面影响。ICE美国银行企业指数（衡量高评级公司当前借贷成本的指标）的有效收益率在近12年的期限内仍仅为1.9%。去年创纪录的固定利率借款泛滥意味着企业在未来几年内都不需要为债务再融资。</blockquote></p><p>There is one way that rising rates are negatively affecting at least some stocks:&nbsp; Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.</p><p><blockquote>高盛策略师在 2 月 7 日的一份报告中写道，利率上升至少对某些股票产生负面影响的方式有一种：投资者不太愿意等待利润增长。他们发现，自 10 年期国债收益率攀升至 1% 以上以来，对经济增长敏感的股票和在大流行病期间表现不佳的 “价值 ”股票表现优异，因为投资者正在以更高的速度贴现未来的现金流。Russell 2000 Value ETF (IWN) 今年迄今已上涨 14%。</blockquote></p><p></p><p>Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.</p><p><blockquote>高盛策略师写道，美国国债收益率的快速上涨对整个股市来说将是危险的。但该银行估计，真正的损害需要收益率在一个月内上升 36 个基点。考虑到收益率在最近一次引人注目的走高期间花了大约三个月的时间才攀升到那么远，这看起来不太可能。</blockquote></p><p>Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.</p><p><blockquote>策略师和投资者表示，当然，收益率的上升可能需要对在不同市场配置现金的基金经理做出决策的方式做出一些改变。对冲基金D.E。肖最近发现，随着收益率上升，长期债券应该更好地对冲股市下跌。</blockquote></p><p>So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.</p><p><blockquote>因此，未来几个月债券可能会变得更有吸引力。但目前还不清楚这种转变是否足以削弱股市，尤其是在收益率上升对长期债券回报构成最大风险的情况下。因此，尽管有一天美国国债可能会提供比股票更好的替代品，但这一过程可能比投资者想象的要长。</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>The 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</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\">\nThe 30-Year Treasury Hit 2%. When Will Yields Start Hurting the Stock Market?<blockquote>30年期国债收益率触及2%。收益率何时开始损害股市？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-09 18:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.</p><p><blockquote>在长期国债收益率长期走高后，30 年期国债自 Covid-19 袭击以来首次攀升至 2% 以上。这让投资者询问债券收益率上升的大趋势何时会损害股市。</blockquote></p><p>The central concern is that&nbsp;once Treasury yields climb high enough&nbsp;investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries&nbsp;extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark<b>,</b>Wall Street consensus is hard to find:&nbsp;Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.</p><p><blockquote>主要的担忧是，一旦美国国债收益率攀升到足够高的水平，投资者将希望购买安全的债券，而不是股票或高收益债务。但目前还不清楚何时会发生这种情况，而且随着收益率不断上升，30 年期债券存在额外的损失风险。说到 10 年期票据，这是一个更受欢迎的基准<b>,</b>华尔街的共识很难找到： 策略师的预测称，10 年期国债收益率可能只需要升至 1.75%，即高达 5%，就能使其比那些风险较高的替代品更具吸引力。</blockquote></p><p>Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.</p><p><blockquote>自 8 月下旬以来，长期国债收益率一直在稳步上升，自 11 月 9 日辉瑞和 BioNTech 宣布推出有效的 Covid-19 疫苗以来，涨幅更快。30 年期国债收益率在早盘交易中突破该水平后，周一徘徊在 2% 附近，高于疫苗推出前的 1.6%。基准 10 年期国债收益率也有所攀升，从疫苗接种前的 0.8% 升至周一的 1.2%。</blockquote></p><p>Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.</p><p><blockquote>由于对 Covid-19 疫苗分发和全球经济重新开放步伐的担忧，截至周一下午，长期收益率已从早间高点回落，10 年期国债收益率下跌 1 个基点（百分之一百个百分点），30 年期国债收益率下跌 3 个基点。</blockquote></p><p>But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.</p><p><blockquote>但预计未来几周和几个月收益率将继续攀升。一个关键问题是收益率需要达到多高才能降低股市回报。几位华尔街策略师在最近的笔记中解决了这个难题。</blockquote></p><p>Almost 70% of S&amp;P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.</p><p><blockquote>股票策略师 Savita Subramanian 领导的团队在最近的一份报告中写道，近 70% 的标普500公司支付的收益率高于 10 年期国债。他们发现，如果公司将支出保持在当前水平，并且到今年年底国债收益率升至 1.75%，这一比例将降至 40%。</blockquote></p><p>That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&amp;P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.</p><p><blockquote>这可能会开始削弱股票作为一种收入游戏的吸引力；如今，标普500的总体股息率为 1.5%，高于 10 年期国债派息率。这有助于抵消对估值高于历史平均水平的担忧。</blockquote></p><p>Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&amp;P 500 is around 3%, the bank’s equity strategists wrote.</p><p><blockquote>然而，从总回报的角度来看，股票的情况要好得多。该银行的股票策略师写道，标普500的隐含长期回报率约为 3%。</blockquote></p><p>Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.</p><p><blockquote>华尔街策略师预计 10 年期国债不会很快挑战这一回报。在 1 月份的一篇展望文章中，美国银行的利率策略师预测，3% 将是此次扩张期间基准收益率的峰值，这意味着在美联储开始加息之前，收益率不会达到这些水平。根据该银行的一些估值模型，在其他条件相同的情况下，在收益率升至 5% 之前，股票与国债相比看起来会很便宜。</blockquote></p><p>More important, a 3% return from the S&amp;P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.</p><p><blockquote>更重要的是，未来十年，标普500 3%的回报率仍将超过市场对通胀预期的衡量。随着美国从 Covid-19 危机中复苏，增长预期改善推高了这一指标，称为盈亏平衡通胀率。周一达到2.2%，为2014年以来的最高水平。</blockquote></p><p>The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.</p><p><blockquote>相比之下，10年期国债收益率在此期间仍低于市场通胀预测，预计至少到今年年底仍将如此。瑞士信贷策略师乔纳森-戈卢布（Jonathan Golub）在2月8日的一份报告中写道，即使是更高的通胀调整后收益率也可能不会伤害股市，因为经济增长强劲对股市的提振应该会超过债券市场收益率的相对改善。</blockquote></p><p>In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.</p><p><blockquote>股市的另一个利好是，收益率上升并没有对美国大盘股公司的资产负债表产生负面影响。ICE美国银行企业指数（衡量高评级公司当前借贷成本的指标）的有效收益率在近12年的期限内仍仅为1.9%。去年创纪录的固定利率借款泛滥意味着企业在未来几年内都不需要为债务再融资。</blockquote></p><p>There is one way that rising rates are negatively affecting at least some stocks:&nbsp; Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.</p><p><blockquote>高盛策略师在 2 月 7 日的一份报告中写道，利率上升至少对某些股票产生负面影响的方式有一种：投资者不太愿意等待利润增长。他们发现，自 10 年期国债收益率攀升至 1% 以上以来，对经济增长敏感的股票和在大流行病期间表现不佳的 “价值 ”股票表现优异，因为投资者正在以更高的速度贴现未来的现金流。Russell 2000 Value ETF (IWN) 今年迄今已上涨 14%。</blockquote></p><p></p><p>Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.</p><p><blockquote>高盛策略师写道，美国国债收益率的快速上涨对整个股市来说将是危险的。但该银行估计，真正的损害需要收益率在一个月内上升 36 个基点。考虑到收益率在最近一次引人注目的走高期间花了大约三个月的时间才攀升到那么远，这看起来不太可能。</blockquote></p><p>Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.</p><p><blockquote>策略师和投资者表示，当然，收益率的上升可能需要对在不同市场配置现金的基金经理做出决策的方式做出一些改变。对冲基金D.E。肖最近发现，随着收益率上升，长期债券应该更好地对冲股市下跌。</blockquote></p><p>So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.</p><p><blockquote>因此，未来几个月债券可能会变得更有吸引力。但目前还不清楚这种转变是否足以削弱股市，尤其是在收益率上升对长期债券回报构成最大风险的情况下。因此，尽管有一天美国国债可能会提供比股票更好的替代品，但这一过程可能比投资者想象的要长。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3\">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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/the-30-year-treasury-just-hit-2-when-will-they-start-hurting-the-stock-market-51612804834?mod=hp_LEAD_1_B_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114166601","content_text":"After a long grind higher in long-term Treasury yields, the 30-year climbed above 2% for the first time since Covid-19 hit. That has investors asking when the broader trend of rising bond yields will hurt the stock market.The central concern is that once Treasury yields climb high enough investors will want to buy safe bonds instead of stocks or high-yield debt. But it isn’t clear when that will occur, and the 30-year bond carries extra risk of losses as yields keep rising. When it comes to the 10-year note, a more popular benchmark,Wall Street consensus is hard to find: Strategists’ forecasts say 10-year Treasury yields may need to rise only to 1.75%, or as high as 5%, to make them more attractive than those riskier alternatives.Yields on long-term Treasuries have been rising steadily since late August, and more quickly since Nov. 9, whenPfizerand BioNTech announced an effective Covid-19 vaccine. The 30-year yield was hovering near 2% Monday after breaching that level in morning trading—up from 1.6% before the vaccine. The benchmark 10-year yield has climbed as well, rising to 1.2% Monday from 0.8% before the vaccine.Long-term yields had retreated from their morning highs by Monday afternoon amid concerns about Covid-19 vaccine distribution and the pace of global economic reopening, with the 10-year yield off one basis points (hundredth of a percentage point) and the 30-year yield down three basis points.But the expectation remains for yields to keep climbing over coming weeks and months. And a key question is how high yields need to be to dent stock-market returns. Several Wall Street strategists have tackled that puzzle in recent notes.Almost 70% of S&P 500 companies pay a higher yield than the 10-year note, wrote a team led by equity strategist Savita Subramanianin a recent note. That proportion would fall to 40% if companies keep their payouts at current levels and the Treasury yield rises to 1.75% by the end of this year, they found.That could start undermining the attractiveness of stocks as an income play; today the overall dividend yield on the S&P 500 is 1.5%, higher than the 10-year Treasury payout. That has helped offset concerns about valuations that are higher than historical averages.Yet the picture looks far better for stocks from a total-return perspective. The implied long-term return of the S&P 500 is around 3%, the bank’s equity strategists wrote.Wall Street strategists don’t expect the 10-year note to be able to challenge that return soon. In a January outlook piece,Bank of America’sinterest-rate strategists predicted that 3% will be the benchmark yield’s peak during this expansion, implying yields won’t reach those levels until the Fed starts raising interest rates. And according to some of the bank’s valuation models, all else equal, stocks will look cheap compared to Treasuries until yields rise to 5%.More important, a 3% return from the S&P 500 will still outpace akey market gauge of inflation expectations over the next decade. That indicator, called the break-even inflation rate, has been driven higher by improving growth expectations as the U.S. recovers from the Covid-19 crisis. On Monday it hit 2.2%, the highest level since 2014.The 10-year Treasury yield, in contrast, remains below market inflation forecasts over that period, and is expected to stay that way through the end of this year at least. Even higher inflation-adjusted yields may not hurt stocks, wrote Credit Suisse strategist Jonathan Golub in a Feb. 8 note, as the boost stocks get from stronger economic growth should outweigh the bond market’s relative improvement in yield.In another positive for stocks, rising yields aren’t negatively affecting large-cap U.S. companies’ balance sheets. The effective yield on the ICE BofA Corporate Index, a gauge of current borrowing costs for high-rated companies, remains at just 1.9% for a maturity of nearly 12 years. And last year’s record-setting flood of fixed-rate borrowing means that companies won’t need to refinance their debt for years.There is one way that rising rates are negatively affecting at least some stocks:  Investors are less willing to wait for profit growth,Goldman Sachsstrategists wrote in a Feb. 7 note. Stocks that are sensitive to economic growth and “value” stocks that underperformed during the pandemic have outperformed since the 10-year yield climbed above 1%, they found, because investors are discounting future cash flows at a higher rate. The Russell 2000 Value ETF (IWN) has climbed 14% so far this year.Goldman strategists wrote that a quick jump in Treasury yields would be dangerous for the stock market as a whole. But the bank estimated that real damage would require yields to rise 36 basis points in the span of a month. That looks unlikely, considering the fact that it took yields about three months to climb that far during the latest attention-grabbing move higher.Of course, the rise in yields will likely require some changes in the way that money managers who allocate cash across different markets make their decisions, strategists and investors say. Hedge fund D.E. Shaw recently found that long-term bonds should serve as a betterhedge against declines in the stock marketas yields rise.So bonds will likely become marginally more attractive in coming months. But it isn’t clear that such a shift will be enough to undermine stocks, especially as long-term bond returns are most at risk from rising yields. So while Treasuries could provide a better alternative to stocks some day, that process could take longer than investors might think.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389237446,"gmtCreate":1612776784385,"gmtModify":1703764845024,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Coin reward ~~","listText":"Coin reward ~~","text":"Coin reward ~~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/389237446","isVote":1,"tweetType":1,"viewCount":3063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057863,"gmtCreate":1612916532052,"gmtModify":1703766854660,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381057863","repostId":"1143370300","repostType":4,"repost":{"id":"1143370300","kind":"news","pubTimestamp":1612839933,"share":"https://www.laohu8.com/m/news/1143370300?lang=zh_CN&edition=full","pubTime":"2021-02-09 11:05","market":"us","language":"en","title":"Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143370300","media":"MarketWatch","summary":"Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.Bitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.But one of the key questions swirling around the decision by the manufacturer of electric ","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>MARKETWATCH 照片插图/GETTY IMAGES|，ISTOCKPHOTO</span></p></blockquote></p><p> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p><p><blockquote>特斯拉公司周一表示，该公司斥资 15 亿美元收购了比特币，此前首席执行官埃隆-马斯克（Elon Musk）最近几周一直在推广全球第一大数字资产以及其他加密货币。</blockquote></p><p> Bitcoin’s price&nbsp;already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p><p><blockquote>比特币的股价已经飙升，这一消息又给这一消息带来了额外的提振，周一单一比特币易手至 42709 美元，涨幅超过 9%。价格触及45,000美元附近的历史峰值。</blockquote></p><p> But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p><p><blockquote>但围绕这家电动汽车制造商这一决定的关键问题之一是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的谨慎使用。鉴于特斯拉和比特币的股价都容易出现剧烈波动，这个问题尤为重要，即使这两家公司的股价几乎都在不间断地上涨。</blockquote></p><p> “I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p><p><blockquote>“加州大学欧文分校金融学副教授兼投资与财富管理中心系主任克里斯托弗-施瓦茨（Christopher Schwarz）在电子邮件评论中说：”我认为这在很多很多层面上都是一个糟糕的策略。</blockquote></p><p> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p><p><blockquote>“施瓦茨告诉 MarketWatch：”从本质上讲，这就像制造了（货币）风险，因为特斯拉的供应商都没有在比特币获得报酬。</blockquote></p><p> An email to the company for comment wasn’t immediately returned.</p><p><blockquote>向该公司发送的置评电子邮件没有立即得到回复。</blockquote></p><p> Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p><p><blockquote>马斯克此举正值特斯拉专注于提高电动汽车产量之际，其股价飙升，但尽管市值超过 8000 亿美元，这家汽车制造商仍然是一个相对小众的参与者。</blockquote></p><p> Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p><p><blockquote>特斯拉的股价在过去 12 个月中上涨了 472%，令人瞠目，是少数几只表现超过比特币同期 337% 涨幅的传统股票之一、</blockquote></p><p> The&nbsp;Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p><p><blockquote>《华尔街日报》指出，特斯拉利用其狂热的投资者基础和股价上涨来增强其现金状况，使其现金持有量从2019年底的约63亿美元增加到去年年底的约194亿美元。</blockquote></p><p> That means that its current bitcoin allocation represents about 8% of its cash holdings.</p><p><blockquote>这意味着其目前的比特币配置约占其现金持有量的 8%。</blockquote></p><p> “Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.</p><p><blockquote>“总部位于纽约的 Treasury Partners 董事总经理兼合伙人杰里-克莱恩（Jerry Klein）通过电子邮件告诉 MarketWatch：”特斯拉收购比特币是对企业现金的一种不同寻常的使用，企业现金通常持有在更安全、波动性较小的资产中，如短期固定收益证券，以确保流动性并限制波动性。</blockquote></p><p> “While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p><p><blockquote>“克莱因说：”虽然特斯拉股东对这一消息反应积极，但如果比特币股价下跌对特斯拉未来的盈利产生负面影响，股东会作何反应还有待观察。“首席财务官愿意接受整体业务中的风险，但不愿意接受资产负债表上的现金。虽然比特币在最近几个月一直在飙升，但在过去几年中却非常不稳定，”他说。</blockquote></p><p> To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.</p><p><blockquote>可以肯定的是，特斯拉不是第一家，也不可能是最后一家向比特币分配部分股份的公司。软件公司MicroStrategy Inc.去年收购了somce比特币，并一直是其他公司这样做的拥护者。</blockquote></p><p> MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from&nbsp;BitcoinTreasuries.org.</p><p><blockquote>MicroStrategy 最近举办了一场关于比特币对企业的效用的虚拟会议，援引 BitcoinTreasuries.org 的数据估计，私营和上市公司拥有价值约 500 亿美元的比特币。</blockquote></p><p> MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p><p><blockquote>MicroStrategy 报告称，来自近 7,000 家公司的约 8,200 人参加了周末会议。</blockquote></p><p> Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p><p><blockquote>回到特斯拉，JMP Securities 特斯拉分析师乔·奥沙 (Joe Osha) 在周一下午的电话采访中告诉 MarketWatch，这家电动汽车制造商经常被认为存在现金管理问题，但他认为这是一个虚假的评估。</blockquote></p><p> “I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p><p><blockquote>“Osha 说：”我认为，围绕特斯拉的流动性有一种非常陈旧的说法，这种说法在其资产负债表或现金流产生方面不再保持一致。</blockquote></p><p> He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p><p><blockquote>他认为，与公司产生现金的能力相比，两家公司在比特币的投资微不足道，这符合公司成为颠覆者的战略。</blockquote></p><p> “I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p><p><blockquote>“Osha 说：”我认为这是特斯拉努力重塑汽车销售和交付给人们的方式的又一步，他指的是特斯拉直接面向客户的销售模式。Osha 估计特斯拉在 12 月份季度产生了约 18.68 亿美元的自由现金流。</blockquote></p><p> Chester&nbsp;Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p><p><blockquote>卡内基梅隆大学泰珀商学院教授 Chester Spatt 告诉 MarketWatch，比特币的波动性使其很难作为企业的储备资产或交易媒介。</blockquote></p><p></p><p> “You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p><p><blockquote>“这位曾在 2004-07 年担任经济学家和美国证券交易委员会经济分析办公室主任的教授说：”这里的波动性大约是欧元的 10 倍。</blockquote></p><p> “That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p><p><blockquote>“他说：”这一举措给企业在资产负债表上保留[比特币]带来了许多挑战，但从消费者的角度来看，这也带来了挑战。</blockquote></p><p> Shares of Tesla closed up 1.3% on Monday.</p><p><blockquote>特斯拉股价周一收盘上涨 1.3%。</blockquote></p><p> Antoni Trenchev, co-founder and managing partner of&nbsp;Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p><p><blockquote>加密货币贷款机构 Nexo 的联合创始人兼管理合伙人安东尼-特伦切夫（Antoni Trenchev）表示，企业将一些 “干粉 ”投入比特币可能是有道理的，尤其是在利率接近 0%、美元承压的情况下，FactSet 数据显示，ICE 美元指数在过去一年中下跌了近 8%。</blockquote></p><p> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p><p><blockquote>“特伦切夫告诉 MarketWatch：”干粉不断增加的公司有一个最明显的现金管理选择：部分比特币分配。</blockquote></p><p> “Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p><p><blockquote>“坐拥成堆的现金几乎没有回报，而且会因为央行过度的量化宽松措施而不断贬值。制定风险和回报分散的财政政策，以及关注'最快的马'，不仅是一项合理的政策，也是最坚持股东价值最大化这一关键原则的政策，”他说。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-09 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>MARKETWATCH 照片插图/GETTY IMAGES|，ISTOCKPHOTO</span></p></blockquote></p><p> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p><p><blockquote>特斯拉公司周一表示，该公司斥资 15 亿美元收购了比特币，此前首席执行官埃隆-马斯克（Elon Musk）最近几周一直在推广全球第一大数字资产以及其他加密货币。</blockquote></p><p> Bitcoin’s price&nbsp;already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p><p><blockquote>比特币的股价已经飙升，这一消息又给这一消息带来了额外的提振，周一单一比特币易手至 42709 美元，涨幅超过 9%。价格触及45,000美元附近的历史峰值。</blockquote></p><p> But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p><p><blockquote>但围绕这家电动汽车制造商这一决定的关键问题之一是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的谨慎使用。鉴于特斯拉和比特币的股价都容易出现剧烈波动，这个问题尤为重要，即使这两家公司的股价几乎都在不间断地上涨。</blockquote></p><p> “I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p><p><blockquote>“加州大学欧文分校金融学副教授兼投资与财富管理中心系主任克里斯托弗-施瓦茨（Christopher Schwarz）在电子邮件评论中说：”我认为这在很多很多层面上都是一个糟糕的策略。</blockquote></p><p> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p><p><blockquote>“施瓦茨告诉 MarketWatch：”从本质上讲，这就像制造了（货币）风险，因为特斯拉的供应商都没有在比特币获得报酬。</blockquote></p><p> An email to the company for comment wasn’t immediately returned.</p><p><blockquote>向该公司发送的置评电子邮件没有立即得到回复。</blockquote></p><p> Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p><p><blockquote>马斯克此举正值特斯拉专注于提高电动汽车产量之际，其股价飙升，但尽管市值超过 8000 亿美元，这家汽车制造商仍然是一个相对小众的参与者。</blockquote></p><p> Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p><p><blockquote>特斯拉的股价在过去 12 个月中上涨了 472%，令人瞠目，是少数几只表现超过比特币同期 337% 涨幅的传统股票之一、</blockquote></p><p> The&nbsp;Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p><p><blockquote>《华尔街日报》指出，特斯拉利用其狂热的投资者基础和股价上涨来增强其现金状况，使其现金持有量从2019年底的约63亿美元增加到去年年底的约194亿美元。</blockquote></p><p> That means that its current bitcoin allocation represents about 8% of its cash holdings.</p><p><blockquote>这意味着其目前的比特币配置约占其现金持有量的 8%。</blockquote></p><p> “Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.</p><p><blockquote>“总部位于纽约的 Treasury Partners 董事总经理兼合伙人杰里-克莱恩（Jerry Klein）通过电子邮件告诉 MarketWatch：”特斯拉收购比特币是对企业现金的一种不同寻常的使用，企业现金通常持有在更安全、波动性较小的资产中，如短期固定收益证券，以确保流动性并限制波动性。</blockquote></p><p> “While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p><p><blockquote>“克莱因说：”虽然特斯拉股东对这一消息反应积极，但如果比特币股价下跌对特斯拉未来的盈利产生负面影响，股东会作何反应还有待观察。“首席财务官愿意接受整体业务中的风险，但不愿意接受资产负债表上的现金。虽然比特币在最近几个月一直在飙升，但在过去几年中却非常不稳定，”他说。</blockquote></p><p> To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.</p><p><blockquote>可以肯定的是，特斯拉不是第一家，也不可能是最后一家向比特币分配部分股份的公司。软件公司MicroStrategy Inc.去年收购了somce比特币，并一直是其他公司这样做的拥护者。</blockquote></p><p> MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from&nbsp;BitcoinTreasuries.org.</p><p><blockquote>MicroStrategy 最近举办了一场关于比特币对企业的效用的虚拟会议，援引 BitcoinTreasuries.org 的数据估计，私营和上市公司拥有价值约 500 亿美元的比特币。</blockquote></p><p> MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p><p><blockquote>MicroStrategy 报告称，来自近 7,000 家公司的约 8,200 人参加了周末会议。</blockquote></p><p> Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p><p><blockquote>回到特斯拉，JMP Securities 特斯拉分析师乔·奥沙 (Joe Osha) 在周一下午的电话采访中告诉 MarketWatch，这家电动汽车制造商经常被认为存在现金管理问题，但他认为这是一个虚假的评估。</blockquote></p><p> “I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p><p><blockquote>“Osha 说：”我认为，围绕特斯拉的流动性有一种非常陈旧的说法，这种说法在其资产负债表或现金流产生方面不再保持一致。</blockquote></p><p> He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p><p><blockquote>他认为，与公司产生现金的能力相比，两家公司在比特币的投资微不足道，这符合公司成为颠覆者的战略。</blockquote></p><p> “I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p><p><blockquote>“Osha 说：”我认为这是特斯拉努力重塑汽车销售和交付给人们的方式的又一步，他指的是特斯拉直接面向客户的销售模式。Osha 估计特斯拉在 12 月份季度产生了约 18.68 亿美元的自由现金流。</blockquote></p><p> Chester&nbsp;Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p><p><blockquote>卡内基梅隆大学泰珀商学院教授 Chester Spatt 告诉 MarketWatch，比特币的波动性使其很难作为企业的储备资产或交易媒介。</blockquote></p><p></p><p> “You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p><p><blockquote>“这位曾在 2004-07 年担任经济学家和美国证券交易委员会经济分析办公室主任的教授说：”这里的波动性大约是欧元的 10 倍。</blockquote></p><p> “That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p><p><blockquote>“他说：”这一举措给企业在资产负债表上保留[比特币]带来了许多挑战，但从消费者的角度来看，这也带来了挑战。</blockquote></p><p> Shares of Tesla closed up 1.3% on Monday.</p><p><blockquote>特斯拉股价周一收盘上涨 1.3%。</blockquote></p><p> Antoni Trenchev, co-founder and managing partner of&nbsp;Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p><p><blockquote>加密货币贷款机构 Nexo 的联合创始人兼管理合伙人安东尼-特伦切夫（Antoni Trenchev）表示，企业将一些 “干粉 ”投入比特币可能是有道理的，尤其是在利率接近 0%、美元承压的情况下，FactSet 数据显示，ICE 美元指数在过去一年中下跌了近 8%。</blockquote></p><p> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p><p><blockquote>“特伦切夫告诉 MarketWatch：”干粉不断增加的公司有一个最明显的现金管理选择：部分比特币分配。</blockquote></p><p> “Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p><p><blockquote>“坐拥成堆的现金几乎没有回报，而且会因为央行过度的量化宽松措施而不断贬值。制定风险和回报分散的财政政策，以及关注'最快的马'，不仅是一项合理的政策，也是最坚持股东价值最大化这一关键原则的政策，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1143370300","content_text":"MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO\nTesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.\nBitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.\nBut one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.\n“I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.\n“In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.\nAn email to the company for comment wasn’t immediately returned.\nMusk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.\nShares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,\nThe Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.\nThat means that its current bitcoin allocation represents about 8% of its cash holdings.\n“Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing director and partner at Treasury Partners, based in New York, told MarketWatch via email.\n“While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.\nTo be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company MicroStrategy Inc. last year acquired somce bitcoin and has been a champion of other corporations do so.\nMicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from BitcoinTreasuries.org.\nMicroStrategy reported that about 8,200 people attended its weekend conference from nearly 7,000 companies.\nBack to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.\n“I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.\nHe makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.\n“I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.\nChester Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.\n“You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.\n“That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.\nShares of Tesla closed up 1.3% on Monday.\nAntoni Trenchev, co-founder and managing partner of Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.\n“Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.\n“Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"BTCmain":0.9,"TSLA":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2047,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381057926,"gmtCreate":1612916519465,"gmtModify":1703766854488,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381057926","repostId":"1133877733","repostType":4,"isVote":1,"tweetType":1,"viewCount":1838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386757277,"gmtCreate":1613282499199,"gmtModify":1634554014296,"author":{"id":"3574522643398993","authorId":"3574522643398993","name":"MichaelScott","avatar":"https://static.tigerbbs.com/5ecc22ac51092ae4378d9011bba47652","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574522643398993","authorIdStr":"3574522643398993"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/386757277","repostId":"2111417072","repostType":2,"isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}