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2021-04-12

$Zomedica Pharmaceuticals Corp.(ZOM)$Jesus Christ

2021-06-12

Wow

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2021-06-04

Wow

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2021-05-14

Nice stuff

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2021-03-03

Wasted

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2021-03-20

Damn

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

2021-03-07

Wow so true!

Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>

2021-06-17

Wow

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2021-04-24

Wow

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2021-03-25

$Seanergy Maritime(SHIP)$Rocket!

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13:45","market":"us","language":"en","title":"Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish股票：耐心的投资者很快就会再次看到20美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148768572","media":"seekingalpha","summary":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce tradi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish(ContextLogic)仍然是电子商务交易中最被低估的资产之一，其远期EV与销售额之比仅为1.3倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然很难找到有关其空头利息的准确数据，因为其大部分流通量仍被锁定，但我估计空头利息在30-40%之间。</li><li>我相信，包括高额营销支出和用户数量停滞在内的看跌论点已经在当前股价中根深蒂固。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock来自Getty Images</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic(WISH)对股东来说是一段疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于12月以每股20美元的价格上市，随后由于势头驱动的反弹，在2月份飙升至32美元的历史高点。尽管如此，自那以后，股价稳步暴跌，在6月份触及仅7美元的历史低点，但在零售交易部门的兴趣增加后，现在正在迅速复苏。在这里，该股因其高波动性、空头兴趣和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种情况下，我认为高空头兴趣越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到20美元或更多，因为该公司正在应对物流挑战，并将很快恢复规模经济。在这方面，该电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish作为一个电子商务平台受到了严厉批评，我几乎可以说，它作为中国商家第三方“直运”网站的形象让投资者迄今为止远离了该股。然而，这可能只是部分正确。从本质上讲，Wish通过低价（低质量）产品和缓慢的交付时间（可能导致长达一周的交付时间）扭转了亚马逊（纳斯达克：AMZN）的商业模式。这是因为Wish本身不处理运输，这就是为什么它可以提供这些超低价格，提供2美元加2美元运费的连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或eBay（纳斯达克：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达计划或更高的价格，它们获得了更高的认知度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我将Wish视为数字美元树，在线购物者在这里发现他们想要而不是需要的商品。在这个过程中，客户对产品更有耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付，物流收入同比增长275%就证明了这一点。由于这些收入的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，在其他国家也可以看到类似的趋势。此外，它正在增长Wish Local，这是一项将本地企业与平台连接起来的服务，占所有Wish订单的7%。Wish local主要（或专门）在美国销售，因此越来越多地与网站上的其他产品混合在一起。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我还喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统可以优化平台增长、用户体验和商家投资回报。创造互动移动购物体验的策略似乎运作良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，展示了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中站稳脚跟，为其提供了巨大的增长空间。目前，大约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其TAM可能有限，因为它专注于低收入利基市场，这也是它最初受欢迎的原因。尽管如此，这仍为Wish提供了超过3万亿美元的市场机会。还值得注意的是，据报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为该业务的年销售额将增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪根深蒂固</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司消耗了超过3亿美元的现金。然而，更重要的是，月活跃用户数稳步下降，该公司将此归咎于该公司在应对今年早些时候面临的物流挑战时不再重视广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$2.54 B</td><td>19亿美元</td><td>$1.73 B</td></tr><tr><td>毛利</td><td>$1.59 B</td><td>$1.46 B</td><td>$1.45 B</td></tr><tr><td><b>销售及市场推广</b></td><td><b>$17.1亿(+17%)</b></td><td><b>$1.46 B(-7%)</b></td><td><b>$1.57 B</b></td></tr><tr><td>老鼠</td><td>1.07亿(+19%)</td><td>9000万(+10%)</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82M</td><tr><td><b>活跃买家</b></td><td><b>6400万(+3%)</b></td><td><b>6200万(-3%)</b></td><td><b>64M</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>Wish最大的看跌理由是其高昂的营销费用，占其总收入的60%，占其毛利润的100%以上。这完全没问题，除非它通过营销增加活跃买家，不幸的是事实并非如此。这是一个危险信号，并质疑Wish商业模式的长期可持续性。然而，该公司一直接近正现金流，并表示如果不是因为其大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的月活跃用户并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish的营销费用占总收入的比例已从上年的67%降至60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这就是该公司本质上强调的。它相信营销费用可以降低到40-45%，从而使EBITDA利润率达到25%的中点范围。如果它实现了这些雄心勃勃的目标（这很有可能），其利润率将与eBay或MercadoLibre（纳斯达克：MELI）相似。不管怎样，Wish的商业模式并不完美，但在我看来（在我看来），所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近上涨了50%以上之后，股价仍然远远落后于Poshmark（纳斯达克股票代码：POSH）、eBay、Amazon和（Shopify（纽约证券交易所股票代码：SHOP））等同行。Wish的预计收入超过30亿美元，其市销率仅为1.8倍，仅为eBay当前估值的一半，远低于Poshmark。目前的估计是，到2025年，收入将超过60亿美元，自由现金流将达到10亿美元，这意味着Wish的交易价格仅为自由现金流估计的7倍，即销售额的1倍。2021年初，其市盈率接近5倍，估值存在扩张潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回损失。当股票在短时间内大幅下跌并且投资者可能不关心时，此类诉讼并不罕见。这些诉讼还包括CloverHealth（纳斯达克：CLOV）、Skillz（纽约证券交易所：SKLZ）、Array Technologies（纳斯达克：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息——仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish已经获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大的轧空。由于Wish的大部分股票仍被锁定，其确切的做空比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其流通股的百分比约为48%。Fintel等其他消息来源将当前的空头量确定为20-30%。现在，很难给出一个确切的估计，但总体来说，很可能在这个范围内的某个地方，许多空头评级仍有待回补。从长远来看，高空头兴趣可能是一个优势，如果股票开始呈上升趋势，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上拥有超过1亿的月用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，比乍一看更智能。此外，其与PrestaShop的最新合作伙伴关系将为超过300,000家商家提供免费的直接集成，将他们直接连接到Wish的商家仪表板，从而进一步推动增长。尽管Wish不完善的商业模式存在盈利能力滞后等风险，但耐心的投资者可能会获得丰厚的回报。</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>Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish股票：耐心的投资者很快就会再次看到20美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish股票：耐心的投资者很快就会再次看到20美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-16 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish(ContextLogic)仍然是电子商务交易中最被低估的资产之一，其远期EV与销售额之比仅为1.3倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然很难找到有关其空头利息的准确数据，因为其大部分流通量仍被锁定，但我估计空头利息在30-40%之间。</li><li>我相信，包括高额营销支出和用户数量停滞在内的看跌论点已经在当前股价中根深蒂固。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock来自Getty Images</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic(WISH)对股东来说是一段疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于12月以每股20美元的价格上市，随后由于势头驱动的反弹，在2月份飙升至32美元的历史高点。尽管如此，自那以后，股价稳步暴跌，在6月份触及仅7美元的历史低点，但在零售交易部门的兴趣增加后，现在正在迅速复苏。在这里，该股因其高波动性、空头兴趣和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种情况下，我认为高空头兴趣越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到20美元或更多，因为该公司正在应对物流挑战，并将很快恢复规模经济。在这方面，该电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish作为一个电子商务平台受到了严厉批评，我几乎可以说，它作为中国商家第三方“直运”网站的形象让投资者迄今为止远离了该股。然而，这可能只是部分正确。从本质上讲，Wish通过低价（低质量）产品和缓慢的交付时间（可能导致长达一周的交付时间）扭转了亚马逊（纳斯达克：AMZN）的商业模式。这是因为Wish本身不处理运输，这就是为什么它可以提供这些超低价格，提供2美元加2美元运费的连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或eBay（纳斯达克：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达计划或更高的价格，它们获得了更高的认知度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我将Wish视为数字美元树，在线购物者在这里发现他们想要而不是需要的商品。在这个过程中，客户对产品更有耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付，物流收入同比增长275%就证明了这一点。由于这些收入的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，在其他国家也可以看到类似的趋势。此外，它正在增长Wish Local，这是一项将本地企业与平台连接起来的服务，占所有Wish订单的7%。Wish local主要（或专门）在美国销售，因此越来越多地与网站上的其他产品混合在一起。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我还喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统可以优化平台增长、用户体验和商家投资回报。创造互动移动购物体验的策略似乎运作良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，展示了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中站稳脚跟，为其提供了巨大的增长空间。目前，大约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其TAM可能有限，因为它专注于低收入利基市场，这也是它最初受欢迎的原因。尽管如此，这仍为Wish提供了超过3万亿美元的市场机会。还值得注意的是，据报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为该业务的年销售额将增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪根深蒂固</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司消耗了超过3亿美元的现金。然而，更重要的是，月活跃用户数稳步下降，该公司将此归咎于该公司在应对今年早些时候面临的物流挑战时不再重视广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$2.54 B</td><td>19亿美元</td><td>$1.73 B</td></tr><tr><td>毛利</td><td>$1.59 B</td><td>$1.46 B</td><td>$1.45 B</td></tr><tr><td><b>销售及市场推广</b></td><td><b>$17.1亿(+17%)</b></td><td><b>$1.46 B(-7%)</b></td><td><b>$1.57 B</b></td></tr><tr><td>老鼠</td><td>1.07亿(+19%)</td><td>9000万(+10%)</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82M</td><tr><td><b>活跃买家</b></td><td><b>6400万(+3%)</b></td><td><b>6200万(-3%)</b></td><td><b>64M</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>Wish最大的看跌理由是其高昂的营销费用，占其总收入的60%，占其毛利润的100%以上。这完全没问题，除非它通过营销增加活跃买家，不幸的是事实并非如此。这是一个危险信号，并质疑Wish商业模式的长期可持续性。然而，该公司一直接近正现金流，并表示如果不是因为其大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的月活跃用户并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish的营销费用占总收入的比例已从上年的67%降至60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这就是该公司本质上强调的。它相信营销费用可以降低到40-45%，从而使EBITDA利润率达到25%的中点范围。如果它实现了这些雄心勃勃的目标（这很有可能），其利润率将与eBay或MercadoLibre（纳斯达克：MELI）相似。不管怎样，Wish的商业模式并不完美，但在我看来（在我看来），所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近上涨了50%以上之后，股价仍然远远落后于Poshmark（纳斯达克股票代码：POSH）、eBay、Amazon和（Shopify（纽约证券交易所股票代码：SHOP））等同行。Wish的预计收入超过30亿美元，其市销率仅为1.8倍，仅为eBay当前估值的一半，远低于Poshmark。目前的估计是，到2025年，收入将超过60亿美元，自由现金流将达到10亿美元，这意味着Wish的交易价格仅为自由现金流估计的7倍，即销售额的1倍。2021年初，其市盈率接近5倍，估值存在扩张潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回损失。当股票在短时间内大幅下跌并且投资者可能不关心时，此类诉讼并不罕见。这些诉讼还包括CloverHealth（纳斯达克：CLOV）、Skillz（纽约证券交易所：SKLZ）、Array Technologies（纳斯达克：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息——仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish已经获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大的轧空。由于Wish的大部分股票仍被锁定，其确切的做空比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其流通股的百分比约为48%。Fintel等其他消息来源将当前的空头量确定为20-30%。现在，很难给出一个确切的估计，但总体来说，很可能在这个范围内的某个地方，许多空头评级仍有待回补。从长远来看，高空头兴趣可能是一个优势，如果股票开始呈上升趋势，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上拥有超过1亿的月用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，比乍一看更智能。此外，其与PrestaShop的最新合作伙伴关系将为超过300,000家商家提供免费的直接集成，将他们直接连接到Wish的商家仪表板，从而进一步推动增长。尽管Wish不完善的商业模式存在盈利能力滞后等风险，但耐心的投资者可能会获得丰厚的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148768572","content_text":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.\nWish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.\nWhile accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.\nI believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.\n\nJuSun/iStock via Getty Images\nOverview\nContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.\nIn this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.\nThe Digital Dollar Tree\nWish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.\nFrankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.\n\nNow, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.\nIt is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.\nSource: Sensor Tower\nI also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.\nWish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.\nNegative Sentiment Baked In\nWish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.\n\n\n\nYear\n2020\n2019\n2018\n\n\nRevenue\n$2.54B\n$1.9B\n$1.73B\n\n\nGross Profit\n$1.59B\n$1.46B\n$1.45B\n\n\nSales and Marketing\n$1.71B (+17%)\n$1.46B (-7%)\n$1.57B\n\n\nMAUs\n107M (+19%)\n90M (+10%)\n82M\n\n\nActive Buyers\n64M (+3%)\n62M (-3%)\n64M\n\n\n\n*Growth (Year-over-Year)\nThe largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.\nSource: Wish IR\nIn terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).\nData byYCharts\nEven after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.\nWhat about the Lawsuits?\nPerhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.\nShort Interest - Still High\nSource: Fintel\nWish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.\nThe Bottom Line\nI believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185860817,"gmtCreate":1623641451839,"gmtModify":1634030768044,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185860817","repostId":"1163127718","repostType":4,"repost":{"id":"1163127718","kind":"news","pubTimestamp":1623640604,"share":"https://www.laohu8.com/m/news/1163127718?lang=zh_CN&edition=full","pubTime":"2021-06-14 11:16","market":"us","language":"en","title":"AMD’s stock has been left behind, but not for long — here’s why<blockquote>AMD的股票已经落后，但不会太久——原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163127718","media":"MarketWatch","summary":"Advanced Micro Devices has a slew of new cutting-edge products, not to mention a key acquisition, to","content":"<p>Advanced Micro Devices has a slew of new cutting-edge products, not to mention a key acquisition, to accelerate growth.</p><p><blockquote>Advanced Micro Devices拥有一系列新的尖端产品，更不用说一项关键收购来加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b46f527aa40d36fd2c1a5697760ca79d\" tg-width=\"1260\" tg-height=\"840\"><span>(GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（盖蒂图片社）</span></p></blockquote></p><p> Technology as a sector still looks like a buy after a recent rebound, but&nbsp;one chip stock stands out in particular.</p><p><blockquote>在最近的反弹之后，科技作为一个行业看起来仍然值得买入，但一只芯片股尤其突出。</blockquote></p><p> While the iShares PHLX Semiconductor ETF&nbsp;and Nvidia Corp.NVDAhave recovered from their May swoons, Advanced Micro Devices Inc.&nbsp;hasn’t yet fully rebounded. This makes the stock look like one to own, even though it is up 517% since I last suggested itin February 2017, compared with gains of 80% for the S&amp;P 500&nbsp;and 140% for Nasdaq Composite Index.</p><p><blockquote>虽然iShares PHLX Semiconductor ETF和Nvidia Corp.NVDA已经从5月份的低迷中恢复过来，但Advanced Micro Devices Inc.尚未完全反弹。这使得该股看起来值得持有，尽管自我上次在2017年2月建议该股以来，该股已上涨517%，而标普500和纳斯达克综合指数分别上涨了80%和140%。</blockquote></p><p> Let’s take a look at why, and how AMD stacks up against competitors.</p><p><blockquote>让我们来看看为什么，以及AMD如何与竞争对手相比。</blockquote></p><p> <b>Key dynamics</b></p><p><blockquote><b>关键动态</b></blockquote></p><p> Advanced Micro Devices designs central processing units (CPUs) and graphics processing units (GPUs) used in data center servers, PCs and videogame consoles. That makes it a play on two of the biggest trends in tech right now — migration to the cloud and videogame hardware. Historically, the company lagged Intel Corp..But it has now surpassed its rival because of innovative chip designs and manufacturing issues at Intel.</p><p><blockquote>Advanced Micro Devices设计用于数据中心服务器、PC和视频游戏机的中央处理器（CPU）和图形处理器（GPU）。这使得它成为目前科技领域两大趋势的一部分——向云和视频游戏硬件的迁移。从历史上看，该公司落后于英特尔公司。但由于英特尔的创新芯片设计和制造问题，它现在已经超过了竞争对手。</blockquote></p><p> Over the past few years, AMD has rolled out highly competitive lines of chips, thanks to the leadership of CEO Lisa Su, who took the helm in 2014, says tech analyst Peter Karazeris at Thrivent. This put AMD back in the game. AMD’s EPYC series of processors for servers has been endorsed by broad usage among the main cloud providers — including Amazon Inc.,Alphabet Inc.,Microsoft Corp.,Oracle Corp.&nbsp;and Tencent Holdings Ltd.AMD’s Radeon GPUs for gaming hardware and its Ryzen line of chips used in PCs and laptops are equally successful.</p><p><blockquote>Thrivent的技术分析师Peter Karazeris表示，在2014年上任的首席执行官Lisa Su的领导下，AMD推出了极具竞争力的芯片系列。这让AMD重新回到了游戏中。AMD用于服务器的EPYC系列处理器已得到主要云提供商的广泛使用，包括亚马逊公司、Alphabet公司、微软公司、甲骨文公司和腾讯控股控股有限公司。AMD用于游戏硬件的Radeon GPU及其用于PC和笔记本电脑的Ryzen系列芯片同样成功。</blockquote></p><p> Besides better chip design, AMD has pulled ahead by drawing on advanced manufacturing capabilities of Taiwan Semiconductor&nbsp;Manufacturing Co. Ltd.,which can pack more punch in chips through the use of smaller, 7 nanometer transistors. Intel is stuck back at 10 nanometers.</p><p><blockquote>除了更好的芯片设计，AMD还通过利用台积电制造有限公司的先进制造能力取得了领先，该公司可以通过使用更小的7纳米晶体管来封装更多的芯片。英特尔被困在10纳米。</blockquote></p><p> Here’s the upshot in all of this: AMD is a solid play on the megatrend of cloud computing and the related data center buildout. It’s a bet on the increasing complexity of artificial intelligence and big data analytics. And its GPU chips give Nvidia a run for the money. That makes AMD a play on the new Xbox and Sony PlayStation console upgrade cycle and the potential release of a new Nintendo Switch later this year. AMD is also now a serious contender in PCs and notebooks.</p><p><blockquote>这一切的结果是：AMD在云计算和相关数据中心建设的大趋势中发挥了坚实的作用。这是对人工智能和大数据分析日益复杂的押注。它的GPU芯片让英伟达物有所值。这使得AMD在新的Xbox和索尼PlayStation游戏机升级周期中发挥了作用，并有可能在今年晚些时候发布新的任天堂Switch。AMD现在也是个人电脑和笔记本电脑的有力竞争者。</blockquote></p><p> “Our goal at AMD is to really be the leader in the high-performance computing wave,” says Su.</p><p><blockquote>“我们AMD的目标是真正成为高性能计算浪潮的领导者，”Su说。</blockquote></p><p> She’s getting her way, and you can see the success in the numbers. First-quarter sales grew 93% year-over-year and 6% sequentially. AMD guided for 50% sales growth for the year, up from prior guidance of 37% growth.</p><p><blockquote>她正在如愿以偿，你可以从数字中看到成功。第一季度销售额同比增长93%，环比增长6%。AMD预计今年销售额增长50%，高于之前37%的增长指引。</blockquote></p><p> “We believe this guidance should be easily attainable, particularly as Intel deals with manufacturing challenges,” says Morningstar analyst Abhinav Davuluri.</p><p><blockquote>晨星分析师Abhinav Davuluri表示：“我们相信这一指导应该很容易实现，特别是在英特尔应对制造挑战的情况下。”</blockquote></p><p> In CPUs, sales are growing faster than those of the overall industry, which tells us AMD is gaining share from competitors.</p><p><blockquote>在CPU领域，销售额的增长速度快于整个行业，这告诉我们AMD正在从竞争对手那里获得份额。</blockquote></p><p> “We expect continued share growth through the balance of the year and into 2022,” says Goldman Sachs analyst Toshiya Hari, who has a buy rating and a $106 price target on AMD. The chip company is on Goldman’s “conviction list” of highly favored companies.</p><p><blockquote>高盛分析师Toshiya Hari表示：“我们预计今年剩余时间和2022年股价将持续增长。”他对AMD给予买入评级和106美元的目标价。这家芯片公司在高盛高度青睐公司的“定罪名单”上。</blockquote></p><p> Here’s how AMD stacks up against competitors in terms of growth in the most recent quarter, profit margins and valuation:</p><p><blockquote>以下是AMD在最近一个季度的增长、利润率和估值方面与竞争对手的比较：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc890546f0d4079834223660e88bc00d\" tg-width=\"1260\" tg-height=\"387\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Cash and cash flow</b></p><p><blockquote><b>现金及现金流量</b></blockquote></p><p> Big cash positions and solid cash flow are positives for investors because they give companies freedom that comes from reliance on banks for financing. Strong cash positions also support investor-friendly moves, such as buybacks and dividends.</p><p><blockquote>大量现金头寸和稳健的现金流对投资者来说是积极的，因为它们为公司提供了依赖银行融资的自由。强劲的现金头寸也支持对投资者友好的举措，例如回购和股息。</blockquote></p><p> Thanks to all the growth, AMD’s cash position rose sharply last year to $2.3 billion, from $1.5 billion in 2019. AMD doesn’t pay a dividend, but its board recently approved a large $4 billion share repurchase. As the company’s first big return of cash to shareholders, this represents about 4% of AMD’s market capitalization. It also signals the company’s confidence in its business and ability to continue generating solid free cash flow despite rising concerns about intensifying competition, says Deutsche Bank analyst Ross Seymore.</p><p><blockquote>得益于所有的增长，AMD的现金头寸从2019年的15亿美元大幅上升至去年的23亿美元。AMD不支付股息，但其董事会最近批准了40亿美元的巨额股票回购。作为该公司首次向股东返还大量现金，这约占AMD市值的4%。德意志银行分析师罗斯·西莫尔表示，这也表明该公司对其业务充满信心，尽管人们越来越担心竞争加剧，但仍有能力继续产生稳定的自由现金流。</blockquote></p><p> Here’s a look at AMD’s cash position and cash flow&nbsp; growth, relative to competitors. The numbers for Marvell Technology Inc.&nbsp;are through Jan. 30, 2021. The rest are for the first quarter:</p><p><blockquote>以下是AMD相对于竞争对手的现金状况和现金流增长情况。Marvell Technology Inc.的数据截至2021年1月30日。其余为第一季度：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/798ea9650ce6e4247ba91b6912e48a82\" tg-width=\"1260\" tg-height=\"453\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Global reach</b></p><p><blockquote><b>全球影响力</b></blockquote></p><p></p><p> AMD books sales in many regions. That’s a positive when global growth is as strong as it is now — lifted by $30 trillion in fiscal and monetary stimulus worldwide. Big exposure to China could be a risk because of U.S.-China tensions, but this issue seems to be diminishing a bit under President Biden, at least so far.</p><p><blockquote>AMD在许多地区都有销售记录。当全球经济增长像现在这样强劲时，这是一个积极的因素——在全球30万亿美元的财政和货币刺激措施的推动下。由于美中紧张局势，大量接触中国可能是一种风险，但在拜登总统的领导下，这个问题似乎有所减少，至少到目前为止是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04e42a7c55f914ecd7ddb2cbf8562253\" tg-width=\"1259\" tg-height=\"772\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Stock valuation and performance</b></p><p><blockquote><b>股票估值和表现</b></blockquote></p><p> By most measures, AMD is the second-priciest stock in its group. But given the growth, it’s justified.</p><p><blockquote>从大多数指标来看，AMD是同类股票中第二贵的股票。但考虑到增长，这是合理的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b26407edc4248424b878d3024bb9ac2\" tg-width=\"1260\" tg-height=\"550\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Wall Street’s opinion</b></p><p><blockquote><b>华尔街的观点</b></blockquote></p><p> As a group, Wall Street analysts are predicting the biggest gains for AMD, among all the companies in its space. It’s also notable that only 61% of analysts have a buy rating, lower than the percentages for Nvidia, Broadcom Inc.,Marvell and Analog Devices Inc..For investors, this is a positive because it tells us there’s more room for sell-side analysts to turn bullish and drive their clients into the name.</p><p><blockquote>作为一个整体，华尔街分析师预测AMD的涨幅是该领域所有公司中最大的。同样值得注意的是，只有61%的分析师给予买入评级，低于英伟达、博通公司、Marvell和ADI公司的比例。对于投资者来说，这是一个积极的因素，因为它告诉我们卖方分析师有更多的空间转向看涨并推动他们的客户进入该名称。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/995f76673215ab81971fbc2e8ace0641\" tg-width=\"1260\" tg-height=\"551\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> One big risk for AMD is that Intel stages a comeback, notes Tony Wang, a tech analyst at T. Rowe Price. Intel has done so before. But AMD still has a few tricks up its sleeve.</p><p><blockquote>T.Rowe Price科技分析师Tony Wang指出，AMD面临的一大风险是英特尔卷土重来。英特尔以前也这样做过。但AMD仍然有一些锦囊妙计。</blockquote></p><p> It recently launched a more advanced version of its EPYC processor, codenamed Milan. This line of server chips will ramp up sales in the second half of this year. AMD is making the leap to even more efficient 5 nanometer production with a line of chips dubbed Genoa, slated for release in 2022. These two rollouts will allow AMD to continue its market-share gains against competitors including Intel, says Jefferies analyst Mark&nbsp;Lipacis — one reason he has a “buy” rating and a $110 price target on the stock.</p><p><blockquote>它最近推出了更高级版本的EPYC处理器，代号为Milan。该系列服务器芯片将在今年下半年提升销量。AMD正在向更高效的5纳米生产迈进，推出了一系列名为Genoa的芯片，计划于2022年发布。杰富瑞(Jefferies)分析师马克·利帕西斯(Mark Lipacis)表示，这两项产品的推出将使AMD在相对于英特尔等竞争对手的市场份额中继续增长，这也是他给予该股“买入”评级和110美元目标价的原因之一。</blockquote></p><p> AMD is also rolling out next-generation GPUs based on its Compute DNA (CDNA)&nbsp;chip architecture, for use in data centers. And AMD’s merger with Xilinx Inc.&nbsp;later this year should help AMD produce even more sophisticated chips by incorporating Xilinx’s field-programmable gate array (FPGA) capabilities into its chip designs. FPGA gives customers more leeway to customize chips for their own needs.</p><p><blockquote>AMD还推出了基于其计算DNA（CDNA）芯片架构的下一代GPU，用于数据中心。AMD今年晚些时候与Xilinx Inc.的合并将有助于AMD通过将Xilinx的现场可编程门阵列（FPGA）功能整合到其芯片设计中来生产更复杂的芯片。FPGA为客户提供了更多的余地，可以根据自己的需求定制芯片。</blockquote></p><p> Other risks include the cyclical nature of the chip industry and the unpredictable demand from consumers and companies as economic growth rates change. One more threat is the broader adoption of competing chips based on ARM (advanced RISC machines) technology.</p><p><blockquote>其他风险包括芯片行业的周期性，以及随着经济增长率的变化，消费者和企业的需求不可预测。另一个威胁是基于ARM（高级RISC机器）技术的竞争芯片的更广泛采用。</blockquote></p><p> <b>Important dates</b></p><p><blockquote><b>重要日期</b></blockquote></p><p> <b>July 26:</b>Second-quarter earnings release.</p><p><blockquote><b>7月26日：</b>第二季度财报发布。</blockquote></p><p> <b>Oct. 25:</b>Third-quarter earnings release.</p><p><blockquote><b>10月25日：</b>第三季度财报发布。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD’s stock has been left behind, but not for long — here’s why<blockquote>AMD的股票已经落后，但不会太久——原因如下</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\">\nAMD’s stock has been left behind, but not for long — here’s why<blockquote>AMD的股票已经落后，但不会太久——原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-14 11:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Advanced Micro Devices has a slew of new cutting-edge products, not to mention a key acquisition, to accelerate growth.</p><p><blockquote>Advanced Micro Devices拥有一系列新的尖端产品，更不用说一项关键收购来加速增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b46f527aa40d36fd2c1a5697760ca79d\" tg-width=\"1260\" tg-height=\"840\"><span>(GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（盖蒂图片社）</span></p></blockquote></p><p> Technology as a sector still looks like a buy after a recent rebound, but&nbsp;one chip stock stands out in particular.</p><p><blockquote>在最近的反弹之后，科技作为一个行业看起来仍然值得买入，但一只芯片股尤其突出。</blockquote></p><p> While the iShares PHLX Semiconductor ETF&nbsp;and Nvidia Corp.NVDAhave recovered from their May swoons, Advanced Micro Devices Inc.&nbsp;hasn’t yet fully rebounded. This makes the stock look like one to own, even though it is up 517% since I last suggested itin February 2017, compared with gains of 80% for the S&amp;P 500&nbsp;and 140% for Nasdaq Composite Index.</p><p><blockquote>虽然iShares PHLX Semiconductor ETF和Nvidia Corp.NVDA已经从5月份的低迷中恢复过来，但Advanced Micro Devices Inc.尚未完全反弹。这使得该股看起来值得持有，尽管自我上次在2017年2月建议该股以来，该股已上涨517%，而标普500和纳斯达克综合指数分别上涨了80%和140%。</blockquote></p><p> Let’s take a look at why, and how AMD stacks up against competitors.</p><p><blockquote>让我们来看看为什么，以及AMD如何与竞争对手相比。</blockquote></p><p> <b>Key dynamics</b></p><p><blockquote><b>关键动态</b></blockquote></p><p> Advanced Micro Devices designs central processing units (CPUs) and graphics processing units (GPUs) used in data center servers, PCs and videogame consoles. That makes it a play on two of the biggest trends in tech right now — migration to the cloud and videogame hardware. Historically, the company lagged Intel Corp..But it has now surpassed its rival because of innovative chip designs and manufacturing issues at Intel.</p><p><blockquote>Advanced Micro Devices设计用于数据中心服务器、PC和视频游戏机的中央处理器（CPU）和图形处理器（GPU）。这使得它成为目前科技领域两大趋势的一部分——向云和视频游戏硬件的迁移。从历史上看，该公司落后于英特尔公司。但由于英特尔的创新芯片设计和制造问题，它现在已经超过了竞争对手。</blockquote></p><p> Over the past few years, AMD has rolled out highly competitive lines of chips, thanks to the leadership of CEO Lisa Su, who took the helm in 2014, says tech analyst Peter Karazeris at Thrivent. This put AMD back in the game. AMD’s EPYC series of processors for servers has been endorsed by broad usage among the main cloud providers — including Amazon Inc.,Alphabet Inc.,Microsoft Corp.,Oracle Corp.&nbsp;and Tencent Holdings Ltd.AMD’s Radeon GPUs for gaming hardware and its Ryzen line of chips used in PCs and laptops are equally successful.</p><p><blockquote>Thrivent的技术分析师Peter Karazeris表示，在2014年上任的首席执行官Lisa Su的领导下，AMD推出了极具竞争力的芯片系列。这让AMD重新回到了游戏中。AMD用于服务器的EPYC系列处理器已得到主要云提供商的广泛使用，包括亚马逊公司、Alphabet公司、微软公司、甲骨文公司和腾讯控股控股有限公司。AMD用于游戏硬件的Radeon GPU及其用于PC和笔记本电脑的Ryzen系列芯片同样成功。</blockquote></p><p> Besides better chip design, AMD has pulled ahead by drawing on advanced manufacturing capabilities of Taiwan Semiconductor&nbsp;Manufacturing Co. Ltd.,which can pack more punch in chips through the use of smaller, 7 nanometer transistors. Intel is stuck back at 10 nanometers.</p><p><blockquote>除了更好的芯片设计，AMD还通过利用台积电制造有限公司的先进制造能力取得了领先，该公司可以通过使用更小的7纳米晶体管来封装更多的芯片。英特尔被困在10纳米。</blockquote></p><p> Here’s the upshot in all of this: AMD is a solid play on the megatrend of cloud computing and the related data center buildout. It’s a bet on the increasing complexity of artificial intelligence and big data analytics. And its GPU chips give Nvidia a run for the money. That makes AMD a play on the new Xbox and Sony PlayStation console upgrade cycle and the potential release of a new Nintendo Switch later this year. AMD is also now a serious contender in PCs and notebooks.</p><p><blockquote>这一切的结果是：AMD在云计算和相关数据中心建设的大趋势中发挥了坚实的作用。这是对人工智能和大数据分析日益复杂的押注。它的GPU芯片让英伟达物有所值。这使得AMD在新的Xbox和索尼PlayStation游戏机升级周期中发挥了作用，并有可能在今年晚些时候发布新的任天堂Switch。AMD现在也是个人电脑和笔记本电脑的有力竞争者。</blockquote></p><p> “Our goal at AMD is to really be the leader in the high-performance computing wave,” says Su.</p><p><blockquote>“我们AMD的目标是真正成为高性能计算浪潮的领导者，”Su说。</blockquote></p><p> She’s getting her way, and you can see the success in the numbers. First-quarter sales grew 93% year-over-year and 6% sequentially. AMD guided for 50% sales growth for the year, up from prior guidance of 37% growth.</p><p><blockquote>她正在如愿以偿，你可以从数字中看到成功。第一季度销售额同比增长93%，环比增长6%。AMD预计今年销售额增长50%，高于之前37%的增长指引。</blockquote></p><p> “We believe this guidance should be easily attainable, particularly as Intel deals with manufacturing challenges,” says Morningstar analyst Abhinav Davuluri.</p><p><blockquote>晨星分析师Abhinav Davuluri表示：“我们相信这一指导应该很容易实现，特别是在英特尔应对制造挑战的情况下。”</blockquote></p><p> In CPUs, sales are growing faster than those of the overall industry, which tells us AMD is gaining share from competitors.</p><p><blockquote>在CPU领域，销售额的增长速度快于整个行业，这告诉我们AMD正在从竞争对手那里获得份额。</blockquote></p><p> “We expect continued share growth through the balance of the year and into 2022,” says Goldman Sachs analyst Toshiya Hari, who has a buy rating and a $106 price target on AMD. The chip company is on Goldman’s “conviction list” of highly favored companies.</p><p><blockquote>高盛分析师Toshiya Hari表示：“我们预计今年剩余时间和2022年股价将持续增长。”他对AMD给予买入评级和106美元的目标价。这家芯片公司在高盛高度青睐公司的“定罪名单”上。</blockquote></p><p> Here’s how AMD stacks up against competitors in terms of growth in the most recent quarter, profit margins and valuation:</p><p><blockquote>以下是AMD在最近一个季度的增长、利润率和估值方面与竞争对手的比较：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc890546f0d4079834223660e88bc00d\" tg-width=\"1260\" tg-height=\"387\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Cash and cash flow</b></p><p><blockquote><b>现金及现金流量</b></blockquote></p><p> Big cash positions and solid cash flow are positives for investors because they give companies freedom that comes from reliance on banks for financing. Strong cash positions also support investor-friendly moves, such as buybacks and dividends.</p><p><blockquote>大量现金头寸和稳健的现金流对投资者来说是积极的，因为它们为公司提供了依赖银行融资的自由。强劲的现金头寸也支持对投资者友好的举措，例如回购和股息。</blockquote></p><p> Thanks to all the growth, AMD’s cash position rose sharply last year to $2.3 billion, from $1.5 billion in 2019. AMD doesn’t pay a dividend, but its board recently approved a large $4 billion share repurchase. As the company’s first big return of cash to shareholders, this represents about 4% of AMD’s market capitalization. It also signals the company’s confidence in its business and ability to continue generating solid free cash flow despite rising concerns about intensifying competition, says Deutsche Bank analyst Ross Seymore.</p><p><blockquote>得益于所有的增长，AMD的现金头寸从2019年的15亿美元大幅上升至去年的23亿美元。AMD不支付股息，但其董事会最近批准了40亿美元的巨额股票回购。作为该公司首次向股东返还大量现金，这约占AMD市值的4%。德意志银行分析师罗斯·西莫尔表示，这也表明该公司对其业务充满信心，尽管人们越来越担心竞争加剧，但仍有能力继续产生稳定的自由现金流。</blockquote></p><p> Here’s a look at AMD’s cash position and cash flow&nbsp; growth, relative to competitors. The numbers for Marvell Technology Inc.&nbsp;are through Jan. 30, 2021. The rest are for the first quarter:</p><p><blockquote>以下是AMD相对于竞争对手的现金状况和现金流增长情况。Marvell Technology Inc.的数据截至2021年1月30日。其余为第一季度：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/798ea9650ce6e4247ba91b6912e48a82\" tg-width=\"1260\" tg-height=\"453\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Global reach</b></p><p><blockquote><b>全球影响力</b></blockquote></p><p></p><p> AMD books sales in many regions. That’s a positive when global growth is as strong as it is now — lifted by $30 trillion in fiscal and monetary stimulus worldwide. Big exposure to China could be a risk because of U.S.-China tensions, but this issue seems to be diminishing a bit under President Biden, at least so far.</p><p><blockquote>AMD在许多地区都有销售记录。当全球经济增长像现在这样强劲时，这是一个积极的因素——在全球30万亿美元的财政和货币刺激措施的推动下。由于美中紧张局势，大量接触中国可能是一种风险，但在拜登总统的领导下，这个问题似乎有所减少，至少到目前为止是这样。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04e42a7c55f914ecd7ddb2cbf8562253\" tg-width=\"1259\" tg-height=\"772\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Stock valuation and performance</b></p><p><blockquote><b>股票估值和表现</b></blockquote></p><p> By most measures, AMD is the second-priciest stock in its group. But given the growth, it’s justified.</p><p><blockquote>从大多数指标来看，AMD是同类股票中第二贵的股票。但考虑到增长，这是合理的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b26407edc4248424b878d3024bb9ac2\" tg-width=\"1260\" tg-height=\"550\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Wall Street’s opinion</b></p><p><blockquote><b>华尔街的观点</b></blockquote></p><p> As a group, Wall Street analysts are predicting the biggest gains for AMD, among all the companies in its space. It’s also notable that only 61% of analysts have a buy rating, lower than the percentages for Nvidia, Broadcom Inc.,Marvell and Analog Devices Inc..For investors, this is a positive because it tells us there’s more room for sell-side analysts to turn bullish and drive their clients into the name.</p><p><blockquote>作为一个整体，华尔街分析师预测AMD的涨幅是该领域所有公司中最大的。同样值得注意的是，只有61%的分析师给予买入评级，低于英伟达、博通公司、Marvell和ADI公司的比例。对于投资者来说，这是一个积极的因素，因为它告诉我们卖方分析师有更多的空间转向看涨并推动他们的客户进入该名称。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/995f76673215ab81971fbc2e8ace0641\" tg-width=\"1260\" tg-height=\"551\"><span>(FACTSET)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（事实集）</span></p></blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> One big risk for AMD is that Intel stages a comeback, notes Tony Wang, a tech analyst at T. Rowe Price. Intel has done so before. But AMD still has a few tricks up its sleeve.</p><p><blockquote>T.Rowe Price科技分析师Tony Wang指出，AMD面临的一大风险是英特尔卷土重来。英特尔以前也这样做过。但AMD仍然有一些锦囊妙计。</blockquote></p><p> It recently launched a more advanced version of its EPYC processor, codenamed Milan. This line of server chips will ramp up sales in the second half of this year. AMD is making the leap to even more efficient 5 nanometer production with a line of chips dubbed Genoa, slated for release in 2022. These two rollouts will allow AMD to continue its market-share gains against competitors including Intel, says Jefferies analyst Mark&nbsp;Lipacis — one reason he has a “buy” rating and a $110 price target on the stock.</p><p><blockquote>它最近推出了更高级版本的EPYC处理器，代号为Milan。该系列服务器芯片将在今年下半年提升销量。AMD正在向更高效的5纳米生产迈进，推出了一系列名为Genoa的芯片，计划于2022年发布。杰富瑞(Jefferies)分析师马克·利帕西斯(Mark Lipacis)表示，这两项产品的推出将使AMD在相对于英特尔等竞争对手的市场份额中继续增长，这也是他给予该股“买入”评级和110美元目标价的原因之一。</blockquote></p><p> AMD is also rolling out next-generation GPUs based on its Compute DNA (CDNA)&nbsp;chip architecture, for use in data centers. And AMD’s merger with Xilinx Inc.&nbsp;later this year should help AMD produce even more sophisticated chips by incorporating Xilinx’s field-programmable gate array (FPGA) capabilities into its chip designs. FPGA gives customers more leeway to customize chips for their own needs.</p><p><blockquote>AMD还推出了基于其计算DNA（CDNA）芯片架构的下一代GPU，用于数据中心。AMD今年晚些时候与Xilinx Inc.的合并将有助于AMD通过将Xilinx的现场可编程门阵列（FPGA）功能整合到其芯片设计中来生产更复杂的芯片。FPGA为客户提供了更多的余地，可以根据自己的需求定制芯片。</blockquote></p><p> Other risks include the cyclical nature of the chip industry and the unpredictable demand from consumers and companies as economic growth rates change. One more threat is the broader adoption of competing chips based on ARM (advanced RISC machines) technology.</p><p><blockquote>其他风险包括芯片行业的周期性，以及随着经济增长率的变化，消费者和企业的需求不可预测。另一个威胁是基于ARM（高级RISC机器）技术的竞争芯片的更广泛采用。</blockquote></p><p> <b>Important dates</b></p><p><blockquote><b>重要日期</b></blockquote></p><p> <b>July 26:</b>Second-quarter earnings release.</p><p><blockquote><b>7月26日：</b>第二季度财报发布。</blockquote></p><p> <b>Oct. 25:</b>Third-quarter earnings release.</p><p><blockquote><b>10月25日：</b>第三季度财报发布。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/amds-stock-has-been-left-behind-but-not-for-long-heres-why-11623343634?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":{"AMD":"美国超微公司"},"source_url":"https://www.marketwatch.com/story/amds-stock-has-been-left-behind-but-not-for-long-heres-why-11623343634?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163127718","content_text":"Advanced Micro Devices has a slew of new cutting-edge products, not to mention a key acquisition, to accelerate growth.\n(GETTY IMAGES)\nTechnology as a sector still looks like a buy after a recent rebound, but one chip stock stands out in particular.\nWhile the iShares PHLX Semiconductor ETF and Nvidia Corp.NVDAhave recovered from their May swoons, Advanced Micro Devices Inc. hasn’t yet fully rebounded. This makes the stock look like one to own, even though it is up 517% since I last suggested itin February 2017, compared with gains of 80% for the S&P 500 and 140% for Nasdaq Composite Index.\nLet’s take a look at why, and how AMD stacks up against competitors.\nKey dynamics\nAdvanced Micro Devices designs central processing units (CPUs) and graphics processing units (GPUs) used in data center servers, PCs and videogame consoles. That makes it a play on two of the biggest trends in tech right now — migration to the cloud and videogame hardware. Historically, the company lagged Intel Corp..But it has now surpassed its rival because of innovative chip designs and manufacturing issues at Intel.\nOver the past few years, AMD has rolled out highly competitive lines of chips, thanks to the leadership of CEO Lisa Su, who took the helm in 2014, says tech analyst Peter Karazeris at Thrivent. This put AMD back in the game. AMD’s EPYC series of processors for servers has been endorsed by broad usage among the main cloud providers — including Amazon Inc.,Alphabet Inc.,Microsoft Corp.,Oracle Corp. and Tencent Holdings Ltd.AMD’s Radeon GPUs for gaming hardware and its Ryzen line of chips used in PCs and laptops are equally successful.\nBesides better chip design, AMD has pulled ahead by drawing on advanced manufacturing capabilities of Taiwan Semiconductor Manufacturing Co. Ltd.,which can pack more punch in chips through the use of smaller, 7 nanometer transistors. Intel is stuck back at 10 nanometers.\nHere’s the upshot in all of this: AMD is a solid play on the megatrend of cloud computing and the related data center buildout. It’s a bet on the increasing complexity of artificial intelligence and big data analytics. And its GPU chips give Nvidia a run for the money. That makes AMD a play on the new Xbox and Sony PlayStation console upgrade cycle and the potential release of a new Nintendo Switch later this year. AMD is also now a serious contender in PCs and notebooks.\n“Our goal at AMD is to really be the leader in the high-performance computing wave,” says Su.\nShe’s getting her way, and you can see the success in the numbers. First-quarter sales grew 93% year-over-year and 6% sequentially. AMD guided for 50% sales growth for the year, up from prior guidance of 37% growth.\n“We believe this guidance should be easily attainable, particularly as Intel deals with manufacturing challenges,” says Morningstar analyst Abhinav Davuluri.\nIn CPUs, sales are growing faster than those of the overall industry, which tells us AMD is gaining share from competitors.\n“We expect continued share growth through the balance of the year and into 2022,” says Goldman Sachs analyst Toshiya Hari, who has a buy rating and a $106 price target on AMD. The chip company is on Goldman’s “conviction list” of highly favored companies.\nHere’s how AMD stacks up against competitors in terms of growth in the most recent quarter, profit margins and valuation:\n(FACTSET)\nCash and cash flow\nBig cash positions and solid cash flow are positives for investors because they give companies freedom that comes from reliance on banks for financing. Strong cash positions also support investor-friendly moves, such as buybacks and dividends.\nThanks to all the growth, AMD’s cash position rose sharply last year to $2.3 billion, from $1.5 billion in 2019. AMD doesn’t pay a dividend, but its board recently approved a large $4 billion share repurchase. As the company’s first big return of cash to shareholders, this represents about 4% of AMD’s market capitalization. It also signals the company’s confidence in its business and ability to continue generating solid free cash flow despite rising concerns about intensifying competition, says Deutsche Bank analyst Ross Seymore.\nHere’s a look at AMD’s cash position and cash flow  growth, relative to competitors. The numbers for Marvell Technology Inc. are through Jan. 30, 2021. The rest are for the first quarter:\n(FACTSET)\nGlobal reach\nAMD books sales in many regions. That’s a positive when global growth is as strong as it is now — lifted by $30 trillion in fiscal and monetary stimulus worldwide. Big exposure to China could be a risk because of U.S.-China tensions, but this issue seems to be diminishing a bit under President Biden, at least so far.\n(FACTSET)\nStock valuation and performance\nBy most measures, AMD is the second-priciest stock in its group. But given the growth, it’s justified.\n(FACTSET)\nWall Street’s opinion\nAs a group, Wall Street analysts are predicting the biggest gains for AMD, among all the companies in its space. It’s also notable that only 61% of analysts have a buy rating, lower than the percentages for Nvidia, Broadcom Inc.,Marvell and Analog Devices Inc..For investors, this is a positive because it tells us there’s more room for sell-side analysts to turn bullish and drive their clients into the name.\n(FACTSET)\nRisks\nOne big risk for AMD is that Intel stages a comeback, notes Tony Wang, a tech analyst at T. Rowe Price. Intel has done so before. But AMD still has a few tricks up its sleeve.\nIt recently launched a more advanced version of its EPYC processor, codenamed Milan. This line of server chips will ramp up sales in the second half of this year. AMD is making the leap to even more efficient 5 nanometer production with a line of chips dubbed Genoa, slated for release in 2022. These two rollouts will allow AMD to continue its market-share gains against competitors including Intel, says Jefferies analyst Mark Lipacis — one reason he has a “buy” rating and a $110 price target on the stock.\nAMD is also rolling out next-generation GPUs based on its Compute DNA (CDNA) chip architecture, for use in data centers. And AMD’s merger with Xilinx Inc. later this year should help AMD produce even more sophisticated chips by incorporating Xilinx’s field-programmable gate array (FPGA) capabilities into its chip designs. FPGA gives customers more leeway to customize chips for their own needs.\nOther risks include the cyclical nature of the chip industry and the unpredictable demand from consumers and companies as economic growth rates change. One more threat is the broader adoption of competing chips based on ARM (advanced RISC machines) technology.\nImportant dates\nJuly 26:Second-quarter earnings release.\nOct. 25:Third-quarter earnings release.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182126413,"gmtCreate":1623558791332,"gmtModify":1634031702197,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182126413","repostId":"2143788707","repostType":4,"isVote":1,"tweetType":1,"viewCount":1613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182126080,"gmtCreate":1623558776940,"gmtModify":1634031702792,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182126080","repostId":"2143788707","repostType":4,"isVote":1,"tweetType":1,"viewCount":1557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186132138,"gmtCreate":1623477543424,"gmtModify":1634032575913,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/186132138","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":2538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188660790,"gmtCreate":1623432983010,"gmtModify":1634033209215,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188660790","repostId":"1114257617","repostType":4,"repost":{"id":"1114257617","kind":"news","pubTimestamp":1623425495,"share":"https://www.laohu8.com/m/news/1114257617?lang=zh_CN&edition=full","pubTime":"2021-06-11 23:31","market":"us","language":"en","title":"The Hangover Arrives: Explosive Inflation Leads To Record Collapse In Home, Car Purchase Plans<blockquote>宿醉来了：爆炸性通货膨胀导致房屋和汽车购买计划创纪录崩溃</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114257617","media":"zerohedge","summary":"For the past several months we have warned about the pernicious effects soaring prices are having on","content":"<p>For the past several months we have warned about the pernicious effects soaring prices are having on both corporations (\"Buckle Up! Inflation Is Here!\") and consumers (\"\"This Is Not Transitory\": Hyperinflation Fears Are Soaring Across America\"), prompting even otherwise boring sellside research to get&nbsp; (hyper) exciting, with Deutsche Bank (which warned this week that \"Inflation Is About To Explode \"Leaving Global Economies Sitting On A Time Bomb\"\") and Bank of America (which \"Just Threw Up All Over The Fed's \"Transitory\" Argument\") now openly claiming that<i>the Fed is wrong</i>, and the US is facing an unprecedented period of far higher, non-transitory inflation, with DB going so far as towarn<i>\"policymakers will face the most challenging years since the Volcker/Reagan period in the 1980s.\"</i></p><p><blockquote>在过去的几个月里，我们一直在警告价格飙升对企业（“系好安全带！通货膨胀来了！”）和消费者（“这不是暂时的”：对恶性通货膨胀的担忧正在整个美国飙升”）的有害影响，促使即使是无聊的卖方研究也变得（超级）令人兴奋，德意志银行（本周警告称“通胀即将爆发”，“让全球经济坐在一颗定时炸弹上”）和美国银行（“刚刚吐遍了美联储的“暂时”论点”）现在公开声称<i>美联储错了</i>美国正面临前所未有的高得多的非暂时性通胀时期，德国央行甚至警告<i>“政策制定者将面临自上世纪80年代沃尔克/里根时期以来最具挑战性的几年。”</i></blockquote></p><p> But none of this has spooked the Fed into conceding - or believing - that inflation is anything more than transitory. And maybe just this once, the Fed has a point because all else equal, by which we mean lack of rising wages, the best cure to higher prices is, well... higher prices.</p><p><blockquote>但所有这些都没有吓到美联储承认——或相信——通胀只不过是暂时的。也许就这一次，美联储说得有道理，因为在其他条件相同的情况下，我们指的是工资没有上涨，解决物价上涨的最佳方法是，嗯...更高的价格。</blockquote></p><p> <b>Presenting Exhibit A</b>: two weeks ago,we observed that anticipatingan end to Biden's stimmy bonanza end and that soon they will have to live again within their means, Americans' buying intentions (6 months from today) as measured by the Conference Board, had cratered across the 3 major spending categories: homes, automobiles and major household appliances.</p><p><blockquote><b>出示附件A</b>：两周前，我们观察到，预计拜登令人兴奋的财富将结束，很快他们将不得不再次量入为出，根据世界大型企业联合会的衡量，美国人的购买意愿（从今天起6个月）在3个主要支出类别：住宅、汽车和主要家用电器。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/440125680ea111da38a7c9adbc47f811\" tg-width=\"500\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The drop was so massive, it amounted to the biggest one-month drop in intentions to purchase appliances...</p><p><blockquote>降幅如此之大，相当于购买家电意向的最大单月降幅...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/483ef9fdbbe4fe34fc94863262839a85\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... and homes...</p><p><blockquote>...还有家...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea40a948d838e7eaa00fbde1f60e1906\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This confirms what wenoted earlier, namely a record divergence between crashing homebuyer confidence (due to record home prices) and soaring homebuilder confidence (also due to record home prices). Guess which one will matter in the end.</p><p><blockquote>这证实了我们之前提到的，即购房者信心崩溃（由于创纪录的房价）和房屋建筑商信心飙升（也由于创纪录的房价）之间的创纪录差异。猜猜哪一个最终会很重要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a49f04b77740aab4ba75d00085dd8ada\" tg-width=\"500\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Fast forward to today when we just got<b>Exhibit B: the June UMichigan Sentiment Survey.</b></p><p><blockquote>快进到今天我们刚刚得到<b>证据B：六月密歇根情绪调查。</b></blockquote></p><p> While there wassome good news here, in that inflation expectations for both the 1-year and 5-10 look ahead periods dropped slightly...</p><p><blockquote>虽然这里有一些好消息，但未来1年和5-10年的通胀预期均略有下降...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f0cf98553bfedc6500457c9aa3cbe0f\" tg-width=\"500\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... what we found more concerning is what chief economist, Richard Curtin said namely that since \"Rising inflation remained a top concern of consumers\", the spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974.</p><p><blockquote>...我们发现更令人担忧的是首席经济学家理查德·科廷(Richard Curtin)所说的，即由于“通胀上升仍然是消费者最关心的问题”，房屋、汽车和家庭耐用品市场价格的自发参考跌至自1974年11月创纪录以来的最糟糕水平。</blockquote></p><p> And as Curtin adds, \"<b>these unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982.</b>These declines were especially sharp among those with incomes in the top third, who account for more than half of the dollar volume of retail sales.\"</p><p><blockquote>正如科廷补充的那样，“<b>这些对市场价格的不利看法将汽车和房屋的整体购买态度降至1982年以来的最低点。</b>对于收入排名前三分之一的人来说，这些下降尤其严重，他们占零售额的一半以上。”</blockquote></p><p> This can be seen in the following chart showing records across the board for \"bad buying conditions\" due to high prices for houses, durable goods and autos. In other words, due to soarking prices is America is going on a buyers' strike.</p><p><blockquote>这可以从下面的图表中看出，该图表显示了由于房屋、耐用品和汽车价格高企而导致的“不良购买条件”的全面记录。换句话说，由于价格飙升，美国正在进行买家罢工。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b46f5f27af1090c20579d573274a9f52\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This, for better or worse,<b>screams not only stagflation but also permanently higher prices,</b>as Curting elaborates:</p><p><blockquote>不管是好是坏，<b>尖叫的不仅是滞胀，还有永久上涨的价格，</b>正如柯廷所阐述的：</blockquote></p><p>   <i>... in the emergence from the pandemic, consumers are temporarily less sensitive to prices due to pent-up demand and record savings as well as improved job and income prospects.</i>   <i><b>The acceptance of price increases as due to the pandemic, makes inflationary psychology more likely to gain a foothold if the exit is lengthy.</b></i>  The problem: sooner or laters the stimmies will end, but prices by then will already be fixed higher, and good luck trying to pull them down.</p><p><blockquote><i>...在疫情的出现中，由于被压抑的需求和创纪录的储蓄以及就业和收入前景的改善，消费者对价格的敏感度暂时降低。</i><i><b>如果退出时间很长，人们接受疫情导致的价格上涨，使得通胀心理更有可能站稳脚跟。</b></i>问题是：刺激迟早会结束，但到那时价格已经被固定得更高，祝你好运，试图拉低价格。</blockquote></p><p></p><p>   <i>While expansive monetary and fiscal policies are still warranted, the accompanying rise in inflation will cause uneven distributional impacts. Those impacts have already been noticed in June among the elderly and lower income households. A shift in the Fed's policy language could douse any incipient inflationary psychology, it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead.</i>  Oh, and for those saying wage hikes may be permanent we have some bad news: employers know very well that the extended unemployment benefits bonanza ends in September at which point millions of currently unemployed workers will flood back into the labor force sending wages sharply lower, and is why instead of raising base pay, most potential employers offer one-time bonuses, which - as the name implies - are one-time. As for higher wage pressures, well... just wait until October when everything reverses, Uncle Sam is no longer a better paying competitor to the US private sector, and wages slump.</p><p><blockquote><i>虽然扩张性货币和财政政策仍然是必要的，但随之而来的通胀上升将造成分配不均的影响。六月份，老年人和低收入家庭已经注意到了这些影响。美联储政策语言的转变可能会浇灭任何初期的通胀心理，这对消费者来说并不奇怪，因为三分之二的人已经预计未来一年利率会上升。</i>哦，对于那些说工资上涨可能是永久性的人来说，我们有一些坏消息：雇主们非常清楚，延长失业救济金的繁荣将于9月份结束，届时数百万目前失业的工人将涌入劳动力市场，导致工资大幅下降，这就是为什么大多数潜在雇主不提高基本工资，而是提供一次性奖金，顾名思义，这是一次性的。至于更高的工资压力，嗯...等到10月份，当一切发生逆转时，山姆大叔不再是美国私营部门薪酬更高的竞争对手，工资也会暴跌。</blockquote></p><p> What does that mean for the economy? Well, all those producers and retailers who got used to bumper demand and pushed their prices sharply and not so sharply higher, will face a stark choice: either drag prices right back down, or sell far fewer goods and services. That, or just await the next bailout.</p><p><blockquote>这对经济意味着什么？好吧，所有那些习惯于满足需求并大幅推高价格（而不是大幅上涨）的生产商和零售商将面临严峻的选择：要么直接拉低价格，要么销售更少的商品和服务。或者只是等待下一次救助。</blockquote></p><p> One thing is certain:<b>six months from today, the US economy will be far, far uglier.</b></p><p><blockquote>有一点是肯定的：<b>从今天起六个月后，美国经济将会更加丑陋。</b></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>The Hangover Arrives: Explosive Inflation Leads To Record Collapse In Home, Car Purchase Plans<blockquote>宿醉来了：爆炸性通货膨胀导致房屋和汽车购买计划创纪录崩溃</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 Hangover Arrives: Explosive Inflation Leads To Record Collapse In Home, Car Purchase Plans<blockquote>宿醉来了：爆炸性通货膨胀导致房屋和汽车购买计划创纪录崩溃</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-11 23:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For the past several months we have warned about the pernicious effects soaring prices are having on both corporations (\"Buckle Up! Inflation Is Here!\") and consumers (\"\"This Is Not Transitory\": Hyperinflation Fears Are Soaring Across America\"), prompting even otherwise boring sellside research to get&nbsp; (hyper) exciting, with Deutsche Bank (which warned this week that \"Inflation Is About To Explode \"Leaving Global Economies Sitting On A Time Bomb\"\") and Bank of America (which \"Just Threw Up All Over The Fed's \"Transitory\" Argument\") now openly claiming that<i>the Fed is wrong</i>, and the US is facing an unprecedented period of far higher, non-transitory inflation, with DB going so far as towarn<i>\"policymakers will face the most challenging years since the Volcker/Reagan period in the 1980s.\"</i></p><p><blockquote>在过去的几个月里，我们一直在警告价格飙升对企业（“系好安全带！通货膨胀来了！”）和消费者（“这不是暂时的”：对恶性通货膨胀的担忧正在整个美国飙升”）的有害影响，促使即使是无聊的卖方研究也变得（超级）令人兴奋，德意志银行（本周警告称“通胀即将爆发”，“让全球经济坐在一颗定时炸弹上”）和美国银行（“刚刚吐遍了美联储的“暂时”论点”）现在公开声称<i>美联储错了</i>美国正面临前所未有的高得多的非暂时性通胀时期，德国央行甚至警告<i>“政策制定者将面临自上世纪80年代沃尔克/里根时期以来最具挑战性的几年。”</i></blockquote></p><p> But none of this has spooked the Fed into conceding - or believing - that inflation is anything more than transitory. And maybe just this once, the Fed has a point because all else equal, by which we mean lack of rising wages, the best cure to higher prices is, well... higher prices.</p><p><blockquote>但所有这些都没有吓到美联储承认——或相信——通胀只不过是暂时的。也许就这一次，美联储说得有道理，因为在其他条件相同的情况下，我们指的是工资没有上涨，解决物价上涨的最佳方法是，嗯...更高的价格。</blockquote></p><p> <b>Presenting Exhibit A</b>: two weeks ago,we observed that anticipatingan end to Biden's stimmy bonanza end and that soon they will have to live again within their means, Americans' buying intentions (6 months from today) as measured by the Conference Board, had cratered across the 3 major spending categories: homes, automobiles and major household appliances.</p><p><blockquote><b>出示附件A</b>：两周前，我们观察到，预计拜登令人兴奋的财富将结束，很快他们将不得不再次量入为出，根据世界大型企业联合会的衡量，美国人的购买意愿（从今天起6个月）在3个主要支出类别：住宅、汽车和主要家用电器。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/440125680ea111da38a7c9adbc47f811\" tg-width=\"500\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The drop was so massive, it amounted to the biggest one-month drop in intentions to purchase appliances...</p><p><blockquote>降幅如此之大，相当于购买家电意向的最大单月降幅...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/483ef9fdbbe4fe34fc94863262839a85\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... and homes...</p><p><blockquote>...还有家...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea40a948d838e7eaa00fbde1f60e1906\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This confirms what wenoted earlier, namely a record divergence between crashing homebuyer confidence (due to record home prices) and soaring homebuilder confidence (also due to record home prices). Guess which one will matter in the end.</p><p><blockquote>这证实了我们之前提到的，即购房者信心崩溃（由于创纪录的房价）和房屋建筑商信心飙升（也由于创纪录的房价）之间的创纪录差异。猜猜哪一个最终会很重要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a49f04b77740aab4ba75d00085dd8ada\" tg-width=\"500\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Fast forward to today when we just got<b>Exhibit B: the June UMichigan Sentiment Survey.</b></p><p><blockquote>快进到今天我们刚刚得到<b>证据B：六月密歇根情绪调查。</b></blockquote></p><p> While there wassome good news here, in that inflation expectations for both the 1-year and 5-10 look ahead periods dropped slightly...</p><p><blockquote>虽然这里有一些好消息，但未来1年和5-10年的通胀预期均略有下降...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f0cf98553bfedc6500457c9aa3cbe0f\" tg-width=\"500\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... what we found more concerning is what chief economist, Richard Curtin said namely that since \"Rising inflation remained a top concern of consumers\", the spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974.</p><p><blockquote>...我们发现更令人担忧的是首席经济学家理查德·科廷(Richard Curtin)所说的，即由于“通胀上升仍然是消费者最关心的问题”，房屋、汽车和家庭耐用品市场价格的自发参考跌至自1974年11月创纪录以来的最糟糕水平。</blockquote></p><p> And as Curtin adds, \"<b>these unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982.</b>These declines were especially sharp among those with incomes in the top third, who account for more than half of the dollar volume of retail sales.\"</p><p><blockquote>正如科廷补充的那样，“<b>这些对市场价格的不利看法将汽车和房屋的整体购买态度降至1982年以来的最低点。</b>对于收入排名前三分之一的人来说，这些下降尤其严重，他们占零售额的一半以上。”</blockquote></p><p> This can be seen in the following chart showing records across the board for \"bad buying conditions\" due to high prices for houses, durable goods and autos. In other words, due to soarking prices is America is going on a buyers' strike.</p><p><blockquote>这可以从下面的图表中看出，该图表显示了由于房屋、耐用品和汽车价格高企而导致的“不良购买条件”的全面记录。换句话说，由于价格飙升，美国正在进行买家罢工。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b46f5f27af1090c20579d573274a9f52\" tg-width=\"500\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This, for better or worse,<b>screams not only stagflation but also permanently higher prices,</b>as Curting elaborates:</p><p><blockquote>不管是好是坏，<b>尖叫的不仅是滞胀，还有永久上涨的价格，</b>正如柯廷所阐述的：</blockquote></p><p>   <i>... in the emergence from the pandemic, consumers are temporarily less sensitive to prices due to pent-up demand and record savings as well as improved job and income prospects.</i>   <i><b>The acceptance of price increases as due to the pandemic, makes inflationary psychology more likely to gain a foothold if the exit is lengthy.</b></i>  The problem: sooner or laters the stimmies will end, but prices by then will already be fixed higher, and good luck trying to pull them down.</p><p><blockquote><i>...在疫情的出现中，由于被压抑的需求和创纪录的储蓄以及就业和收入前景的改善，消费者对价格的敏感度暂时降低。</i><i><b>如果退出时间很长，人们接受疫情导致的价格上涨，使得通胀心理更有可能站稳脚跟。</b></i>问题是：刺激迟早会结束，但到那时价格已经被固定得更高，祝你好运，试图拉低价格。</blockquote></p><p></p><p>   <i>While expansive monetary and fiscal policies are still warranted, the accompanying rise in inflation will cause uneven distributional impacts. Those impacts have already been noticed in June among the elderly and lower income households. A shift in the Fed's policy language could douse any incipient inflationary psychology, it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead.</i>  Oh, and for those saying wage hikes may be permanent we have some bad news: employers know very well that the extended unemployment benefits bonanza ends in September at which point millions of currently unemployed workers will flood back into the labor force sending wages sharply lower, and is why instead of raising base pay, most potential employers offer one-time bonuses, which - as the name implies - are one-time. As for higher wage pressures, well... just wait until October when everything reverses, Uncle Sam is no longer a better paying competitor to the US private sector, and wages slump.</p><p><blockquote><i>虽然扩张性货币和财政政策仍然是必要的，但随之而来的通胀上升将造成分配不均的影响。六月份，老年人和低收入家庭已经注意到了这些影响。美联储政策语言的转变可能会浇灭任何初期的通胀心理，这对消费者来说并不奇怪，因为三分之二的人已经预计未来一年利率会上升。</i>哦，对于那些说工资上涨可能是永久性的人来说，我们有一些坏消息：雇主们非常清楚，延长失业救济金的繁荣将于9月份结束，届时数百万目前失业的工人将涌入劳动力市场，导致工资大幅下降，这就是为什么大多数潜在雇主不提高基本工资，而是提供一次性奖金，顾名思义，这是一次性的。至于更高的工资压力，嗯...等到10月份，当一切发生逆转时，山姆大叔不再是美国私营部门薪酬更高的竞争对手，工资也会暴跌。</blockquote></p><p> What does that mean for the economy? Well, all those producers and retailers who got used to bumper demand and pushed their prices sharply and not so sharply higher, will face a stark choice: either drag prices right back down, or sell far fewer goods and services. That, or just await the next bailout.</p><p><blockquote>这对经济意味着什么？好吧，所有那些习惯于满足需求并大幅推高价格（而不是大幅上涨）的生产商和零售商将面临严峻的选择：要么直接拉低价格，要么销售更少的商品和服务。或者只是等待下一次救助。</blockquote></p><p> One thing is certain:<b>six months from today, the US economy will be far, far uglier.</b></p><p><blockquote>有一点是肯定的：<b>从今天起六个月后，美国经济将会更加丑陋。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/hangover-arrives-explosive-inflation-leads-record-collapse-home-car-purchase-plans\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/hangover-arrives-explosive-inflation-leads-record-collapse-home-car-purchase-plans","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114257617","content_text":"For the past several months we have warned about the pernicious effects soaring prices are having on both corporations (\"Buckle Up! Inflation Is Here!\") and consumers (\"\"This Is Not Transitory\": Hyperinflation Fears Are Soaring Across America\"), prompting even otherwise boring sellside research to get  (hyper) exciting, with Deutsche Bank (which warned this week that \"Inflation Is About To Explode \"Leaving Global Economies Sitting On A Time Bomb\"\") and Bank of America (which \"Just Threw Up All Over The Fed's \"Transitory\" Argument\") now openly claiming thatthe Fed is wrong, and the US is facing an unprecedented period of far higher, non-transitory inflation, with DB going so far as towarn\"policymakers will face the most challenging years since the Volcker/Reagan period in the 1980s.\"\nBut none of this has spooked the Fed into conceding - or believing - that inflation is anything more than transitory. And maybe just this once, the Fed has a point because all else equal, by which we mean lack of rising wages, the best cure to higher prices is, well... higher prices.\nPresenting Exhibit A: two weeks ago,we observed that anticipatingan end to Biden's stimmy bonanza end and that soon they will have to live again within their means, Americans' buying intentions (6 months from today) as measured by the Conference Board, had cratered across the 3 major spending categories: homes, automobiles and major household appliances.\n\nThe drop was so massive, it amounted to the biggest one-month drop in intentions to purchase appliances...\n\n... and homes...\n\nThis confirms what wenoted earlier, namely a record divergence between crashing homebuyer confidence (due to record home prices) and soaring homebuilder confidence (also due to record home prices). Guess which one will matter in the end.\n\nFast forward to today when we just gotExhibit B: the June UMichigan Sentiment Survey.\nWhile there wassome good news here, in that inflation expectations for both the 1-year and 5-10 look ahead periods dropped slightly...\n\n... what we found more concerning is what chief economist, Richard Curtin said namely that since \"Rising inflation remained a top concern of consumers\", the spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974.\nAnd as Curtin adds, \"these unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982.These declines were especially sharp among those with incomes in the top third, who account for more than half of the dollar volume of retail sales.\"\nThis can be seen in the following chart showing records across the board for \"bad buying conditions\" due to high prices for houses, durable goods and autos. In other words, due to soarking prices is America is going on a buyers' strike.\n\nThis, for better or worse,screams not only stagflation but also permanently higher prices,as Curting elaborates:\n\n... in the emergence from the pandemic, consumers are temporarily less sensitive to prices due to pent-up demand and record savings as well as improved job and income prospects.\nThe acceptance of price increases as due to the pandemic, makes inflationary psychology more likely to gain a foothold if the exit is lengthy.\n\nThe problem: sooner or laters the stimmies will end, but prices by then will already be fixed higher, and good luck trying to pull them down.\n\nWhile expansive monetary and fiscal policies are still warranted, the accompanying rise in inflation will cause uneven distributional impacts. Those impacts have already been noticed in June among the elderly and lower income households. A shift in the Fed's policy language could douse any incipient inflationary psychology, it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead.\n\nOh, and for those saying wage hikes may be permanent we have some bad news: employers know very well that the extended unemployment benefits bonanza ends in September at which point millions of currently unemployed workers will flood back into the labor force sending wages sharply lower, and is why instead of raising base pay, most potential employers offer one-time bonuses, which - as the name implies - are one-time. As for higher wage pressures, well... just wait until October when everything reverses, Uncle Sam is no longer a better paying competitor to the US private sector, and wages slump.\nWhat does that mean for the economy? Well, all those producers and retailers who got used to bumper demand and pushed their prices sharply and not so sharply higher, will face a stark choice: either drag prices right back down, or sell far fewer goods and services. That, or just await the next bailout.\nOne thing is certain:six months from today, the US economy will be far, far uglier.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183363054,"gmtCreate":1623308592478,"gmtModify":1634034723147,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Woww","listText":"Woww","text":"Woww","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/183363054","repostId":"2142024176","repostType":4,"isVote":1,"tweetType":1,"viewCount":2031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116813232,"gmtCreate":1622787091626,"gmtModify":1634097996288,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/116813232","repostId":"2140026421","repostType":4,"isVote":1,"tweetType":1,"viewCount":1945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111517673,"gmtCreate":1622686441992,"gmtModify":1634099145461,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111517673","repostId":"1139854419","repostType":4,"isVote":1,"tweetType":1,"viewCount":643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113618046,"gmtCreate":1622609654585,"gmtModify":1634099952086,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113618046","repostId":"1179233812","repostType":4,"isVote":1,"tweetType":1,"viewCount":618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132541542,"gmtCreate":1622102922286,"gmtModify":1634183828902,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132541542","repostId":"2138146170","repostType":4,"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136830045,"gmtCreate":1622004030687,"gmtModify":1634184742250,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136830045","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","kind":"news","pubTimestamp":1622001447,"share":"https://www.laohu8.com/m/news/1129186705?lang=zh_CN&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN商业）13年前，银行界几乎崩溃了。华盛顿互惠银行的前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>克里·基林格(Kerry Killinger)于1990年被任命为WaMu首席执行官，并于2008年9月被解雇——就在该银行因越来越多的抵押贷款出现不良而倒闭的几周前。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过3000亿美元的储蓄和贷款巨头仍然是有史以来最大的银行倒闭事件。WaMu于2008年9月被监管机构查封，并以19亿美元的贱卖价格出售给摩根大通(JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger向CNN Business讲述了现在与13年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息是</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保类似2008年的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后实施多德弗兰克法案和沃尔克规则等法律以使大银行更加安全之后，摩根大通和其他“太大而不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行(BAC)、花旗集团(C)、富国银行(WFC)、高盛(GS)和摩根士丹利(MS)，以及其他在2008年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更加集中的市场份额，因此他们必须更加小心，”基林格说。“但该行业的健康状况良好，盈利良好，监管也很有力。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心许多其他经济领域的泡沫会威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但Killinger更紧张的是，0%的利率和美联储的大规模债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币（NFT）、模因股票、空白支票SPAC合并和异国情调的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深入，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策很好地摆脱了经济低迷，但当你继续延长政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。美联储是时候收紧刺激政策并允许利率上升了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于2008年金融危机的书，名为《没有什么大到不能倒：上次金融危机对今天的影响》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格(Linda Killinger)告诉CNN Business，她对金融科技公司和对冲基金的崛起感到担忧。私人股本公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>“非银行系统是问题的一个重要部分。而且仍然有很多贷款是由不受监管的银行如网上银行和许多私营公司提供的，”她说。</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员担心，就像杀手一样，一些金融公司再次变得过于笨重。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>伊丽莎白·沃伦(Elizabeth Warren)今年早些时候向财政部长珍妮特·耶伦(Janet Yellen)询问，为什么管理着超过9万亿美元资产但不是银行的iShares ETF巨头贝莱德(BLK)不被认为是“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>Archegos Capital Management是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司(VIACA)和Discovery(DISCA)以及中国科技公司百度(BIDU)和腾讯控股音乐中持有大量头寸，华尔街已经初步了解了其中一些公司的风险有多大。(TME)崩溃并给银行造成数十亿美元的损失。（AT&amp;T(T)正计划将其CNN母公司WarnerMedia部门与Discovery合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>就美联储而言，它承认，长期保持低利率并继续提供危机级别的刺激措施给市场和经济带来了一些日益增长的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最新的政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，那么在即将举行的会议中的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行对过去一年飙升的某些类型资产的敞口进行压力测试，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>“美联储在上次危机中犯了低估次贷的错误，”他说，指的是时任美联储主席本·伯南克在2007年5月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能是有限的。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫越来越大，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业将如何表现。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>本周晚些时候，大银行的负责人也将有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席这两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</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>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</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\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-05-26 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN商业）13年前，银行界几乎崩溃了。华盛顿互惠银行的前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>克里·基林格(Kerry Killinger)于1990年被任命为WaMu首席执行官，并于2008年9月被解雇——就在该银行因越来越多的抵押贷款出现不良而倒闭的几周前。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过3000亿美元的储蓄和贷款巨头仍然是有史以来最大的银行倒闭事件。WaMu于2008年9月被监管机构查封，并以19亿美元的贱卖价格出售给摩根大通(JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger向CNN Business讲述了现在与13年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息是</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保类似2008年的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后实施多德弗兰克法案和沃尔克规则等法律以使大银行更加安全之后，摩根大通和其他“太大而不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行(BAC)、花旗集团(C)、富国银行(WFC)、高盛(GS)和摩根士丹利(MS)，以及其他在2008年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更加集中的市场份额，因此他们必须更加小心，”基林格说。“但该行业的健康状况良好，盈利良好，监管也很有力。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心许多其他经济领域的泡沫会威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但Killinger更紧张的是，0%的利率和美联储的大规模债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币（NFT）、模因股票、空白支票SPAC合并和异国情调的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深入，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策很好地摆脱了经济低迷，但当你继续延长政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。美联储是时候收紧刺激政策并允许利率上升了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于2008年金融危机的书，名为《没有什么大到不能倒：上次金融危机对今天的影响》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格(Linda Killinger)告诉CNN Business，她对金融科技公司和对冲基金的崛起感到担忧。私人股本公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>“非银行系统是问题的一个重要部分。而且仍然有很多贷款是由不受监管的银行如网上银行和许多私营公司提供的，”她说。</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员担心，就像杀手一样，一些金融公司再次变得过于笨重。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>伊丽莎白·沃伦(Elizabeth Warren)今年早些时候向财政部长珍妮特·耶伦(Janet Yellen)询问，为什么管理着超过9万亿美元资产但不是银行的iShares ETF巨头贝莱德(BLK)不被认为是“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>Archegos Capital Management是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司(VIACA)和Discovery(DISCA)以及中国科技公司百度(BIDU)和腾讯控股音乐中持有大量头寸，华尔街已经初步了解了其中一些公司的风险有多大。(TME)崩溃并给银行造成数十亿美元的损失。（AT&amp;T(T)正计划将其CNN母公司WarnerMedia部门与Discovery合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>就美联储而言，它承认，长期保持低利率并继续提供危机级别的刺激措施给市场和经济带来了一些日益增长的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最新的政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，那么在即将举行的会议中的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行对过去一年飙升的某些类型资产的敞口进行压力测试，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>“美联储在上次危机中犯了低估次贷的错误，”他说，指的是时任美联储主席本·伯南克在2007年5月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能是有限的。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫越来越大，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业将如何表现。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>本周晚些时候，大银行的负责人也将有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席这两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138291718,"gmtCreate":1621940764534,"gmtModify":1634185328634,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/138291718","repostId":"2138645164","repostType":4,"isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131671793,"gmtCreate":1621859657912,"gmtModify":1634186043158,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/131671793","repostId":"1164009514","repostType":4,"repost":{"id":"1164009514","kind":"news","pubTimestamp":1621859606,"share":"https://www.laohu8.com/m/news/1164009514?lang=zh_CN&edition=full","pubTime":"2021-05-24 20:33","market":"other","language":"en","title":"Bitcoin Bounces Back Above $37,000 After Weekend Selloff<blockquote>比特币在周末抛售后反弹至37,000美元上方</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164009514","media":"Bloomberg","summary":"(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the bigge","content":"<p>(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.</p><p><blockquote>（彭博社）——比特币从过山车般的周末反弹，价格有望创下三个多月来的最大涨幅。</blockquote></p><p>The world’s largest cryptocurrency was trading 12% higher around $37,800 as of 7:37 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.</p><p><blockquote>截至纽约上午7点37分，全球最大的加密货币交易价格上涨12%，约为37,800美元。过去两周，数字货币一直受到波动的困扰，比特币价格周日暴跌18%。</blockquote></p><p>Traders may be feeling more positive as the crypto industry prepares for one of its biggest conferences of the year. The event, called Consensus by CoinDesk brings together executives, including Grayscale Investments chief Michael Sonnenshein and Binance Holdings Ltd. CEO Changpeng Zhao, for their views on everything from crypto asset management to decentralized finance.</p><p><blockquote>随着加密货币行业为今年最大的会议之一做准备，交易员可能会感到更加积极。该活动被CoinDesk称为Consensus，汇集了包括灰度投资首席执行官Michael Sonnenshein和币安控股有限公司首席执行官赵长鹏在内的高管，分享他们对从加密资产管理到去中心化金融等各个领域的看法。</blockquote></p><p>Investing executives and policymakers, such as Bridgewater Associates LP Founder Ray Dalio and Federal Reserve Governor Lael Brainard, are also slated to speak.</p><p><blockquote>Bridgewater Associates LP创始人Ray Dalio和美联储理事Lael Brainard等投资高管和政策制定者也将发表讲话。</blockquote></p><p>“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”</p><p><blockquote>加拿大皇家银行资本市场股票衍生品策略师Amy Wu Silverman在周日的一份报告中表示：“不管你喜欢与否，比特币正在影响市场。”“比特币是什么——一种货币？Elon Musk思想的一对一体现？momo+模因+投机+愤怒的Z世代的‘因素’？就像十几岁的Justin Bieber一样，你还不知道比特币会是什么样子——但你有一种感觉，它会很大。”</blockquote></p><p>Ether, the second-largest token, also rebounded on Monday, jumping 14% to about $2,300.</p><p><blockquote>第二大代币以太币周一也反弹，上涨14%至约2,300美元。</blockquote></p><p>The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase &amp; Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.</p><p><blockquote>最近的极端波动促使分析师试图猜测数字货币的前景，摩根大通公司的一个团队表示，现在看涨期权比特币抛售的结束还为时过早。高盛集团表示，极端波动阻碍了加密货币对机构投资者的吸引力。</blockquote></p><p></p>","source":"lsy1612507957220","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>Bitcoin Bounces Back Above $37,000 After Weekend Selloff<blockquote>比特币在周末抛售后反弹至37,000美元上方</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\">\nBitcoin Bounces Back Above $37,000 After Weekend Selloff<blockquote>比特币在周末抛售后反弹至37,000美元上方</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-05-24 20:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.</p><p><blockquote>（彭博社）——比特币从过山车般的周末反弹，价格有望创下三个多月来的最大涨幅。</blockquote></p><p>The world’s largest cryptocurrency was trading 12% higher around $37,800 as of 7:37 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.</p><p><blockquote>截至纽约上午7点37分，全球最大的加密货币交易价格上涨12%，约为37,800美元。过去两周，数字货币一直受到波动的困扰，比特币价格周日暴跌18%。</blockquote></p><p>Traders may be feeling more positive as the crypto industry prepares for one of its biggest conferences of the year. The event, called Consensus by CoinDesk brings together executives, including Grayscale Investments chief Michael Sonnenshein and Binance Holdings Ltd. CEO Changpeng Zhao, for their views on everything from crypto asset management to decentralized finance.</p><p><blockquote>随着加密货币行业为今年最大的会议之一做准备，交易员可能会感到更加积极。该活动被CoinDesk称为Consensus，汇集了包括灰度投资首席执行官Michael Sonnenshein和币安控股有限公司首席执行官赵长鹏在内的高管，分享他们对从加密资产管理到去中心化金融等各个领域的看法。</blockquote></p><p>Investing executives and policymakers, such as Bridgewater Associates LP Founder Ray Dalio and Federal Reserve Governor Lael Brainard, are also slated to speak.</p><p><blockquote>Bridgewater Associates LP创始人Ray Dalio和美联储理事Lael Brainard等投资高管和政策制定者也将发表讲话。</blockquote></p><p>“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”</p><p><blockquote>加拿大皇家银行资本市场股票衍生品策略师Amy Wu Silverman在周日的一份报告中表示：“不管你喜欢与否，比特币正在影响市场。”“比特币是什么——一种货币？Elon Musk思想的一对一体现？momo+模因+投机+愤怒的Z世代的‘因素’？就像十几岁的Justin Bieber一样，你还不知道比特币会是什么样子——但你有一种感觉，它会很大。”</blockquote></p><p>Ether, the second-largest token, also rebounded on Monday, jumping 14% to about $2,300.</p><p><blockquote>第二大代币以太币周一也反弹，上涨14%至约2,300美元。</blockquote></p><p>The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase &amp; Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.</p><p><blockquote>最近的极端波动促使分析师试图猜测数字货币的前景，摩根大通公司的一个团队表示，现在看涨期权比特币抛售的结束还为时过早。高盛集团表示，极端波动阻碍了加密货币对机构投资者的吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/bitcoin-bounces-back-above-37-120715542.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/bitcoin-bounces-back-above-37-120715542.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164009514","content_text":"(Bloomberg) -- Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.The world’s largest cryptocurrency was trading 12% higher around $37,800 as of 7:37 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18% on Sunday.Traders may be feeling more positive as the crypto industry prepares for one of its biggest conferences of the year. The event, called Consensus by CoinDesk brings together executives, including Grayscale Investments chief Michael Sonnenshein and Binance Holdings Ltd. CEO Changpeng Zhao, for their views on everything from crypto asset management to decentralized finance.Investing executives and policymakers, such as Bridgewater Associates LP Founder Ray Dalio and Federal Reserve Governor Lael Brainard, are also slated to speak.“Love or hate it, Bitcoin is impacting markets,” said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets, in a note Sunday. “What is Bitcoin—a currency? A 1-for-1 manifestation of Elon Musk’s thoughts? A ‘factor’ of momo+meme+speculation+angry Gen Z’s? Like a tween Justin Bieber, you don’t know what Bitcoin will be yet -- but you have a feeling it will be big.”Ether, the second-largest token, also rebounded on Monday, jumping 14% to about $2,300.The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase & Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133447228,"gmtCreate":1621794271364,"gmtModify":1634186566964,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133447228","repostId":"1104206984","repostType":4,"repost":{"id":"1104206984","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621602307,"share":"https://www.laohu8.com/m/news/1104206984?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:05","market":"us","language":"en","title":"Nvidia announces four-for-one stock split<blockquote>英伟达宣布四比一的股票分割</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104206984","media":"Tiger Newspress","summary":"Nvidia stock surged 4% in premarket trading after Nvidia announcing four-for-one stock split, pending stockholder approval at annual meeting set for june 3.NVIDIA today announced that its board of directors declared a four-for-one split of NVIDIA’s common stock in the form of a stock dividend to make stock ownership more accessible to investors and employees.The stock dividend is conditioned on obtaining stockholder approval at the company’s 2021 Annual Meeting of Stockholders ― to be held virtu","content":"<p>Nvidia&nbsp;stock&nbsp;surged&nbsp;4%&nbsp;in premarket trading&nbsp;after&nbsp;Nvidia announcing four-for-one stock split, pending stockholder approval at annual meeting set for june 3.</p><p><blockquote>英伟达宣布进行四比一的股票分割后，英伟达股价在盘前交易中飙升4%，等待股东在定于6月3日举行的年会上批准。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ce7f341b06f2a7d0ff51e4ab3cb6f2e\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>NVIDIA today announced that its board of directors declared a four-for-one split of NVIDIA’s common stock in the form of a stock dividend to make stock ownership more accessible to investors and employees.</p><p><blockquote>英伟达今天宣布，其董事会宣布以股票股息的形式将英伟达普通股进行四比一的分割，以使投资者和员工更容易获得股权。</blockquote></p><p>The stock dividend is conditioned on obtaining stockholder approval at the company’s 2021 Annual Meeting of Stockholders ― to be held virtually on Thursday, June 3, at 11 a.m. PT ― to increase the number of authorized shares of common stock to 4 billion shares.</p><p><blockquote>股票股息的条件是在公司2021年年度股东大会（将于太平洋时间6月3日星期四上午11点举行）上获得股东批准，将普通股授权股数增加到40亿股。</blockquote></p><p>If approval is obtained, each NVIDIA stockholder of record at the close of business on June 21, 2021, will receive a dividend of three additional shares of common stock for every share held on the record date, to be distributed after the close of trading on July 19, 2021. Trading is expected to begin on a stock split-adjusted basis on July 20.</p><p><blockquote>如果获得批准，在2021年6月21日营业结束时登记在册的每位NVIDIA股东将获得在登记日持有的每股额外三股普通股的股息，该股息将在交易结束后分配2021年7月19日。预计将于7月20日在股票分割调整后开始交易。</blockquote></p><p><b>About NVIDIA</b></p><p><blockquote><b>关于英伟达</b></blockquote></p><p>NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the growth of the PC gaming market and has redefined modern computer graphics, high performance computing and artificial intelligence. The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries, such as transportation, healthcare and manufacturing, and fueling the growth of many others.</p><p><blockquote>英伟达（纳斯达克股票代码：NVDA）于1999年发明的GPU引发了PC游戏市场的增长，并重新定义了现代计算机图形、高性能计算和人工智能。该公司在加速计算和人工智能方面的开创性工作正在重塑交通、医疗保健和制造业等价值数万亿美元的行业，并推动许多其他行业的增长。</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>Nvidia announces four-for-one stock split<blockquote>英伟达宣布四比一的股票分割</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\">\nNvidia announces four-for-one stock split<blockquote>英伟达宣布四比一的股票分割</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-21 21:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia&nbsp;stock&nbsp;surged&nbsp;4%&nbsp;in premarket trading&nbsp;after&nbsp;Nvidia announcing four-for-one stock split, pending stockholder approval at annual meeting set for june 3.</p><p><blockquote>英伟达宣布进行四比一的股票分割后，英伟达股价在盘前交易中飙升4%，等待股东在定于6月3日举行的年会上批准。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ce7f341b06f2a7d0ff51e4ab3cb6f2e\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>NVIDIA today announced that its board of directors declared a four-for-one split of NVIDIA’s common stock in the form of a stock dividend to make stock ownership more accessible to investors and employees.</p><p><blockquote>英伟达今天宣布，其董事会宣布以股票股息的形式将英伟达普通股进行四比一的分割，以使投资者和员工更容易获得股权。</blockquote></p><p>The stock dividend is conditioned on obtaining stockholder approval at the company’s 2021 Annual Meeting of Stockholders ― to be held virtually on Thursday, June 3, at 11 a.m. PT ― to increase the number of authorized shares of common stock to 4 billion shares.</p><p><blockquote>股票股息的条件是在公司2021年年度股东大会（将于太平洋时间6月3日星期四上午11点举行）上获得股东批准，将普通股授权股数增加到40亿股。</blockquote></p><p>If approval is obtained, each NVIDIA stockholder of record at the close of business on June 21, 2021, will receive a dividend of three additional shares of common stock for every share held on the record date, to be distributed after the close of trading on July 19, 2021. Trading is expected to begin on a stock split-adjusted basis on July 20.</p><p><blockquote>如果获得批准，在2021年6月21日营业结束时登记在册的每位NVIDIA股东将获得在登记日持有的每股额外三股普通股的股息，该股息将在交易结束后分配2021年7月19日。预计将于7月20日在股票分割调整后开始交易。</blockquote></p><p><b>About NVIDIA</b></p><p><blockquote><b>关于英伟达</b></blockquote></p><p>NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the growth of the PC gaming market and has redefined modern computer graphics, high performance computing and artificial intelligence. The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries, such as transportation, healthcare and manufacturing, and fueling the growth of many others.</p><p><blockquote>英伟达（纳斯达克股票代码：NVDA）于1999年发明的GPU引发了PC游戏市场的增长，并重新定义了现代计算机图形、高性能计算和人工智能。该公司在加速计算和人工智能方面的开创性工作正在重塑交通、医疗保健和制造业等价值数万亿美元的行业，并推动许多其他行业的增长。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104206984","content_text":"Nvidia stock surged 4% in premarket trading after Nvidia announcing four-for-one stock split, pending stockholder approval at annual meeting set for june 3.NVIDIA today announced that its board of directors declared a four-for-one split of NVIDIA’s common stock in the form of a stock dividend to make stock ownership more accessible to investors and employees.The stock dividend is conditioned on obtaining stockholder approval at the company’s 2021 Annual Meeting of Stockholders ― to be held virtually on Thursday, June 3, at 11 a.m. PT ― to increase the number of authorized shares of common stock to 4 billion shares.If approval is obtained, each NVIDIA stockholder of record at the close of business on June 21, 2021, will receive a dividend of three additional shares of common stock for every share held on the record date, to be distributed after the close of trading on July 19, 2021. Trading is expected to begin on a stock split-adjusted basis on July 20.About NVIDIANVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the growth of the PC gaming market and has redefined modern computer graphics, high performance computing and artificial intelligence. The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries, such as transportation, healthcare and manufacturing, and fueling the growth of many others.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197792319,"gmtCreate":1621484272931,"gmtModify":1634188759432,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197792319","repostId":"1136676199","repostType":4,"isVote":1,"tweetType":1,"viewCount":920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197050660,"gmtCreate":1621412735050,"gmtModify":1634189353911,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Hii","listText":"Hii","text":"Hii","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197050660","repostId":"2136913702","repostType":4,"isVote":1,"tweetType":1,"viewCount":1082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194846206,"gmtCreate":1621360218805,"gmtModify":1634192155181,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575639353998529","idStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/194846206","repostId":"2135161248","repostType":4,"repost":{"id":"2135161248","kind":"news","pubTimestamp":1621343169,"share":"https://www.laohu8.com/m/news/2135161248?lang=zh_CN&edition=full","pubTime":"2021-05-18 21:06","market":"us","language":"en","title":"JD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2135161248","media":"Zacks","summary":"JD.com, Inc. is scheduled to report first-quarter 2021 results on May 19.\nFor the first quarter, the","content":"<p><b>JD.com, Inc.</b>&nbsp;is scheduled to report first-quarter 2021 results on May 19.</p><p><blockquote><b>京东公司。</b>计划于5月19日公布2021年第一季度业绩。</blockquote></p><p> For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $29.9 billion, indicating an improvement of 44.9% from the year-ago reported figure.</p><p><blockquote>对于第一季度，Zacks对收入的一致预期为299亿美元，比去年同期报告的数字提高了44.9%。</blockquote></p><p> Further, the consensus mark for earnings is pegged at 39 cents per share, indicating a 39.3% rise from the previous-year reported figure.</p><p><blockquote>此外，盈利共识为每股39美分，比上一年报告的数字增长39.3%。</blockquote></p><p> Notably, the company delivered an earnings surprise of 4.6% in the last reported quarter.</p><p><blockquote>值得注意的是，该公司在上一季度的盈利意外增长了4.6%。</blockquote></p><p> <b>JD.com, Inc. Price and EPS Surprise</b></p><p><blockquote><b>京东公司。价格和每股收益惊喜</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1fed1c36f6a8ce20878c0d2e594f77c\" tg-width=\"534\" tg-height=\"262\"><span>JD.com, Inc. price-eps-surprise | JD.com, Inc. Quote</span></p><p><blockquote><p class=\"t-img-caption\"><span>京东公司价格-每股收益-惊喜|京东公司报价</span></p></blockquote></p><p> <b>Key Factors to Note</b></p><p><blockquote><b>需要注意的关键因素</b></blockquote></p><p> The company’s JD Retail segment, comprising the e-commerce business, is expected to have been the key catalyst in the first quarter.</p><p><blockquote>该公司的京东零售部门（包括电子商务业务）预计将成为第一季度的关键催化剂。</blockquote></p><p> The launch of flagship stores of popular fashion and luxury brands like John Lobb, Stefano Ricci, Vivienne Westwoodon and Anya Hindmarch, among others, on JD.com is likely to have driven customer momentum, which in turn is expected to have aided the performance of JD Retail during the quarter-to-be-reported.</p><p><blockquote>John Lobb、Stefano Ricci、Vivienne Westwoodon和Anya Hindmarch等流行时尚和奢侈品牌在京东上开设旗舰店可能会推动客户势头，预计这反过来将有助于京东零售在待报告季度的表现。</blockquote></p><p> JD retail’s omni-channel initiatives are anticipated to have contributed well to top-line growth of the segment in the first quarter.</p><p><blockquote>京东零售的全渠道举措预计将为该细分市场第一季度的营收增长做出良好贡献。</blockquote></p><p> Moreover, the company’s collaboration with Italian luxury brands Prada and MiuMiu, which bolstered its omni-channel efforts, might have been a positive.</p><p><blockquote>此外，该公司与意大利奢侈品牌Prada和MiuMiu的合作可能是积极的，这加强了其全渠道努力。</blockquote></p><p> Furthermore, growing momentum of JD health that offers free online medical consultation and online pharmacy retail services is likely to get reflected in the company’s to-be-reported quarter’s results.</p><p><blockquote>此外，京东健康提供免费在线医疗咨询和在线药店零售服务的增长势头可能会反映在该公司即将报告的季度业绩中。</blockquote></p><p> Growing investments in research and development are also likely to have been encouraging for the company in the quarter under review.</p><p><blockquote>在本季度，不断增长的研发投资也可能对该公司来说令人鼓舞。</blockquote></p><p> Additionally, the new businesses segment comprising technology, supply chain and logistics services is expected to have helped it in gaining traction across lower-tier cities in the first quarter.</p><p><blockquote>此外，由技术、供应链和物流服务组成的新业务部门预计将帮助其在第一季度在低线城市获得牵引力。</blockquote></p><p> Moreover, the well-performing Jingxi Business Group is expected to have aided JD.com’s performance in the lower-tier cities.</p><p><blockquote>此外，表现良好的京西业务集团预计将有助于京东在低线城市的表现。</blockquote></p><p> However, increasing fulfilment, marketing, and research and development expenses are likely to have been major risks to the company’s profitability in the quarter under review.</p><p><blockquote>然而，履行、营销和研发费用的增加可能是公司本季度盈利能力的主要风险。</blockquote></p><p> Moreover, increasing competitive pressure from Alibaba in the e-commerce market might be reflected in first-quarter results.</p><p><blockquote>此外，阿里巴巴-SW在电子商务市场日益增长的竞争压力可能会反映在第一季度的业绩中。</blockquote></p><p> <b>What Our Model Says</b></p><p><blockquote><b>我们的模型所说的</b></blockquote></p><p> Our proven model does not conclusively predict an earnings beat for JD.com this time around. The combination of a positiveEarnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with ourEarnings ESP Filter.</p><p><blockquote>我们经过验证的模型并没有最终预测京东这次的盈利会超出预期。正收益ESP和咤克斯排名#1（强力买入）、2（买入）或3（持有）的组合增加了收益超出预期的可能性。但这里的情况并非如此。您可以在使用我们的收益ESP过滤器报告之前发现最值得买入或卖出的股票。</blockquote></p><p> JD.com has an Earnings ESP of -14.83% and a Zacks Rank #5 (Strong Sell), at present.</p><p><blockquote>目前，京东的收益ESP为-14.83%，咤克斯排名第五（强力卖出）。</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>JD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</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\">\nJD.com to Report Q1 Earnings: What's in the Cards?<blockquote>京东将报告第一季度收益：前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Zacks</strong><span class=\"h-time small\">2021-05-18 21:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>JD.com, Inc.</b>&nbsp;is scheduled to report first-quarter 2021 results on May 19.</p><p><blockquote><b>京东公司。</b>计划于5月19日公布2021年第一季度业绩。</blockquote></p><p> For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $29.9 billion, indicating an improvement of 44.9% from the year-ago reported figure.</p><p><blockquote>对于第一季度，Zacks对收入的一致预期为299亿美元，比去年同期报告的数字提高了44.9%。</blockquote></p><p> Further, the consensus mark for earnings is pegged at 39 cents per share, indicating a 39.3% rise from the previous-year reported figure.</p><p><blockquote>此外，盈利共识为每股39美分，比上一年报告的数字增长39.3%。</blockquote></p><p> Notably, the company delivered an earnings surprise of 4.6% in the last reported quarter.</p><p><blockquote>值得注意的是，该公司在上一季度的盈利意外增长了4.6%。</blockquote></p><p> <b>JD.com, Inc. Price and EPS Surprise</b></p><p><blockquote><b>京东公司。价格和每股收益惊喜</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1fed1c36f6a8ce20878c0d2e594f77c\" tg-width=\"534\" tg-height=\"262\"><span>JD.com, Inc. price-eps-surprise | JD.com, Inc. Quote</span></p><p><blockquote><p class=\"t-img-caption\"><span>京东公司价格-每股收益-惊喜|京东公司报价</span></p></blockquote></p><p> <b>Key Factors to Note</b></p><p><blockquote><b>需要注意的关键因素</b></blockquote></p><p> The company’s JD Retail segment, comprising the e-commerce business, is expected to have been the key catalyst in the first quarter.</p><p><blockquote>该公司的京东零售部门（包括电子商务业务）预计将成为第一季度的关键催化剂。</blockquote></p><p> The launch of flagship stores of popular fashion and luxury brands like John Lobb, Stefano Ricci, Vivienne Westwoodon and Anya Hindmarch, among others, on JD.com is likely to have driven customer momentum, which in turn is expected to have aided the performance of JD Retail during the quarter-to-be-reported.</p><p><blockquote>John Lobb、Stefano Ricci、Vivienne Westwoodon和Anya Hindmarch等流行时尚和奢侈品牌在京东上开设旗舰店可能会推动客户势头，预计这反过来将有助于京东零售在待报告季度的表现。</blockquote></p><p> JD retail’s omni-channel initiatives are anticipated to have contributed well to top-line growth of the segment in the first quarter.</p><p><blockquote>京东零售的全渠道举措预计将为该细分市场第一季度的营收增长做出良好贡献。</blockquote></p><p> Moreover, the company’s collaboration with Italian luxury brands Prada and MiuMiu, which bolstered its omni-channel efforts, might have been a positive.</p><p><blockquote>此外，该公司与意大利奢侈品牌Prada和MiuMiu的合作可能是积极的，这加强了其全渠道努力。</blockquote></p><p> Furthermore, growing momentum of JD health that offers free online medical consultation and online pharmacy retail services is likely to get reflected in the company’s to-be-reported quarter’s results.</p><p><blockquote>此外，京东健康提供免费在线医疗咨询和在线药店零售服务的增长势头可能会反映在该公司即将报告的季度业绩中。</blockquote></p><p> Growing investments in research and development are also likely to have been encouraging for the company in the quarter under review.</p><p><blockquote>在本季度，不断增长的研发投资也可能对该公司来说令人鼓舞。</blockquote></p><p> Additionally, the new businesses segment comprising technology, supply chain and logistics services is expected to have helped it in gaining traction across lower-tier cities in the first quarter.</p><p><blockquote>此外，由技术、供应链和物流服务组成的新业务部门预计将帮助其在第一季度在低线城市获得牵引力。</blockquote></p><p> Moreover, the well-performing Jingxi Business Group is expected to have aided JD.com’s performance in the lower-tier cities.</p><p><blockquote>此外，表现良好的京西业务集团预计将有助于京东在低线城市的表现。</blockquote></p><p> However, increasing fulfilment, marketing, and research and development expenses are likely to have been major risks to the company’s profitability in the quarter under review.</p><p><blockquote>然而，履行、营销和研发费用的增加可能是公司本季度盈利能力的主要风险。</blockquote></p><p> Moreover, increasing competitive pressure from Alibaba in the e-commerce market might be reflected in first-quarter results.</p><p><blockquote>此外，阿里巴巴-SW在电子商务市场日益增长的竞争压力可能会反映在第一季度的业绩中。</blockquote></p><p> <b>What Our Model Says</b></p><p><blockquote><b>我们的模型所说的</b></blockquote></p><p> Our proven model does not conclusively predict an earnings beat for JD.com this time around. The combination of a positiveEarnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with ourEarnings ESP Filter.</p><p><blockquote>我们经过验证的模型并没有最终预测京东这次的盈利会超出预期。正收益ESP和咤克斯排名#1（强力买入）、2（买入）或3（持有）的组合增加了收益超出预期的可能性。但这里的情况并非如此。您可以在使用我们的收益ESP过滤器报告之前发现最值得买入或卖出的股票。</blockquote></p><p> JD.com has an Earnings ESP of -14.83% and a Zacks Rank #5 (Strong Sell), at present.</p><p><blockquote>目前，京东的收益ESP为-14.83%，咤克斯排名第五（强力卖出）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zacks.com/stock/news/1541348/jdcom-jd-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID02-txt-1541348\">Zacks</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":{"09618":"京东集团-SW","JD":"京东"},"source_url":"https://www.zacks.com/stock/news/1541348/jdcom-jd-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID02-txt-1541348","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2135161248","content_text":"JD.com, Inc. is scheduled to report first-quarter 2021 results on May 19.\nFor the first quarter, the Zacks Consensus Estimate for revenues is pegged at $29.9 billion, indicating an improvement of 44.9% from the year-ago reported figure.\nFurther, the consensus mark for earnings is pegged at 39 cents per share, indicating a 39.3% rise from the previous-year reported figure.\nNotably, the company delivered an earnings surprise of 4.6% in the last reported quarter.\nJD.com, Inc. Price and EPS Surprise\nJD.com, Inc. price-eps-surprise | JD.com, Inc. Quote\nKey Factors to Note\nThe company’s JD Retail segment, comprising the e-commerce business, is expected to have been the key catalyst in the first quarter.\nThe launch of flagship stores of popular fashion and luxury brands like John Lobb, Stefano Ricci, Vivienne Westwoodon and Anya Hindmarch, among others, on JD.com is likely to have driven customer momentum, which in turn is expected to have aided the performance of JD Retail during the quarter-to-be-reported.\nJD retail’s omni-channel initiatives are anticipated to have contributed well to top-line growth of the segment in the first quarter.\nMoreover, the company’s collaboration with Italian luxury brands Prada and MiuMiu, which bolstered its omni-channel efforts, might have been a positive.\nFurthermore, growing momentum of JD health that offers free online medical consultation and online pharmacy retail services is likely to get reflected in the company’s to-be-reported quarter’s results.\nGrowing investments in research and development are also likely to have been encouraging for the company in the quarter under review.\nAdditionally, the new businesses segment comprising technology, supply chain and logistics services is expected to have helped it in gaining traction across lower-tier cities in the first quarter.\nMoreover, the well-performing Jingxi Business Group is expected to have aided JD.com’s performance in the lower-tier cities.\nHowever, increasing fulfilment, marketing, and research and development expenses are likely to have been major risks to the company’s profitability in the quarter under review.\nMoreover, increasing competitive pressure from Alibaba in the e-commerce market might be reflected in first-quarter results.\nWhat Our Model Says\nOur proven model does not conclusively predict an earnings beat for JD.com this time around. The combination of a positiveEarnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with ourEarnings ESP Filter.\nJD.com has an Earnings ESP of -14.83% and a Zacks Rank #5 (Strong Sell), at present.","news_type":1,"symbols_score_info":{"09618":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":342400781,"gmtCreate":1618235389143,"gmtModify":1631885579692,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZOM\">$Zomedica Pharmaceuticals Corp.(ZOM)$</a>Jesus Christ&nbsp;","listText":"<a href=\"https://laohu8.com/S/ZOM\">$Zomedica Pharmaceuticals Corp.(ZOM)$</a>Jesus Christ&nbsp;","text":"$Zomedica Pharmaceuticals Corp.(ZOM)$Jesus Christ","images":[{"img":"https://static.tigerbbs.com/dbbd55fef740ee866f21ddbc614abbe2","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/342400781","isVote":1,"tweetType":1,"viewCount":2443,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3518437135749434","authorId":"3518437135749434","name":"els","avatar":"https://static.tigerbbs.com/46ffce4cf3a3c17473797ed78ccb14b5","crmLevel":1,"crmLevelSwitch":0,"idStr":"3518437135749434","authorIdStr":"3518437135749434"},"content":"I’m confident that ZOM will head back to > $3 again when their TRUFORMA sales pick up momentum, so just hang in there💪","text":"I’m confident that ZOM will head back to > $3 again when their TRUFORMA sales pick up momentum, so just hang in there💪","html":"I’m confident that ZOM will head back to > $3 again when their TRUFORMA sales pick up momentum, so just hang in there💪"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":186132138,"gmtCreate":1623477543424,"gmtModify":1634032575913,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/186132138","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":2538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116813232,"gmtCreate":1622787091626,"gmtModify":1634097996288,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/116813232","repostId":"2140026421","repostType":4,"isVote":1,"tweetType":1,"viewCount":1945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198350162,"gmtCreate":1620931635856,"gmtModify":1634195210975,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"Nice stuff","listText":"Nice stuff","text":"Nice stuff","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/198350162","repostId":"1177245720","repostType":4,"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365795538,"gmtCreate":1614778287524,"gmtModify":1703480984051,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"Wasted","listText":"Wasted","text":"Wasted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365795538","repostId":"1143179698","repostType":4,"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350884709,"gmtCreate":1616181283301,"gmtModify":1634526841716,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"Damn","listText":"Damn","text":"Damn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350884709","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户的储备。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户的储备。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320253680,"gmtCreate":1615123727240,"gmtModify":1703484863592,"author":{"id":"3575639353998529","authorId":"3575639353998529","name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575639353998529","authorIdStr":"3575639353998529"},"themes":[],"htmlText":"Wow so true!","listText":"Wow so true!","text":"Wow so true!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320253680","repostId":"1169596583","repostType":4,"repost":{"id":"1169596583","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614958557,"share":"https://www.laohu8.com/m/news/1169596583?lang=zh_CN&edition=full","pubTime":"2021-03-05 23:35","market":"us","language":"en","title":"Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169596583","media":"老虎资讯综合","summary":"(March 5)&nbsp;Palantir plunged more than 13%.","content":"<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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