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2021-10-11

Nice

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2021-10-10

Yes

3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote>

2021-12-16

Read

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2021-10-03

Buy

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2021-07-25

Like

Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>

2021-10-18

Ok

Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>

2021-10-05

Yes

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2021-09-24

Yay

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2021-07-25

Like

Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>

2021-10-17

Good

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11:00","market":"us","language":"en","title":"Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102251183","media":"Barrons","summary":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Mo","content":"<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一清晨，通过电话联系到辉瑞公司的首席科学官米凯尔-多尔斯滕（Mikael Dolsten）时，他听起来头晕目眩。就在几天前，他的公司宣布其 Covid-19 抗病毒药物已将高危成年人的住院风险降低了 89%，这一消息震惊了市场。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>“多尔斯滕说：”这不可能是一件偶然的事情，你能够打破这种世界纪录，同时获得大满贯。他在试图说明辉瑞公司双赢的重要性时，用了体育比喻： 仅用了 10 个月就研制出了一种非常有效的 Covid-19 疫苗，一年后又研制出了一种同样令人惊叹的 Covid-19 抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉 (Albert Bourla) 要求投资者在多尔斯滕十多年来重建的研发业务上下大注。这个赌注看起来比以往任何时候都聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla 已经摆脱了辉瑞公司的非专利药物部门及其最后的消费者保健产品，留下了一家纯粹的生物制药公司，该公司将依靠多尔斯滕的科学力量生死存亡。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在 2019 年 11 月的封面故事中，<i>巴伦</i>认为Bourla和Dolsten能成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞公司的观点：<i>巴伦</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从疫情中获利会带来新的风险。低收入国家在全球70多亿剂疫苗中所占比例不到1%。如果辉瑞公司抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞公司股价飙升 10.9%，创下至少 20 年来最佳单日表现。尽管如此，随着该股目前在 50 美元左右易手，投资者继续低估该公司的估值。投资者对辉瑞公司的定价是明年预期收益的 12 倍，低于强生公司（JNJ）和礼来公司（LLY）等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临的专利悬崖的担忧。该公司将失去少数几种每年带来数十亿美元收入的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这种担忧是合理的，但辉瑞公司的科学政变应该让投资者相信，该公司的科学能够安全地渡过悬崖。市场可能需要时间才能迎头赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞公司科学实力的最好例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>辉瑞公司的 Covid-19 疫苗来自德国生物技术公司 BioNTech (BNTX) 的实验室，而新型 Covid-19 抗病毒药物则是由多尔斯滕所说的辉瑞公司位于美国东北部的实验室科学家 “梦之队 ”研发出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将精力分散在与 BioNTech 在疫苗方面的合作和对 Covid-19 药丸的追求上。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的 “巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目是一个规模小得多的项目——一组辉瑞专家利用疫苗推广剩余的资源开展工作。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“多尔斯滕说：”小分子更像是一个灵活、专注于激光的高端团队，资源相当适中。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括辉瑞公司的药物设计主管夏洛特-阿勒顿（Charlotte Allerton）。科学家们从辉瑞公司几年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“辉瑞的药物研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂是静脉注射给药的，口服给药时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“多尔斯滕说：”他们必须真正创造很多新的化学反应。科学家们创造了 600 种化合物来确定合适的药物，这一过程通常可能需要数年时间，但他们在几个月内就完成了。“他说：”四年在这里变成了四个月。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药丸。目前，该公司正在对该药物进行多项 2/3 期试验，包括一项针对高危患者的试验、一项针对非高危患者的试验以及一项针对接触过病毒但尚未患病的患者的预防措施。在第一次读数中，该药物看起来比默克公司 (MRK) 的 Covid 治疗药丸更有效。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>“Cantor Fitzgerald 的分析师 Louise Chen 说：”这无疑有助于证明（辉瑞的）药品研发比人们想象的要好。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈说，在 Covid-19 疫苗和药丸销售的耐久性得到更明确以及其余的管道得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“她说：”我认为没有一个事件会引发该股的评级被重新评级到下一个级别。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得押注辉瑞成为一项长期战略。与此同时，Moderna (MRNA) 最近几周的经历凸显了疫苗制造商因疫苗分配不均而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对 Moderna 公司越来越不满，呼吁该公司提高产量，以便以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司 “加大力度”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna 股价在过去三个月中下跌了 40% 以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞公司可能会侵蚀大约一年前推出 Covid-19 疫苗时获得的巨大商誉。本月早些时候，辉瑞公司首席执行官布尔拉将疫苗分配不公归咎于低收入国家，并表示<i>巴伦</i>不下单是他们的错。辉瑞公司以非营利价格向美国出售了10亿剂疫苗，用于捐赠给贫困国家，并表示到明年年底将总共至少向中低收入国家交付20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>当谈到抗病毒药物时，辉瑞只表示将为较贫穷的国家提供分层定价，这与它对疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫困国家提供自己的 Covid-19 药丸的计划形成了鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，该协议将允许其药丸在全球获得许可，而默克公司无需支付版税。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕说，辉瑞公司正在考虑按照与默克公司类似的机制对其药片进行许可。“他说：”我们将研究这些方案。“我们绝不是说我们会做一些不同的事情。我们只是想确保无论谁参与其中，都能获得建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的举措来得还不够快。上月底，活动人士在布尔拉家门外举行抗议活动，呼吁辉瑞公司分享其疫苗生产技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞保持相对良好的华盛顿青睐，并使其令人印象深刻的科学继续推高股价。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</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\">\nPfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-13 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一清晨，通过电话联系到辉瑞公司的首席科学官米凯尔-多尔斯滕（Mikael Dolsten）时，他听起来头晕目眩。就在几天前，他的公司宣布其 Covid-19 抗病毒药物已将高危成年人的住院风险降低了 89%，这一消息震惊了市场。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>“多尔斯滕说：”这不可能是一件偶然的事情，你能够打破这种世界纪录，同时获得大满贯。他在试图说明辉瑞公司双赢的重要性时，用了体育比喻： 仅用了 10 个月就研制出了一种非常有效的 Covid-19 疫苗，一年后又研制出了一种同样令人惊叹的 Covid-19 抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉 (Albert Bourla) 要求投资者在多尔斯滕十多年来重建的研发业务上下大注。这个赌注看起来比以往任何时候都聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla 已经摆脱了辉瑞公司的非专利药物部门及其最后的消费者保健产品，留下了一家纯粹的生物制药公司，该公司将依靠多尔斯滕的科学力量生死存亡。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在 2019 年 11 月的封面故事中，<i>巴伦</i>认为Bourla和Dolsten能成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞公司的观点：<i>巴伦</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从疫情中获利会带来新的风险。低收入国家在全球70多亿剂疫苗中所占比例不到1%。如果辉瑞公司抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞公司股价飙升 10.9%，创下至少 20 年来最佳单日表现。尽管如此，随着该股目前在 50 美元左右易手，投资者继续低估该公司的估值。投资者对辉瑞公司的定价是明年预期收益的 12 倍，低于强生公司（JNJ）和礼来公司（LLY）等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临的专利悬崖的担忧。该公司将失去少数几种每年带来数十亿美元收入的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这种担忧是合理的，但辉瑞公司的科学政变应该让投资者相信，该公司的科学能够安全地渡过悬崖。市场可能需要时间才能迎头赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞公司科学实力的最好例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>辉瑞公司的 Covid-19 疫苗来自德国生物技术公司 BioNTech (BNTX) 的实验室，而新型 Covid-19 抗病毒药物则是由多尔斯滕所说的辉瑞公司位于美国东北部的实验室科学家 “梦之队 ”研发出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将精力分散在与 BioNTech 在疫苗方面的合作和对 Covid-19 药丸的追求上。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的 “巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目是一个规模小得多的项目——一组辉瑞专家利用疫苗推广剩余的资源开展工作。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“多尔斯滕说：”小分子更像是一个灵活、专注于激光的高端团队，资源相当适中。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括辉瑞公司的药物设计主管夏洛特-阿勒顿（Charlotte Allerton）。科学家们从辉瑞公司几年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“辉瑞的药物研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂是静脉注射给药的，口服给药时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“多尔斯滕说：”他们必须真正创造很多新的化学反应。科学家们创造了 600 种化合物来确定合适的药物，这一过程通常可能需要数年时间，但他们在几个月内就完成了。“他说：”四年在这里变成了四个月。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药丸。目前，该公司正在对该药物进行多项 2/3 期试验，包括一项针对高危患者的试验、一项针对非高危患者的试验以及一项针对接触过病毒但尚未患病的患者的预防措施。在第一次读数中，该药物看起来比默克公司 (MRK) 的 Covid 治疗药丸更有效。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>“Cantor Fitzgerald 的分析师 Louise Chen 说：”这无疑有助于证明（辉瑞的）药品研发比人们想象的要好。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈说，在 Covid-19 疫苗和药丸销售的耐久性得到更明确以及其余的管道得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“她说：”我认为没有一个事件会引发该股的评级被重新评级到下一个级别。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得押注辉瑞成为一项长期战略。与此同时，Moderna (MRNA) 最近几周的经历凸显了疫苗制造商因疫苗分配不均而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对 Moderna 公司越来越不满，呼吁该公司提高产量，以便以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司 “加大力度”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna 股价在过去三个月中下跌了 40% 以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞公司可能会侵蚀大约一年前推出 Covid-19 疫苗时获得的巨大商誉。本月早些时候，辉瑞公司首席执行官布尔拉将疫苗分配不公归咎于低收入国家，并表示<i>巴伦</i>不下单是他们的错。辉瑞公司以非营利价格向美国出售了10亿剂疫苗，用于捐赠给贫困国家，并表示到明年年底将总共至少向中低收入国家交付20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>当谈到抗病毒药物时，辉瑞只表示将为较贫穷的国家提供分层定价，这与它对疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫困国家提供自己的 Covid-19 药丸的计划形成了鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，该协议将允许其药丸在全球获得许可，而默克公司无需支付版税。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕说，辉瑞公司正在考虑按照与默克公司类似的机制对其药片进行许可。“他说：”我们将研究这些方案。“我们绝不是说我们会做一些不同的事情。我们只是想确保无论谁参与其中，都能获得建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的举措来得还不够快。上月底，活动人士在布尔拉家门外举行抗议活动，呼吁辉瑞公司分享其疫苗生产技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞保持相对良好的华盛顿青睐，并使其令人印象深刻的科学继续推高股价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102251183","content_text":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.\n“It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.\nTwo years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.\nBourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.\nIn a cover story in November 2019, Barron’s argued that Bourla and Dolsten could pull it off.\nThe new antiviral data reaffirms the case for Pfizer that Barron’s made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.\nPfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like Johnson & Johnson (JNJ) and Eli Lilly (LLY).\nThe Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.\nThe worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.\nThe success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.\nWhile Pfizer’s Covid-19 vaccine came out of the labs of the German biotech BioNTech (BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.\nIn the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.\nThe antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.\n“The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.\nDolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.\n“[Pfizer’s] pharmaceutical R&D is better than people had thought.”\nThe protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.\n“They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.\nPfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from Merck (MRK).\n“It definitely helps prove the point that [Pfizer’s] pharmaceutical R&D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.\nChen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.\n“There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”\nThat makes a bet on Pfizer a long-term play. In the meantime, the experience of Moderna (MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.\nBiden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”\nModerna shares are down more than 40% over the past three months.\nAs the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling Barron’s that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.\nWhen it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.\nThat contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.\nDolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”\nSuch a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.\nAn aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":4069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842727397,"gmtCreate":1636247223653,"gmtModify":1636247223770,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842727397","repostId":"2181974224","repostType":4,"isVote":1,"tweetType":1,"viewCount":2776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854592608,"gmtCreate":1635466687758,"gmtModify":1635466861367,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/854592608","repostId":"2179291938","repostType":4,"isVote":1,"tweetType":1,"viewCount":2751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858883366,"gmtCreate":1635035786601,"gmtModify":1635035786729,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858883366","repostId":"2177411191","repostType":4,"isVote":1,"tweetType":1,"viewCount":3760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851773030,"gmtCreate":1634949141866,"gmtModify":1634949142042,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/851773030","repostId":"2177927412","repostType":4,"isVote":1,"tweetType":1,"viewCount":2830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853378106,"gmtCreate":1634776810454,"gmtModify":1634776810595,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853378106","repostId":"2177314294","repostType":4,"isVote":1,"tweetType":1,"viewCount":3084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827462505,"gmtCreate":1634517766933,"gmtModify":1634517767111,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/827462505","repostId":"1185155570","repostType":4,"repost":{"id":"1185155570","kind":"news","pubTimestamp":1634511079,"share":"https://www.laohunote.com/m/news/1185155570?lang=zh_CN&edition=full","pubTime":"2021-10-18 06:51","market":"us","language":"en","title":"Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185155570","media":"Barrons","summary":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. ","content":"<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的加剧，72 家标普500公司本周公布了财报。几家美国大银行上周开局强劲。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业等知名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>宝洁公司（Albertsons）和道富银行（State Street）将在周一大放异彩。宝洁公司（Procter &amp; Gamble）、哈里伯顿公司（Halliburton）和强生公司（Johnson &amp; Johnson）是周二上午的亮点，Netflix 和美国联合航空公司（United Airlines Holdings）将在收盘后紧随其后。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，威瑞森通信公司、IBM 和特斯拉将受到最多的关注。美国电话电报公司、美国航空集团、西南航空和 Chipotle Mexican Grill 将于周四发布报告，随后美国运通、斯伦贝谢和霍尼韦尔国际公司将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周的经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有人都从前几个月的水平回落了。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新发布的褐皮书（描述了美国各地的经济状况），以及 9 月份的两项房地产市场指标： 美国人口普查局（Census Bureau）将于周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）将于周四报告现房销售情况。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>10/18星期一</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继 8 月份上涨 0.4% 之后，经济学家预计上涨 0.20%。预计 9 月份的产能利用率为 76.5%，与 8 月份的 76.4% 大致持平。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二 10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节性调整后的新屋开工年率为 162.3 万套，而 8 月份为 161.5 万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>Halliburton、Procter &amp; Gamble、Johnson &amp; Johnson、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、Interactive Brokers Group、Netflix、ManpowerGroup、Dover 和加拿大国家铁路公司等公司在评级举办了财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布关于中央银行 12 个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、百健、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、威瑞森通信、CSX、Lam Research、特斯拉、IBM 和 Anthem 讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四 10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份的现房销售情况。经济学家预测，经季节性调整后的年销量为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、Genuine Parts、西南航空、Valero Energy、黑石、Quest Diagnostics、Snap安、拖拉机供应、巴克莱银行、丹纳赫、美国电话电报公司、纽柯、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、美泰和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从 9 月份的 30.7 降至 10 月份的 24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>会议委员会</b>发布9月份领先经济指数。继 8 月份上涨 0.90% 之后，预计上涨 0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>10/22星期五</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit 发布</b>10月份制造业和服务业采购经理人指数。制造业PMI的普遍预期为60.3，而服务业PMI预计为54.7，而9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>惠而浦、霍尼韦尔、Cleveland-Cliffs、塞拉尼斯、HCA Healthcare、斯伦贝谢、希捷科技控股公司、VF公司和美国运通主办了评级投资者会议。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-18 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的加剧，72 家标普500公司本周公布了财报。几家美国大银行上周开局强劲。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业等知名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>宝洁公司（Albertsons）和道富银行（State Street）将在周一大放异彩。宝洁公司（Procter &amp; Gamble）、哈里伯顿公司（Halliburton）和强生公司（Johnson &amp; Johnson）是周二上午的亮点，Netflix 和美国联合航空公司（United Airlines Holdings）将在收盘后紧随其后。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，威瑞森通信公司、IBM 和特斯拉将受到最多的关注。美国电话电报公司、美国航空集团、西南航空和 Chipotle Mexican Grill 将于周四发布报告，随后美国运通、斯伦贝谢和霍尼韦尔国际公司将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周的经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有人都从前几个月的水平回落了。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新发布的褐皮书（描述了美国各地的经济状况），以及 9 月份的两项房地产市场指标： 美国人口普查局（Census Bureau）将于周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）将于周四报告现房销售情况。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>10/18星期一</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继 8 月份上涨 0.4% 之后，经济学家预计上涨 0.20%。预计 9 月份的产能利用率为 76.5%，与 8 月份的 76.4% 大致持平。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二 10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节性调整后的新屋开工年率为 162.3 万套，而 8 月份为 161.5 万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>Halliburton、Procter &amp; Gamble、Johnson &amp; Johnson、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、Interactive Brokers Group、Netflix、ManpowerGroup、Dover 和加拿大国家铁路公司等公司在评级举办了财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布关于中央银行 12 个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、百健、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、威瑞森通信、CSX、Lam Research、特斯拉、IBM 和 Anthem 讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四 10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份的现房销售情况。经济学家预测，经季节性调整后的年销量为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、Genuine Parts、西南航空、Valero Energy、黑石、Quest Diagnostics、Snap安、拖拉机供应、巴克莱银行、丹纳赫、美国电话电报公司、纽柯、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、美泰和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从 9 月份的 30.7 降至 10 月份的 24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>会议委员会</b>发布9月份领先经济指数。继 8 月份上涨 0.90% 之后，预计上涨 0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>10/22星期五</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit 发布</b>10月份制造业和服务业采购经理人指数。制造业PMI的普遍预期为60.3，而服务业PMI预计为54.7，而9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>惠而浦、霍尼韦尔、Cleveland-Cliffs、塞拉尼斯、HCA Healthcare、斯伦贝谢、希捷科技控股公司、VF公司和美国运通主办了评级投资者会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","HAL":"哈里伯顿",".SPX":"S&P 500 Index","IBM":"IBM","T":"At&T","INTC":"英特尔","NFLX":"奈飞","LUV":"西南航空","JNJ":"强生",".IXIC":"NASDAQ Composite","AXP":"美国运通","CMG":"墨式烧烤","TSLA":"特斯拉","AAL":"美国航空","UAL":"联合大陆航空"},"source_url":"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185155570","content_text":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights will include results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.\n\nAlbertsons and State Street get the ball rolling on Monday.Procter & Gamble,Halliburton,and Johnson & Johnson are Tuesday morning’s highlights, followed by Netflix and United Airlines Holdings after the market closes.\nOn Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&T, American Airlines Group,Southwest Airlines,and Chipotle Mexican Grill report on Thursday, then American Express,Schlumberger,and Honeywell International close the week on Friday.\nEconomic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.\nOther releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.\nMonday 10/18\nThe Federal Reserve releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.\nAlbertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.\nTuesday 10/19\nThe Census Bureau reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.\nHalliburton, Procter & Gamble, Johnson & Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.\nWednesday 10/20\nThe Federal Reserve releases its beige book about current economic conditions across the central bank’s 12 districts.\nAbbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.\nThursday 10/21\nThe National Association of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.\nDow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.\nThe Philadelphia Fed diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.\nThe Conference Board releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.\nFriday 10/22\nIHS Markit releases the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.\nWhirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference 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21:52","market":"us","language":"en","title":"3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115058296","media":"Motley Fool","summary":"Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might","content":"<p>Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might be on the way.</p><p><blockquote>大多数人听到这个消息不会感到兴奋，但股市崩盘或两位数调整可能即将到来。</blockquote></p><p> To be crystal clear, no one can predict with any long-term accuracy precisely when a crash or correction will occur, how steep the decline will be, how long it'll last, or in many instances what'll precipitate the move lower in the broader market. But one thing is clear: Crashes and correction are a normal part of the investing cycle and the price of admission to the greatest wealth creator on the planet.</p><p><blockquote>需要明确的是，没有人能够长期准确地预测崩盘或调整何时会发生、下跌会有多严重、会持续多久，或者在许多情况下会导致大盘下跌。但有一点是明确的：崩盘和调整是投资周期的正常组成部分，也是加入地球上最伟大财富创造者的代价。</blockquote></p><p> History isn't the market's friend in the near term</p><p><blockquote>短期内历史不是市场的朋友</blockquote></p><p> At the moment, there are&nbsp;no shortage of tail&nbsp;winds&nbsp;for a stock market crash. In particular, history doesn't look to be the friend of the benchmark&nbsp;<b>S&amp;P 500</b>&nbsp;(SNPINDEX:^GSPC)over the short term.</p><p><blockquote>目前，股市崩盘并不缺乏顺风。特别是，历史看起来并不是基准的朋友<b>标普500</b>(SNPINDEX:^GSPC)短期内。</blockquote></p><p> For instance, the widely followed S&amp;P 500 has behaved similarly following each of its previous eight bear-market bottoms, dating back to 1960. Within three years of bouncing back from its trough, the S&amp;P 500 has always had one or two instances where it's declined by at least 10%. Rallying from a bear-market bottom is a bumpy process that takes time. With the broad-based index doubling in value in less than 17 months, there's a good chance we're long overdue for some \"bumps.\"</p><p><blockquote>例如，广受关注的标普500在自 1960 年以来的前八次熊市底部之后都表现得类似。在从低谷反弹的三年内，标普500总是有一两次至少下跌10%。从熊市底部反弹是一个坎坷的过程，需要时间。随着基础广泛的指数在不到 17 个月的时间里翻了一番，我们很可能早就应该出现一些“上涨”了。</blockquote></p><p> History is&nbsp;no fan of extended valuations, either. As of the close of business on Monday, Oct. 4, the S&amp;P 500's Shiller price-to-earnings ratio was north of 37. The Shiller P/E takes into account inflation-adjusted earnings over the past 10 years. While access to information over the internet has helped expand P/E multiples since the mid-1990s, history is quite clear that bad things happen when the S&amp;P 500's Shiller P/E crosses above 30. In the previous four instances this has happened, the broad-based index shed at least 20% of its value.</p><p><blockquote>历史也不喜欢延长估值。截至 10 月 4 日星期一收盘，标准普尔 500 指数的席勒市盈率高于 37。席勒市盈率考虑了过去 10 年经通货膨胀调整后的收益。虽然自20世纪90年代中期以来，通过互联网获取信息有助于扩大市盈率，但历史非常清楚，当标准普尔500的席勒市盈率超过30时，坏事就会发生。在之前的四个例子中，基础广泛的指数损失了至少20%的价值。</blockquote></p><p> Even the history behind margin-debt usage is worrisome. Although it's perfectly normal for nominal margin debt outstanding to increase over time, it's&nbsp;not normal&nbsp;for margin-debt usage to skyrocket higher in a short time frame. There have been three instances since 1995 where margin-debt usage jumped by at least 60% in a given year. Two of these instances were directly before the dot-com bubble burst and the financial crisis began. The third instance is in 2021.</p><p><blockquote>甚至保证金债务使用背后的历史也令人担忧。尽管名义未偿保证金债务随着时间的推移而增加是完全正常的，但保证金债务的使用量在短时间内飙升是不正常的。自 1995 年以来，已有三次保证金债务的使用量在某一年跃升了至少 60%。其中两个例子发生在互联网泡沫破裂和金融危机爆发之前。第三次是在2021年。</blockquote></p><p> The table would appear to be a set for sizable but healthy pullback in the S&amp;P 500.</p><p><blockquote>这张桌子似乎是标普500大幅但健康回调的一套。</blockquote></p><p> A crash or steep correction is the perfect time to buy these surefire stocks</p><p><blockquote>崩盘或大幅调整是购买这些稳健股票的最佳时机</blockquote></p><p> While big moves lower in the market are known to cause investor anxiety, they're also the perfect opportunity to pounce. You see, whereas history isn't the market's friend in the short run, it's unquestionably thegreatest ally of investors over the long term.</p><p><blockquote>虽然众所周知，市场大幅下跌会引起投资者焦虑，但它们也是抢购的绝佳机会。你看，虽然历史在短期内不是市场的朋友，但从长远来看，它无疑是投资者最大的盟友。</blockquote></p><p> For example, there's never been a rolling 20-year period over the past century when an S&amp;P 500 tracking index wouldn't have generated a positive annualized total return for investors. A crash or correction is simply an opportunity to buy great companies at a discount.</p><p><blockquote>例如，在过去的一个世纪里，标普500跟踪指数从来没有一个滚动的 20 年期间不会为投资者产生正的年化总回报。崩盘或调整只是一个以折扣价收购伟大公司的机会。</blockquote></p><p> Should this recent sell-off manifest into a crash or correction, the following three surefire stocks can be confidently bought hand over fist.</p><p><blockquote>如果最近的抛售表现为崩盘或回调，以下三只 surefire 股票可以放心地买入。</blockquote></p><p> Berkshire Hathaway</p><p><blockquote>伯克希尔哈撒韦公司</blockquote></p><p> Few stocks have&nbsp;generated more surefire returns&nbsp;for long-term investors than Warren Buffett's conglomerate&nbsp;<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B). Since taking over as CEO in 1965, Buffett has overseen an average annual return of the company's Class A shares (BRK.A) of 20%. In aggregate, and taking into account the year-to-date return of Berkshire Hathaway, Buffett has created around $600 billion in shareholder value and produced a roughly 3,300,000% return in 56 years.</p><p><blockquote>很少有股票能比沃伦·巴菲特的企业集团为长期投资者带来更可靠的回报<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）。自 1965 年接任首席执行官以来，巴菲特监督该公司 A 类股票 (BRK.A) 的平均年回报率为 20%。总体而言，考虑到伯克希尔哈撒韦公司今年迄今为止的回报，巴菲特在 56 年内创造了约 6000 亿美元的股东价值，并产生了约 3,300,000% 的回报率。</blockquote></p><p> Though there is&nbsp;a laundry list of reasons for Buffett's success, his leanings toward cyclical businesses plays a big role. Even though the Oracle of Omaha is well aware that economic contractions and recessions are inevitable, he understands that periods of expansion tend to last substantially longer. Thus, he's packed Berkshire Hathaway's investment portfolio with bank stocks, tech stocks, and consumer staples companies that'll thrive during an expanding economy.</p><p><blockquote>尽管巴菲特成功的原因有很多，但他对周期性业务的倾向发挥了重要作用。尽管奥马哈先知很清楚经济收缩和衰退是不可避免的，但他明白扩张期往往会持续更长的时间。因此，他将伯克希尔哈撒韦公司的投资组合纳入了银行股、科技股和必需消费品公司，这些公司将在经济扩张期间蓬勃发展。</blockquote></p><p> Another reason Berkshire Hathaway has delivered such incredible returns is Buffett's focus on&nbsp;dividend stocks. While Berkshire doesn't pay a dividend, it's on pace to collect more than $5 billion in dividend income in 2021. That's nearly a 5% yield, relative to the cost basis of Berkshire's holdings. Since dividend stocks are almost always profitable and time-tested, they fit the bill of what Buffett is looking for in a long-term holding.</p><p><blockquote>伯克希尔哈撒韦公司带来如此令人难以置信的回报的另一个原因是巴菲特对股息股票的关注。虽然伯克希尔不支付股息，但它有望在 2021 年获得超过 50 亿美元的股息收入。相对于伯克希尔持股的成本基础，收益率接近 5%。由于股息股票几乎总是有利可图且经过时间考验，因此它们符合巴菲特长期持有的要求。</blockquote></p><p> Long story short, riding Buffett's coattails has often been a smart move.</p><p><blockquote>长话短说，追随巴菲特的脚步往往是明智之举。</blockquote></p><p> Salesforce</p><p><blockquote>销售力量</blockquote></p><p></p><p> Another surefire stock that's continuously delivered for its shareholders and would be perfect to buy during a stock market crash is&nbsp;<b>Salesforce.com</b>(NYSE:CRM), which provides software solutions for cloud-based customer relationship management (CRM).</p><p><blockquote>另一只持续为股东提供且非常适合在股市崩盘期间购买的 surefire 股票是<b>销售力量网站</b>（纽约证券交易所股票代码：CRM），提供基于云的客户关系管理（CRM）软件解决方案。</blockquote></p><p> For those of you unfamiliar with CRM, it's used by consumer-facing businesses to enhance customer relationships and boost sales. It can be used to handle service or product issues, oversee online marketing campaigns, and run predictive sales analyses of an existing client base. What's particularly noteworthy about CRM software is that it's finding its way into nontraditional sectors, such as finance and healthcare.</p><p><blockquote>对于那些不熟悉CRM的人来说，它被面向消费者的企业用来加强客户关系和促进销售。它可用于处理服务或产品问题，监督在线营销活动，以及对现有客户群进行预测销售分析。CRM软件特别值得注意的是，它正在进入非传统领域，如金融和医疗保健。</blockquote></p><p> Cloud-based CRM software offers double-digit growth potential through at least mid-decade, and Salesforce&nbsp;sits at the center of this rapidly growing trend. According to IDC, Salesforce controlled 19.5% of global CRM spending in 2020, which is over a full percentage point higher than the share&nbsp;<b>Oracle</b>,<b>SAP</b>,<b>Microsoft</b>, and&nbsp;<b>Adobe</b>&nbsp;possessed last year on a&nbsp;<i>combined</i>&nbsp;basis.&nbsp; A little stock market turbulence doesn't change demand for CRM software solutions or weaken Salesforce's commanding market share lead.</p><p><blockquote>基于云的CRM软件至少在十年中期提供两位数的增长潜力，而Salesforce处于这一快速增长趋势的中心。根据IDC的数据，2020年，Salesforce控制了全球CRM支出的19.5%，比市场份额高出整整一个百分点<b>甲骨文</b>,<b>树液</b>,<b>微软</b>，和<b>土坯</b>去年被附身在<i>联合的</i>基础。一点点股市动荡不会改变对 CRM 软件解决方案的需求，也不会削弱 Salesforce 的市场份额领先地位。</blockquote></p><p> What's more, CEO Marc Benioff&nbsp;has been an acquisition maven. The buyouts of MuleSoft, Tableau, and most recently Slack Technologies have added to the company's cloud-based ecosystem and should allow annual sales to more than double to $50 billion over the next five years. Any discount investors can get on shares of Salesforce should be viewed as a gift.</p><p><blockquote>更重要的是，首席执行官马克·贝尼奥夫一直是收购专家。对 MuleSoft、Tableau 以及最近的 Slack Technologies 的收购增加了该公司基于云的生态系统，并将在未来五年内使年销售额翻一番以上，达到 500 亿美元。投资者在 Salesforce 股票上获得的任何折扣都应该被视为一份礼物。</blockquote></p><p> Alphabet</p><p><blockquote>Alphabet</blockquote></p><p> A third&nbsp;surefire stock to buy if a stock market crash or correction arises&nbsp;is&nbsp;<b>Alphabet</b>(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming content provider YouTube.</p><p><blockquote>如果发生股市崩盘或调整，值得购买的第三只肯定股票是<b>Alphabet</b>（纳斯达克股票代码：GOOGL）（纳斯达克股票代码：GOOG），互联网搜索引擎谷歌和流媒体内容提供商 YouTube 的母公司。</blockquote></p><p> When it comes to global internet search, there's Google and everyone else. The thing is, \"everyone else\" barely moves the needle. According to GlobalStats, Google accounted for 92% of the worldwide search engine market in September. Looking back two years, it's much of the same, with Google holding a&nbsp;91% to 93% share of global internet search. As the clear go-to for advertisers, Alphabet's Google benefits immensely from long-winded periods of U.S. and global economic expansion.</p><p><blockquote>说到全球互联网搜索，有谷歌和其他所有人。问题是，“其他人”几乎没有移动针头。根据GlobalStats的数据，谷歌在9月份占据了全球搜索引擎市场的92%。回顾两年，情况大同小异，谷歌占据了全球互联网搜索91%到93%的份额。作为广告商的明确选择，Alphabet 旗下的谷歌从美国和全球经济扩张的漫长时期中受益匪浅。</blockquote></p><p> What might be even more exciting than Alphabet's veritable monopoly on internet search is the company's rapidly growing ancillary projects. Streaming service provider YouTube saw ad revenue surge 84% in the second quarter, with its annual sales run rate hitting $28 billion. YouTube has quickly become one of the most-visited social sites on the planet.</p><p><blockquote>可能比Alphabet在互联网搜索领域名副其实的垄断更令人兴奋的是该公司快速增长的辅助项目。流媒体服务提供商 YouTube 第二季度广告收入激增 84%，年销售额达到 280 亿美元。YouTube已经迅速成为这个星球上访问量最大的社交网站之一。</blockquote></p><p> Meanwhile, Google Cloud delivered 54% sales growth in the June-ended quarter and now sports an annual run rate over $18 billion in sales. Google Cloud is the third-biggest player in cloud infrastructure and should grow into a major source of operating cash flow for Alphabet over time. There's&nbsp;absolutely no reason&nbsp;for Alphabet not to be on your buy list if the market crashes or corrects.</p><p><blockquote>与此同时，谷歌云在截至 6 月份的季度销售额增长了 54%，目前年销售额超过 180 亿美元。谷歌云是云基础设施领域的第三大参与者，随着时间的推移，应该会发展成为Alphabet运营现金流的主要来源。如果市场崩溃或调整，Alphabet绝对没有理由不在你的购买清单上。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-10-09 21:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might be on the way.</p><p><blockquote>大多数人听到这个消息不会感到兴奋，但股市崩盘或两位数调整可能即将到来。</blockquote></p><p> To be crystal clear, no one can predict with any long-term accuracy precisely when a crash or correction will occur, how steep the decline will be, how long it'll last, or in many instances what'll precipitate the move lower in the broader market. But one thing is clear: Crashes and correction are a normal part of the investing cycle and the price of admission to the greatest wealth creator on the planet.</p><p><blockquote>需要明确的是，没有人能够长期准确地预测崩盘或调整何时会发生、下跌会有多严重、会持续多久，或者在许多情况下会导致大盘下跌。但有一点是明确的：崩盘和调整是投资周期的正常组成部分，也是加入地球上最伟大财富创造者的代价。</blockquote></p><p> History isn't the market's friend in the near term</p><p><blockquote>短期内历史不是市场的朋友</blockquote></p><p> At the moment, there are&nbsp;no shortage of tail&nbsp;winds&nbsp;for a stock market crash. In particular, history doesn't look to be the friend of the benchmark&nbsp;<b>S&amp;P 500</b>&nbsp;(SNPINDEX:^GSPC)over the short term.</p><p><blockquote>目前，股市崩盘并不缺乏顺风。特别是，历史看起来并不是基准的朋友<b>标普500</b>(SNPINDEX:^GSPC)短期内。</blockquote></p><p> For instance, the widely followed S&amp;P 500 has behaved similarly following each of its previous eight bear-market bottoms, dating back to 1960. Within three years of bouncing back from its trough, the S&amp;P 500 has always had one or two instances where it's declined by at least 10%. Rallying from a bear-market bottom is a bumpy process that takes time. With the broad-based index doubling in value in less than 17 months, there's a good chance we're long overdue for some \"bumps.\"</p><p><blockquote>例如，广受关注的标普500在自 1960 年以来的前八次熊市底部之后都表现得类似。在从低谷反弹的三年内，标普500总是有一两次至少下跌10%。从熊市底部反弹是一个坎坷的过程，需要时间。随着基础广泛的指数在不到 17 个月的时间里翻了一番，我们很可能早就应该出现一些“上涨”了。</blockquote></p><p> History is&nbsp;no fan of extended valuations, either. As of the close of business on Monday, Oct. 4, the S&amp;P 500's Shiller price-to-earnings ratio was north of 37. The Shiller P/E takes into account inflation-adjusted earnings over the past 10 years. While access to information over the internet has helped expand P/E multiples since the mid-1990s, history is quite clear that bad things happen when the S&amp;P 500's Shiller P/E crosses above 30. In the previous four instances this has happened, the broad-based index shed at least 20% of its value.</p><p><blockquote>历史也不喜欢延长估值。截至 10 月 4 日星期一收盘，标准普尔 500 指数的席勒市盈率高于 37。席勒市盈率考虑了过去 10 年经通货膨胀调整后的收益。虽然自20世纪90年代中期以来，通过互联网获取信息有助于扩大市盈率，但历史非常清楚，当标准普尔500的席勒市盈率超过30时，坏事就会发生。在之前的四个例子中，基础广泛的指数损失了至少20%的价值。</blockquote></p><p> Even the history behind margin-debt usage is worrisome. Although it's perfectly normal for nominal margin debt outstanding to increase over time, it's&nbsp;not normal&nbsp;for margin-debt usage to skyrocket higher in a short time frame. There have been three instances since 1995 where margin-debt usage jumped by at least 60% in a given year. Two of these instances were directly before the dot-com bubble burst and the financial crisis began. The third instance is in 2021.</p><p><blockquote>甚至保证金债务使用背后的历史也令人担忧。尽管名义未偿保证金债务随着时间的推移而增加是完全正常的，但保证金债务的使用量在短时间内飙升是不正常的。自 1995 年以来，已有三次保证金债务的使用量在某一年跃升了至少 60%。其中两个例子发生在互联网泡沫破裂和金融危机爆发之前。第三次是在2021年。</blockquote></p><p> The table would appear to be a set for sizable but healthy pullback in the S&amp;P 500.</p><p><blockquote>这张桌子似乎是标普500大幅但健康回调的一套。</blockquote></p><p> A crash or steep correction is the perfect time to buy these surefire stocks</p><p><blockquote>崩盘或大幅调整是购买这些稳健股票的最佳时机</blockquote></p><p> While big moves lower in the market are known to cause investor anxiety, they're also the perfect opportunity to pounce. You see, whereas history isn't the market's friend in the short run, it's unquestionably thegreatest ally of investors over the long term.</p><p><blockquote>虽然众所周知，市场大幅下跌会引起投资者焦虑，但它们也是抢购的绝佳机会。你看，虽然历史在短期内不是市场的朋友，但从长远来看，它无疑是投资者最大的盟友。</blockquote></p><p> For example, there's never been a rolling 20-year period over the past century when an S&amp;P 500 tracking index wouldn't have generated a positive annualized total return for investors. A crash or correction is simply an opportunity to buy great companies at a discount.</p><p><blockquote>例如，在过去的一个世纪里，标普500跟踪指数从来没有一个滚动的 20 年期间不会为投资者产生正的年化总回报。崩盘或调整只是一个以折扣价收购伟大公司的机会。</blockquote></p><p> Should this recent sell-off manifest into a crash or correction, the following three surefire stocks can be confidently bought hand over fist.</p><p><blockquote>如果最近的抛售表现为崩盘或回调，以下三只 surefire 股票可以放心地买入。</blockquote></p><p> Berkshire Hathaway</p><p><blockquote>伯克希尔哈撒韦公司</blockquote></p><p> Few stocks have&nbsp;generated more surefire returns&nbsp;for long-term investors than Warren Buffett's conglomerate&nbsp;<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B). Since taking over as CEO in 1965, Buffett has overseen an average annual return of the company's Class A shares (BRK.A) of 20%. In aggregate, and taking into account the year-to-date return of Berkshire Hathaway, Buffett has created around $600 billion in shareholder value and produced a roughly 3,300,000% return in 56 years.</p><p><blockquote>很少有股票能比沃伦·巴菲特的企业集团为长期投资者带来更可靠的回报<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）。自 1965 年接任首席执行官以来，巴菲特监督该公司 A 类股票 (BRK.A) 的平均年回报率为 20%。总体而言，考虑到伯克希尔哈撒韦公司今年迄今为止的回报，巴菲特在 56 年内创造了约 6000 亿美元的股东价值，并产生了约 3,300,000% 的回报率。</blockquote></p><p> Though there is&nbsp;a laundry list of reasons for Buffett's success, his leanings toward cyclical businesses plays a big role. Even though the Oracle of Omaha is well aware that economic contractions and recessions are inevitable, he understands that periods of expansion tend to last substantially longer. Thus, he's packed Berkshire Hathaway's investment portfolio with bank stocks, tech stocks, and consumer staples companies that'll thrive during an expanding economy.</p><p><blockquote>尽管巴菲特成功的原因有很多，但他对周期性业务的倾向发挥了重要作用。尽管奥马哈先知很清楚经济收缩和衰退是不可避免的，但他明白扩张期往往会持续更长的时间。因此，他将伯克希尔哈撒韦公司的投资组合纳入了银行股、科技股和必需消费品公司，这些公司将在经济扩张期间蓬勃发展。</blockquote></p><p> Another reason Berkshire Hathaway has delivered such incredible returns is Buffett's focus on&nbsp;dividend stocks. While Berkshire doesn't pay a dividend, it's on pace to collect more than $5 billion in dividend income in 2021. That's nearly a 5% yield, relative to the cost basis of Berkshire's holdings. Since dividend stocks are almost always profitable and time-tested, they fit the bill of what Buffett is looking for in a long-term holding.</p><p><blockquote>伯克希尔哈撒韦公司带来如此令人难以置信的回报的另一个原因是巴菲特对股息股票的关注。虽然伯克希尔不支付股息，但它有望在 2021 年获得超过 50 亿美元的股息收入。相对于伯克希尔持股的成本基础，收益率接近 5%。由于股息股票几乎总是有利可图且经过时间考验，因此它们符合巴菲特长期持有的要求。</blockquote></p><p> Long story short, riding Buffett's coattails has often been a smart move.</p><p><blockquote>长话短说，追随巴菲特的脚步往往是明智之举。</blockquote></p><p> Salesforce</p><p><blockquote>销售力量</blockquote></p><p></p><p> Another surefire stock that's continuously delivered for its shareholders and would be perfect to buy during a stock market crash is&nbsp;<b>Salesforce.com</b>(NYSE:CRM), which provides software solutions for cloud-based customer relationship management (CRM).</p><p><blockquote>另一只持续为股东提供且非常适合在股市崩盘期间购买的 surefire 股票是<b>销售力量网站</b>（纽约证券交易所股票代码：CRM），提供基于云的客户关系管理（CRM）软件解决方案。</blockquote></p><p> For those of you unfamiliar with CRM, it's used by consumer-facing businesses to enhance customer relationships and boost sales. It can be used to handle service or product issues, oversee online marketing campaigns, and run predictive sales analyses of an existing client base. What's particularly noteworthy about CRM software is that it's finding its way into nontraditional sectors, such as finance and healthcare.</p><p><blockquote>对于那些不熟悉CRM的人来说，它被面向消费者的企业用来加强客户关系和促进销售。它可用于处理服务或产品问题，监督在线营销活动，以及对现有客户群进行预测销售分析。CRM软件特别值得注意的是，它正在进入非传统领域，如金融和医疗保健。</blockquote></p><p> Cloud-based CRM software offers double-digit growth potential through at least mid-decade, and Salesforce&nbsp;sits at the center of this rapidly growing trend. According to IDC, Salesforce controlled 19.5% of global CRM spending in 2020, which is over a full percentage point higher than the share&nbsp;<b>Oracle</b>,<b>SAP</b>,<b>Microsoft</b>, and&nbsp;<b>Adobe</b>&nbsp;possessed last year on a&nbsp;<i>combined</i>&nbsp;basis.&nbsp; A little stock market turbulence doesn't change demand for CRM software solutions or weaken Salesforce's commanding market share lead.</p><p><blockquote>基于云的CRM软件至少在十年中期提供两位数的增长潜力，而Salesforce处于这一快速增长趋势的中心。根据IDC的数据，2020年，Salesforce控制了全球CRM支出的19.5%，比市场份额高出整整一个百分点<b>甲骨文</b>,<b>树液</b>,<b>微软</b>，和<b>土坯</b>去年被附身在<i>联合的</i>基础。一点点股市动荡不会改变对 CRM 软件解决方案的需求，也不会削弱 Salesforce 的市场份额领先地位。</blockquote></p><p> What's more, CEO Marc Benioff&nbsp;has been an acquisition maven. The buyouts of MuleSoft, Tableau, and most recently Slack Technologies have added to the company's cloud-based ecosystem and should allow annual sales to more than double to $50 billion over the next five years. Any discount investors can get on shares of Salesforce should be viewed as a gift.</p><p><blockquote>更重要的是，首席执行官马克·贝尼奥夫一直是收购专家。对 MuleSoft、Tableau 以及最近的 Slack Technologies 的收购增加了该公司基于云的生态系统，并将在未来五年内使年销售额翻一番以上，达到 500 亿美元。投资者在 Salesforce 股票上获得的任何折扣都应该被视为一份礼物。</blockquote></p><p> Alphabet</p><p><blockquote>Alphabet</blockquote></p><p> A third&nbsp;surefire stock to buy if a stock market crash or correction arises&nbsp;is&nbsp;<b>Alphabet</b>(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming content provider YouTube.</p><p><blockquote>如果发生股市崩盘或调整，值得购买的第三只肯定股票是<b>Alphabet</b>（纳斯达克股票代码：GOOGL）（纳斯达克股票代码：GOOG），互联网搜索引擎谷歌和流媒体内容提供商 YouTube 的母公司。</blockquote></p><p> When it comes to global internet search, there's Google and everyone else. The thing is, \"everyone else\" barely moves the needle. According to GlobalStats, Google accounted for 92% of the worldwide search engine market in September. Looking back two years, it's much of the same, with Google holding a&nbsp;91% to 93% share of global internet search. As the clear go-to for advertisers, Alphabet's Google benefits immensely from long-winded periods of U.S. and global economic expansion.</p><p><blockquote>说到全球互联网搜索，有谷歌和其他所有人。问题是，“其他人”几乎没有移动针头。根据GlobalStats的数据，谷歌在9月份占据了全球搜索引擎市场的92%。回顾两年，情况大同小异，谷歌占据了全球互联网搜索91%到93%的份额。作为广告商的明确选择，Alphabet 旗下的谷歌从美国和全球经济扩张的漫长时期中受益匪浅。</blockquote></p><p> What might be even more exciting than Alphabet's veritable monopoly on internet search is the company's rapidly growing ancillary projects. Streaming service provider YouTube saw ad revenue surge 84% in the second quarter, with its annual sales run rate hitting $28 billion. YouTube has quickly become one of the most-visited social sites on the planet.</p><p><blockquote>可能比Alphabet在互联网搜索领域名副其实的垄断更令人兴奋的是该公司快速增长的辅助项目。流媒体服务提供商 YouTube 第二季度广告收入激增 84%，年销售额达到 280 亿美元。YouTube已经迅速成为这个星球上访问量最大的社交网站之一。</blockquote></p><p> Meanwhile, Google Cloud delivered 54% sales growth in the June-ended quarter and now sports an annual run rate over $18 billion in sales. Google Cloud is the third-biggest player in cloud infrastructure and should grow into a major source of operating cash flow for Alphabet over time. There's&nbsp;absolutely no reason&nbsp;for Alphabet not to be on your buy list if the market crashes or corrects.</p><p><blockquote>与此同时，谷歌云在截至 6 月份的季度销售额增长了 54%，目前年销售额超过 180 亿美元。谷歌云是云基础设施领域的第三大参与者，随着时间的推移，应该会发展成为Alphabet运营现金流的主要来源。如果市场崩溃或调整，Alphabet绝对没有理由不在你的购买清单上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/09/3-surefire-stocks-to-buy-if-stock-market-crash/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","GOOGL":"谷歌A","BRK.B":"伯克希尔B","CRM":"赛富时"},"source_url":"https://www.fool.com/investing/2021/10/09/3-surefire-stocks-to-buy-if-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115058296","content_text":"Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might be on the way.\nTo be crystal clear, no one can predict with any long-term accuracy precisely when a crash or correction will occur, how steep the decline will be, how long it'll last, or in many instances what'll precipitate the move lower in the broader market. But one thing is clear: Crashes and correction are a normal part of the investing cycle and the price of admission to the greatest wealth creator on the planet.\nHistory isn't the market's friend in the near term\nAt the moment, there are no shortage of tail winds for a stock market crash. In particular, history doesn't look to be the friend of the benchmark S&P 500 (SNPINDEX:^GSPC)over the short term.\nFor instance, the widely followed S&P 500 has behaved similarly following each of its previous eight bear-market bottoms, dating back to 1960. Within three years of bouncing back from its trough, the S&P 500 has always had one or two instances where it's declined by at least 10%. Rallying from a bear-market bottom is a bumpy process that takes time. With the broad-based index doubling in value in less than 17 months, there's a good chance we're long overdue for some \"bumps.\"\nHistory is no fan of extended valuations, either. As of the close of business on Monday, Oct. 4, the S&P 500's Shiller price-to-earnings ratio was north of 37. The Shiller P/E takes into account inflation-adjusted earnings over the past 10 years. While access to information over the internet has helped expand P/E multiples since the mid-1990s, history is quite clear that bad things happen when the S&P 500's Shiller P/E crosses above 30. In the previous four instances this has happened, the broad-based index shed at least 20% of its value.\nEven the history behind margin-debt usage is worrisome. Although it's perfectly normal for nominal margin debt outstanding to increase over time, it's not normal for margin-debt usage to skyrocket higher in a short time frame. There have been three instances since 1995 where margin-debt usage jumped by at least 60% in a given year. Two of these instances were directly before the dot-com bubble burst and the financial crisis began. The third instance is in 2021.\nThe table would appear to be a set for sizable but healthy pullback in the S&P 500.\nA crash or steep correction is the perfect time to buy these surefire stocks\nWhile big moves lower in the market are known to cause investor anxiety, they're also the perfect opportunity to pounce. You see, whereas history isn't the market's friend in the short run, it's unquestionably thegreatest ally of investors over the long term.\nFor example, there's never been a rolling 20-year period over the past century when an S&P 500 tracking index wouldn't have generated a positive annualized total return for investors. A crash or correction is simply an opportunity to buy great companies at a discount.\nShould this recent sell-off manifest into a crash or correction, the following three surefire stocks can be confidently bought hand over fist.\nBerkshire Hathaway\nFew stocks have generated more surefire returns for long-term investors than Warren Buffett's conglomerate Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B). Since taking over as CEO in 1965, Buffett has overseen an average annual return of the company's Class A shares (BRK.A) of 20%. In aggregate, and taking into account the year-to-date return of Berkshire Hathaway, Buffett has created around $600 billion in shareholder value and produced a roughly 3,300,000% return in 56 years.\nThough there is a laundry list of reasons for Buffett's success, his leanings toward cyclical businesses plays a big role. Even though the Oracle of Omaha is well aware that economic contractions and recessions are inevitable, he understands that periods of expansion tend to last substantially longer. Thus, he's packed Berkshire Hathaway's investment portfolio with bank stocks, tech stocks, and consumer staples companies that'll thrive during an expanding economy.\nAnother reason Berkshire Hathaway has delivered such incredible returns is Buffett's focus on dividend stocks. While Berkshire doesn't pay a dividend, it's on pace to collect more than $5 billion in dividend income in 2021. That's nearly a 5% yield, relative to the cost basis of Berkshire's holdings. Since dividend stocks are almost always profitable and time-tested, they fit the bill of what Buffett is looking for in a long-term holding.\nLong story short, riding Buffett's coattails has often been a smart move.\nSalesforce\nAnother surefire stock that's continuously delivered for its shareholders and would be perfect to buy during a stock market crash is Salesforce.com(NYSE:CRM), which provides software solutions for cloud-based customer relationship management (CRM).\nFor those of you unfamiliar with CRM, it's used by consumer-facing businesses to enhance customer relationships and boost sales. It can be used to handle service or product issues, oversee online marketing campaigns, and run predictive sales analyses of an existing client base. What's particularly noteworthy about CRM software is that it's finding its way into nontraditional sectors, such as finance and healthcare.\nCloud-based CRM software offers double-digit growth potential through at least mid-decade, and Salesforce sits at the center of this rapidly growing trend. According to IDC, Salesforce controlled 19.5% of global CRM spending in 2020, which is over a full percentage point higher than the share Oracle,SAP,Microsoft, and Adobe possessed last year on a combined basis.  A little stock market turbulence doesn't change demand for CRM software solutions or weaken Salesforce's commanding market share lead.\nWhat's more, CEO Marc Benioff has been an acquisition maven. The buyouts of MuleSoft, Tableau, and most recently Slack Technologies have added to the company's cloud-based ecosystem and should allow annual sales to more than double to $50 billion over the next five years. Any discount investors can get on shares of Salesforce should be viewed as a gift.\nAlphabet\nA third surefire stock to buy if a stock market crash or correction arises is Alphabet(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming content provider YouTube.\nWhen it comes to global internet search, there's Google and everyone else. The thing is, \"everyone else\" barely moves the needle. According to GlobalStats, Google accounted for 92% of the worldwide search engine market in September. Looking back two years, it's much of the same, with Google holding a 91% to 93% share of global internet search. As the clear go-to for advertisers, Alphabet's Google benefits immensely from long-winded periods of U.S. and global economic expansion.\nWhat might be even more exciting than Alphabet's veritable monopoly on internet search is the company's rapidly growing ancillary projects. Streaming service provider YouTube saw ad revenue surge 84% in the second quarter, with its annual sales run rate hitting $28 billion. YouTube has quickly become one of the most-visited social sites on the planet.\nMeanwhile, Google Cloud delivered 54% sales growth in the June-ended quarter and now sports an annual run rate over $18 billion in sales. Google Cloud is the third-biggest player in cloud infrastructure and should grow into a major source of operating cash flow for Alphabet over time. There's absolutely no reason for Alphabet not to be on your buy list if the market crashes or corrects.","news_type":1,"symbols_score_info":{"CRM":0.9,"BRK.B":0.9,"BRK.A":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":1002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823483412,"gmtCreate":1633654550372,"gmtModify":1633654550543,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823483412","repostId":"881407133","repostType":1,"repost":{"id":881407133,"gmtCreate":1631373656922,"gmtModify":1631883716048,"author":{"id":"3582637292455335","authorId":"3582637292455335","name":"PeiYi99","avatar":"https://static.tigerbbs.com/106de96bbc6719df0070ae1f2a3daa28","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582637292455335","idStr":"3582637292455335"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TCEHY\">$Tencent Holding Ltd.(TCEHY)$</a>Up more","listText":"<a href=\"https://laohu8.com/S/TCEHY\">$Tencent Holding Ltd.(TCEHY)$</a>Up more","text":"$Tencent Holding Ltd.(TCEHY)$Up more","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881407133","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1052,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823075988,"gmtCreate":1633568429664,"gmtModify":1633568429797,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823075988","repostId":"829719555","repostType":1,"isVote":1,"tweetType":1,"viewCount":847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829123094,"gmtCreate":1633481674843,"gmtModify":1633481674984,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829123094","repostId":"1108473432","repostType":4,"isVote":1,"tweetType":1,"viewCount":805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820242233,"gmtCreate":1633397978623,"gmtModify":1633398236499,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820242233","repostId":"1190774495","repostType":4,"isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867195612,"gmtCreate":1633223934975,"gmtModify":1633223937199,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867195612","repostId":"2172964531","repostType":4,"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864911324,"gmtCreate":1633048593721,"gmtModify":1633048593843,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Bad","listText":"Bad","text":"Bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/864911324","repostId":"1177631732","repostType":4,"repost":{"id":"1177631732","kind":"news","pubTimestamp":1633015343,"share":"https://www.laohunote.com/m/news/1177631732?lang=zh_CN&edition=full","pubTime":"2021-09-30 23:22","market":"us","language":"en","title":"Stock Market’s September Slump Exposes Messy Underside<blockquote>九月份股市暴跌暴露了混乱的底部</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177631732","media":"The Wall Street Journal","summary":"Rally hit bump in September, the worst month for S&P 500 since 2020\n\nMarkets are closing out the qua","content":"<p>Rally hit bump in September, the worst month for S&amp;P 500 since 2020</p><p><blockquote>9 月份涨势飙升，是标普500自 2020 年以来最糟糕的月份</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2dc5ed0067d93839f180f3bcbdf51678\" tg-width=\"1173\" tg-height=\"638\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Markets are closing out the quarter on a tumultuous note.</p><p><blockquote>市场以动荡的气氛结束了本季度。</blockquote></p><p> Stocks have pulled back from all-time highs. Shares of large, fast-growing companies are heading toward their worst month since the pandemic-fueled selloff of March 2020, and&nbsp;Treasury yields have shot up&nbsp;to their highest level since June.</p><p><blockquote>股市已从历史高点回落。大型快速增长公司的股票正走向自 2020 年 3 月疫情引发的抛售以来最糟糕的一个月，国债收益率已飙升至 6 月以来的最高水平。</blockquote></p><p> It is hardly the sanguine end to the quarter that investors had hoped for. Many money managers say they are heading into the final few months of the year feeling on edge.</p><p><blockquote>这很难像投资者所希望的那样乐观地结束本季度。许多基金经理表示，他们在今年的最后几个月感到紧张。</blockquote></p><p> Central bankers who had thought this year’s rise in inflation would wind up being a short-term phenomenon aren’t sure how long&nbsp;transitory pressures will persist. Strategists who had predicted another strong quarter of economic growth are cutting estimates because of supply-chain bottlenecks and the highly contagious&nbsp;Delta variant of Covid-19. Economic data have also been falling short of expectations.Citigroup’sEconomic Surprise Index, which tracks how much U.S. reports have been exceeding or undershooting estimates, fell this month to its lowest level since June 2020.</p><p><blockquote>央行行长们曾认为今年的通胀上升最终只是一个短期现象，但他们不确定暂时性压力会持续多久。由于供应链瓶颈和 Covid-19 高度传染性的德尔塔变异毒株，曾预测另一个季度经济增长强劲的策略师正在下调预期。经济数据也一直低于预期。花旗集团（Citigroup）的经济意外指数（sEconomic Surprise Index）追踪美国报告超出或低于预期的程度，本月跌至2020年6月以来的最低水平。</blockquote></p><p> All told, the S&amp;P 500 is still up 16% for the year and on course to notch a sixth straight quarter of gains. The index is just a few percentage points away from its record close hit in early September.</p><p><blockquote>总而言之，标普500今年仍上涨 16%，有望连续第六个季度上涨。该指数距离 9 月初创下的收盘纪录仅差几个百分点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fe132ae877a10d2796e4c4542444ac3d\" tg-width=\"419\" tg-height=\"554\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “Sometimes the narrative is clean and easy,” said Keith Lerner, co-chief investment officer of Truist Advisory Services. But now, “I feel like you’re having to find opportunities in a market where not everything is moving together anymore.”</p><p><blockquote>“Truist Advisory Services 联席首席投资官基思-勒纳（Keith Lerner）说：”有时，这种说法干净而简单。但现在，“我觉得你必须在一个市场中寻找机会，在这个市场里，一切都不再齐头并进”。</blockquote></p><p> While Mr. Lerner is still betting on stocks rising over the long term, his firm has trimmed its exposure to emerging markets and focused heavily on the U.S., where he expects the economy to be most resilient, even as the global recovery slows.</p><p><blockquote>尽管勒纳仍然押注股市长期上涨，但他的公司已经削减了对新兴市场的投资，并将重点放在美国，他预计美国经济将最具弹性，即使全球复苏放缓。</blockquote></p><p> One of the most vexing issues for investors and analysts over the past few months has been how quickly the market has churned through winners and losers.</p><p><blockquote>过去几个月，投资者和分析师最头疼的问题之一是市场在赢家和输家之间流动的速度有多快。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c023ba2843417b17986cb4d2bcbbf0f\" tg-width=\"1050\" tg-height=\"700\" width=\"100%\" height=\"auto\"><span>So far this year, companies have been able to post robust profits despite rising costs for raw materials and labor. The floor of the New York Stock Exchange on Tuesday.</span></p><p><blockquote><p class=\"t-img-caption\"><span>今年到目前为止，尽管原材料和劳动力成本上升，但企业仍能够实现强劲的利润。周二纽约证券交易所大厅。</span></p></blockquote></p><p> Markets behaved relatively predictably in the&nbsp;first half of the year. Investors favored shares of economically sensitive companies such as banks, manufacturers and airlines and rebuffed relatively pricey technology stocks when it looked as though the rollout of Covid-19 vaccines would help supercharge the economy’s recovery.</p><p><blockquote>上半年市场表现相对可预测。当 Covid-19 疫苗的推出似乎将有助于推动经济复苏时，投资者青睐银行、制造商和航空公司等经济敏感公司的股票，而拒绝相对昂贵的科技股。</blockquote></p><p> This quarter, as the so-called reopening trade stalled, it became harder for investors to pick dominant trades. Technology stocks surged but then took the brunt of market selloffs in early September and this week—putting the S&amp;P 500 Growth Index on track for its biggest monthly pullback since March 2020.</p><p><blockquote>本季度，随着所谓的重新开放交易陷入停滞，投资者选择主导交易变得更加困难。科技股飙升，但随后在 9 月初和本周受到市场抛售的冲击，这使得标普500增长指数有望出现自 2020 年 3 月以来最大的月度回调。</blockquote></p><p> The bond market also caught many investors off guard. The yield on the 10-year U.S. Treasury note flitted about a narrow range for much of the quarter, only to stage a six-day rise above 1.50% between last week and Tuesday—its biggest such advance since June 2020, according to Dow Jones Market Data. The move came after the Federal Reserve indicated it was ready to begin reversing its pandemic stimulus programs&nbsp;as early as November&nbsp;and considering raising interest rates next year, given a jump in inflation.</p><p><blockquote>债券市场也让许多投资者措手不及。10年期美国国债收益率在本季度的大部分时间里都在窄幅波动，仅在上周至周二之间连续六天上涨超过1.50%，这是自2020年6月以来的最大涨幅。道琼斯市场数据。此前，美联储表示，鉴于通胀飙升，它准备最早于 11 月开始扭转疫情刺激计划，并考虑明年加息。</blockquote></p><p> “Even though there’s all this discussion about the market being resilient, the churn under the surface has shown more weakness,” said Liz Ann Sonders, chief investment strategist of Charles Schwab.</p><p><blockquote>“嘉信理财（Charles Schwab）首席投资策略师利兹-安-桑德斯（Liz Ann Sonders）说：”尽管人们都在谈论市场是否具有弹性，但表面之下的波动却显示出更多的疲软。</blockquote></p><p> Ms. Sonders attributed the swift rotations taking place in the market to a bevy of investor worries.</p><p><blockquote>桑德斯女士将市场的快速轮动归因于投资者的一系列担忧。</blockquote></p><p> “You have concerns about the virus, then you add on top of it concerns about the debt ceiling, some arguably more mixed economic data recently, [and] uncertainty about monetary policy,” she said. “I don’t know if we’ll get out of this mode anytime soon.”</p><p><blockquote>“她说：”你对病毒感到担忧，再加上对债务上限的担忧，最近一些可以说是喜忧参半的经济数据，[以及]货币政策的不确定性。“我不知道我们是否会很快摆脱这种模式。”</blockquote></p><p> Another issue weighing on investors’ minds: inflation.</p><p><blockquote>另一个困扰投资者的问题是：通货膨胀。</blockquote></p><p> So far this year, companies have been able to post robust profits despite rising costs for raw materials and labor. Earnings for S&amp;P 500 companies have beaten analysts’ estimates by double-digit percentages since the second quarter of 2020, according to Morgan Stanley equity strategist Michael Wilson. That is compared with a median beat rate of 5% going back to 2008.</p><p><blockquote>今年到目前为止，尽管原材料和劳动力成本上升，但企业仍能够实现强劲的利润。摩根士丹利股票策略师 Michael Wilson 表示，自 2020 年第二季度以来，标普500公司的盈利超出了分析师的预期两位数百分比。相比之下，2008 年的中位数击败率为 5%。</blockquote></p><p> Yet with supply-chain disruptions and labor shortages persisting around the country, Mr. Wilson said it is hard to believe companies will be able to maintain that momentum.</p><p><blockquote>然而，由于全国各地供应链中断和劳动力短缺持续存在，威尔逊表示，很难相信企业能够保持这种势头。</blockquote></p><p></p><p> Between June and September, 224 S&amp;P 500 companies mentioned inflation on their second-quarter earnings calls, according to FactSet. That is the highest number since FactSet began tracking the data in 2010.</p><p><blockquote>FactSet 的数据显示，6 月至 9 月期间，有 224 家标普500公司在第二季度收益评级中提到了通货膨胀。这是自 FactSet 于 2010 年开始跟踪数据以来的最高数字。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9cc010172cb9d8099b1b19971a2037d6\" tg-width=\"443\" tg-height=\"625\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Historically, when a relatively high number of companies have mentioned inflation, profit margins have shrunk, Mr. Wilson said.</p><p><blockquote>威尔逊表示，从历史上看，当相对较多的公司提到通货膨胀时，利润率就会缩水。</blockquote></p><p> Investors are left grappling with one big question: How much of that has already been priced into markets?</p><p><blockquote>投资者面临着一个大问题：其中有多少已经被定价到市场中？</blockquote></p><p> “I’m a little concerned about 2022,” said Karyn Cavanaugh, chief investment officer of Carolinas Wealth Management. “When we don’t see the double-digit increases we’re used to for earnings, are the markets going to ask, ‘Hey, what have you done for me lately?’ ”</p><p><blockquote>“卡罗莱纳州财富管理公司首席投资官卡琳-卡瓦诺（Karyn Cavanaugh）说：”我对 2022 年有点担心。“当我们看不到我们习惯的两位数增长时，市场会问，'嘿，你最近为我做了什么？'”</blockquote></p><p> Ms. Cavanaugh has been advising clients to focus on “wide moat stocks”—companies with a strong record of delivering profits regardless of whether growth is slowing or accelerating because they maintain a competitive advantage over their peers.</p><p><blockquote>卡瓦诺女士一直建议客户关注 “宽护城河股票”--无论增长是放缓还是加速，这些公司都有良好的盈利记录，因为它们与同行保持着竞争优势。</blockquote></p><p> Given so many potential issues remain unresolved, from debt negotiations and potential changes to the tax code in Washington to the pandemic, Ms. Cavanaugh said she expects the market’s path from here to be bumpy.</p><p><blockquote>卡瓦诺女士说，鉴于许多潜在问题仍未解决，从债务谈判和华盛顿州税法的潜在变化到大流行病，她预计市场今后的道路将是崎岖不平的。</blockquote></p><p> “We could be in for a bit of a grind,” she said.</p><p><blockquote>“她说：”我们可能会遇到一些麻烦。</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>Stock Market’s September Slump Exposes Messy Underside<blockquote>九月份股市暴跌暴露了混乱的底部</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; 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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\">\nStock Market’s September Slump Exposes Messy Underside<blockquote>九月份股市暴跌暴露了混乱的底部</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-30 23:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Rally hit bump in September, the worst month for S&amp;P 500 since 2020</p><p><blockquote>9 月份涨势飙升，是标普500自 2020 年以来最糟糕的月份</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2dc5ed0067d93839f180f3bcbdf51678\" tg-width=\"1173\" tg-height=\"638\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Markets are closing out the quarter on a tumultuous note.</p><p><blockquote>市场以动荡的气氛结束了本季度。</blockquote></p><p> Stocks have pulled back from all-time highs. Shares of large, fast-growing companies are heading toward their worst month since the pandemic-fueled selloff of March 2020, and&nbsp;Treasury yields have shot up&nbsp;to their highest level since June.</p><p><blockquote>股市已从历史高点回落。大型快速增长公司的股票正走向自 2020 年 3 月疫情引发的抛售以来最糟糕的一个月，国债收益率已飙升至 6 月以来的最高水平。</blockquote></p><p> It is hardly the sanguine end to the quarter that investors had hoped for. Many money managers say they are heading into the final few months of the year feeling on edge.</p><p><blockquote>这很难像投资者所希望的那样乐观地结束本季度。许多基金经理表示，他们在今年的最后几个月感到紧张。</blockquote></p><p> Central bankers who had thought this year’s rise in inflation would wind up being a short-term phenomenon aren’t sure how long&nbsp;transitory pressures will persist. Strategists who had predicted another strong quarter of economic growth are cutting estimates because of supply-chain bottlenecks and the highly contagious&nbsp;Delta variant of Covid-19. Economic data have also been falling short of expectations.Citigroup’sEconomic Surprise Index, which tracks how much U.S. reports have been exceeding or undershooting estimates, fell this month to its lowest level since June 2020.</p><p><blockquote>央行行长们曾认为今年的通胀上升最终只是一个短期现象，但他们不确定暂时性压力会持续多久。由于供应链瓶颈和 Covid-19 高度传染性的德尔塔变异毒株，曾预测另一个季度经济增长强劲的策略师正在下调预期。经济数据也一直低于预期。花旗集团（Citigroup）的经济意外指数（sEconomic Surprise Index）追踪美国报告超出或低于预期的程度，本月跌至2020年6月以来的最低水平。</blockquote></p><p> All told, the S&amp;P 500 is still up 16% for the year and on course to notch a sixth straight quarter of gains. The index is just a few percentage points away from its record close hit in early September.</p><p><blockquote>总而言之，标普500今年仍上涨 16%，有望连续第六个季度上涨。该指数距离 9 月初创下的收盘纪录仅差几个百分点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fe132ae877a10d2796e4c4542444ac3d\" tg-width=\"419\" tg-height=\"554\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “Sometimes the narrative is clean and easy,” said Keith Lerner, co-chief investment officer of Truist Advisory Services. But now, “I feel like you’re having to find opportunities in a market where not everything is moving together anymore.”</p><p><blockquote>“Truist Advisory Services 联席首席投资官基思-勒纳（Keith Lerner）说：”有时，这种说法干净而简单。但现在，“我觉得你必须在一个市场中寻找机会，在这个市场里，一切都不再齐头并进”。</blockquote></p><p> While Mr. Lerner is still betting on stocks rising over the long term, his firm has trimmed its exposure to emerging markets and focused heavily on the U.S., where he expects the economy to be most resilient, even as the global recovery slows.</p><p><blockquote>尽管勒纳仍然押注股市长期上涨，但他的公司已经削减了对新兴市场的投资，并将重点放在美国，他预计美国经济将最具弹性，即使全球复苏放缓。</blockquote></p><p> One of the most vexing issues for investors and analysts over the past few months has been how quickly the market has churned through winners and losers.</p><p><blockquote>过去几个月，投资者和分析师最头疼的问题之一是市场在赢家和输家之间流动的速度有多快。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c023ba2843417b17986cb4d2bcbbf0f\" tg-width=\"1050\" tg-height=\"700\" width=\"100%\" height=\"auto\"><span>So far this year, companies have been able to post robust profits despite rising costs for raw materials and labor. The floor of the New York Stock Exchange on Tuesday.</span></p><p><blockquote><p class=\"t-img-caption\"><span>今年到目前为止，尽管原材料和劳动力成本上升，但企业仍能够实现强劲的利润。周二纽约证券交易所大厅。</span></p></blockquote></p><p> Markets behaved relatively predictably in the&nbsp;first half of the year. Investors favored shares of economically sensitive companies such as banks, manufacturers and airlines and rebuffed relatively pricey technology stocks when it looked as though the rollout of Covid-19 vaccines would help supercharge the economy’s recovery.</p><p><blockquote>上半年市场表现相对可预测。当 Covid-19 疫苗的推出似乎将有助于推动经济复苏时，投资者青睐银行、制造商和航空公司等经济敏感公司的股票，而拒绝相对昂贵的科技股。</blockquote></p><p> This quarter, as the so-called reopening trade stalled, it became harder for investors to pick dominant trades. Technology stocks surged but then took the brunt of market selloffs in early September and this week—putting the S&amp;P 500 Growth Index on track for its biggest monthly pullback since March 2020.</p><p><blockquote>本季度，随着所谓的重新开放交易陷入停滞，投资者选择主导交易变得更加困难。科技股飙升，但随后在 9 月初和本周受到市场抛售的冲击，这使得标普500增长指数有望出现自 2020 年 3 月以来最大的月度回调。</blockquote></p><p> The bond market also caught many investors off guard. The yield on the 10-year U.S. Treasury note flitted about a narrow range for much of the quarter, only to stage a six-day rise above 1.50% between last week and Tuesday—its biggest such advance since June 2020, according to Dow Jones Market Data. The move came after the Federal Reserve indicated it was ready to begin reversing its pandemic stimulus programs&nbsp;as early as November&nbsp;and considering raising interest rates next year, given a jump in inflation.</p><p><blockquote>债券市场也让许多投资者措手不及。10年期美国国债收益率在本季度的大部分时间里都在窄幅波动，仅在上周至周二之间连续六天上涨超过1.50%，这是自2020年6月以来的最大涨幅。道琼斯市场数据。此前，美联储表示，鉴于通胀飙升，它准备最早于 11 月开始扭转疫情刺激计划，并考虑明年加息。</blockquote></p><p> “Even though there’s all this discussion about the market being resilient, the churn under the surface has shown more weakness,” said Liz Ann Sonders, chief investment strategist of Charles Schwab.</p><p><blockquote>“嘉信理财（Charles Schwab）首席投资策略师利兹-安-桑德斯（Liz Ann Sonders）说：”尽管人们都在谈论市场是否具有弹性，但表面之下的波动却显示出更多的疲软。</blockquote></p><p> Ms. Sonders attributed the swift rotations taking place in the market to a bevy of investor worries.</p><p><blockquote>桑德斯女士将市场的快速轮动归因于投资者的一系列担忧。</blockquote></p><p> “You have concerns about the virus, then you add on top of it concerns about the debt ceiling, some arguably more mixed economic data recently, [and] uncertainty about monetary policy,” she said. “I don’t know if we’ll get out of this mode anytime soon.”</p><p><blockquote>“她说：”你对病毒感到担忧，再加上对债务上限的担忧，最近一些可以说是喜忧参半的经济数据，[以及]货币政策的不确定性。“我不知道我们是否会很快摆脱这种模式。”</blockquote></p><p> Another issue weighing on investors’ minds: inflation.</p><p><blockquote>另一个困扰投资者的问题是：通货膨胀。</blockquote></p><p> So far this year, companies have been able to post robust profits despite rising costs for raw materials and labor. Earnings for S&amp;P 500 companies have beaten analysts’ estimates by double-digit percentages since the second quarter of 2020, according to Morgan Stanley equity strategist Michael Wilson. That is compared with a median beat rate of 5% going back to 2008.</p><p><blockquote>今年到目前为止，尽管原材料和劳动力成本上升，但企业仍能够实现强劲的利润。摩根士丹利股票策略师 Michael Wilson 表示，自 2020 年第二季度以来，标普500公司的盈利超出了分析师的预期两位数百分比。相比之下，2008 年的中位数击败率为 5%。</blockquote></p><p> Yet with supply-chain disruptions and labor shortages persisting around the country, Mr. Wilson said it is hard to believe companies will be able to maintain that momentum.</p><p><blockquote>然而，由于全国各地供应链中断和劳动力短缺持续存在，威尔逊表示，很难相信企业能够保持这种势头。</blockquote></p><p></p><p> Between June and September, 224 S&amp;P 500 companies mentioned inflation on their second-quarter earnings calls, according to FactSet. That is the highest number since FactSet began tracking the data in 2010.</p><p><blockquote>FactSet 的数据显示，6 月至 9 月期间，有 224 家标普500公司在第二季度收益评级中提到了通货膨胀。这是自 FactSet 于 2010 年开始跟踪数据以来的最高数字。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9cc010172cb9d8099b1b19971a2037d6\" tg-width=\"443\" tg-height=\"625\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Historically, when a relatively high number of companies have mentioned inflation, profit margins have shrunk, Mr. Wilson said.</p><p><blockquote>威尔逊表示，从历史上看，当相对较多的公司提到通货膨胀时，利润率就会缩水。</blockquote></p><p> Investors are left grappling with one big question: How much of that has already been priced into markets?</p><p><blockquote>投资者面临着一个大问题：其中有多少已经被定价到市场中？</blockquote></p><p> “I’m a little concerned about 2022,” said Karyn Cavanaugh, chief investment officer of Carolinas Wealth Management. “When we don’t see the double-digit increases we’re used to for earnings, are the markets going to ask, ‘Hey, what have you done for me lately?’ ”</p><p><blockquote>“卡罗莱纳州财富管理公司首席投资官卡琳-卡瓦诺（Karyn Cavanaugh）说：”我对 2022 年有点担心。“当我们看不到我们习惯的两位数增长时，市场会问，'嘿，你最近为我做了什么？'”</blockquote></p><p> Ms. Cavanaugh has been advising clients to focus on “wide moat stocks”—companies with a strong record of delivering profits regardless of whether growth is slowing or accelerating because they maintain a competitive advantage over their peers.</p><p><blockquote>卡瓦诺女士一直建议客户关注 “宽护城河股票”--无论增长是放缓还是加速，这些公司都有良好的盈利记录，因为它们与同行保持着竞争优势。</blockquote></p><p> Given so many potential issues remain unresolved, from debt negotiations and potential changes to the tax code in Washington to the pandemic, Ms. Cavanaugh said she expects the market’s path from here to be bumpy.</p><p><blockquote>卡瓦诺女士说，鉴于许多潜在问题仍未解决，从债务谈判和华盛顿州税法的潜在变化到大流行病，她预计市场今后的道路将是崎岖不平的。</blockquote></p><p> “We could be in for a bit of a grind,” she said.</p><p><blockquote>“她说：”我们可能会遇到一些麻烦。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/stock-markets-september-slump-exposes-messy-underside-11632999601?mod=hp_lead_pos2\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/stock-markets-september-slump-exposes-messy-underside-11632999601?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177631732","content_text":"Rally hit bump in September, the worst month for S&P 500 since 2020\n\nMarkets are closing out the quarter on a tumultuous note.\nStocks have pulled back from all-time highs. Shares of large, fast-growing companies are heading toward their worst month since the pandemic-fueled selloff of March 2020, and Treasury yields have shot up to their highest level since June.\nIt is hardly the sanguine end to the quarter that investors had hoped for. Many money managers say they are heading into the final few months of the year feeling on edge.\nCentral bankers who had thought this year’s rise in inflation would wind up being a short-term phenomenon aren’t sure how long transitory pressures will persist. Strategists who had predicted another strong quarter of economic growth are cutting estimates because of supply-chain bottlenecks and the highly contagious Delta variant of Covid-19. Economic data have also been falling short of expectations.Citigroup’sEconomic Surprise Index, which tracks how much U.S. reports have been exceeding or undershooting estimates, fell this month to its lowest level since June 2020.\nAll told, the S&P 500 is still up 16% for the year and on course to notch a sixth straight quarter of gains. The index is just a few percentage points away from its record close hit in early September.\n\n“Sometimes the narrative is clean and easy,” said Keith Lerner, co-chief investment officer of Truist Advisory Services. But now, “I feel like you’re having to find opportunities in a market where not everything is moving together anymore.”\nWhile Mr. Lerner is still betting on stocks rising over the long term, his firm has trimmed its exposure to emerging markets and focused heavily on the U.S., where he expects the economy to be most resilient, even as the global recovery slows.\nOne of the most vexing issues for investors and analysts over the past few months has been how quickly the market has churned through winners and losers.\nSo far this year, companies have been able to post robust profits despite rising costs for raw materials and labor. The floor of the New York Stock Exchange on Tuesday.\nMarkets behaved relatively predictably in the first half of the year. Investors favored shares of economically sensitive companies such as banks, manufacturers and airlines and rebuffed relatively pricey technology stocks when it looked as though the rollout of Covid-19 vaccines would help supercharge the economy’s recovery.\nThis quarter, as the so-called reopening trade stalled, it became harder for investors to pick dominant trades. Technology stocks surged but then took the brunt of market selloffs in early September and this week—putting the S&P 500 Growth Index on track for its biggest monthly pullback since March 2020.\nThe bond market also caught many investors off guard. The yield on the 10-year U.S. Treasury note flitted about a narrow range for much of the quarter, only to stage a six-day rise above 1.50% between last week and Tuesday—its biggest such advance since June 2020, according to Dow Jones Market Data. The move came after the Federal Reserve indicated it was ready to begin reversing its pandemic stimulus programs as early as November and considering raising interest rates next year, given a jump in inflation.\n“Even though there’s all this discussion about the market being resilient, the churn under the surface has shown more weakness,” said Liz Ann Sonders, chief investment strategist of Charles Schwab.\nMs. Sonders attributed the swift rotations taking place in the market to a bevy of investor worries.\n“You have concerns about the virus, then you add on top of it concerns about the debt ceiling, some arguably more mixed economic data recently, [and] uncertainty about monetary policy,” she said. “I don’t know if we’ll get out of this mode anytime soon.”\nAnother issue weighing on investors’ minds: inflation.\nSo far this year, companies have been able to post robust profits despite rising costs for raw materials and labor. Earnings for S&P 500 companies have beaten analysts’ estimates by double-digit percentages since the second quarter of 2020, according to Morgan Stanley equity strategist Michael Wilson. That is compared with a median beat rate of 5% going back to 2008.\nYet with supply-chain disruptions and labor shortages persisting around the country, Mr. Wilson said it is hard to believe companies will be able to maintain that momentum.\nBetween June and September, 224 S&P 500 companies mentioned inflation on their second-quarter earnings calls, according to FactSet. That is the highest number since FactSet began tracking the data in 2010.\n\nHistorically, when a relatively high number of companies have mentioned inflation, profit margins have shrunk, Mr. Wilson said.\nInvestors are left grappling with one big question: How much of that has already been priced into markets?\n“I’m a little concerned about 2022,” said Karyn Cavanaugh, chief investment officer of Carolinas Wealth Management. “When we don’t see the double-digit increases we’re used to for earnings, are the markets going to ask, ‘Hey, what have you done for me lately?’ ”\nMs. Cavanaugh has been advising clients to focus on “wide moat stocks”—companies with a strong record of delivering profits regardless of whether growth is slowing or accelerating because they maintain a competitive advantage over their peers.\nGiven so many potential issues remain unresolved, from debt negotiations and potential changes to the tax code in Washington to the pandemic, Ms. Cavanaugh said she expects the market’s path from here to be bumpy.\n“We could be in for a bit of a grind,” she said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":828664745,"gmtCreate":1633911157255,"gmtModify":1633911157353,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828664745","repostId":"2174716729","repostType":4,"isVote":1,"tweetType":1,"viewCount":1085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828024524,"gmtCreate":1633826037867,"gmtModify":1633826037867,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828024524","repostId":"1115058296","repostType":4,"repost":{"id":"1115058296","kind":"news","pubTimestamp":1633787569,"share":"https://www.laohunote.com/m/news/1115058296?lang=zh_CN&edition=full","pubTime":"2021-10-09 21:52","market":"us","language":"en","title":"3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115058296","media":"Motley Fool","summary":"Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might","content":"<p>Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might be on the way.</p><p><blockquote>大多数人听到这个消息不会感到兴奋，但股市崩盘或两位数调整可能即将到来。</blockquote></p><p> To be crystal clear, no one can predict with any long-term accuracy precisely when a crash or correction will occur, how steep the decline will be, how long it'll last, or in many instances what'll precipitate the move lower in the broader market. But one thing is clear: Crashes and correction are a normal part of the investing cycle and the price of admission to the greatest wealth creator on the planet.</p><p><blockquote>需要明确的是，没有人能够长期准确地预测崩盘或调整何时会发生、下跌会有多严重、会持续多久，或者在许多情况下会导致大盘下跌。但有一点是明确的：崩盘和调整是投资周期的正常组成部分，也是加入地球上最伟大财富创造者的代价。</blockquote></p><p> History isn't the market's friend in the near term</p><p><blockquote>短期内历史不是市场的朋友</blockquote></p><p> At the moment, there are&nbsp;no shortage of tail&nbsp;winds&nbsp;for a stock market crash. In particular, history doesn't look to be the friend of the benchmark&nbsp;<b>S&amp;P 500</b>&nbsp;(SNPINDEX:^GSPC)over the short term.</p><p><blockquote>目前，股市崩盘并不缺乏顺风。特别是，历史看起来并不是基准的朋友<b>标普500</b>(SNPINDEX:^GSPC)短期内。</blockquote></p><p> For instance, the widely followed S&amp;P 500 has behaved similarly following each of its previous eight bear-market bottoms, dating back to 1960. Within three years of bouncing back from its trough, the S&amp;P 500 has always had one or two instances where it's declined by at least 10%. Rallying from a bear-market bottom is a bumpy process that takes time. With the broad-based index doubling in value in less than 17 months, there's a good chance we're long overdue for some \"bumps.\"</p><p><blockquote>例如，广受关注的标普500在自 1960 年以来的前八次熊市底部之后都表现得类似。在从低谷反弹的三年内，标普500总是有一两次至少下跌10%。从熊市底部反弹是一个坎坷的过程，需要时间。随着基础广泛的指数在不到 17 个月的时间里翻了一番，我们很可能早就应该出现一些“上涨”了。</blockquote></p><p> History is&nbsp;no fan of extended valuations, either. As of the close of business on Monday, Oct. 4, the S&amp;P 500's Shiller price-to-earnings ratio was north of 37. The Shiller P/E takes into account inflation-adjusted earnings over the past 10 years. While access to information over the internet has helped expand P/E multiples since the mid-1990s, history is quite clear that bad things happen when the S&amp;P 500's Shiller P/E crosses above 30. In the previous four instances this has happened, the broad-based index shed at least 20% of its value.</p><p><blockquote>历史也不喜欢延长估值。截至 10 月 4 日星期一收盘，标准普尔 500 指数的席勒市盈率高于 37。席勒市盈率考虑了过去 10 年经通货膨胀调整后的收益。虽然自20世纪90年代中期以来，通过互联网获取信息有助于扩大市盈率，但历史非常清楚，当标准普尔500的席勒市盈率超过30时，坏事就会发生。在之前的四个例子中，基础广泛的指数损失了至少20%的价值。</blockquote></p><p> Even the history behind margin-debt usage is worrisome. Although it's perfectly normal for nominal margin debt outstanding to increase over time, it's&nbsp;not normal&nbsp;for margin-debt usage to skyrocket higher in a short time frame. There have been three instances since 1995 where margin-debt usage jumped by at least 60% in a given year. Two of these instances were directly before the dot-com bubble burst and the financial crisis began. The third instance is in 2021.</p><p><blockquote>甚至保证金债务使用背后的历史也令人担忧。尽管名义未偿保证金债务随着时间的推移而增加是完全正常的，但保证金债务的使用量在短时间内飙升是不正常的。自 1995 年以来，已有三次保证金债务的使用量在某一年跃升了至少 60%。其中两个例子发生在互联网泡沫破裂和金融危机爆发之前。第三次是在2021年。</blockquote></p><p> The table would appear to be a set for sizable but healthy pullback in the S&amp;P 500.</p><p><blockquote>这张桌子似乎是标普500大幅但健康回调的一套。</blockquote></p><p> A crash or steep correction is the perfect time to buy these surefire stocks</p><p><blockquote>崩盘或大幅调整是购买这些稳健股票的最佳时机</blockquote></p><p> While big moves lower in the market are known to cause investor anxiety, they're also the perfect opportunity to pounce. You see, whereas history isn't the market's friend in the short run, it's unquestionably thegreatest ally of investors over the long term.</p><p><blockquote>虽然众所周知，市场大幅下跌会引起投资者焦虑，但它们也是抢购的绝佳机会。你看，虽然历史在短期内不是市场的朋友，但从长远来看，它无疑是投资者最大的盟友。</blockquote></p><p> For example, there's never been a rolling 20-year period over the past century when an S&amp;P 500 tracking index wouldn't have generated a positive annualized total return for investors. A crash or correction is simply an opportunity to buy great companies at a discount.</p><p><blockquote>例如，在过去的一个世纪里，标普500跟踪指数从来没有一个滚动的 20 年期间不会为投资者产生正的年化总回报。崩盘或调整只是一个以折扣价收购伟大公司的机会。</blockquote></p><p> Should this recent sell-off manifest into a crash or correction, the following three surefire stocks can be confidently bought hand over fist.</p><p><blockquote>如果最近的抛售表现为崩盘或回调，以下三只 surefire 股票可以放心地买入。</blockquote></p><p> Berkshire Hathaway</p><p><blockquote>伯克希尔哈撒韦公司</blockquote></p><p> Few stocks have&nbsp;generated more surefire returns&nbsp;for long-term investors than Warren Buffett's conglomerate&nbsp;<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B). Since taking over as CEO in 1965, Buffett has overseen an average annual return of the company's Class A shares (BRK.A) of 20%. In aggregate, and taking into account the year-to-date return of Berkshire Hathaway, Buffett has created around $600 billion in shareholder value and produced a roughly 3,300,000% return in 56 years.</p><p><blockquote>很少有股票能比沃伦·巴菲特的企业集团为长期投资者带来更可靠的回报<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）。自 1965 年接任首席执行官以来，巴菲特监督该公司 A 类股票 (BRK.A) 的平均年回报率为 20%。总体而言，考虑到伯克希尔哈撒韦公司今年迄今为止的回报，巴菲特在 56 年内创造了约 6000 亿美元的股东价值，并产生了约 3,300,000% 的回报率。</blockquote></p><p> Though there is&nbsp;a laundry list of reasons for Buffett's success, his leanings toward cyclical businesses plays a big role. Even though the Oracle of Omaha is well aware that economic contractions and recessions are inevitable, he understands that periods of expansion tend to last substantially longer. Thus, he's packed Berkshire Hathaway's investment portfolio with bank stocks, tech stocks, and consumer staples companies that'll thrive during an expanding economy.</p><p><blockquote>尽管巴菲特成功的原因有很多，但他对周期性业务的倾向发挥了重要作用。尽管奥马哈先知很清楚经济收缩和衰退是不可避免的，但他明白扩张期往往会持续更长的时间。因此，他将伯克希尔哈撒韦公司的投资组合纳入了银行股、科技股和必需消费品公司，这些公司将在经济扩张期间蓬勃发展。</blockquote></p><p> Another reason Berkshire Hathaway has delivered such incredible returns is Buffett's focus on&nbsp;dividend stocks. While Berkshire doesn't pay a dividend, it's on pace to collect more than $5 billion in dividend income in 2021. That's nearly a 5% yield, relative to the cost basis of Berkshire's holdings. Since dividend stocks are almost always profitable and time-tested, they fit the bill of what Buffett is looking for in a long-term holding.</p><p><blockquote>伯克希尔哈撒韦公司带来如此令人难以置信的回报的另一个原因是巴菲特对股息股票的关注。虽然伯克希尔不支付股息，但它有望在 2021 年获得超过 50 亿美元的股息收入。相对于伯克希尔持股的成本基础，收益率接近 5%。由于股息股票几乎总是有利可图且经过时间考验，因此它们符合巴菲特长期持有的要求。</blockquote></p><p> Long story short, riding Buffett's coattails has often been a smart move.</p><p><blockquote>长话短说，追随巴菲特的脚步往往是明智之举。</blockquote></p><p> Salesforce</p><p><blockquote>销售力量</blockquote></p><p></p><p> Another surefire stock that's continuously delivered for its shareholders and would be perfect to buy during a stock market crash is&nbsp;<b>Salesforce.com</b>(NYSE:CRM), which provides software solutions for cloud-based customer relationship management (CRM).</p><p><blockquote>另一只持续为股东提供且非常适合在股市崩盘期间购买的 surefire 股票是<b>销售力量网站</b>（纽约证券交易所股票代码：CRM），提供基于云的客户关系管理（CRM）软件解决方案。</blockquote></p><p> For those of you unfamiliar with CRM, it's used by consumer-facing businesses to enhance customer relationships and boost sales. It can be used to handle service or product issues, oversee online marketing campaigns, and run predictive sales analyses of an existing client base. What's particularly noteworthy about CRM software is that it's finding its way into nontraditional sectors, such as finance and healthcare.</p><p><blockquote>对于那些不熟悉CRM的人来说，它被面向消费者的企业用来加强客户关系和促进销售。它可用于处理服务或产品问题，监督在线营销活动，以及对现有客户群进行预测销售分析。CRM软件特别值得注意的是，它正在进入非传统领域，如金融和医疗保健。</blockquote></p><p> Cloud-based CRM software offers double-digit growth potential through at least mid-decade, and Salesforce&nbsp;sits at the center of this rapidly growing trend. According to IDC, Salesforce controlled 19.5% of global CRM spending in 2020, which is over a full percentage point higher than the share&nbsp;<b>Oracle</b>,<b>SAP</b>,<b>Microsoft</b>, and&nbsp;<b>Adobe</b>&nbsp;possessed last year on a&nbsp;<i>combined</i>&nbsp;basis.&nbsp; A little stock market turbulence doesn't change demand for CRM software solutions or weaken Salesforce's commanding market share lead.</p><p><blockquote>基于云的CRM软件至少在十年中期提供两位数的增长潜力，而Salesforce处于这一快速增长趋势的中心。根据IDC的数据，2020年，Salesforce控制了全球CRM支出的19.5%，比市场份额高出整整一个百分点<b>甲骨文</b>,<b>树液</b>,<b>微软</b>，和<b>土坯</b>去年被附身在<i>联合的</i>基础。一点点股市动荡不会改变对 CRM 软件解决方案的需求，也不会削弱 Salesforce 的市场份额领先地位。</blockquote></p><p> What's more, CEO Marc Benioff&nbsp;has been an acquisition maven. The buyouts of MuleSoft, Tableau, and most recently Slack Technologies have added to the company's cloud-based ecosystem and should allow annual sales to more than double to $50 billion over the next five years. Any discount investors can get on shares of Salesforce should be viewed as a gift.</p><p><blockquote>更重要的是，首席执行官马克·贝尼奥夫一直是收购专家。对 MuleSoft、Tableau 以及最近的 Slack Technologies 的收购增加了该公司基于云的生态系统，并将在未来五年内使年销售额翻一番以上，达到 500 亿美元。投资者在 Salesforce 股票上获得的任何折扣都应该被视为一份礼物。</blockquote></p><p> Alphabet</p><p><blockquote>Alphabet</blockquote></p><p> A third&nbsp;surefire stock to buy if a stock market crash or correction arises&nbsp;is&nbsp;<b>Alphabet</b>(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming content provider YouTube.</p><p><blockquote>如果发生股市崩盘或调整，值得购买的第三只肯定股票是<b>Alphabet</b>（纳斯达克股票代码：GOOGL）（纳斯达克股票代码：GOOG），互联网搜索引擎谷歌和流媒体内容提供商 YouTube 的母公司。</blockquote></p><p> When it comes to global internet search, there's Google and everyone else. The thing is, \"everyone else\" barely moves the needle. According to GlobalStats, Google accounted for 92% of the worldwide search engine market in September. Looking back two years, it's much of the same, with Google holding a&nbsp;91% to 93% share of global internet search. As the clear go-to for advertisers, Alphabet's Google benefits immensely from long-winded periods of U.S. and global economic expansion.</p><p><blockquote>说到全球互联网搜索，有谷歌和其他所有人。问题是，“其他人”几乎没有移动针头。根据GlobalStats的数据，谷歌在9月份占据了全球搜索引擎市场的92%。回顾两年，情况大同小异，谷歌占据了全球互联网搜索91%到93%的份额。作为广告商的明确选择，Alphabet 旗下的谷歌从美国和全球经济扩张的漫长时期中受益匪浅。</blockquote></p><p> What might be even more exciting than Alphabet's veritable monopoly on internet search is the company's rapidly growing ancillary projects. Streaming service provider YouTube saw ad revenue surge 84% in the second quarter, with its annual sales run rate hitting $28 billion. YouTube has quickly become one of the most-visited social sites on the planet.</p><p><blockquote>可能比Alphabet在互联网搜索领域名副其实的垄断更令人兴奋的是该公司快速增长的辅助项目。流媒体服务提供商 YouTube 第二季度广告收入激增 84%，年销售额达到 280 亿美元。YouTube已经迅速成为这个星球上访问量最大的社交网站之一。</blockquote></p><p> Meanwhile, Google Cloud delivered 54% sales growth in the June-ended quarter and now sports an annual run rate over $18 billion in sales. Google Cloud is the third-biggest player in cloud infrastructure and should grow into a major source of operating cash flow for Alphabet over time. There's&nbsp;absolutely no reason&nbsp;for Alphabet not to be on your buy list if the market crashes or corrects.</p><p><blockquote>与此同时，谷歌云在截至 6 月份的季度销售额增长了 54%，目前年销售额超过 180 亿美元。谷歌云是云基础设施领域的第三大参与者，随着时间的推移，应该会发展成为Alphabet运营现金流的主要来源。如果市场崩溃或调整，Alphabet绝对没有理由不在你的购买清单上。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Surefire Stocks to Buy If There's a Stock Market Crash<blockquote>如果股市崩盘，值得购买的 3 只必备股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-10-09 21:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might be on the way.</p><p><blockquote>大多数人听到这个消息不会感到兴奋，但股市崩盘或两位数调整可能即将到来。</blockquote></p><p> To be crystal clear, no one can predict with any long-term accuracy precisely when a crash or correction will occur, how steep the decline will be, how long it'll last, or in many instances what'll precipitate the move lower in the broader market. But one thing is clear: Crashes and correction are a normal part of the investing cycle and the price of admission to the greatest wealth creator on the planet.</p><p><blockquote>需要明确的是，没有人能够长期准确地预测崩盘或调整何时会发生、下跌会有多严重、会持续多久，或者在许多情况下会导致大盘下跌。但有一点是明确的：崩盘和调整是投资周期的正常组成部分，也是加入地球上最伟大财富创造者的代价。</blockquote></p><p> History isn't the market's friend in the near term</p><p><blockquote>短期内历史不是市场的朋友</blockquote></p><p> At the moment, there are&nbsp;no shortage of tail&nbsp;winds&nbsp;for a stock market crash. In particular, history doesn't look to be the friend of the benchmark&nbsp;<b>S&amp;P 500</b>&nbsp;(SNPINDEX:^GSPC)over the short term.</p><p><blockquote>目前，股市崩盘并不缺乏顺风。特别是，历史看起来并不是基准的朋友<b>标普500</b>(SNPINDEX:^GSPC)短期内。</blockquote></p><p> For instance, the widely followed S&amp;P 500 has behaved similarly following each of its previous eight bear-market bottoms, dating back to 1960. Within three years of bouncing back from its trough, the S&amp;P 500 has always had one or two instances where it's declined by at least 10%. Rallying from a bear-market bottom is a bumpy process that takes time. With the broad-based index doubling in value in less than 17 months, there's a good chance we're long overdue for some \"bumps.\"</p><p><blockquote>例如，广受关注的标普500在自 1960 年以来的前八次熊市底部之后都表现得类似。在从低谷反弹的三年内，标普500总是有一两次至少下跌10%。从熊市底部反弹是一个坎坷的过程，需要时间。随着基础广泛的指数在不到 17 个月的时间里翻了一番，我们很可能早就应该出现一些“上涨”了。</blockquote></p><p> History is&nbsp;no fan of extended valuations, either. As of the close of business on Monday, Oct. 4, the S&amp;P 500's Shiller price-to-earnings ratio was north of 37. The Shiller P/E takes into account inflation-adjusted earnings over the past 10 years. While access to information over the internet has helped expand P/E multiples since the mid-1990s, history is quite clear that bad things happen when the S&amp;P 500's Shiller P/E crosses above 30. In the previous four instances this has happened, the broad-based index shed at least 20% of its value.</p><p><blockquote>历史也不喜欢延长估值。截至 10 月 4 日星期一收盘，标准普尔 500 指数的席勒市盈率高于 37。席勒市盈率考虑了过去 10 年经通货膨胀调整后的收益。虽然自20世纪90年代中期以来，通过互联网获取信息有助于扩大市盈率，但历史非常清楚，当标准普尔500的席勒市盈率超过30时，坏事就会发生。在之前的四个例子中，基础广泛的指数损失了至少20%的价值。</blockquote></p><p> Even the history behind margin-debt usage is worrisome. Although it's perfectly normal for nominal margin debt outstanding to increase over time, it's&nbsp;not normal&nbsp;for margin-debt usage to skyrocket higher in a short time frame. There have been three instances since 1995 where margin-debt usage jumped by at least 60% in a given year. Two of these instances were directly before the dot-com bubble burst and the financial crisis began. The third instance is in 2021.</p><p><blockquote>甚至保证金债务使用背后的历史也令人担忧。尽管名义未偿保证金债务随着时间的推移而增加是完全正常的，但保证金债务的使用量在短时间内飙升是不正常的。自 1995 年以来，已有三次保证金债务的使用量在某一年跃升了至少 60%。其中两个例子发生在互联网泡沫破裂和金融危机爆发之前。第三次是在2021年。</blockquote></p><p> The table would appear to be a set for sizable but healthy pullback in the S&amp;P 500.</p><p><blockquote>这张桌子似乎是标普500大幅但健康回调的一套。</blockquote></p><p> A crash or steep correction is the perfect time to buy these surefire stocks</p><p><blockquote>崩盘或大幅调整是购买这些稳健股票的最佳时机</blockquote></p><p> While big moves lower in the market are known to cause investor anxiety, they're also the perfect opportunity to pounce. You see, whereas history isn't the market's friend in the short run, it's unquestionably thegreatest ally of investors over the long term.</p><p><blockquote>虽然众所周知，市场大幅下跌会引起投资者焦虑，但它们也是抢购的绝佳机会。你看，虽然历史在短期内不是市场的朋友，但从长远来看，它无疑是投资者最大的盟友。</blockquote></p><p> For example, there's never been a rolling 20-year period over the past century when an S&amp;P 500 tracking index wouldn't have generated a positive annualized total return for investors. A crash or correction is simply an opportunity to buy great companies at a discount.</p><p><blockquote>例如，在过去的一个世纪里，标普500跟踪指数从来没有一个滚动的 20 年期间不会为投资者产生正的年化总回报。崩盘或调整只是一个以折扣价收购伟大公司的机会。</blockquote></p><p> Should this recent sell-off manifest into a crash or correction, the following three surefire stocks can be confidently bought hand over fist.</p><p><blockquote>如果最近的抛售表现为崩盘或回调，以下三只 surefire 股票可以放心地买入。</blockquote></p><p> Berkshire Hathaway</p><p><blockquote>伯克希尔哈撒韦公司</blockquote></p><p> Few stocks have&nbsp;generated more surefire returns&nbsp;for long-term investors than Warren Buffett's conglomerate&nbsp;<b>Berkshire Hathaway</b>(NYSE:BRK.A)(NYSE:BRK.B). Since taking over as CEO in 1965, Buffett has overseen an average annual return of the company's Class A shares (BRK.A) of 20%. In aggregate, and taking into account the year-to-date return of Berkshire Hathaway, Buffett has created around $600 billion in shareholder value and produced a roughly 3,300,000% return in 56 years.</p><p><blockquote>很少有股票能比沃伦·巴菲特的企业集团为长期投资者带来更可靠的回报<b>伯克希尔哈撒韦公司</b>（纽约证券交易所代码：BRK.A）（纽约证券交易所代码：BRK.B）。自 1965 年接任首席执行官以来，巴菲特监督该公司 A 类股票 (BRK.A) 的平均年回报率为 20%。总体而言，考虑到伯克希尔哈撒韦公司今年迄今为止的回报，巴菲特在 56 年内创造了约 6000 亿美元的股东价值，并产生了约 3,300,000% 的回报率。</blockquote></p><p> Though there is&nbsp;a laundry list of reasons for Buffett's success, his leanings toward cyclical businesses plays a big role. Even though the Oracle of Omaha is well aware that economic contractions and recessions are inevitable, he understands that periods of expansion tend to last substantially longer. Thus, he's packed Berkshire Hathaway's investment portfolio with bank stocks, tech stocks, and consumer staples companies that'll thrive during an expanding economy.</p><p><blockquote>尽管巴菲特成功的原因有很多，但他对周期性业务的倾向发挥了重要作用。尽管奥马哈先知很清楚经济收缩和衰退是不可避免的，但他明白扩张期往往会持续更长的时间。因此，他将伯克希尔哈撒韦公司的投资组合纳入了银行股、科技股和必需消费品公司，这些公司将在经济扩张期间蓬勃发展。</blockquote></p><p> Another reason Berkshire Hathaway has delivered such incredible returns is Buffett's focus on&nbsp;dividend stocks. While Berkshire doesn't pay a dividend, it's on pace to collect more than $5 billion in dividend income in 2021. That's nearly a 5% yield, relative to the cost basis of Berkshire's holdings. Since dividend stocks are almost always profitable and time-tested, they fit the bill of what Buffett is looking for in a long-term holding.</p><p><blockquote>伯克希尔哈撒韦公司带来如此令人难以置信的回报的另一个原因是巴菲特对股息股票的关注。虽然伯克希尔不支付股息，但它有望在 2021 年获得超过 50 亿美元的股息收入。相对于伯克希尔持股的成本基础，收益率接近 5%。由于股息股票几乎总是有利可图且经过时间考验，因此它们符合巴菲特长期持有的要求。</blockquote></p><p> Long story short, riding Buffett's coattails has often been a smart move.</p><p><blockquote>长话短说，追随巴菲特的脚步往往是明智之举。</blockquote></p><p> Salesforce</p><p><blockquote>销售力量</blockquote></p><p></p><p> Another surefire stock that's continuously delivered for its shareholders and would be perfect to buy during a stock market crash is&nbsp;<b>Salesforce.com</b>(NYSE:CRM), which provides software solutions for cloud-based customer relationship management (CRM).</p><p><blockquote>另一只持续为股东提供且非常适合在股市崩盘期间购买的 surefire 股票是<b>销售力量网站</b>（纽约证券交易所股票代码：CRM），提供基于云的客户关系管理（CRM）软件解决方案。</blockquote></p><p> For those of you unfamiliar with CRM, it's used by consumer-facing businesses to enhance customer relationships and boost sales. It can be used to handle service or product issues, oversee online marketing campaigns, and run predictive sales analyses of an existing client base. What's particularly noteworthy about CRM software is that it's finding its way into nontraditional sectors, such as finance and healthcare.</p><p><blockquote>对于那些不熟悉CRM的人来说，它被面向消费者的企业用来加强客户关系和促进销售。它可用于处理服务或产品问题，监督在线营销活动，以及对现有客户群进行预测销售分析。CRM软件特别值得注意的是，它正在进入非传统领域，如金融和医疗保健。</blockquote></p><p> Cloud-based CRM software offers double-digit growth potential through at least mid-decade, and Salesforce&nbsp;sits at the center of this rapidly growing trend. According to IDC, Salesforce controlled 19.5% of global CRM spending in 2020, which is over a full percentage point higher than the share&nbsp;<b>Oracle</b>,<b>SAP</b>,<b>Microsoft</b>, and&nbsp;<b>Adobe</b>&nbsp;possessed last year on a&nbsp;<i>combined</i>&nbsp;basis.&nbsp; A little stock market turbulence doesn't change demand for CRM software solutions or weaken Salesforce's commanding market share lead.</p><p><blockquote>基于云的CRM软件至少在十年中期提供两位数的增长潜力，而Salesforce处于这一快速增长趋势的中心。根据IDC的数据，2020年，Salesforce控制了全球CRM支出的19.5%，比市场份额高出整整一个百分点<b>甲骨文</b>,<b>树液</b>,<b>微软</b>，和<b>土坯</b>去年被附身在<i>联合的</i>基础。一点点股市动荡不会改变对 CRM 软件解决方案的需求，也不会削弱 Salesforce 的市场份额领先地位。</blockquote></p><p> What's more, CEO Marc Benioff&nbsp;has been an acquisition maven. The buyouts of MuleSoft, Tableau, and most recently Slack Technologies have added to the company's cloud-based ecosystem and should allow annual sales to more than double to $50 billion over the next five years. Any discount investors can get on shares of Salesforce should be viewed as a gift.</p><p><blockquote>更重要的是，首席执行官马克·贝尼奥夫一直是收购专家。对 MuleSoft、Tableau 以及最近的 Slack Technologies 的收购增加了该公司基于云的生态系统，并将在未来五年内使年销售额翻一番以上，达到 500 亿美元。投资者在 Salesforce 股票上获得的任何折扣都应该被视为一份礼物。</blockquote></p><p> Alphabet</p><p><blockquote>Alphabet</blockquote></p><p> A third&nbsp;surefire stock to buy if a stock market crash or correction arises&nbsp;is&nbsp;<b>Alphabet</b>(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming content provider YouTube.</p><p><blockquote>如果发生股市崩盘或调整，值得购买的第三只肯定股票是<b>Alphabet</b>（纳斯达克股票代码：GOOGL）（纳斯达克股票代码：GOOG），互联网搜索引擎谷歌和流媒体内容提供商 YouTube 的母公司。</blockquote></p><p> When it comes to global internet search, there's Google and everyone else. The thing is, \"everyone else\" barely moves the needle. According to GlobalStats, Google accounted for 92% of the worldwide search engine market in September. Looking back two years, it's much of the same, with Google holding a&nbsp;91% to 93% share of global internet search. As the clear go-to for advertisers, Alphabet's Google benefits immensely from long-winded periods of U.S. and global economic expansion.</p><p><blockquote>说到全球互联网搜索，有谷歌和其他所有人。问题是，“其他人”几乎没有移动针头。根据GlobalStats的数据，谷歌在9月份占据了全球搜索引擎市场的92%。回顾两年，情况大同小异，谷歌占据了全球互联网搜索91%到93%的份额。作为广告商的明确选择，Alphabet 旗下的谷歌从美国和全球经济扩张的漫长时期中受益匪浅。</blockquote></p><p> What might be even more exciting than Alphabet's veritable monopoly on internet search is the company's rapidly growing ancillary projects. Streaming service provider YouTube saw ad revenue surge 84% in the second quarter, with its annual sales run rate hitting $28 billion. YouTube has quickly become one of the most-visited social sites on the planet.</p><p><blockquote>可能比Alphabet在互联网搜索领域名副其实的垄断更令人兴奋的是该公司快速增长的辅助项目。流媒体服务提供商 YouTube 第二季度广告收入激增 84%，年销售额达到 280 亿美元。YouTube已经迅速成为这个星球上访问量最大的社交网站之一。</blockquote></p><p> Meanwhile, Google Cloud delivered 54% sales growth in the June-ended quarter and now sports an annual run rate over $18 billion in sales. Google Cloud is the third-biggest player in cloud infrastructure and should grow into a major source of operating cash flow for Alphabet over time. There's&nbsp;absolutely no reason&nbsp;for Alphabet not to be on your buy list if the market crashes or corrects.</p><p><blockquote>与此同时，谷歌云在截至 6 月份的季度销售额增长了 54%，目前年销售额超过 180 亿美元。谷歌云是云基础设施领域的第三大参与者，随着时间的推移，应该会发展成为Alphabet运营现金流的主要来源。如果市场崩溃或调整，Alphabet绝对没有理由不在你的购买清单上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/09/3-surefire-stocks-to-buy-if-stock-market-crash/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","GOOGL":"谷歌A","BRK.B":"伯克希尔B","CRM":"赛富时"},"source_url":"https://www.fool.com/investing/2021/10/09/3-surefire-stocks-to-buy-if-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115058296","content_text":"Most folks won't be thrilled to hear this, but a stock market crash or double-digit correction might be on the way.\nTo be crystal clear, no one can predict with any long-term accuracy precisely when a crash or correction will occur, how steep the decline will be, how long it'll last, or in many instances what'll precipitate the move lower in the broader market. But one thing is clear: Crashes and correction are a normal part of the investing cycle and the price of admission to the greatest wealth creator on the planet.\nHistory isn't the market's friend in the near term\nAt the moment, there are no shortage of tail winds for a stock market crash. In particular, history doesn't look to be the friend of the benchmark S&P 500 (SNPINDEX:^GSPC)over the short term.\nFor instance, the widely followed S&P 500 has behaved similarly following each of its previous eight bear-market bottoms, dating back to 1960. Within three years of bouncing back from its trough, the S&P 500 has always had one or two instances where it's declined by at least 10%. Rallying from a bear-market bottom is a bumpy process that takes time. With the broad-based index doubling in value in less than 17 months, there's a good chance we're long overdue for some \"bumps.\"\nHistory is no fan of extended valuations, either. As of the close of business on Monday, Oct. 4, the S&P 500's Shiller price-to-earnings ratio was north of 37. The Shiller P/E takes into account inflation-adjusted earnings over the past 10 years. While access to information over the internet has helped expand P/E multiples since the mid-1990s, history is quite clear that bad things happen when the S&P 500's Shiller P/E crosses above 30. In the previous four instances this has happened, the broad-based index shed at least 20% of its value.\nEven the history behind margin-debt usage is worrisome. Although it's perfectly normal for nominal margin debt outstanding to increase over time, it's not normal for margin-debt usage to skyrocket higher in a short time frame. There have been three instances since 1995 where margin-debt usage jumped by at least 60% in a given year. Two of these instances were directly before the dot-com bubble burst and the financial crisis began. The third instance is in 2021.\nThe table would appear to be a set for sizable but healthy pullback in the S&P 500.\nA crash or steep correction is the perfect time to buy these surefire stocks\nWhile big moves lower in the market are known to cause investor anxiety, they're also the perfect opportunity to pounce. You see, whereas history isn't the market's friend in the short run, it's unquestionably thegreatest ally of investors over the long term.\nFor example, there's never been a rolling 20-year period over the past century when an S&P 500 tracking index wouldn't have generated a positive annualized total return for investors. A crash or correction is simply an opportunity to buy great companies at a discount.\nShould this recent sell-off manifest into a crash or correction, the following three surefire stocks can be confidently bought hand over fist.\nBerkshire Hathaway\nFew stocks have generated more surefire returns for long-term investors than Warren Buffett's conglomerate Berkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B). Since taking over as CEO in 1965, Buffett has overseen an average annual return of the company's Class A shares (BRK.A) of 20%. In aggregate, and taking into account the year-to-date return of Berkshire Hathaway, Buffett has created around $600 billion in shareholder value and produced a roughly 3,300,000% return in 56 years.\nThough there is a laundry list of reasons for Buffett's success, his leanings toward cyclical businesses plays a big role. Even though the Oracle of Omaha is well aware that economic contractions and recessions are inevitable, he understands that periods of expansion tend to last substantially longer. Thus, he's packed Berkshire Hathaway's investment portfolio with bank stocks, tech stocks, and consumer staples companies that'll thrive during an expanding economy.\nAnother reason Berkshire Hathaway has delivered such incredible returns is Buffett's focus on dividend stocks. While Berkshire doesn't pay a dividend, it's on pace to collect more than $5 billion in dividend income in 2021. That's nearly a 5% yield, relative to the cost basis of Berkshire's holdings. Since dividend stocks are almost always profitable and time-tested, they fit the bill of what Buffett is looking for in a long-term holding.\nLong story short, riding Buffett's coattails has often been a smart move.\nSalesforce\nAnother surefire stock that's continuously delivered for its shareholders and would be perfect to buy during a stock market crash is Salesforce.com(NYSE:CRM), which provides software solutions for cloud-based customer relationship management (CRM).\nFor those of you unfamiliar with CRM, it's used by consumer-facing businesses to enhance customer relationships and boost sales. It can be used to handle service or product issues, oversee online marketing campaigns, and run predictive sales analyses of an existing client base. What's particularly noteworthy about CRM software is that it's finding its way into nontraditional sectors, such as finance and healthcare.\nCloud-based CRM software offers double-digit growth potential through at least mid-decade, and Salesforce sits at the center of this rapidly growing trend. According to IDC, Salesforce controlled 19.5% of global CRM spending in 2020, which is over a full percentage point higher than the share Oracle,SAP,Microsoft, and Adobe possessed last year on a combined basis.  A little stock market turbulence doesn't change demand for CRM software solutions or weaken Salesforce's commanding market share lead.\nWhat's more, CEO Marc Benioff has been an acquisition maven. The buyouts of MuleSoft, Tableau, and most recently Slack Technologies have added to the company's cloud-based ecosystem and should allow annual sales to more than double to $50 billion over the next five years. Any discount investors can get on shares of Salesforce should be viewed as a gift.\nAlphabet\nA third surefire stock to buy if a stock market crash or correction arises is Alphabet(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming content provider YouTube.\nWhen it comes to global internet search, there's Google and everyone else. The thing is, \"everyone else\" barely moves the needle. According to GlobalStats, Google accounted for 92% of the worldwide search engine market in September. Looking back two years, it's much of the same, with Google holding a 91% to 93% share of global internet search. As the clear go-to for advertisers, Alphabet's Google benefits immensely from long-winded periods of U.S. and global economic expansion.\nWhat might be even more exciting than Alphabet's veritable monopoly on internet search is the company's rapidly growing ancillary projects. Streaming service provider YouTube saw ad revenue surge 84% in the second quarter, with its annual sales run rate hitting $28 billion. YouTube has quickly become one of the most-visited social sites on the planet.\nMeanwhile, Google Cloud delivered 54% sales growth in the June-ended quarter and now sports an annual run rate over $18 billion in sales. Google Cloud is the third-biggest player in cloud infrastructure and should grow into a major source of operating cash flow for Alphabet over time. There's absolutely no reason for Alphabet not to be on your buy list if the market crashes or corrects.","news_type":1,"symbols_score_info":{"CRM":0.9,"BRK.B":0.9,"BRK.A":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":1002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690057611,"gmtCreate":1639616389442,"gmtModify":1639616389605,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Read","listText":"Read","text":"Read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690057611","repostId":"2191994940","repostType":4,"isVote":1,"tweetType":1,"viewCount":3826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867195612,"gmtCreate":1633223934975,"gmtModify":1633223937199,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867195612","repostId":"2172964531","repostType":4,"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":177904006,"gmtCreate":1627173853005,"gmtModify":1633767539317,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177904006","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","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":1627092269,"share":"https://www.laohunote.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>国家市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于其竞争对手的条件等恢复市场竞争状态的措施。腾讯控股将在3年内每年向国家市场监督管理总局报告履行义务情况，国家市场监督管理总局将依法严格监督其执行情况。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守决定，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将全面负起责任，在规定期限内会同腾讯控股音乐等关联公司制定整改措施和方案，并按照处罚决定书要求全面完成，确保整改到位。</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>Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</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\">\nTencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被勒令删除在线音乐的独家版权</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\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>国家市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于其竞争对手的条件等恢复市场竞争状态的措施。腾讯控股将在3年内每年向国家市场监督管理总局报告履行义务情况，国家市场监督管理总局将依法严格监督其执行情况。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守决定，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将全面负起责任，在规定期限内会同腾讯控股音乐等关联公司制定整改措施和方案，并按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"TME":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":827462505,"gmtCreate":1634517766933,"gmtModify":1634517767111,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/827462505","repostId":"1185155570","repostType":4,"repost":{"id":"1185155570","kind":"news","pubTimestamp":1634511079,"share":"https://www.laohunote.com/m/news/1185155570?lang=zh_CN&edition=full","pubTime":"2021-10-18 06:51","market":"us","language":"en","title":"Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185155570","media":"Barrons","summary":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. ","content":"<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的加剧，72 家标普500公司本周公布了财报。几家美国大银行上周开局强劲。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业等知名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>宝洁公司（Albertsons）和道富银行（State Street）将在周一大放异彩。宝洁公司（Procter &amp; Gamble）、哈里伯顿公司（Halliburton）和强生公司（Johnson &amp; Johnson）是周二上午的亮点，Netflix 和美国联合航空公司（United Airlines Holdings）将在收盘后紧随其后。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，威瑞森通信公司、IBM 和特斯拉将受到最多的关注。美国电话电报公司、美国航空集团、西南航空和 Chipotle Mexican Grill 将于周四发布报告，随后美国运通、斯伦贝谢和霍尼韦尔国际公司将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周的经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有人都从前几个月的水平回落了。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新发布的褐皮书（描述了美国各地的经济状况），以及 9 月份的两项房地产市场指标： 美国人口普查局（Census Bureau）将于周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）将于周四报告现房销售情况。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>10/18星期一</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继 8 月份上涨 0.4% 之后，经济学家预计上涨 0.20%。预计 9 月份的产能利用率为 76.5%，与 8 月份的 76.4% 大致持平。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二 10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节性调整后的新屋开工年率为 162.3 万套，而 8 月份为 161.5 万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>Halliburton、Procter &amp; Gamble、Johnson &amp; Johnson、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、Interactive Brokers Group、Netflix、ManpowerGroup、Dover 和加拿大国家铁路公司等公司在评级举办了财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布关于中央银行 12 个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、百健、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、威瑞森通信、CSX、Lam Research、特斯拉、IBM 和 Anthem 讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四 10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份的现房销售情况。经济学家预测，经季节性调整后的年销量为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、Genuine Parts、西南航空、Valero Energy、黑石、Quest Diagnostics、Snap安、拖拉机供应、巴克莱银行、丹纳赫、美国电话电报公司、纽柯、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、美泰和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从 9 月份的 30.7 降至 10 月份的 24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>会议委员会</b>发布9月份领先经济指数。继 8 月份上涨 0.90% 之后，预计上涨 0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>10/22星期五</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit 发布</b>10月份制造业和服务业采购经理人指数。制造业PMI的普遍预期为60.3，而服务业PMI预计为54.7，而9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>惠而浦、霍尼韦尔、Cleveland-Cliffs、塞拉尼斯、HCA Healthcare、斯伦贝谢、希捷科技控股公司、VF公司和美国运通主办了评级投资者会议。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-18 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的加剧，72 家标普500公司本周公布了财报。几家美国大银行上周开局强劲。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业等知名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>宝洁公司（Albertsons）和道富银行（State Street）将在周一大放异彩。宝洁公司（Procter &amp; Gamble）、哈里伯顿公司（Halliburton）和强生公司（Johnson &amp; Johnson）是周二上午的亮点，Netflix 和美国联合航空公司（United Airlines Holdings）将在收盘后紧随其后。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，威瑞森通信公司、IBM 和特斯拉将受到最多的关注。美国电话电报公司、美国航空集团、西南航空和 Chipotle Mexican Grill 将于周四发布报告，随后美国运通、斯伦贝谢和霍尼韦尔国际公司将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周的经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有人都从前几个月的水平回落了。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新发布的褐皮书（描述了美国各地的经济状况），以及 9 月份的两项房地产市场指标： 美国人口普查局（Census Bureau）将于周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）将于周四报告现房销售情况。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>10/18星期一</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继 8 月份上涨 0.4% 之后，经济学家预计上涨 0.20%。预计 9 月份的产能利用率为 76.5%，与 8 月份的 76.4% 大致持平。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二 10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节性调整后的新屋开工年率为 162.3 万套，而 8 月份为 161.5 万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>Halliburton、Procter &amp; Gamble、Johnson &amp; Johnson、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、Interactive Brokers Group、Netflix、ManpowerGroup、Dover 和加拿大国家铁路公司等公司在评级举办了财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布关于中央银行 12 个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、百健、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、威瑞森通信、CSX、Lam Research、特斯拉、IBM 和 Anthem 讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四 10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份的现房销售情况。经济学家预测，经季节性调整后的年销量为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、Genuine Parts、西南航空、Valero Energy、黑石、Quest Diagnostics、Snap安、拖拉机供应、巴克莱银行、丹纳赫、美国电话电报公司、纽柯、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、美泰和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从 9 月份的 30.7 降至 10 月份的 24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>会议委员会</b>发布9月份领先经济指数。继 8 月份上涨 0.90% 之后，预计上涨 0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>10/22星期五</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit 发布</b>10月份制造业和服务业采购经理人指数。制造业PMI的普遍预期为60.3，而服务业PMI预计为54.7，而9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>惠而浦、霍尼韦尔、Cleveland-Cliffs、塞拉尼斯、HCA Healthcare、斯伦贝谢、希捷科技控股公司、VF公司和美国运通主办了评级投资者会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","HAL":"哈里伯顿",".SPX":"S&P 500 Index","IBM":"IBM","T":"At&T","INTC":"英特尔","NFLX":"奈飞","LUV":"西南航空","JNJ":"强生",".IXIC":"NASDAQ Composite","AXP":"美国运通","CMG":"墨式烧烤","TSLA":"特斯拉","AAL":"美国航空","UAL":"联合大陆航空"},"source_url":"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185155570","content_text":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights will include results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.\n\nAlbertsons and State Street get the ball rolling on Monday.Procter & Gamble,Halliburton,and Johnson & Johnson are Tuesday morning’s highlights, followed by Netflix and United Airlines Holdings after the market closes.\nOn Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&T, American Airlines Group,Southwest Airlines,and Chipotle Mexican Grill report on Thursday, then American Express,Schlumberger,and Honeywell International close the week on Friday.\nEconomic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.\nOther releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.\nMonday 10/18\nThe Federal Reserve releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.\nAlbertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.\nTuesday 10/19\nThe Census Bureau reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.\nHalliburton, Procter & Gamble, Johnson & Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.\nWednesday 10/20\nThe Federal Reserve releases its beige book about current economic conditions across the central bank’s 12 districts.\nAbbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.\nThursday 10/21\nThe National Association of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.\nDow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.\nThe Philadelphia Fed diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.\nThe Conference Board releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.\nFriday 10/22\nIHS Markit releases the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.\nWhirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.","news_type":1,"symbols_score_info":{".DJI":0.9,"UAL":0.9,".IXIC":0.9,"IBM":0.9,"AXP":0.9,"HAL":0.9,"T":0.9,"INTC":0.9,"LUV":0.9,"TSLA":0.9,".SPX":0.9,"NFLX":0.9,"CMG":0.9,"JNJ":0.9,"AAL":0.9}},"isVote":1,"tweetType":1,"viewCount":2897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820242233,"gmtCreate":1633397978623,"gmtModify":1633398236499,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820242233","repostId":"1190774495","repostType":4,"isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861051732,"gmtCreate":1632444367526,"gmtModify":1632724576757,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861051732","repostId":"2169696341","repostType":4,"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":177907956,"gmtCreate":1627173907475,"gmtModify":1633767538130,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177907956","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohunote.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看蔚来与今天的特斯拉相比如何，蔚来独特的卖点，以及两家公司之间的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不算太贵。</li><li>然而，蔚来并不是一只低风险股票，它可能不是每个人的好选择。投资者还应该考虑蔚来汽车相对于传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来（蔚来）是中国领先的电动汽车企业之一，通过有吸引力的品牌和独特的BaaS产品，吸引了消费者和投资者的极大兴趣。然而，如今该公司的规模仍然远小于目前引领全球电动汽车市场的特斯拉 (TSLA)。蔚来目前专注于国内市场，特斯拉还是一家小公司时也是如此，但蔚来也将努力在海外市场抢占市场份额。股价已经大幅上涨，但如果蔚来能够复制特斯拉的成功，这可能是完全合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020 年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数电动汽车纯玩家的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了 245%，而特斯拉同期上涨了 101%。然而，这两家公司目前的股价均低于历史高点，该高点在 2021 年初触及，之后市场对电动汽车 pureplays 的情绪有所降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标价低约 30%。如果分析师界是正确的，那么蔚来在这里是一个更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的分析师目标价有很大的上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。这两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，这两者是相似的，但在其他方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也一直在发展其他一些业务，例如储能。特斯拉的大部分收入是通过销售电动汽车产生的，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是众所周知的 S、X、3 和 Y，而蔚来则提供轿车 (ET7) 和三款 SUV (EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大区别。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都为客户提供某种类型的充电基础设施，就特斯拉而言，这就是增压器网络，特斯拉车主可以在其中为汽车充电，功率高达 250kW，具体取决于安装的增压器版本。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来充电站将电池更换为充满电的电池，这一过程只需几分钟，因此与特斯拉和其他电动汽车制造商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/更换时间方面具有优势，但应该注意的是，与蔚来的换电站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商所提供的产品相比，蔚来汽车的产品是一个独特的卖点。这是否最终会带来回报还有待观察，但随着电动汽车领域的竞争日益激烈，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了 201,000 辆汽车，高于 2020 年第二季度的 103,000 辆汽车。这是同比的强劲增长，尽管略低于 100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为 9 倍，当我们查看两家公司的市值时，我们会发现这一比例几乎完全相同，因为特斯拉 6400 亿美元的市值约为 9 倍蔚来的 720 亿美元。在类似的增长率下，这将是完全有意义的，但看起来蔚来目前可能是更好的交易，因为它的估值相当，同时产生了更好的增长。未来几个季度尤其如此，特斯拉的增长预计将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>预计特斯拉的收入将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来预计其收入将在 2021 年至 2023 年间从 54 亿美元激增至 128 亿美元，年增长率为 54%。因此，相对而言，预计未来两年蔚来的增长速度将远远超过特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家公司来说，保持巨大的增长率变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加 50% 以上的收入是不可能永远的。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍然应该考虑这个重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来 2025 年收入预期为 226 亿美元，比 2023 年预期再增长 80%，比分析师对 2021 年的预测增长 320%。与此同时，特斯拉预计 2025 年收入将达到 1225 亿美元，这是一个很大的数字，但比 2023 年增长相对较弱的 48%，比 2021 年总共增长 150%。因此，在 2021 年至 2025 年间，蔚来的收入将增长 4 倍，而特斯拉的收入将增长 2.5 倍——在其他条件相同的情况下，这是一个有意义的差异，应该可以让蔚来获得溢价估值，就像特斯拉值得拥有与大众汽车等传统参与者相比的溢价估值（OTCPK：VWAGY）。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>将 2025 年的收入预测与两家公司目前的估值进行比较，我们发现蔚来的交易价格为 2025 年销售额的 3.2 倍，而特斯拉的 2025 年销售额倍数为 5.2。对于长期投资者来说，蔚来目前似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使是 2025 年 3.2 倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，即使其股票绝对不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间范围。如今，蔚来比特斯拉小得多，因此理所当然地以较小的市值进行交易。还应该指出的是，不能保证特斯拉的股票是电动汽车公司估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票价格被低估，这也是可能性之一，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约 80 万辆汽车时，确实应该获得 6000 亿美元左右的市值，那么蔚来最终也可能达到这个目标，尽管不是在短期内。蔚来今年将销售约 9 万辆汽车，到 2025 年这一数字应该会增长到约 40 万辆。如果蔚来的销量在这一点后每年增长 15%，那么到 2030 年（即 9 年后），它可能会售出约 80 万辆汽车。如果想要假设更快的增长，每年 80 万辆汽车的大关也可能在 2030 年之前跨过，例如在 2028 年或 2029 年。如果我们现在真的选择 2030 年，那么按照与特斯拉类似的交付量与市值比率，蔚来到 2030 年的估值可能会超过 6000 亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我相信还远未确定。就我个人而言，看到特斯拉的估值压缩不会太惊讶，因此蔚来在 2030 年的市值可能远低于 6000 亿美元的水平，即使它继续大幅增长。蔚来汽车的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场尤其知名的强大品牌，处于有利的增长位置。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还需要注意的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这个水平，也根本不能保证两家公司的市值相似。到那时，特斯拉的估值可能会更高，例如，如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内价值数千亿美元，就像特斯拉一样，但这根本不能保证。即使发生了这种情况，到那时特斯拉的价值可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入还是卖出的好股票？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样大或高估值并不重要。相反，投资者应该问问自己，未来几年他们可以预期的总回报是多少，以及这些预期回报相对于蔚来商业模式的风险是否足够高。关于这些风险，值得一提的是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池更换而处于相对有利的地位，我相信这是一个强大的卖点。最后但并非最不重要的一点是，该公司对中国本土市场的依赖是一个应牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常宽容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众或福特等拥有有吸引力的电动汽车产品的传统厂商也能享受巨大的折扣。但如果想投资电动汽车 pureplay，蔚来似乎并不是一个糟糕的选择。该公司结合了强大的品牌、独特的 BaaS 产品、高增长率以及与电动汽车之王特斯拉的估值相比折扣的股票交易。蔚来的收入略高于 2025 年的 3 倍，与其他电动汽车纯电动汽车相比似乎并不算太贵，尽管当然，这仍然代表着与传统厂商相比的溢价。如果蔚来能够很好地执行并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的负面影响，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的电动汽车 pureplay，蔚来仍然很有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</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\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</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>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看蔚来与今天的特斯拉相比如何，蔚来独特的卖点，以及两家公司之间的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不算太贵。</li><li>然而，蔚来并不是一只低风险股票，它可能不是每个人的好选择。投资者还应该考虑蔚来汽车相对于传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来（蔚来）是中国领先的电动汽车企业之一，通过有吸引力的品牌和独特的BaaS产品，吸引了消费者和投资者的极大兴趣。然而，如今该公司的规模仍然远小于目前引领全球电动汽车市场的特斯拉 (TSLA)。蔚来目前专注于国内市场，特斯拉还是一家小公司时也是如此，但蔚来也将努力在海外市场抢占市场份额。股价已经大幅上涨，但如果蔚来能够复制特斯拉的成功，这可能是完全合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020 年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数电动汽车纯玩家的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了 245%，而特斯拉同期上涨了 101%。然而，这两家公司目前的股价均低于历史高点，该高点在 2021 年初触及，之后市场对电动汽车 pureplays 的情绪有所降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标价低约 30%。如果分析师界是正确的，那么蔚来在这里是一个更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的分析师目标价有很大的上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。这两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，这两者是相似的，但在其他方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也一直在发展其他一些业务，例如储能。特斯拉的大部分收入是通过销售电动汽车产生的，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是众所周知的 S、X、3 和 Y，而蔚来则提供轿车 (ET7) 和三款 SUV (EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大区别。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都为客户提供某种类型的充电基础设施，就特斯拉而言，这就是增压器网络，特斯拉车主可以在其中为汽车充电，功率高达 250kW，具体取决于安装的增压器版本。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来充电站将电池更换为充满电的电池，这一过程只需几分钟，因此与特斯拉和其他电动汽车制造商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/更换时间方面具有优势，但应该注意的是，与蔚来的换电站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商所提供的产品相比，蔚来汽车的产品是一个独特的卖点。这是否最终会带来回报还有待观察，但随着电动汽车领域的竞争日益激烈，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了 201,000 辆汽车，高于 2020 年第二季度的 103,000 辆汽车。这是同比的强劲增长，尽管略低于 100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为 9 倍，当我们查看两家公司的市值时，我们会发现这一比例几乎完全相同，因为特斯拉 6400 亿美元的市值约为 9 倍蔚来的 720 亿美元。在类似的增长率下，这将是完全有意义的，但看起来蔚来目前可能是更好的交易，因为它的估值相当，同时产生了更好的增长。未来几个季度尤其如此，特斯拉的增长预计将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>预计特斯拉的收入将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来预计其收入将在 2021 年至 2023 年间从 54 亿美元激增至 128 亿美元，年增长率为 54%。因此，相对而言，预计未来两年蔚来的增长速度将远远超过特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家公司来说，保持巨大的增长率变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加 50% 以上的收入是不可能永远的。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍然应该考虑这个重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来 2025 年收入预期为 226 亿美元，比 2023 年预期再增长 80%，比分析师对 2021 年的预测增长 320%。与此同时，特斯拉预计 2025 年收入将达到 1225 亿美元，这是一个很大的数字，但比 2023 年增长相对较弱的 48%，比 2021 年总共增长 150%。因此，在 2021 年至 2025 年间，蔚来的收入将增长 4 倍，而特斯拉的收入将增长 2.5 倍——在其他条件相同的情况下，这是一个有意义的差异，应该可以让蔚来获得溢价估值，就像特斯拉值得拥有与大众汽车等传统参与者相比的溢价估值（OTCPK：VWAGY）。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>将 2025 年的收入预测与两家公司目前的估值进行比较，我们发现蔚来的交易价格为 2025 年销售额的 3.2 倍，而特斯拉的 2025 年销售额倍数为 5.2。对于长期投资者来说，蔚来目前似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使是 2025 年 3.2 倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，即使其股票绝对不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间范围。如今，蔚来比特斯拉小得多，因此理所当然地以较小的市值进行交易。还应该指出的是，不能保证特斯拉的股票是电动汽车公司估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票价格被低估，这也是可能性之一，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约 80 万辆汽车时，确实应该获得 6000 亿美元左右的市值，那么蔚来最终也可能达到这个目标，尽管不是在短期内。蔚来今年将销售约 9 万辆汽车，到 2025 年这一数字应该会增长到约 40 万辆。如果蔚来的销量在这一点后每年增长 15%，那么到 2030 年（即 9 年后），它可能会售出约 80 万辆汽车。如果想要假设更快的增长，每年 80 万辆汽车的大关也可能在 2030 年之前跨过，例如在 2028 年或 2029 年。如果我们现在真的选择 2030 年，那么按照与特斯拉类似的交付量与市值比率，蔚来到 2030 年的估值可能会超过 6000 亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我相信还远未确定。就我个人而言，看到特斯拉的估值压缩不会太惊讶，因此蔚来在 2030 年的市值可能远低于 6000 亿美元的水平，即使它继续大幅增长。蔚来汽车的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场尤其知名的强大品牌，处于有利的增长位置。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还需要注意的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这个水平，也根本不能保证两家公司的市值相似。到那时，特斯拉的估值可能会更高，例如，如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内价值数千亿美元，就像特斯拉一样，但这根本不能保证。即使发生了这种情况，到那时特斯拉的价值可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入还是卖出的好股票？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样大或高估值并不重要。相反，投资者应该问问自己，未来几年他们可以预期的总回报是多少，以及这些预期回报相对于蔚来商业模式的风险是否足够高。关于这些风险，值得一提的是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池更换而处于相对有利的地位，我相信这是一个强大的卖点。最后但并非最不重要的一点是，该公司对中国本土市场的依赖是一个应牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常宽容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众或福特等拥有有吸引力的电动汽车产品的传统厂商也能享受巨大的折扣。但如果想投资电动汽车 pureplay，蔚来似乎并不是一个糟糕的选择。该公司结合了强大的品牌、独特的 BaaS 产品、高增长率以及与电动汽车之王特斯拉的估值相比折扣的股票交易。蔚来的收入略高于 2025 年的 3 倍，与其他电动汽车纯电动汽车相比似乎并不算太贵，尽管当然，这仍然代表着与传统厂商相比的溢价。如果蔚来能够很好地执行并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的负面影响，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的电动汽车 pureplay，蔚来仍然很有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">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":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":827191682,"gmtCreate":1634430619448,"gmtModify":1634430619580,"author":{"id":"3576151725831547","authorId":"3576151725831547","name":"kyz","avatar":"https://static.tigerbbs.com/6ac8982ef30c2e8f70c37904b9a7e86e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576151725831547","idStr":"3576151725831547"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/827191682","repostId":"2175146556","repostType":4,"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}