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2021-05-26

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2021-05-13

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Bill Ackman Unveils 6% Stake In Dominos, Says He Won't Invest In Bitcoin<blockquote>Bill Ackman公布Dominos 6%股份，称不会投资比特币</blockquote>

2021-06-14

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2021-05-21

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2021-06-26

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2021-04-12

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Why Bitcoin Is Crossing $60K Again<blockquote>为什么比特币再次突破6万美元</blockquote>

2021-06-09

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2021-06-04

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Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>

2021-04-12

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JPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</blockquote>

2021-04-07

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article","listText":"Bullshit article","text":"Bullshit article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172462675","repostId":"1154266565","repostType":4,"repost":{"id":"1154266565","kind":"news","pubTimestamp":1626955588,"share":"https://www.laohu8.com/m/news/1154266565?lang=zh_CN&edition=full","pubTime":"2021-07-22 20:06","market":"us","language":"en","title":"How to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154266565","media":"cnn","summary":"New York When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.But dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.If you're investing for the long haul, the best thing you can do is ride out this wave of volatility.\"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business t","content":"<p>New York (CNN Business)When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.</p><p><blockquote>纽约（CNN商业）当市场像上周五和周一那样暴跌时，人们很容易认输并卖出。大跌可能会很可怕。</blockquote></p><p> But dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.</p><p><blockquote>但在道琼斯指数遭受重创的日子抛售股票通常是错误的做法。周二股市大幅反弹，周三再次上涨。</blockquote></p><p> Yes, the Delta variant of Covid-19 has led to an alarming uptick in coronavirus cases in the United States and around the globe. But many experts think the massive number of vaccinations that have already taken place will prevent the economy and markets from going into another tailspin.</p><p><blockquote>是的，新冠肺炎的德尔塔变异毒株导致美国和全球冠状病毒病例惊人地上升。但许多专家认为，已经进行的大量疫苗接种将防止经济和市场陷入另一场混乱。</blockquote></p><p> If you're investing for the long haul, the best thing you can do is ride out this wave of volatility.</p><p><blockquote>如果你是长期投资，你能做的最好的事情就是安然度过这波波动。</blockquote></p><p> \"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business that the Delta variant is highly unlikely to stop the economic recovery in the US and other parts of the developed world where vaccination rates are high.</p><p><blockquote>信安全球投资者首席策略师Seema Shah表示：“保持投资。”沙阿告诉美国有线电视新闻网商业频道，德尔塔变异毒株不太可能阻止美国和其他疫苗接种率较高的发达国家的经济复苏。</blockquote></p><p> \"The vaccine is effective,\" she said. \"If cases are rising but hospitalization rates remain low, then the reopening measures from governments will continue.\"</p><p><blockquote>“疫苗是有效的，”她说。“如果病例在上升，但住院率仍然很低，那么政府的重新开放措施将继续下去。”</blockquote></p><p> Still, Shah conceded, investors should be more selective. After all, the S&amp;P 500 has nearly doubled from its pandemic lows in March 2020, and not all stocks and sectors will maintain their momentum.</p><p><blockquote>尽管如此，沙阿承认，投资者应该更加挑剔。毕竟，标普500较2020年3月的大流行低点上涨了近一倍，并非所有股票和板块都将保持其势头。</blockquote></p><p> She thinks defensive sectors might start to pull back a bit. Those include utilities, health care and others companies that pay big dividends and are considered good bond proxies.</p><p><blockquote>她认为防御性板块可能会开始小幅回调。其中包括公用事业、医疗保健和其他支付高额股息并被认为是良好债券代理的公司。</blockquote></p><p> The FAANGs and other big tech stocks, many of which have strong earnings momentum and tons of cash, should continue to rally, she said.</p><p><blockquote>她表示，FAANG和其他大型科技股应该会继续上涨，其中许多股拥有强劲的盈利势头和大量现金。</blockquote></p><p> <b>Not the time to bail on the market</b></p><p><blockquote><b>现在不是退出市场的时候</b></blockquote></p><p> So should economic recovery plays in the travel and retail sectors that have pulled back lately on Covid concerns. United (UAL), for example, issued an upbeat outlook after the closing bell Tuesday.</p><p><blockquote>旅游和零售行业的经济复苏也应该如此，这些行业最近因新冠疫情担忧而回落。例如，美联航(UAL)在周二收盘后发布了乐观的前景。</blockquote></p><p> \"Airlines have been beaten up,\" Shah said. \"But if you assume the reopening will continue, they should enjoy a significant bounceback.\"</p><p><blockquote>“航空公司受到了打击，”沙阿说。“但如果你假设重新开放将继续，他们应该会享受显着的反弹。”</blockquote></p><p> Stocks may remain bumpy for the foreseeable future, but that shouldn't dissuade investors from sticking with their longer-term investments.</p><p><blockquote>在可预见的未来，股市可能仍然坎坷，但这不应阻止投资者坚持长期投资。</blockquote></p><p> \"The uncertainty of the past couple of days is warranted for the short term,\" said Peter van der Welle, multi-asset strategist at Robeco. \"But there should be a second leg to the reflation trade.\"</p><p><blockquote>荷宝多资产策略师Peter van der Welle表示：“过去几天的不确定性在短期内是合理的。”“但通货再膨胀交易应该有第二条腿。”</blockquote></p><p> Van der Welle noted that there are many reasons to be optimistic about continued gains in consumer spending and retail sales, despite a recent drop in consumer confidence.</p><p><blockquote>范德韦勒指出，尽管近期消费者信心有所下降，但仍有许多理由对消费者支出和零售额的持续增长持乐观态度。</blockquote></p><p> <b>Buy the dips</b></p><p><blockquote><b>逢低买入</b></blockquote></p><p> Any wariness on the part of consumers — and investors, for that matter — could turn out to be fleeting.</p><p><blockquote>消费者——以及投资者——的任何谨慎都可能转瞬即逝。</blockquote></p><p> \"If you are a long-term investor, take advantage of this volatility and add to positions in companies and sectors you really like,\" said Phil Orlando, chief equity market strategist at Federated Hermes.</p><p><blockquote>Federated Hermes首席股票市场策略师菲尔·奥兰多(Phil Orlando)表示：“如果你是长期投资者，请利用这种波动性，增持你真正喜欢的公司和行业。”</blockquote></p><p> He he belives stocks in cyclical industries that have gotten hit because of Delta variant fears could enjoy the biggest rebounds.</p><p><blockquote>他认为，因德尔塔变异毒株担忧而受到打击的周期性行业股票可能会出现最大的反弹。</blockquote></p><p> \"There are stocks that have hit an air pocket that could be very attractive. We love the economically sensitive sectors,\" Orlando added, saying that banks and other financials, industrial firms, retailers and energy stocks may come roaring back.</p><p><blockquote>奥兰多补充道：“有些股票已经陷入困境，可能非常有吸引力。我们喜欢对经济敏感的行业。”他表示，银行和其他金融股、工业公司、零售商和能源股可能会大幅反弹。</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>How to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to invest as the Delta variant takes hold<blockquote>随着德尔塔变异毒株的到来如何投资</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-07-22 20:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.</p><p><blockquote>纽约（CNN商业）当市场像上周五和周一那样暴跌时，人们很容易认输并卖出。大跌可能会很可怕。</blockquote></p><p> But dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.</p><p><blockquote>但在道琼斯指数遭受重创的日子抛售股票通常是错误的做法。周二股市大幅反弹，周三再次上涨。</blockquote></p><p> Yes, the Delta variant of Covid-19 has led to an alarming uptick in coronavirus cases in the United States and around the globe. But many experts think the massive number of vaccinations that have already taken place will prevent the economy and markets from going into another tailspin.</p><p><blockquote>是的，新冠肺炎的德尔塔变异毒株导致美国和全球冠状病毒病例惊人地上升。但许多专家认为，已经进行的大量疫苗接种将防止经济和市场陷入另一场混乱。</blockquote></p><p> If you're investing for the long haul, the best thing you can do is ride out this wave of volatility.</p><p><blockquote>如果你是长期投资，你能做的最好的事情就是安然度过这波波动。</blockquote></p><p> \"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business that the Delta variant is highly unlikely to stop the economic recovery in the US and other parts of the developed world where vaccination rates are high.</p><p><blockquote>信安全球投资者首席策略师Seema Shah表示：“保持投资。”沙阿告诉美国有线电视新闻网商业频道，德尔塔变异毒株不太可能阻止美国和其他疫苗接种率较高的发达国家的经济复苏。</blockquote></p><p> \"The vaccine is effective,\" she said. \"If cases are rising but hospitalization rates remain low, then the reopening measures from governments will continue.\"</p><p><blockquote>“疫苗是有效的，”她说。“如果病例在上升，但住院率仍然很低，那么政府的重新开放措施将继续下去。”</blockquote></p><p> Still, Shah conceded, investors should be more selective. After all, the S&amp;P 500 has nearly doubled from its pandemic lows in March 2020, and not all stocks and sectors will maintain their momentum.</p><p><blockquote>尽管如此，沙阿承认，投资者应该更加挑剔。毕竟，标普500较2020年3月的大流行低点上涨了近一倍，并非所有股票和板块都将保持其势头。</blockquote></p><p> She thinks defensive sectors might start to pull back a bit. Those include utilities, health care and others companies that pay big dividends and are considered good bond proxies.</p><p><blockquote>她认为防御性板块可能会开始小幅回调。其中包括公用事业、医疗保健和其他支付高额股息并被认为是良好债券代理的公司。</blockquote></p><p> The FAANGs and other big tech stocks, many of which have strong earnings momentum and tons of cash, should continue to rally, she said.</p><p><blockquote>她表示，FAANG和其他大型科技股应该会继续上涨，其中许多股拥有强劲的盈利势头和大量现金。</blockquote></p><p> <b>Not the time to bail on the market</b></p><p><blockquote><b>现在不是退出市场的时候</b></blockquote></p><p> So should economic recovery plays in the travel and retail sectors that have pulled back lately on Covid concerns. United (UAL), for example, issued an upbeat outlook after the closing bell Tuesday.</p><p><blockquote>旅游和零售行业的经济复苏也应该如此，这些行业最近因新冠疫情担忧而回落。例如，美联航(UAL)在周二收盘后发布了乐观的前景。</blockquote></p><p> \"Airlines have been beaten up,\" Shah said. \"But if you assume the reopening will continue, they should enjoy a significant bounceback.\"</p><p><blockquote>“航空公司受到了打击，”沙阿说。“但如果你假设重新开放将继续，他们应该会享受显着的反弹。”</blockquote></p><p> Stocks may remain bumpy for the foreseeable future, but that shouldn't dissuade investors from sticking with their longer-term investments.</p><p><blockquote>在可预见的未来，股市可能仍然坎坷，但这不应阻止投资者坚持长期投资。</blockquote></p><p> \"The uncertainty of the past couple of days is warranted for the short term,\" said Peter van der Welle, multi-asset strategist at Robeco. \"But there should be a second leg to the reflation trade.\"</p><p><blockquote>荷宝多资产策略师Peter van der Welle表示：“过去几天的不确定性在短期内是合理的。”“但通货再膨胀交易应该有第二条腿。”</blockquote></p><p> Van der Welle noted that there are many reasons to be optimistic about continued gains in consumer spending and retail sales, despite a recent drop in consumer confidence.</p><p><blockquote>范德韦勒指出，尽管近期消费者信心有所下降，但仍有许多理由对消费者支出和零售额的持续增长持乐观态度。</blockquote></p><p> <b>Buy the dips</b></p><p><blockquote><b>逢低买入</b></blockquote></p><p> Any wariness on the part of consumers — and investors, for that matter — could turn out to be fleeting.</p><p><blockquote>消费者——以及投资者——的任何谨慎都可能转瞬即逝。</blockquote></p><p> \"If you are a long-term investor, take advantage of this volatility and add to positions in companies and sectors you really like,\" said Phil Orlando, chief equity market strategist at Federated Hermes.</p><p><blockquote>Federated Hermes首席股票市场策略师菲尔·奥兰多(Phil Orlando)表示：“如果你是长期投资者，请利用这种波动性，增持你真正喜欢的公司和行业。”</blockquote></p><p> He he belives stocks in cyclical industries that have gotten hit because of Delta variant fears could enjoy the biggest rebounds.</p><p><blockquote>他认为，因德尔塔变异毒株担忧而受到打击的周期性行业股票可能会出现最大的反弹。</blockquote></p><p> \"There are stocks that have hit an air pocket that could be very attractive. We love the economically sensitive sectors,\" Orlando added, saying that banks and other financials, industrial firms, retailers and energy stocks may come roaring back.</p><p><blockquote>奥兰多补充道：“有些股票已经陷入困境，可能非常有吸引力。我们喜欢对经济敏感的行业。”他表示，银行和其他金融股、工业公司、零售商和能源股可能会大幅反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/21/investing/investing-stock-market-volatility/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://edition.cnn.com/2021/07/21/investing/investing-stock-market-volatility/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154266565","content_text":"New York (CNN Business)When the market is plunging like it did last Friday and on Monday, it's tempting to throw in the towel and sell. Big drops can be scary.\nBut dumping stocks on days when the Dow is getting whacked is usually the wrong thing to do. Stocks roared back Tuesday and were up again Wednesday.\nYes, the Delta variant of Covid-19 has led to an alarming uptick in coronavirus cases in the United States and around the globe. But many experts think the massive number of vaccinations that have already taken place will prevent the economy and markets from going into another tailspin.\nIf you're investing for the long haul, the best thing you can do is ride out this wave of volatility.\n\"Stay invested,\" said Seema Shah, chief strategist at Principal Global Investors. Shah told CNN Business that the Delta variant is highly unlikely to stop the economic recovery in the US and other parts of the developed world where vaccination rates are high.\n\"The vaccine is effective,\" she said. \"If cases are rising but hospitalization rates remain low, then the reopening measures from governments will continue.\"\nStill, Shah conceded, investors should be more selective. After all, the S&P 500 has nearly doubled from its pandemic lows in March 2020, and not all stocks and sectors will maintain their momentum.\nShe thinks defensive sectors might start to pull back a bit. Those include utilities, health care and others companies that pay big dividends and are considered good bond proxies.\nThe FAANGs and other big tech stocks, many of which have strong earnings momentum and tons of cash, should continue to rally, she said.\nNot the time to bail on the market\nSo should economic recovery plays in the travel and retail sectors that have pulled back lately on Covid concerns. United (UAL), for example, issued an upbeat outlook after the closing bell Tuesday.\n\"Airlines have been beaten up,\" Shah said. \"But if you assume the reopening will continue, they should enjoy a significant bounceback.\"\nStocks may remain bumpy for the foreseeable future, but that shouldn't dissuade investors from sticking with their longer-term investments.\n\"The uncertainty of the past couple of days is warranted for the short term,\" said Peter van der Welle, multi-asset strategist at Robeco. \"But there should be a second leg to the reflation trade.\"\nVan der Welle noted that there are many reasons to be optimistic about continued gains in consumer spending and retail sales, despite a recent drop in consumer confidence.\nBuy the dips\nAny wariness on the part of consumers — and investors, for that matter — could turn out to be fleeting.\n\"If you are a long-term investor, take advantage of this volatility and add to positions in companies and sectors you really like,\" said Phil Orlando, chief equity market strategist at Federated Hermes.\nHe he belives stocks in cyclical industries that have gotten hit because of Delta variant fears could enjoy the biggest rebounds.\n\"There are stocks that have hit an air pocket that could be very attractive. We love the economically sensitive sectors,\" Orlando added, saying that banks and other financials, industrial firms, retailers and energy stocks may come roaring back.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176936450,"gmtCreate":1626853138770,"gmtModify":1631890898002,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment plsss","listText":"Comment plsss","text":"Comment plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176936450","repostId":"1178595092","repostType":4,"isVote":1,"tweetType":1,"viewCount":4329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173272573,"gmtCreate":1626666116592,"gmtModify":1631890898002,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"L","listText":"L","text":"L","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173272573","repostId":"1111084715","repostType":4,"isVote":1,"tweetType":1,"viewCount":2462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143292659,"gmtCreate":1625795011971,"gmtModify":1631890898007,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Lul","listText":"Lul","text":"Lul","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143292659","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":3336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154134484,"gmtCreate":1625488414148,"gmtModify":1631890898007,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"I","listText":"I","text":"I","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154134484","repostId":"1155435134","repostType":4,"repost":{"id":"1155435134","kind":"news","pubTimestamp":1625483300,"share":"https://www.laohu8.com/m/news/1155435134?lang=zh_CN&edition=full","pubTime":"2021-07-05 19:08","market":"hk","language":"en","title":"What Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155435134","media":"investopedia","summary":"The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the","content":"<p>The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.</p><p><blockquote>“季度末”是指财务日历上四个特定三个月期间之一的结束。四季度将于三月份结束，即第一季度；六月，或第二季度；九月，或第三季度；以及12月，或第四季度。对于投资者来说，这被认为是重要的时期。许多企业、分析师、政府机构和美联储在季度末发布有关各种市场或经济指标的重要新数据。</blockquote></p><p> There's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.</p><p><blockquote>金融界普遍认为，对冲基金、养老基金和保险公司总是在每个季度末重新平衡其投资组合。虽然从来没有证据或证据来证实这种做法或其普遍性，但这个想法强化了一个季度末意义重大的概念。</blockquote></p><p> Even if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.</p><p><blockquote>即使主要金融参与者并不总是在季度末重新平衡，许多投资者也会利用这段时间重新评估自己的投资组合管理，改变投资组合的资产或设定新的投资组合目标。对于投资者来说，不时监控他们的投资不仅是一个好主意，而且很少像在季度末那样发布如此多的新的、可操作的信息。</blockquote></p><p> Rebalancing a Portfolio</p><p><blockquote>重新平衡投资组合</blockquote></p><p> Rebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.</p><p><blockquote>再平衡涉及定期出售和购买投资组合中的资产以维持目标比率。2考虑一位投资者，他希望自己的投资组合由50%的成长型股票、25%的收益型股票和25%的债券组成。如果在第一季度，成长型股票的表现大幅优于其他投资，投资者可能会决定出售一些成长型股票或购买更多收益型股票和债券，以使投资组合回到50-25-25的分割。</blockquote></p><p> KEY TAKEAWAYS</p><p><blockquote>关键要点</blockquote></p><p> <ul>  <li>The end of the three-month period known as a financial quarter is considered an important time for investors.</li>  <li>Companies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.</li>  <li>Both retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.</li> </ul> Traditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.</p><p><blockquote><ul><li>对于投资者来说，被称为财务季度的三个月结束被认为是一个重要的时间。</li><li>公司、金融分析师和政府机构（包括美联储）都会在季度末发布报告和关键数据。</li><li>散户和机构投资者经常利用季度末来重新评估和重新平衡他们的投资组合。</li></ul>传统的再平衡涉及在每个季度末通过高价卖出来交易表现良好资产的收益，以换取更多表现不佳的资产。从理论上讲，这有助于保护投资组合不会暴露太多或偏离其原始策略太远。然而，将再平衡与季度末挂钩依赖于任意的日历事件，这些事件可能与市场走势不一致。然而，季度末出现的新报告的汇合通常会引起市场反应，应该引起大多数参与者的关注。</blockquote></p><p> Institutional Investors and Rebalancing</p><p><blockquote>机构投资者与再平衡</blockquote></p><p> It is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3</p><p><blockquote>考虑在季度末调整投资组合的不仅仅是个人投资者。投资组合管理对于机构投资者也很重要，例如共同基金和交易所交易基金(ETF)。3</blockquote></p><p> There are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.</p><p><blockquote>基金投资组合管理有两种形式：主动型和被动型。4被动型基金通常将其投资组合与市场指数挂钩，涉及较少的变化，以换取较低的管理费。对于这些类型的基金来说，季度末并不那么重要，尽管如果它们的基准指数此时发生变化，它们也会发生变化。</blockquote></p><p> Active funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.</p><p><blockquote>主动型基金有一位经理或经理团队，他们采取更积极的方法来击败市场平均回报。这些基金在季度末可能非常活跃，特别是如果他们的投资组合需要调整以满足他们之前制定的目标和策略。</blockquote></p><p></p>","source":"lsy1606203311635","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>What Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</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\">\nWhat Does the End of the Quarter Mean for Portfolio Management?<blockquote>季度末对投资组合管理意味着什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investopedia</strong><span class=\"h-time small\">2021-07-05 19:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.</p><p><blockquote>“季度末”是指财务日历上四个特定三个月期间之一的结束。四季度将于三月份结束，即第一季度；六月，或第二季度；九月，或第三季度；以及12月，或第四季度。对于投资者来说，这被认为是重要的时期。许多企业、分析师、政府机构和美联储在季度末发布有关各种市场或经济指标的重要新数据。</blockquote></p><p> There's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.</p><p><blockquote>金融界普遍认为，对冲基金、养老基金和保险公司总是在每个季度末重新平衡其投资组合。虽然从来没有证据或证据来证实这种做法或其普遍性，但这个想法强化了一个季度末意义重大的概念。</blockquote></p><p> Even if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.</p><p><blockquote>即使主要金融参与者并不总是在季度末重新平衡，许多投资者也会利用这段时间重新评估自己的投资组合管理，改变投资组合的资产或设定新的投资组合目标。对于投资者来说，不时监控他们的投资不仅是一个好主意，而且很少像在季度末那样发布如此多的新的、可操作的信息。</blockquote></p><p> Rebalancing a Portfolio</p><p><blockquote>重新平衡投资组合</blockquote></p><p> Rebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.</p><p><blockquote>再平衡涉及定期出售和购买投资组合中的资产以维持目标比率。2考虑一位投资者，他希望自己的投资组合由50%的成长型股票、25%的收益型股票和25%的债券组成。如果在第一季度，成长型股票的表现大幅优于其他投资，投资者可能会决定出售一些成长型股票或购买更多收益型股票和债券，以使投资组合回到50-25-25的分割。</blockquote></p><p> KEY TAKEAWAYS</p><p><blockquote>关键要点</blockquote></p><p> <ul>  <li>The end of the three-month period known as a financial quarter is considered an important time for investors.</li>  <li>Companies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.</li>  <li>Both retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.</li> </ul> Traditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.</p><p><blockquote><ul><li>对于投资者来说，被称为财务季度的三个月结束被认为是一个重要的时间。</li><li>公司、金融分析师和政府机构（包括美联储）都会在季度末发布报告和关键数据。</li><li>散户和机构投资者经常利用季度末来重新评估和重新平衡他们的投资组合。</li></ul>传统的再平衡涉及在每个季度末通过高价卖出来交易表现良好资产的收益，以换取更多表现不佳的资产。从理论上讲，这有助于保护投资组合不会暴露太多或偏离其原始策略太远。然而，将再平衡与季度末挂钩依赖于任意的日历事件，这些事件可能与市场走势不一致。然而，季度末出现的新报告的汇合通常会引起市场反应，应该引起大多数参与者的关注。</blockquote></p><p> Institutional Investors and Rebalancing</p><p><blockquote>机构投资者与再平衡</blockquote></p><p> It is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3</p><p><blockquote>考虑在季度末调整投资组合的不仅仅是个人投资者。投资组合管理对于机构投资者也很重要，例如共同基金和交易所交易基金(ETF)。3</blockquote></p><p> There are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.</p><p><blockquote>基金投资组合管理有两种形式：主动型和被动型。4被动型基金通常将其投资组合与市场指数挂钩，涉及较少的变化，以换取较低的管理费。对于这些类型的基金来说，季度末并不那么重要，尽管如果它们的基准指数此时发生变化，它们也会发生变化。</blockquote></p><p> Active funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.</p><p><blockquote>主动型基金有一位经理或经理团队，他们采取更积极的方法来击败市场平均回报。这些基金在季度末可能非常活跃，特别是如果他们的投资组合需要调整以满足他们之前制定的目标和策略。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">investopedia</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.investopedia.com/ask/answers/122214/what-does-end-quarter-mean-portfolio-management.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155435134","content_text":"The \"end of the quarter\" refers to the conclusion of one of four specific three-month periods on the financial calendar. Thefour quartersend in March, or Q1; June, or Q2; September, or Q3; and December, or Q4. These are considered important times for investors. Many businesses, analysts, government agencies, and theFederal Reserverelease critical new data about various markets or economic indicators at the end of a quarter.\nThere's a widely held belief in financial circles that hedge funds, pension funds, and insurance companies always rebalance their portfolios at the end of each quarter. While no proof or evidence has ever been put forward to confirm this practice or its prevalence, the very idea reinforces the concept that the end of a quarter is significant.\nEven if major financial players do not always rebalance at the end of quarters, many investors use this time to re-evaluate their ownportfolio management, changing which assets comprise the portfolio or setting new portfolio targets. Not only is it a good idea for investors to monitor their investments from time-to-time but rarely is so much new, actionable information released as during the end of a quarter.\nRebalancing a Portfolio\nRebalancinginvolves the periodic sale and purchase of assets within a portfolio to maintain a target ratio.2Consider an investor who wants his portfolio to be comprised of 50% growth stocks, 25% income stocks, and 25% bonds. If during Q1, the growth stocks outperform the other investments substantially, the investor may decide to sell some growth stocks or purchase more income stocks and bonds to bring the portfolio back to a 50-25-25 split.\nKEY TAKEAWAYS\n\nThe end of the three-month period known as a financial quarter is considered an important time for investors.\nCompanies, financial analysts, and government agencies (including the Fed) all release reports and critical data at the end of a quarter.\nBoth retail and institutional investors often use the end of a quarter to re-evaluate and rebalance their portfolios.\n\nTraditional rebalancing involves trading the gains of well-performing assets, by selling high, for more low-performing assets, by buying low, at the end of each quarter. Theoretically, this serves to protect a portfolio from being too exposed or straying too far from its original strategy. However, pegging rebalances to the end of quarters relies on arbitrary calendar events which may not coincide with market movements. Nevertheless, the confluence of new reports that emerge at the end of quarters usually causes market reactions and should be of concern to most participants.\nInstitutional Investors and Rebalancing\nIt is not just individual investors who consider making portfolio moves at the end of quarters. Portfolio management is also important for institutional investors, like mutual funds and exchange-traded funds, or ETFs.3\nThere are two forms of fund portfolio management: active and passive.4Passive funds generally peg their portfolios to market indexes and involve fewer changes in exchange for lower management fees. The end of a quarter is less significant for these types of funds, though if theirbenchmark indexeschange at this time, they will as well.\nActive funds have a manager or team of managers who take a more proactive approach to beat market average returns. These funds can be quite active during the end of quarters, especially if their portfolios need to be adjusted to meet their previously stated goals and strategies.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152220580,"gmtCreate":1625298792240,"gmtModify":1631890898013,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment like plssss","listText":"Comment like plssss","text":"Comment like plssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152220580","repostId":"1188153141","repostType":4,"repost":{"id":"1188153141","kind":"news","pubTimestamp":1625276221,"share":"https://www.laohu8.com/m/news/1188153141?lang=zh_CN&edition=full","pubTime":"2021-07-03 09:37","market":"us","language":"en","title":"Suze Orman worries about a market crash — here's what you should do<blockquote>Suze Orman担心市场崩盘——以下是您应该做的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188153141","media":"MoneyWise","summary":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for th","content":"<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.</p><p><blockquote>随着股市继续创下纪录，新冠肺炎的影响继续给经济带来问题。</blockquote></p><p> That clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.</p><p><blockquote>这场冲突让投资专家感到担忧，其中包括苏茜·欧曼(Suze Orman)，她甚至表示，她现在正在为不可避免的市场崩盘做准备。</blockquote></p><p> And a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.</p><p><blockquote>沃伦·巴菲特推广的一项著名指标——巴菲特指标——表明奥曼可能有所发现。</blockquote></p><p> Here’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.</p><p><blockquote>以下解释了这种担忧的来源，以及即使市场下跌，您也可以使用一些技巧来保持投资组合的增长。</blockquote></p><p> <b>What does Suze Orman think?</b></p><p><blockquote><b>苏西·奥曼是怎么想的？</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/be8dc3ad363faad96bc575a22235562d\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Mediapunch/Shutterstock</p><p><blockquote>Mediapunch/Shutterstock</blockquote></p><p> Suze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.</p><p><blockquote>几十年来，Suze Orman一直热切关注市场。她知道起起落落是意料之中的，但她所看到的像游戏驿站这样的投资时尚所发生的事情让她感到担忧。</blockquote></p><p> “I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”</p><p><blockquote>“我不喜欢现在市场上发生的事情，”奥曼在CNBC的视频中表示。“经济一直很糟糕，但股市一直在上涨。”</blockquote></p><p> While investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.</p><p><blockquote>虽然现在投资就像使用智能手机应用程序一样容易，但奥曼担心我们能从这些历史高点走向何方。</blockquote></p><p> And even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.</p><p><blockquote>即使刺激支票仍在发放，房地产市场去年也打破了自己的记录，奥曼仍担心冠状病毒会带来什么——特别是在新变种不断出现的情况下。</blockquote></p><p> What's more, she feels it’s just been too long since the last crash to stay this high much longer.</p><p><blockquote>更重要的是，她觉得距离上次崩盘已经太久了，不能再保持这么高的高度了。</blockquote></p><p> “This reminds me of 2000 all over again,” Orman says.</p><p><blockquote>“这让我又想起了2000年，”奥曼说。</blockquote></p><p> <b>The Buffett Indicator</b></p><p><blockquote><b>巴菲特指标</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/44ada32ecadcc4581fed208f4f4e4d53\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Larry W Smith/EPA/Shutterstock</p><p><blockquote>拉里·W·史密斯/EPA/Shutterstock</blockquote></p><p> One metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.</p><p><blockquote>沃伦·巴菲特经常用来评估市场的一项指标，以他的名字命名，已经亮起红灯足够长的时间，以至于市场观察人士开始怀疑这是否是一个过时的工具。</blockquote></p><p> But the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.</p><p><blockquote>但衡量股市总价值与美国经济产出比率的巴菲特指标继续攀升至前所未有的水平。</blockquote></p><p> And those in the know are wondering if it's a sign that we’re about to see a hard fall.</p><p><blockquote>知情人士想知道这是否是我们即将看到严重下跌的迹象。</blockquote></p><p> How to prepare for a crash<img src=\"https://static.tigerbbs.com/1ad912a6b4611d9e39b46d2851c78c9e\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Freedomz / Shutterstock</p><p><blockquote>如何为崩溃做好准备Freedomz/Shutterstock</blockquote></p><p> Orman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.</p><p><blockquote>Orman提出了三个建立简单投资策略的建议，以帮助您成功应对市场的任何急转弯。</blockquote></p><p> <b>1. Buy low</b></p><p><blockquote><b>1.低吸</b></blockquote></p><p> Part of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.</p><p><blockquote>奥曼对游戏驿站等模因股票的狂热感到如此不安的部分原因是，它完全违背了普通投资者的利益。</blockquote></p><p> “All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”</p><p><blockquote>“你们所有人的头都被拧到了后面，”她说。“你想要的只是这些市场不断上涨。这对你有什么好处？”</blockquote></p><p> She points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.</p><p><blockquote>她指出，大多数人唯一的额外资金用于投资401(k)或IRA计划的退休生活。</blockquote></p><p> Because you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.</p><p><blockquote>因为你可能几十年内都不打算碰这笔钱，所以最好的长期策略是低吸。这样，你的美元现在将走得更远，为未来20年、30年或40年留下足够的增长空间。</blockquote></p><p> <b>2. Invest on a schedule</b></p><p><blockquote><b>2.按计划投资</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e4102f8a6d5002090743b1cbded32ef9\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">katjen / Shutterstock</p><p><blockquote>卡珍/Shutterstock</blockquote></p><p> While she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.</p><p><blockquote>虽然她更喜欢低价买入，但奥曼不建议你在市场上涨时完全停止投资。</blockquote></p><p> She wants casual investors to not get caught up in the daily ups and downs of the market.</p><p><blockquote>她希望普通投资者不要陷入市场每天的涨跌之中。</blockquote></p><p> In fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.</p><p><blockquote>事实上，现在为经济低迷欢呼可能是您获得更大份额利润丰厚的投资的最佳选择——就像一些幸运的投资者在2007年和2008年所做的那样。</blockquote></p><p> “When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”</p><p><blockquote>“当市场下跌、下跌、下跌时，你可以免费购买东西，”奥曼说。“现在看看15年后的它们。”</blockquote></p><p> She suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.</p><p><blockquote>她建议你建立一个平均成本策略，这意味着无论市场波动如何，你都要定期等量投资。</blockquote></p><p> This kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.</p><p><blockquote>这种方法很容易用目前可供DIY投资者使用的许多投资应用程序中的任何一个来实施。</blockquote></p><p> There are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.</p><p><blockquote>甚至有些应用程序会通过将您的借记卡和信用卡购买的金额四舍五入到最接近的美元来自动投资您的零钱。</blockquote></p><p> <b>3. Diversify with fractional shares</b></p><p><blockquote><b>3.通过零碎股份实现多元化</b></blockquote></p><p> To help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.</p><p><blockquote>为了帮助应对市场特定角落的下跌，奥曼建议您分散投资——通过投资多种不同类型的资产和经济部门来平衡您的投资组合。</blockquote></p><p> Orman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.</p><p><blockquote>奥曼特别推荐零股投资。这种方法允许你购买一家知名公司的一部分股份，否则你将买不起。</blockquote></p><p></p><p> With the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.</p><p><blockquote>在流行的股票交易工具的帮助下，任何预算的人都可以负担得起碎股策略。</blockquote></p><p> “The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”</p><p><blockquote>“你越早开始，你拥有的钱就越多，”奥曼说。“只是不要停下来，当这些市场下跌时，你应该很高兴，因为你的美元找到了更多的份额。”</blockquote></p><p> “And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”</p><p><blockquote>“你拥有的股票越多，20年、40年、50年后你拥有的钱就越多。”</blockquote></p><p> <b>What else you can do</b></p><p><blockquote><b>你还能做什么</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/5e79c6fd1f8fa6e3a7c3a6c94f1e14b5\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">goodluz / Shutterstock</p><p><blockquote>古德卢兹/Shutterstock</blockquote></p><p> Whether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.</p><p><blockquote>奥曼在CNBC视频中表示，无论大崩盘是否即将来临，距离退休还有几十年的投资者都可以利用这一点。</blockquote></p><p> First, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.</p><p><blockquote>第一，做最坏的打算，抱最好的希望。自从疫情爆发以来，奥曼现在建议每个人都有一个应急基金，可以支付他们一整年的费用。</blockquote></p><p> Then, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.</p><p><blockquote>然后，为了让自己过上舒适的退休生活，她建议您选择Roth账户，无论是401(k)还是IRA。</blockquote></p><p> That will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.</p><p><blockquote>这将帮助您在从退休账户中提取资金时避免纳税，因为您对罗斯账户的供款是税后进行的。另一方面，传统IRA在您缴款时无需纳税，因此您最终会稍后付款。</blockquote></p><p> If you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.</p><p><blockquote>如果您发现需要更多指导，与专业财务顾问合作可以帮助您指出正确的方向，以便您可以自信地度过任何市场波动。</blockquote></p><p> While everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.</p><p><blockquote>当其他人都在偏离路线或矫枉过正时，你将牢牢地坐在驾驶座上，计划好你的晚年。</blockquote></p><p></p>","source":"lsy1621813427262","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>Suze Orman worries about a market crash — here's what you should do<blockquote>Suze Orman担心市场崩盘——以下是您应该做的</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\">\nSuze Orman worries about a market crash — here's what you should do<blockquote>Suze Orman担心市场崩盘——以下是您应该做的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MoneyWise</strong><span class=\"h-time small\">2021-07-03 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.</p><p><blockquote>随着股市继续创下纪录，新冠肺炎的影响继续给经济带来问题。</blockquote></p><p> That clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.</p><p><blockquote>这场冲突让投资专家感到担忧，其中包括苏茜·欧曼(Suze Orman)，她甚至表示，她现在正在为不可避免的市场崩盘做准备。</blockquote></p><p> And a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.</p><p><blockquote>沃伦·巴菲特推广的一项著名指标——巴菲特指标——表明奥曼可能有所发现。</blockquote></p><p> Here’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.</p><p><blockquote>以下解释了这种担忧的来源，以及即使市场下跌，您也可以使用一些技巧来保持投资组合的增长。</blockquote></p><p> <b>What does Suze Orman think?</b></p><p><blockquote><b>苏西·奥曼是怎么想的？</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/be8dc3ad363faad96bc575a22235562d\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Mediapunch/Shutterstock</p><p><blockquote>Mediapunch/Shutterstock</blockquote></p><p> Suze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.</p><p><blockquote>几十年来，Suze Orman一直热切关注市场。她知道起起落落是意料之中的，但她所看到的像游戏驿站这样的投资时尚所发生的事情让她感到担忧。</blockquote></p><p> “I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”</p><p><blockquote>“我不喜欢现在市场上发生的事情，”奥曼在CNBC的视频中表示。“经济一直很糟糕，但股市一直在上涨。”</blockquote></p><p> While investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.</p><p><blockquote>虽然现在投资就像使用智能手机应用程序一样容易，但奥曼担心我们能从这些历史高点走向何方。</blockquote></p><p> And even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.</p><p><blockquote>即使刺激支票仍在发放，房地产市场去年也打破了自己的记录，奥曼仍担心冠状病毒会带来什么——特别是在新变种不断出现的情况下。</blockquote></p><p> What's more, she feels it’s just been too long since the last crash to stay this high much longer.</p><p><blockquote>更重要的是，她觉得距离上次崩盘已经太久了，不能再保持这么高的高度了。</blockquote></p><p> “This reminds me of 2000 all over again,” Orman says.</p><p><blockquote>“这让我又想起了2000年，”奥曼说。</blockquote></p><p> <b>The Buffett Indicator</b></p><p><blockquote><b>巴菲特指标</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/44ada32ecadcc4581fed208f4f4e4d53\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Larry W Smith/EPA/Shutterstock</p><p><blockquote>拉里·W·史密斯/EPA/Shutterstock</blockquote></p><p> One metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.</p><p><blockquote>沃伦·巴菲特经常用来评估市场的一项指标，以他的名字命名，已经亮起红灯足够长的时间，以至于市场观察人士开始怀疑这是否是一个过时的工具。</blockquote></p><p> But the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.</p><p><blockquote>但衡量股市总价值与美国经济产出比率的巴菲特指标继续攀升至前所未有的水平。</blockquote></p><p> And those in the know are wondering if it's a sign that we’re about to see a hard fall.</p><p><blockquote>知情人士想知道这是否是我们即将看到严重下跌的迹象。</blockquote></p><p> How to prepare for a crash<img src=\"https://static.tigerbbs.com/1ad912a6b4611d9e39b46d2851c78c9e\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Freedomz / Shutterstock</p><p><blockquote>如何为崩溃做好准备Freedomz/Shutterstock</blockquote></p><p> Orman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.</p><p><blockquote>Orman提出了三个建立简单投资策略的建议，以帮助您成功应对市场的任何急转弯。</blockquote></p><p> <b>1. Buy low</b></p><p><blockquote><b>1.低吸</b></blockquote></p><p> Part of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.</p><p><blockquote>奥曼对游戏驿站等模因股票的狂热感到如此不安的部分原因是，它完全违背了普通投资者的利益。</blockquote></p><p> “All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”</p><p><blockquote>“你们所有人的头都被拧到了后面，”她说。“你想要的只是这些市场不断上涨。这对你有什么好处？”</blockquote></p><p> She points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.</p><p><blockquote>她指出，大多数人唯一的额外资金用于投资401(k)或IRA计划的退休生活。</blockquote></p><p> Because you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.</p><p><blockquote>因为你可能几十年内都不打算碰这笔钱，所以最好的长期策略是低吸。这样，你的美元现在将走得更远，为未来20年、30年或40年留下足够的增长空间。</blockquote></p><p> <b>2. Invest on a schedule</b></p><p><blockquote><b>2.按计划投资</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e4102f8a6d5002090743b1cbded32ef9\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">katjen / Shutterstock</p><p><blockquote>卡珍/Shutterstock</blockquote></p><p> While she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.</p><p><blockquote>虽然她更喜欢低价买入，但奥曼不建议你在市场上涨时完全停止投资。</blockquote></p><p> She wants casual investors to not get caught up in the daily ups and downs of the market.</p><p><blockquote>她希望普通投资者不要陷入市场每天的涨跌之中。</blockquote></p><p> In fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.</p><p><blockquote>事实上，现在为经济低迷欢呼可能是您获得更大份额利润丰厚的投资的最佳选择——就像一些幸运的投资者在2007年和2008年所做的那样。</blockquote></p><p> “When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”</p><p><blockquote>“当市场下跌、下跌、下跌时，你可以免费购买东西，”奥曼说。“现在看看15年后的它们。”</blockquote></p><p> She suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.</p><p><blockquote>她建议你建立一个平均成本策略，这意味着无论市场波动如何，你都要定期等量投资。</blockquote></p><p> This kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.</p><p><blockquote>这种方法很容易用目前可供DIY投资者使用的许多投资应用程序中的任何一个来实施。</blockquote></p><p> There are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.</p><p><blockquote>甚至有些应用程序会通过将您的借记卡和信用卡购买的金额四舍五入到最接近的美元来自动投资您的零钱。</blockquote></p><p> <b>3. Diversify with fractional shares</b></p><p><blockquote><b>3.通过零碎股份实现多元化</b></blockquote></p><p> To help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.</p><p><blockquote>为了帮助应对市场特定角落的下跌，奥曼建议您分散投资——通过投资多种不同类型的资产和经济部门来平衡您的投资组合。</blockquote></p><p> Orman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.</p><p><blockquote>奥曼特别推荐零股投资。这种方法允许你购买一家知名公司的一部分股份，否则你将买不起。</blockquote></p><p></p><p> With the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.</p><p><blockquote>在流行的股票交易工具的帮助下，任何预算的人都可以负担得起碎股策略。</blockquote></p><p> “The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”</p><p><blockquote>“你越早开始，你拥有的钱就越多，”奥曼说。“只是不要停下来，当这些市场下跌时，你应该很高兴，因为你的美元找到了更多的份额。”</blockquote></p><p> “And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”</p><p><blockquote>“你拥有的股票越多，20年、40年、50年后你拥有的钱就越多。”</blockquote></p><p> <b>What else you can do</b></p><p><blockquote><b>你还能做什么</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/5e79c6fd1f8fa6e3a7c3a6c94f1e14b5\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">goodluz / Shutterstock</p><p><blockquote>古德卢兹/Shutterstock</blockquote></p><p> Whether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.</p><p><blockquote>奥曼在CNBC视频中表示，无论大崩盘是否即将来临，距离退休还有几十年的投资者都可以利用这一点。</blockquote></p><p> First, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.</p><p><blockquote>第一，做最坏的打算，抱最好的希望。自从疫情爆发以来，奥曼现在建议每个人都有一个应急基金，可以支付他们一整年的费用。</blockquote></p><p> Then, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.</p><p><blockquote>然后，为了让自己过上舒适的退休生活，她建议您选择Roth账户，无论是401(k)还是IRA。</blockquote></p><p> That will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.</p><p><blockquote>这将帮助您在从退休账户中提取资金时避免纳税，因为您对罗斯账户的供款是税后进行的。另一方面，传统IRA在您缴款时无需纳税，因此您最终会稍后付款。</blockquote></p><p> If you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.</p><p><blockquote>如果您发现需要更多指导，与专业财务顾问合作可以帮助您指出正确的方向，以便您可以自信地度过任何市场波动。</blockquote></p><p> While everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.</p><p><blockquote>当其他人都在偏离路线或矫枉过正时，你将牢牢地坐在驾驶座上，计划好你的晚年。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html\">MoneyWise</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","SPY":"标普500ETF"},"source_url":"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188153141","content_text":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.\nAnd a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.\nHere’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.\nWhat does Suze Orman think?\nMediapunch/Shutterstock\nSuze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.\n“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”\nWhile investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.\nAnd even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.\nWhat's more, she feels it’s just been too long since the last crash to stay this high much longer.\n“This reminds me of 2000 all over again,” Orman says.\nThe Buffett Indicator\nLarry W Smith/EPA/Shutterstock\nOne metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.\nBut the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.\nAnd those in the know are wondering if it's a sign that we’re about to see a hard fall.\nHow to prepare for a crashFreedomz / Shutterstock\nOrman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.\n1. Buy low\nPart of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.\n“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”\nShe points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.\nBecause you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.\n2. Invest on a schedule\nkatjen / Shutterstock\nWhile she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.\nShe wants casual investors to not get caught up in the daily ups and downs of the market.\nIn fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.\n“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”\nShe suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.\nThis kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.\nThere are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.\n3. Diversify with fractional shares\nTo help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.\nOrman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.\nWith the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.\n“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”\n“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”\nWhat else you can do\ngoodluz / Shutterstock\nWhether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.\nFirst, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.\nThen, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.\nThat will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.\nIf you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.\nWhile everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151450428,"gmtCreate":1625103658564,"gmtModify":1631890898016,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151450428","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohu8.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）-标普500周三连续第五次创下收盘新高，投资者在本月和本季度结束时基本上摆脱了积极的经济数据，并期待周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在2021年上半年的最后一个交易日，股指低迷且区间震荡，蓝筹股道指上涨，而纳斯达克则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>三大指数均连续第五个季度上涨，标准普尔指数上涨8.2%，纳斯达克指数上涨9.5%，道指上涨4.6%。标普500上半年表现为1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“这是一个不错的季度，”康涅狄格州费尔菲尔德Dakota Wealth的高级投资组合经理罗伯特·帕夫利克(Robert Pavlik)表示。“截至昨晚收盘，标普今年迄今已上涨超过14%，超过道指和纳斯达克。这表明股市正在出现广泛反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500连续第五次上涨，而道琼斯指数结束了四个月的连涨，小幅收低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“今年迄今为止的领先行业正如你所预期的那样，”帕夫利克补充道。“能源、金融和工业，这表明经济环境正处于周期的早期阶段。”</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>帕夫利克补充道：“在人们开始接受（美联储主席杰罗姆）鲍威尔关注暂时性通胀的言论后，（投资者）开始转向增长（股票）。”</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的交易已经持续了一段时间，这正在引导人们恢复增长。”</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图：6月份成长股跑赢价值股，年初至今差距缩小，）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>纽约Inverness Counsel首席投资策略师蒂姆·格里斯基(Tim Ghriskey)表示：“整体股市继续上涨，在相当长一段时间内持续上涨。”“虽然按照历史标准来看估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理机构ADP的数据，私营部门6月份增加了692,000个就业岗位，轻松超出预期。这一数字比经济学家在劳工部周五发布的更全面的就业报告中预测的私人就业人数高出92,000人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨210.22点，涨幅0.61%，至34,502.51点；标普500上涨5.7点，涨幅0.13%，至4,297.5点；纳斯达克综合指数下跌24.38点，涨幅0.17%，至14,503.95点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔11个主要板块中，有6个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>德国国防部宣布将购买该飞机制造商的五架P-8A海上控制飞机，波音公司股价上涨1.6%，此前联合航空公布了有史以来最大的新飞机订单。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在季度财报发布前上涨2.5%，但在芯片制造商公布季度业绩后，盘后交易中相对没有变化。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.35比1；在纳斯达克，1.19比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，无新低；纳斯达克综合指数录得70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为108.5亿股，而过去20个交易日的平均成交量为110.5亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）-标普500周三连续第五次创下收盘新高，投资者在本月和本季度结束时基本上摆脱了积极的经济数据，并期待周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在2021年上半年的最后一个交易日，股指低迷且区间震荡，蓝筹股道指上涨，而纳斯达克则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>三大指数均连续第五个季度上涨，标准普尔指数上涨8.2%，纳斯达克指数上涨9.5%，道指上涨4.6%。标普500上半年表现为1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“这是一个不错的季度，”康涅狄格州费尔菲尔德Dakota Wealth的高级投资组合经理罗伯特·帕夫利克(Robert Pavlik)表示。“截至昨晚收盘，标普今年迄今已上涨超过14%，超过道指和纳斯达克。这表明股市正在出现广泛反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500连续第五次上涨，而道琼斯指数结束了四个月的连涨，小幅收低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“今年迄今为止的领先行业正如你所预期的那样，”帕夫利克补充道。“能源、金融和工业，这表明经济环境正处于周期的早期阶段。”</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>帕夫利克补充道：“在人们开始接受（美联储主席杰罗姆）鲍威尔关注暂时性通胀的言论后，（投资者）开始转向增长（股票）。”</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的交易已经持续了一段时间，这正在引导人们恢复增长。”</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图：6月份成长股跑赢价值股，年初至今差距缩小，）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>纽约Inverness Counsel首席投资策略师蒂姆·格里斯基(Tim Ghriskey)表示：“整体股市继续上涨，在相当长一段时间内持续上涨。”“虽然按照历史标准来看估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理机构ADP的数据，私营部门6月份增加了692,000个就业岗位，轻松超出预期。这一数字比经济学家在劳工部周五发布的更全面的就业报告中预测的私人就业人数高出92,000人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨210.22点，涨幅0.61%，至34,502.51点；标普500上涨5.7点，涨幅0.13%，至4,297.5点；纳斯达克综合指数下跌24.38点，涨幅0.17%，至14,503.95点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔11个主要板块中，有6个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>德国国防部宣布将购买该飞机制造商的五架P-8A海上控制飞机，波音公司股价上涨1.6%，此前联合航空公布了有史以来最大的新飞机订单。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在季度财报发布前上涨2.5%，但在芯片制造商公布季度业绩后，盘后交易中相对没有变化。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.35比1；在纳斯达克，1.19比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，无新低；纳斯达克综合指数录得70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为108.5亿股，而过去20个交易日的平均成交量为110.5亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153723101,"gmtCreate":1625052319903,"gmtModify":1631890898019,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Lulul","listText":"Lulul","text":"Lulul","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/153723101","repostId":"1150186389","repostType":4,"isVote":1,"tweetType":1,"viewCount":2105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159026605,"gmtCreate":1624932137307,"gmtModify":1631892149881,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Lul","listText":"Lul","text":"Lul","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159026605","repostId":"2147837316","repostType":4,"isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127270459,"gmtCreate":1624853723071,"gmtModify":1631892149896,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127270459","repostId":"1161283536","repostType":4,"repost":{"id":"1161283536","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":1624850034,"share":"https://www.laohu8.com/m/news/1161283536?lang=zh_CN&edition=full","pubTime":"2021-06-28 11:13","market":"hk","language":"en","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>港交所将于下午1时30分恢复交易，因暴雨信号改变。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161283536","media":"Tiger Newspress","summary":"Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered ","content":"<p>Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered its rainstorm warning that had earlier prompted the cancellation of the morning session.</p><p><blockquote>香港股市将于周一下午恢复交易，此前该市气象台降低了早些时候导致上午交易取消的暴雨警告。</blockquote></p><p> The Hong Kong Observatory lowered the rainstorm warning to red from black shortly after 11 a.m. local time, meaning stock trading will begin at 1:30 p.m. in accordance with Hong Kong Exchanges and Clearing Ltd.’s rules. The bourse operator had earlier canceled morning trading of bothsecuritiesand derivatives markets, including Stock Connect due to the black rain warning.</p><p><blockquote>当地时间上午11点过后不久，香港天文台将暴雨警告从黑色下调至红色，这意味着股票交易将于下午1点30分开始。根据香港交易及结算所有限公司的规则。由于黑雨警告，该交易所运营商早些时候取消了证券和衍生品市场的早盘交易，包括沪港通。</blockquote></p><p> Earlier the city’s education bureau suspended classes across Hong Kong due to the severe weather conditions. The government will resume vaccination after lowering the rainstorm warning.</p><p><blockquote>早些时候，由于恶劣的天气条件，该市教育局暂停了全港的课程。政府将在降低暴雨警告后恢复接种疫苗。</blockquote></p><p> Morning trading in the city was lastcanceledin October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average dailyturnoverin Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.</p><p><blockquote>该市上次取消早盘交易是在去年10月，当时热带风暴南卡促使当局关闭企业和学校。根据彭博社汇编的数据，今年香港的日均营业额约为1,880亿港元（合242亿美元）。</blockquote></p><p> When the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”</p><p><blockquote>大华继显（香港）有限公司执行董事Steven Leung表示，当市场下午重新开市时，“仍有充足的时间消化周末消息和A股走势。”“最近香港和A股的市场都相对稳定。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>港交所将于下午1时30分恢复交易，因暴雨信号改变。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>港交所将于下午1时30分恢复交易，因暴雨信号改变。</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\">2021-06-28 11:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered its rainstorm warning that had earlier prompted the cancellation of the morning session.</p><p><blockquote>香港股市将于周一下午恢复交易，此前该市气象台降低了早些时候导致上午交易取消的暴雨警告。</blockquote></p><p> The Hong Kong Observatory lowered the rainstorm warning to red from black shortly after 11 a.m. local time, meaning stock trading will begin at 1:30 p.m. in accordance with Hong Kong Exchanges and Clearing Ltd.’s rules. The bourse operator had earlier canceled morning trading of bothsecuritiesand derivatives markets, including Stock Connect due to the black rain warning.</p><p><blockquote>当地时间上午11点过后不久，香港天文台将暴雨警告从黑色下调至红色，这意味着股票交易将于下午1点30分开始。根据香港交易及结算所有限公司的规则。由于黑雨警告，该交易所运营商早些时候取消了证券和衍生品市场的早盘交易，包括沪港通。</blockquote></p><p> Earlier the city’s education bureau suspended classes across Hong Kong due to the severe weather conditions. The government will resume vaccination after lowering the rainstorm warning.</p><p><blockquote>早些时候，由于恶劣的天气条件，该市教育局暂停了全港的课程。政府将在降低暴雨警告后恢复接种疫苗。</blockquote></p><p> Morning trading in the city was lastcanceledin October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average dailyturnoverin Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.</p><p><blockquote>该市上次取消早盘交易是在去年10月，当时热带风暴南卡促使当局关闭企业和学校。根据彭博社汇编的数据，今年香港的日均营业额约为1,880亿港元（合242亿美元）。</blockquote></p><p> When the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”</p><p><blockquote>大华继显（香港）有限公司执行董事Steven Leung表示，当市场下午重新开市时，“仍有充足的时间消化周末消息和A股走势。”“最近香港和A股的市场都相对稳定。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161283536","content_text":"Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered its rainstorm warning that had earlier prompted the cancellation of the morning session.\nThe Hong Kong Observatory lowered the rainstorm warning to red from black shortly after 11 a.m. local time, meaning stock trading will begin at 1:30 p.m. in accordance with Hong Kong Exchanges and Clearing Ltd.’s rules. The bourse operator had earlier canceled morning trading of bothsecuritiesand derivatives markets, including Stock Connect due to the black rain warning.\nEarlier the city’s education bureau suspended classes across Hong Kong due to the severe weather conditions. The government will resume vaccination after lowering the rainstorm warning.\nMorning trading in the city was lastcanceledin October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average dailyturnoverin Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.\nWhen the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124962662,"gmtCreate":1624720464056,"gmtModify":1631892149907,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like comment 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comment plsss","listText":"Like comment plsss","text":"Like comment plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/123682055","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129361865,"gmtCreate":1624359940257,"gmtModify":1631892149958,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"LUL like comment","listText":"LUL like comment","text":"LUL like comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/129361865","repostId":"1145563175","repostType":4,"repost":{"id":"1145563175","kind":"news","pubTimestamp":1624359605,"share":"https://www.laohu8.com/m/news/1145563175?lang=zh_CN&edition=full","pubTime":"2021-06-22 19:00","market":"us","language":"en","title":"One Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145563175","media":"zerohedge","summary":"Fact checking politicos, headlines and central bankers is one thing.Putting their \"facts\" into conte","content":"<p>Fact checking politicos, headlines and central bankers is one thing.<b>Putting their \"facts\" into context is another.</b></p><p><blockquote>事实核查政客、头条新闻和央行行长是一回事。<b>将他们的“事实”放在上下文中是另一回事。</b></blockquote></p><p> Toward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.</p><p><blockquote>为此，尽管疯狂的全球背景没有得到明确报道，但将所谓的“经济增长”、国债市场增长、股市增长、GDP增长，当然还有黄金价格增长置于更清晰的视角至关重要。</blockquote></p><p> <b>Context 1: The Rising Growth Headline</b></p><p><blockquote><b>背景1：不断上升的增长标题</b></blockquote></p><p> Recently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.</p><p><blockquote>最近，拜登的经济顾问贾里德·伯恩斯坦（Jared Bernstein）用另一个头条吹嘘美国比他们的贸易伙伴“增长得快得多”来安抚大众。</blockquote></p><p> Fair enough.</p><p><blockquote>很公平。</blockquote></p><p> But given that the U.S. is running the largest deficits on historical record…</p><p><blockquote>但鉴于美国正面临历史记录中最大的赤字……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0ac5ed804cb5613af2890f604dac56be\" tg-width=\"575\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> …such “growth” is not surprising.</p><p><blockquote>……这样的“增长”并不令人意外。</blockquote></p><p> In other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.</p><p><blockquote>换句话说，在极端赤字支出的背景下吹嘘增长，就像一个被宠坏的孩子吹嘘用他父亲的信用卡秘密购买的新保时捷：只有在账单到达、汽车消失之前，它才看起来不错。</blockquote></p><p> In a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.</p><p><blockquote>在一个疯狂的金融世界中，审视所谓的增长或价格发现、债务水平或一般供需的基本原则至关重要。</blockquote></p><p> In short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.</p><p><blockquote>简而言之：由极端债务驱动的“增长”根本不是增长——这只是一辆买不起的跑车的头条表面。</blockquote></p><p> And yet&nbsp;<b>the madness continues</b>…Take the U.S. Treasury market, for example.</p><p><blockquote>然而<b>疯狂还在继续</b>……以美国国债市场为例。</blockquote></p><p> <b>Context 2: The Treasury “Market”?</b></p><p><blockquote><b>背景二：国债“市场”？</b></blockquote></p><p> How can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?</p><p><blockquote>当去年2月以来发行的4.5 T美元债券中有56%被美联储自己购买时，怎么会有人将美国国债市场看涨期权为“市场”呢？</blockquote></p><p> Sounds more like an insider price-fix than a “market,” no?</p><p><blockquote>听起来更像是内部价格操纵，而不是“市场”，不是吗？</blockquote></p><p> Such context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.</p><p><blockquote>这种背景赋予了“喝自己的库尔助手”的想法全新的含义，并且应该是一个很酷的提醒，即总体而言，国债，尤其是债券收益率，是伪装成信贷奥运选手的僵尸。</blockquote></p><p> The Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.</p><p><blockquote>当然，美联储会假装这种“支持”就像他们的“暂时性通胀”模因一样是暂时的，但大多数市场现实主义者很久以前就明白，更多、更疯狂的债券收益率“支持”是国债泡沫（和借据）像僵尸一样存活的唯一途径。</blockquote></p><p> In short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”</p><p><blockquote>简而言之，财政部的“支持”、“通融”或“刺激”更好的说法就是：“生命支持”。</blockquote></p><p> With central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.</p><p><blockquote>随着美联储等央行在遥远的未来继续创造法定货币，将其不可持续的债务货币化，我们可以有把握地预见美元将进一步走弱，金价、矿业股以及科技股和工业股等关键风险资产将进一步走强。</blockquote></p><p> <b>Context 3: Deflation is back?</b></p><p><blockquote><b>背景三：通缩又回来了？</b></blockquote></p><p> Hardly.</p><p><blockquote>几乎不。</blockquote></p><p> Last week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.</p><p><blockquote>鲍威尔、费舍尔和布拉德上周的令人瞠目结舌的言论让市场怀疑美联储是否会在遥远的未来加息。</blockquote></p><p> The very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky&nbsp;<b>rather than “transitory”</b>and thus they are already pretending to pose as Hawkish.</p><p><blockquote>鲍威尔提出这个问题的事实是因为美联储意识到通胀将是粘性的<b>而不是“暂时性”</b>因此，他们已经在假装鹰派。</blockquote></p><p> But if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.</p><p><blockquote>但如果美联储加息是为了平息实际通胀而不是“暂时性”通胀，市场和山姆大叔就会大发脾气。故事结束。</blockquote></p><p> As I’ve written elsewhere: Pick your Fed poison—<b>tanking markets or surging inflation.</b>Eventually, we foresee both.</p><p><blockquote>正如我在其他地方写过的：选择你的毒药——<b>市场暴跌或通胀飙升。</b>最终，我们预见到了两者。</blockquote></p><p> Meanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.</p><p><blockquote>与此同时，鲍威尔充分意识到通胀虽然有所下降，但只会呈上升趋势，他已经在游戏中期使用语义来改变规则，现在表示，他们不会“允许”2%的通胀，而是会满足于2%的“平均”。</blockquote></p><p> Translated into honest English, this just means expect more inflation around the corner.</p><p><blockquote>翻译成诚实的英语，这只是意味着预计更多的通货膨胀即将到来。</blockquote></p><p> <b>Context 4: Rising Stock Markets</b></p><p><blockquote><b>背景4：股市上涨</b></blockquote></p><p> Despite reaching nosebleed levels which defy&nbsp;<i>every</i>&nbsp;traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.</p><p><blockquote>尽管达到了流鼻血的程度<i>每一</i>传统的估值上限，从CAPE比率和托宾比率到账面价值和自由现金流数据，头条新闻提醒我们股票可以走得更高——而且确实可以。</blockquote></p><p> But context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.</p><p><blockquote>但背景和历史提醒我们，泡沫越大，均值回归下降就越大。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1586e90684f7b8ae0525c04b1fa4bc7\" tg-width=\"624\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>No Treasure in Treasuries = Lot’s of Air in Stocks</b></p><p><blockquote><b>国债中没有宝藏=股票中有很多空气</b></blockquote></p><p> Based upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.</p><p><blockquote>基于上述客观事实，我们现在知道，出现在美国国债拍卖中的唯一主要买家是美联储本身。</blockquote></p><p> This is because the rest of the world (Asia, Europe etc.) doesn’t want them.</p><p><blockquote>这是因为世界其他地方（亚洲、欧洲等。）不想要他们。</blockquote></p><p> The next question is “why”?</p><p><blockquote>下一个问题是“为什么”？</blockquote></p><p> The answer is multiple yet simple.</p><p><blockquote>答案是多重而简单的。</blockquote></p><p> First, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.</p><p><blockquote>首先，尽管存在美国例外论的公开神话，但其他国家的投资者实际上可以自己思考、阅读和计算，这意味着他们不仅仅是盲目信任美联储或其借据。</blockquote></p><p></p><p> Stated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.</p><p><blockquote>换句话说，他们并不相信最近从FOMC喉舌中涌出的“暂时性通胀”或“强势美元”的故事。</blockquote></p><p> Inflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.</p><p><blockquote>通货膨胀不仅在美国上升，在其他地方也在攀升——甚至在日本，尤其是在中国。这主要是因为美国通过贸易和财政赤字将通货膨胀（和贬值的美元）输出到海外。</blockquote></p><p> Such deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the&nbsp;<i>outflow</i>&nbsp;of exported (debased) US dollars to save their own currencies from further debasement.</p><p><blockquote>美国这种蓄意输出的通胀让那些借钱给山姆大叔的国家（债权人）陷入了两难境地：他们要么1）让本国货币与美元一起通胀（这一点都不好玩），要么2）试图平息<i>流出</i>出口（贬值）美元以避免本国货币进一步贬值。</blockquote></p><p> Option 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.</p><p><blockquote>当然，选项2是更好的选择，这意味着外国投资者需要购买比信誉不佳的美国国债更有吸引力的东西。</blockquote></p><p> Sadly, ironically, and yet factually, the only assets better than&nbsp;<i>bogus</i>&nbsp;US Treasuries are&nbsp;<i>bloated</i>&nbsp;U.S. stocks.</p><p><blockquote>可悲的是，讽刺的是，但事实上，唯一比<i>假的</i>美国国债是<i>臃肿的</i>美国。股票。</blockquote></p><p> In short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.</p><p><blockquote>简而言之，价格令人流鼻血的美国股票仍然是美国两害相权取其轻，因此外国人购买/将股票视为比主权债券更好的对冲美元贬值的工具。</blockquote></p><p> Don’t believe me?</p><p><blockquote>不相信我？</blockquote></p><p> See for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:</p><p><blockquote>亲眼看看——世界其他地区正在为美国股市泡沫增添大量空气：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fc5b73212bd7c3126d6a130e88169139\" tg-width=\"582\" tg-height=\"407\" referrerpolicy=\"no-referrer\">This is&nbsp;<i>contextually</i>&nbsp;troublesome for a number of reasons.</p><p><blockquote>这是<i>上下文</i>麻烦有很多原因。</blockquote></p><p> First, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).</p><p><blockquote>首先，这意味着衰落的美国已经从向世界其他地区典当其债券转向向世界其他地区（即中国……）典当其股票。</blockquote></p><p> Longer term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…</p><p><blockquote>从长远来看，这仅仅意味着通过直接持股，外国人将慢慢拥有比美国更多的美国企业……</blockquote></p><p> As for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.</p><p><blockquote>至于外国买家对曾经伟大的美国的缓慢侵蚀，不要责怪数据。指责你的美联储和其他政策制定者（包括劳动力离岸首席执行官的）出卖了美国，假装债务可以通过神奇的（假）货币创造神奇地解决。</blockquote></p><p> Of course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.</p><p><blockquote>当然，股市上涨超出理智、盈利和诚实的自由现金流数据的第二个讨厌的小问题是一种叫做波动性的东西，即市场晕船。</blockquote></p><p> Nothing goes in a straight line, including the dollar or the market. There will be swings.</p><p><blockquote>没有什么是直线前进的，包括美元或市场。会有秋千。</blockquote></p><p> Right now, the short on the USD is the highest it has been in four years.</p><p><blockquote>目前，美元空头达到四年来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c420ec0af0df42eabb7a3d248da4db10\" tg-width=\"624\" tg-height=\"507\" referrerpolicy=\"no-referrer\">Yet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.</p><p><blockquote>然而，如果美联储碰巧试图缩减或加息，所有涌入美国股市的外国美元（见上图）就会产生一个泡沫，泡沫总是会破裂，上述美元空头也会受到挤压。</blockquote></p><p> That could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.</p><p><blockquote>这可能会导致美国股市大规模抛售，因为外国人抛售股票以购买更多美元。</blockquote></p><p> In short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.</p><p><blockquote>简而言之，当前的股市泡沫有很多不同的迹象，未来一个月左右很可能会出现回调。</blockquote></p><p> The sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage)&nbsp;<i>not</i>&nbsp;making the headlines yet&nbsp;<i>now</i>&nbsp;making all-time highs.</p><p><blockquote>顺便说一句，这些针中最尖锐的是美国保证金债务（即杠杆）的惊人滑稽水平<i>不</i>尚未成为头条新闻<i>现在</i>创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/021f71bd7e78a1c275a9c9d74691c525\" tg-width=\"624\" tg-height=\"531\" referrerpolicy=\"no-referrer\">As a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.</p><p><blockquote>提醒一下，每当保证金债务达到峰值（上图）时，市场很快就会暴跌，任何记得过去互联网和次贷市场惨败的人都可以证明这一点。</blockquote></p><p> Just saying…</p><p><blockquote>只是说……</blockquote></p><p> <b>Context 5: The Dark Side of “Surging” GDP Growth</b></p><p><blockquote><b>背景五：GDP增长“激增”的阴暗面</b></blockquote></p><p> The World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.</p><p><blockquote>世界银行最近成为头条新闻，预测全球GDP增长5.6%，为80年来最快。</blockquote></p><p> Good stuff, right?</p><p><blockquote>好东西，对吧？</blockquote></p><p> Well, not when placed into&nbsp;<i>context</i>…</p><p><blockquote>嗯，不是放在<i>上下文</i>…</blockquote></p><p> The last time we saw 5.6% global GDP growth was during a&nbsp;<i>global world war</i>.</p><p><blockquote>我们上一次看到全球GDP增长5.6%是在<i>全球世界大战</i>.</blockquote></p><p> Obviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.</p><p><blockquote>显然，当世界处于全球军事废墟状态时，任何形式的增长都可能从这样一个历史（和可怕的）基线“激增”。</blockquote></p><p> Coming out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…</p><p><blockquote>二战结束后，包括美国在内的所有人都负债累累。毕竟世界大战可以做到这一点……</blockquote></p><p> As the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.</p><p><blockquote>随着取得胜利并拯救文明的美国从那场战争中走出来，通过印钞、抑制债券收益率和刺激GDP增长来降低这种崇高但极端的债务杠杆是有一定道理的。</blockquote></p><p> What followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.</p><p><blockquote>接下来的至少是一段可以防御的40年，在这段时间里，美国名义GDP比美国国债收益率高出500-800个基点。</blockquote></p><p> In short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.</p><p><blockquote>简而言之，债券持有人受到了猛烈抨击，但击败轴心国后的事业、危机和重建证明了牺牲的合理性。</blockquote></p><p> The same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.</p><p><blockquote>然而，今天就不一样了，因为债券持有者在一种新的异常中再次受到挤压，在这种异常中，GDP将大大（并且类似地）超过长期债券收益率。</blockquote></p><p></p><p> Needless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.</p><p><blockquote>不用说，当前的政策制定者，正是那些将全球经济鸡舍置于当前债务废墟中的狐狸，喜欢将此归咎于COVID，而不是他们的浴室镜子。</blockquote></p><p> Ironically, however, central bankers (as opposed to the&nbsp;<i>Wehrmacht</i>, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy&nbsp;<i>today</i>&nbsp;(with deficit policies and extend-and-pretend money printers) as Germany’s&nbsp;<i>Blitzkrieg</i>&nbsp;or Hirohito’s Banzai raids did in the 1940’s.</p><p><blockquote>然而，具有讽刺意味的是，中央银行家（相对于<i>德国国防军</i>日本帝国或意大利墨索里尼）成功地对全球经济造成了同样大的伤害<i>当今</i>（有赤字政策和扩大和假装印钞机）作为德国的<i>闪电战</i>或者裕仁在20世纪40年代的万岁袭击。</blockquote></p><p> When it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?</p><p><blockquote>说到背景，我们真的可以或应该将全球流感（死亡人数375万）与全球战争（死亡人数8500万）相提并论吗？</blockquote></p><p> The policy makers would like&nbsp;<i>you</i>&nbsp;to think so.</p><p><blockquote>政策制定者希望<i>你</i>这么想。</blockquote></p><p> Folks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real&nbsp;<i>casus belli</i>&nbsp;(reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.</p><p><blockquote>像姆努钦（去年）或耶伦、鲍威尔和国际货币基金组织（今年）这样的人实际上正试图说服自己和世界，抗击新冠病毒的战争是真实的<i>开战理由</i>（一场正当战争的理由）我们当前的债务困境——就其对金融界的巨大影响而言，其范围相当于第二次世界大战。</blockquote></p><p> But regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.</p><p><blockquote>但无论任何人对COVID“战争”的看法或其可疑的政策反应如何，将其经济影响与二战进行比较都是对历史和军事隐喻的侮辱。</blockquote></p><p> The simple, objective and mathematically-confirmed fact is that the global economy was&nbsp;<i>already</i>&nbsp;in a debt crisis long&nbsp;<i>before</i>&nbsp;the first Corona headline of early 2020.</p><p><blockquote>简单、客观和数学上证实的事实是，全球经济<i>已经</i>长期陷入债务危机<i>以前</i>2020年初的第一个电晕头条。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/173b90a9931417cc655b6129fc7dc38c\" tg-width=\"624\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Today, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.</p><p><blockquote>如今，美国债务占GDP的比例达到了自那场悲惨的第二次世界大战以来的最高水平，而且预计还会高得多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/54e71ae4475b3449c8833ca918ddbd82\" tg-width=\"624\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> So, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.</p><p><blockquote>因此，如果您仍然认为美联储能够并且将会像20世纪70年代或80年代那样有意义地加息来对抗明显的通胀，请三思。</blockquote></p><p> In the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.</p><p><blockquote>在20世纪70年代和80年代，美国债务/GDP为30%。今天是130%。</blockquote></p><p> Given this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.</p><p><blockquote>鉴于这一自我造成的（而不是新冠归咎的）现实，美联储根本无力加息。周期。句号。</blockquote></p><p> But as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.</p><p><blockquote>但正如我的同事埃贡·冯·格雷耶兹(Egon von Greyerz)提醒的那样，这绝不意味着利率不能也不会上升。</blockquote></p><p> The Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.</p><p><blockquote>美联储（和其他央行）可能很强大，但他们并不神圣。简而言之，他们通过点击鼠标简单地“控制”利率的能力是有限的。</blockquote></p><p> At some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.</p><p><blockquote>在某些时候，没有足够可信的假币来管理收益率曲线——尤其是在长期来看。</blockquote></p><p> As more printed and&nbsp;<b>tanking currencies</b>&nbsp;try to purchase lower yields and rates, eventually the entire experiment fails.</p><p><blockquote>随着更多的印刷和<b>贬值货币</b>试图购买较低的产量和利率，最终整个实验失败。</blockquote></p><p> At that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.</p><p><blockquote>在这个关键时刻，利率飙升，通货膨胀抬头，央行行长们寻找自己以外的东西来指责，而世界其他地区则盯着毫无价值的货币被滑稽的央行数字美元取代。</blockquote></p><p> Wonderful…</p><p><blockquote>太棒了…</blockquote></p><p> <b>Context 6: That Barbaric Relic?</b></p><p><blockquote><b>背景6：那个野蛮遗迹？</b></blockquote></p><p> What the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.</p><p><blockquote>上述通胀和利率背景意味着，在未来几年，通胀将走高，利率将走低（被迫/控制），直到利率和通胀一起飙升。</blockquote></p><p> This further means that&nbsp;<i>real</i>&nbsp;rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.</p><p><blockquote>这进一步意味着<i>真的</i>未来几年，利率（即经通胀调整的利率）可能高达-5%至-10%。</blockquote></p><p> Such negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.</p><p><blockquote>这种负实际利率水平很容易超过70年代和80年代的水平，这意味着黄金（和白银）都喜欢负实际利率，在这种完全债务扭曲的背景下，除了上涨、上涨和离开之外，无处可去。</blockquote></p><p> How’s that for context?</p><p><blockquote>背景怎么样？</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>One Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</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\">\nOne Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-22 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fact checking politicos, headlines and central bankers is one thing.<b>Putting their \"facts\" into context is another.</b></p><p><blockquote>事实核查政客、头条新闻和央行行长是一回事。<b>将他们的“事实”放在上下文中是另一回事。</b></blockquote></p><p> Toward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.</p><p><blockquote>为此，尽管疯狂的全球背景没有得到明确报道，但将所谓的“经济增长”、国债市场增长、股市增长、GDP增长，当然还有黄金价格增长置于更清晰的视角至关重要。</blockquote></p><p> <b>Context 1: The Rising Growth Headline</b></p><p><blockquote><b>背景1：不断上升的增长标题</b></blockquote></p><p> Recently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.</p><p><blockquote>最近，拜登的经济顾问贾里德·伯恩斯坦（Jared Bernstein）用另一个头条吹嘘美国比他们的贸易伙伴“增长得快得多”来安抚大众。</blockquote></p><p> Fair enough.</p><p><blockquote>很公平。</blockquote></p><p> But given that the U.S. is running the largest deficits on historical record…</p><p><blockquote>但鉴于美国正面临历史记录中最大的赤字……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0ac5ed804cb5613af2890f604dac56be\" tg-width=\"575\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> …such “growth” is not surprising.</p><p><blockquote>……这样的“增长”并不令人意外。</blockquote></p><p> In other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.</p><p><blockquote>换句话说，在极端赤字支出的背景下吹嘘增长，就像一个被宠坏的孩子吹嘘用他父亲的信用卡秘密购买的新保时捷：只有在账单到达、汽车消失之前，它才看起来不错。</blockquote></p><p> In a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.</p><p><blockquote>在一个疯狂的金融世界中，审视所谓的增长或价格发现、债务水平或一般供需的基本原则至关重要。</blockquote></p><p> In short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.</p><p><blockquote>简而言之：由极端债务驱动的“增长”根本不是增长——这只是一辆买不起的跑车的头条表面。</blockquote></p><p> And yet&nbsp;<b>the madness continues</b>…Take the U.S. Treasury market, for example.</p><p><blockquote>然而<b>疯狂还在继续</b>……以美国国债市场为例。</blockquote></p><p> <b>Context 2: The Treasury “Market”?</b></p><p><blockquote><b>背景二：国债“市场”？</b></blockquote></p><p> How can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?</p><p><blockquote>当去年2月以来发行的4.5 T美元债券中有56%被美联储自己购买时，怎么会有人将美国国债市场看涨期权为“市场”呢？</blockquote></p><p> Sounds more like an insider price-fix than a “market,” no?</p><p><blockquote>听起来更像是内部价格操纵，而不是“市场”，不是吗？</blockquote></p><p> Such context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.</p><p><blockquote>这种背景赋予了“喝自己的库尔助手”的想法全新的含义，并且应该是一个很酷的提醒，即总体而言，国债，尤其是债券收益率，是伪装成信贷奥运选手的僵尸。</blockquote></p><p> The Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.</p><p><blockquote>当然，美联储会假装这种“支持”就像他们的“暂时性通胀”模因一样是暂时的，但大多数市场现实主义者很久以前就明白，更多、更疯狂的债券收益率“支持”是国债泡沫（和借据）像僵尸一样存活的唯一途径。</blockquote></p><p> In short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”</p><p><blockquote>简而言之，财政部的“支持”、“通融”或“刺激”更好的说法就是：“生命支持”。</blockquote></p><p> With central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.</p><p><blockquote>随着美联储等央行在遥远的未来继续创造法定货币，将其不可持续的债务货币化，我们可以有把握地预见美元将进一步走弱，金价、矿业股以及科技股和工业股等关键风险资产将进一步走强。</blockquote></p><p> <b>Context 3: Deflation is back?</b></p><p><blockquote><b>背景三：通缩又回来了？</b></blockquote></p><p> Hardly.</p><p><blockquote>几乎不。</blockquote></p><p> Last week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.</p><p><blockquote>鲍威尔、费舍尔和布拉德上周的令人瞠目结舌的言论让市场怀疑美联储是否会在遥远的未来加息。</blockquote></p><p> The very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky&nbsp;<b>rather than “transitory”</b>and thus they are already pretending to pose as Hawkish.</p><p><blockquote>鲍威尔提出这个问题的事实是因为美联储意识到通胀将是粘性的<b>而不是“暂时性”</b>因此，他们已经在假装鹰派。</blockquote></p><p> But if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.</p><p><blockquote>但如果美联储加息是为了平息实际通胀而不是“暂时性”通胀，市场和山姆大叔就会大发脾气。故事结束。</blockquote></p><p> As I’ve written elsewhere: Pick your Fed poison—<b>tanking markets or surging inflation.</b>Eventually, we foresee both.</p><p><blockquote>正如我在其他地方写过的：选择你的毒药——<b>市场暴跌或通胀飙升。</b>最终，我们预见到了两者。</blockquote></p><p> Meanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.</p><p><blockquote>与此同时，鲍威尔充分意识到通胀虽然有所下降，但只会呈上升趋势，他已经在游戏中期使用语义来改变规则，现在表示，他们不会“允许”2%的通胀，而是会满足于2%的“平均”。</blockquote></p><p> Translated into honest English, this just means expect more inflation around the corner.</p><p><blockquote>翻译成诚实的英语，这只是意味着预计更多的通货膨胀即将到来。</blockquote></p><p> <b>Context 4: Rising Stock Markets</b></p><p><blockquote><b>背景4：股市上涨</b></blockquote></p><p> Despite reaching nosebleed levels which defy&nbsp;<i>every</i>&nbsp;traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.</p><p><blockquote>尽管达到了流鼻血的程度<i>每一</i>传统的估值上限，从CAPE比率和托宾比率到账面价值和自由现金流数据，头条新闻提醒我们股票可以走得更高——而且确实可以。</blockquote></p><p> But context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.</p><p><blockquote>但背景和历史提醒我们，泡沫越大，均值回归下降就越大。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1586e90684f7b8ae0525c04b1fa4bc7\" tg-width=\"624\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>No Treasure in Treasuries = Lot’s of Air in Stocks</b></p><p><blockquote><b>国债中没有宝藏=股票中有很多空气</b></blockquote></p><p> Based upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.</p><p><blockquote>基于上述客观事实，我们现在知道，出现在美国国债拍卖中的唯一主要买家是美联储本身。</blockquote></p><p> This is because the rest of the world (Asia, Europe etc.) doesn’t want them.</p><p><blockquote>这是因为世界其他地方（亚洲、欧洲等。）不想要他们。</blockquote></p><p> The next question is “why”?</p><p><blockquote>下一个问题是“为什么”？</blockquote></p><p> The answer is multiple yet simple.</p><p><blockquote>答案是多重而简单的。</blockquote></p><p> First, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.</p><p><blockquote>首先，尽管存在美国例外论的公开神话，但其他国家的投资者实际上可以自己思考、阅读和计算，这意味着他们不仅仅是盲目信任美联储或其借据。</blockquote></p><p></p><p> Stated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.</p><p><blockquote>换句话说，他们并不相信最近从FOMC喉舌中涌出的“暂时性通胀”或“强势美元”的故事。</blockquote></p><p> Inflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.</p><p><blockquote>通货膨胀不仅在美国上升，在其他地方也在攀升——甚至在日本，尤其是在中国。这主要是因为美国通过贸易和财政赤字将通货膨胀（和贬值的美元）输出到海外。</blockquote></p><p> Such deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the&nbsp;<i>outflow</i>&nbsp;of exported (debased) US dollars to save their own currencies from further debasement.</p><p><blockquote>美国这种蓄意输出的通胀让那些借钱给山姆大叔的国家（债权人）陷入了两难境地：他们要么1）让本国货币与美元一起通胀（这一点都不好玩），要么2）试图平息<i>流出</i>出口（贬值）美元以避免本国货币进一步贬值。</blockquote></p><p> Option 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.</p><p><blockquote>当然，选项2是更好的选择，这意味着外国投资者需要购买比信誉不佳的美国国债更有吸引力的东西。</blockquote></p><p> Sadly, ironically, and yet factually, the only assets better than&nbsp;<i>bogus</i>&nbsp;US Treasuries are&nbsp;<i>bloated</i>&nbsp;U.S. stocks.</p><p><blockquote>可悲的是，讽刺的是，但事实上，唯一比<i>假的</i>美国国债是<i>臃肿的</i>美国。股票。</blockquote></p><p> In short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.</p><p><blockquote>简而言之，价格令人流鼻血的美国股票仍然是美国两害相权取其轻，因此外国人购买/将股票视为比主权债券更好的对冲美元贬值的工具。</blockquote></p><p> Don’t believe me?</p><p><blockquote>不相信我？</blockquote></p><p> See for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:</p><p><blockquote>亲眼看看——世界其他地区正在为美国股市泡沫增添大量空气：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fc5b73212bd7c3126d6a130e88169139\" tg-width=\"582\" tg-height=\"407\" referrerpolicy=\"no-referrer\">This is&nbsp;<i>contextually</i>&nbsp;troublesome for a number of reasons.</p><p><blockquote>这是<i>上下文</i>麻烦有很多原因。</blockquote></p><p> First, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).</p><p><blockquote>首先，这意味着衰落的美国已经从向世界其他地区典当其债券转向向世界其他地区（即中国……）典当其股票。</blockquote></p><p> Longer term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…</p><p><blockquote>从长远来看，这仅仅意味着通过直接持股，外国人将慢慢拥有比美国更多的美国企业……</blockquote></p><p> As for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.</p><p><blockquote>至于外国买家对曾经伟大的美国的缓慢侵蚀，不要责怪数据。指责你的美联储和其他政策制定者（包括劳动力离岸首席执行官的）出卖了美国，假装债务可以通过神奇的（假）货币创造神奇地解决。</blockquote></p><p> Of course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.</p><p><blockquote>当然，股市上涨超出理智、盈利和诚实的自由现金流数据的第二个讨厌的小问题是一种叫做波动性的东西，即市场晕船。</blockquote></p><p> Nothing goes in a straight line, including the dollar or the market. There will be swings.</p><p><blockquote>没有什么是直线前进的，包括美元或市场。会有秋千。</blockquote></p><p> Right now, the short on the USD is the highest it has been in four years.</p><p><blockquote>目前，美元空头达到四年来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c420ec0af0df42eabb7a3d248da4db10\" tg-width=\"624\" tg-height=\"507\" referrerpolicy=\"no-referrer\">Yet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.</p><p><blockquote>然而，如果美联储碰巧试图缩减或加息，所有涌入美国股市的外国美元（见上图）就会产生一个泡沫，泡沫总是会破裂，上述美元空头也会受到挤压。</blockquote></p><p> That could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.</p><p><blockquote>这可能会导致美国股市大规模抛售，因为外国人抛售股票以购买更多美元。</blockquote></p><p> In short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.</p><p><blockquote>简而言之，当前的股市泡沫有很多不同的迹象，未来一个月左右很可能会出现回调。</blockquote></p><p> The sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage)&nbsp;<i>not</i>&nbsp;making the headlines yet&nbsp;<i>now</i>&nbsp;making all-time highs.</p><p><blockquote>顺便说一句，这些针中最尖锐的是美国保证金债务（即杠杆）的惊人滑稽水平<i>不</i>尚未成为头条新闻<i>现在</i>创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/021f71bd7e78a1c275a9c9d74691c525\" tg-width=\"624\" tg-height=\"531\" referrerpolicy=\"no-referrer\">As a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.</p><p><blockquote>提醒一下，每当保证金债务达到峰值（上图）时，市场很快就会暴跌，任何记得过去互联网和次贷市场惨败的人都可以证明这一点。</blockquote></p><p> Just saying…</p><p><blockquote>只是说……</blockquote></p><p> <b>Context 5: The Dark Side of “Surging” GDP Growth</b></p><p><blockquote><b>背景五：GDP增长“激增”的阴暗面</b></blockquote></p><p> The World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.</p><p><blockquote>世界银行最近成为头条新闻，预测全球GDP增长5.6%，为80年来最快。</blockquote></p><p> Good stuff, right?</p><p><blockquote>好东西，对吧？</blockquote></p><p> Well, not when placed into&nbsp;<i>context</i>…</p><p><blockquote>嗯，不是放在<i>上下文</i>…</blockquote></p><p> The last time we saw 5.6% global GDP growth was during a&nbsp;<i>global world war</i>.</p><p><blockquote>我们上一次看到全球GDP增长5.6%是在<i>全球世界大战</i>.</blockquote></p><p> Obviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.</p><p><blockquote>显然，当世界处于全球军事废墟状态时，任何形式的增长都可能从这样一个历史（和可怕的）基线“激增”。</blockquote></p><p> Coming out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…</p><p><blockquote>二战结束后，包括美国在内的所有人都负债累累。毕竟世界大战可以做到这一点……</blockquote></p><p> As the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.</p><p><blockquote>随着取得胜利并拯救文明的美国从那场战争中走出来，通过印钞、抑制债券收益率和刺激GDP增长来降低这种崇高但极端的债务杠杆是有一定道理的。</blockquote></p><p> What followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.</p><p><blockquote>接下来的至少是一段可以防御的40年，在这段时间里，美国名义GDP比美国国债收益率高出500-800个基点。</blockquote></p><p> In short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.</p><p><blockquote>简而言之，债券持有人受到了猛烈抨击，但击败轴心国后的事业、危机和重建证明了牺牲的合理性。</blockquote></p><p> The same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.</p><p><blockquote>然而，今天就不一样了，因为债券持有者在一种新的异常中再次受到挤压，在这种异常中，GDP将大大（并且类似地）超过长期债券收益率。</blockquote></p><p></p><p> Needless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.</p><p><blockquote>不用说，当前的政策制定者，正是那些将全球经济鸡舍置于当前债务废墟中的狐狸，喜欢将此归咎于COVID，而不是他们的浴室镜子。</blockquote></p><p> Ironically, however, central bankers (as opposed to the&nbsp;<i>Wehrmacht</i>, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy&nbsp;<i>today</i>&nbsp;(with deficit policies and extend-and-pretend money printers) as Germany’s&nbsp;<i>Blitzkrieg</i>&nbsp;or Hirohito’s Banzai raids did in the 1940’s.</p><p><blockquote>然而，具有讽刺意味的是，中央银行家（相对于<i>德国国防军</i>日本帝国或意大利墨索里尼）成功地对全球经济造成了同样大的伤害<i>当今</i>（有赤字政策和扩大和假装印钞机）作为德国的<i>闪电战</i>或者裕仁在20世纪40年代的万岁袭击。</blockquote></p><p> When it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?</p><p><blockquote>说到背景，我们真的可以或应该将全球流感（死亡人数375万）与全球战争（死亡人数8500万）相提并论吗？</blockquote></p><p> The policy makers would like&nbsp;<i>you</i>&nbsp;to think so.</p><p><blockquote>政策制定者希望<i>你</i>这么想。</blockquote></p><p> Folks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real&nbsp;<i>casus belli</i>&nbsp;(reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.</p><p><blockquote>像姆努钦（去年）或耶伦、鲍威尔和国际货币基金组织（今年）这样的人实际上正试图说服自己和世界，抗击新冠病毒的战争是真实的<i>开战理由</i>（一场正当战争的理由）我们当前的债务困境——就其对金融界的巨大影响而言，其范围相当于第二次世界大战。</blockquote></p><p> But regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.</p><p><blockquote>但无论任何人对COVID“战争”的看法或其可疑的政策反应如何，将其经济影响与二战进行比较都是对历史和军事隐喻的侮辱。</blockquote></p><p> The simple, objective and mathematically-confirmed fact is that the global economy was&nbsp;<i>already</i>&nbsp;in a debt crisis long&nbsp;<i>before</i>&nbsp;the first Corona headline of early 2020.</p><p><blockquote>简单、客观和数学上证实的事实是，全球经济<i>已经</i>长期陷入债务危机<i>以前</i>2020年初的第一个电晕头条。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/173b90a9931417cc655b6129fc7dc38c\" tg-width=\"624\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Today, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.</p><p><blockquote>如今，美国债务占GDP的比例达到了自那场悲惨的第二次世界大战以来的最高水平，而且预计还会高得多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/54e71ae4475b3449c8833ca918ddbd82\" tg-width=\"624\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> So, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.</p><p><blockquote>因此，如果您仍然认为美联储能够并且将会像20世纪70年代或80年代那样有意义地加息来对抗明显的通胀，请三思。</blockquote></p><p> In the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.</p><p><blockquote>在20世纪70年代和80年代，美国债务/GDP为30%。今天是130%。</blockquote></p><p> Given this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.</p><p><blockquote>鉴于这一自我造成的（而不是新冠归咎的）现实，美联储根本无力加息。周期。句号。</blockquote></p><p> But as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.</p><p><blockquote>但正如我的同事埃贡·冯·格雷耶兹(Egon von Greyerz)提醒的那样，这绝不意味着利率不能也不会上升。</blockquote></p><p> The Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.</p><p><blockquote>美联储（和其他央行）可能很强大，但他们并不神圣。简而言之，他们通过点击鼠标简单地“控制”利率的能力是有限的。</blockquote></p><p> At some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.</p><p><blockquote>在某些时候，没有足够可信的假币来管理收益率曲线——尤其是在长期来看。</blockquote></p><p> As more printed and&nbsp;<b>tanking currencies</b>&nbsp;try to purchase lower yields and rates, eventually the entire experiment fails.</p><p><blockquote>随着更多的印刷和<b>贬值货币</b>试图购买较低的产量和利率，最终整个实验失败。</blockquote></p><p> At that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.</p><p><blockquote>在这个关键时刻，利率飙升，通货膨胀抬头，央行行长们寻找自己以外的东西来指责，而世界其他地区则盯着毫无价值的货币被滑稽的央行数字美元取代。</blockquote></p><p> Wonderful…</p><p><blockquote>太棒了…</blockquote></p><p> <b>Context 6: That Barbaric Relic?</b></p><p><blockquote><b>背景6：那个野蛮遗迹？</b></blockquote></p><p> What the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.</p><p><blockquote>上述通胀和利率背景意味着，在未来几年，通胀将走高，利率将走低（被迫/控制），直到利率和通胀一起飙升。</blockquote></p><p> This further means that&nbsp;<i>real</i>&nbsp;rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.</p><p><blockquote>这进一步意味着<i>真的</i>未来几年，利率（即经通胀调整的利率）可能高达-5%至-10%。</blockquote></p><p> Such negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.</p><p><blockquote>这种负实际利率水平很容易超过70年代和80年代的水平，这意味着黄金（和白银）都喜欢负实际利率，在这种完全债务扭曲的背景下，除了上涨、上涨和离开之外，无处可去。</blockquote></p><p> How’s that for context?</p><p><blockquote>背景怎么样？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/one-mad-market-six-cold-reality-checks?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/one-mad-market-six-cold-reality-checks?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145563175","content_text":"Fact checking politicos, headlines and central bankers is one thing.Putting their \"facts\" into context is another.\nToward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.\nContext 1: The Rising Growth Headline\nRecently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.\nFair enough.\nBut given that the U.S. is running the largest deficits on historical record…\n\n…such “growth” is not surprising.\nIn other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.\nIn a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.\nIn short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.\nAnd yet the madness continues…Take the U.S. Treasury market, for example.\nContext 2: The Treasury “Market”?\nHow can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?\nSounds more like an insider price-fix than a “market,” no?\nSuch context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.\nThe Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.\nIn short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”\nWith central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.\nContext 3: Deflation is back?\nHardly.\nLast week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.\nThe very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky rather than “transitory”and thus they are already pretending to pose as Hawkish.\nBut if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.\nAs I’ve written elsewhere: Pick your Fed poison—tanking markets or surging inflation.Eventually, we foresee both.\nMeanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.\nTranslated into honest English, this just means expect more inflation around the corner.\nContext 4: Rising Stock Markets\nDespite reaching nosebleed levels which defy every traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.\nBut context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.\n\nNo Treasure in Treasuries = Lot’s of Air in Stocks\nBased upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.\nThis is because the rest of the world (Asia, Europe etc.) doesn’t want them.\nThe next question is “why”?\nThe answer is multiple yet simple.\nFirst, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.\nStated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.\nInflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.\nSuch deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the outflow of exported (debased) US dollars to save their own currencies from further debasement.\nOption 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.\nSadly, ironically, and yet factually, the only assets better than bogus US Treasuries are bloated U.S. stocks.\nIn short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.\nDon’t believe me?\nSee for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:\nThis is contextually troublesome for a number of reasons.\nFirst, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).\nLonger term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…\nAs for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.\nOf course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.\nNothing goes in a straight line, including the dollar or the market. There will be swings.\nRight now, the short on the USD is the highest it has been in four years.\nYet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.\nThat could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.\nIn short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.\nThe sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage) not making the headlines yet now making all-time highs.\nAs a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.\nJust saying…\nContext 5: The Dark Side of “Surging” GDP Growth\nThe World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.\nGood stuff, right?\nWell, not when placed into context…\nThe last time we saw 5.6% global GDP growth was during a global world war.\nObviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.\nComing out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…\nAs the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.\nWhat followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.\nIn short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.\nThe same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.\nNeedless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.\nIronically, however, central bankers (as opposed to the Wehrmacht, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy today (with deficit policies and extend-and-pretend money printers) as Germany’s Blitzkrieg or Hirohito’s Banzai raids did in the 1940’s.\nWhen it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?\nThe policy makers would like you to think so.\nFolks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real casus belli (reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.\nBut regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.\nThe simple, objective and mathematically-confirmed fact is that the global economy was already in a debt crisis long before the first Corona headline of early 2020.\nToday, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.\n\nSo, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.\nIn the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.\nGiven this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.\nBut as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.\nThe Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.\nAt some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.\nAs more printed and tanking currencies try to purchase lower yields and rates, eventually the entire experiment fails.\nAt that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.\nWonderful…\nContext 6: That Barbaric Relic?\nWhat the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.\nThis further means that real rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.\nSuch negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.\nHow’s that for context?","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167694687,"gmtCreate":1624263814149,"gmtModify":1631892149974,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like comment plsssss","listText":"Like comment plsssss","text":"Like comment plsssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/167694687","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164319399,"gmtCreate":1624171030011,"gmtModify":1631892149982,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like comment plssss","listText":"Like comment plssss","text":"Like comment plssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/164319399","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":886,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165905642,"gmtCreate":1624084429186,"gmtModify":1631892149998,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment like plsss","listText":"Comment like plsss","text":"Comment like plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/165905642","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":138704866,"gmtCreate":1621958937155,"gmtModify":1634185133368,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Lul","listText":"Lul","text":"Lul","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":7,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/138704866","repostId":"2138193407","repostType":4,"isVote":1,"tweetType":1,"viewCount":739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191977462,"gmtCreate":1620839341856,"gmtModify":1634195926226,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like comment pls","listText":"Like comment pls","text":"Like comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/191977462","repostId":"1186510575","repostType":4,"repost":{"id":"1186510575","kind":"news","pubTimestamp":1620834242,"share":"https://www.laohu8.com/m/news/1186510575?lang=zh_CN&edition=full","pubTime":"2021-05-12 23:44","market":"us","language":"en","title":"Bill Ackman Unveils 6% Stake In Dominos, Says He Won't Invest In Bitcoin<blockquote>Bill Ackman公布Dominos 6%股份，称不会投资比特币</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186510575","media":"zerohedge","summary":"Shares of Domino's Pizza surged nearly 4% Wednesday morning after celebrity investor Bill Ackman announced that his investment firm, Pershing Square Capital, had purchased a 6% stake in the pizza-delivery pioneer.Speaking at the \"Future of Everything\" conference organized by WSJ, Ackman added that he has long been an admirer of the firm and has eyed buying its stock, but that he only just recently found what he believed to be a compelling entry point to invest. Pershing sold some of its stake in","content":"<p>Shares of Domino's Pizza surged nearly 4% Wednesday morning after celebrity investor Bill Ackman announced that his investment firm, Pershing Square Capital, had purchased a 6% stake in the pizza-delivery pioneer.</p><p><blockquote>周三上午，名人投资者比尔·阿克曼(Bill Ackman)宣布其投资公司潘兴广场资本(Pershing Square Capital)购买了这家披萨外卖先驱6%的股份后，达美乐披萨(Domino's Pizza)股价飙升近4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63594f1f7c8dd7f4857fc989fa947180\" tg-width=\"1074\" tg-height=\"633\"></p><p><blockquote></blockquote></p><p> Speaking at the \"Future of Everything\" conference organized by WSJ, Ackman added that he has long been an admirer of the firm and has eyed buying its stock, but that he only just recently found what he believed to be a compelling entry point to invest. Pershing sold some of its stake in Starbucks - which, along with Pershings bets on Chipotle, marked one of Ackman's biggest turnaround successes - to finance its investment in Dominos.</p><p><blockquote>阿克曼在《华尔街日报》组织的“万物的未来”会议上发表讲话时补充说，他长期以来一直是该公司的崇拜者，并一直在考虑购买其股票，但他最近才发现他认为是一个令人信服的投资切入点。潘兴出售了其在星巴克的部分股份——这与潘兴对Chipotle的押注一起，标志着阿克曼最大的扭亏为盈成功之一——为其对多米诺骨牌的投资提供资金。</blockquote></p><p> Pershing started building its position in Dominoes at $330/share.</p><p><blockquote>潘兴以每股330美元的价格开始建立多米诺骨牌头寸。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b895ad36f893b0976b1cfac9c18d101a\" tg-width=\"500\" tg-height=\"333\"></p><p><blockquote></blockquote></p><p> As CNBC's Kate Rogers pointed out, Dominos rival Papa Johns also saw some news on the activist front Wednesday.</p><p><blockquote>正如CNBC的凯特·罗杰斯(Kate Rogers)指出的那样，多米诺骨牌的竞争对手棒约翰(Papa Johns)周三也看到了一些激进分子方面的消息。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f32345dd4b763e29d83b9e01f1574ebe\" tg-width=\"526\" tg-height=\"358\"></p><p><blockquote></blockquote></p><p> Ackman also revealed that he has been working on a single potential acquisition deal for the Pershing Square Tontine - Ackman's SPAC -&nbsp; since November of last year. \"We're deeply engaged\" with an \"iconic, phenomenal great business,\" Ackman said. But it's an \"extremely complex\" deal, and \"I'm either going to get a transaction done\" in the short term or move on to the next target.</p><p><blockquote>阿克曼还透露，自去年11月以来，他一直在为Pershing Square Tontine（阿克曼的SPAC）进行一项潜在收购交易。阿克曼说，“我们深入参与”一家“标志性的、非凡的伟大企业”。但这是一笔“极其复杂”的交易，“我要么在短期内完成交易”，要么转向下一个目标。</blockquote></p><p> Whatever happens, \"It was worth devoting six months,\" Ackman added, though he wouldn't name the building.</p><p><blockquote>阿克曼补充道，无论发生什么，“花六个月的时间都是值得的”，尽管他没有透露这座建筑的名称。</blockquote></p><p> Asked about bitcoin, Ackman bucked the trend of hedge fund icons buying into the crypto craze by responding that bitcoin isn't a place he would invest. His rejection of crypto comes on the heels of his industry archrival Dan Loeb's embrace of crypto via his firm,Third Point, which now holds cryptocurrency from five of its funds.</p><p><blockquote>当被问及比特币时，阿克曼逆着对冲基金偶像买入加密货币热潮的趋势，回应称比特币不是他会投资的地方。在他拒绝加密货币之前，他的行业主要竞争对手丹·勒布(Dan Loeb)通过他的公司Third Point拥抱加密货币，该公司目前持有其五只基金的加密货币。</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>Bill Ackman Unveils 6% Stake In Dominos, Says He Won't Invest In Bitcoin<blockquote>Bill Ackman公布Dominos 6%股份，称不会投资比特币</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\">\nBill Ackman Unveils 6% Stake In Dominos, Says He Won't Invest In Bitcoin<blockquote>Bill Ackman公布Dominos 6%股份，称不会投资比特币</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-12 23:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of Domino's Pizza surged nearly 4% Wednesday morning after celebrity investor Bill Ackman announced that his investment firm, Pershing Square Capital, had purchased a 6% stake in the pizza-delivery pioneer.</p><p><blockquote>周三上午，名人投资者比尔·阿克曼(Bill Ackman)宣布其投资公司潘兴广场资本(Pershing Square Capital)购买了这家披萨外卖先驱6%的股份后，达美乐披萨(Domino's Pizza)股价飙升近4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63594f1f7c8dd7f4857fc989fa947180\" tg-width=\"1074\" tg-height=\"633\"></p><p><blockquote></blockquote></p><p> Speaking at the \"Future of Everything\" conference organized by WSJ, Ackman added that he has long been an admirer of the firm and has eyed buying its stock, but that he only just recently found what he believed to be a compelling entry point to invest. Pershing sold some of its stake in Starbucks - which, along with Pershings bets on Chipotle, marked one of Ackman's biggest turnaround successes - to finance its investment in Dominos.</p><p><blockquote>阿克曼在《华尔街日报》组织的“万物的未来”会议上发表讲话时补充说，他长期以来一直是该公司的崇拜者，并一直在考虑购买其股票，但他最近才发现他认为是一个令人信服的投资切入点。潘兴出售了其在星巴克的部分股份——这与潘兴对Chipotle的押注一起，标志着阿克曼最大的扭亏为盈成功之一——为其对多米诺骨牌的投资提供资金。</blockquote></p><p> Pershing started building its position in Dominoes at $330/share.</p><p><blockquote>潘兴以每股330美元的价格开始建立多米诺骨牌头寸。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b895ad36f893b0976b1cfac9c18d101a\" tg-width=\"500\" tg-height=\"333\"></p><p><blockquote></blockquote></p><p> As CNBC's Kate Rogers pointed out, Dominos rival Papa Johns also saw some news on the activist front Wednesday.</p><p><blockquote>正如CNBC的凯特·罗杰斯(Kate Rogers)指出的那样，多米诺骨牌的竞争对手棒约翰(Papa Johns)周三也看到了一些激进分子方面的消息。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f32345dd4b763e29d83b9e01f1574ebe\" tg-width=\"526\" tg-height=\"358\"></p><p><blockquote></blockquote></p><p> Ackman also revealed that he has been working on a single potential acquisition deal for the Pershing Square Tontine - Ackman's SPAC -&nbsp; since November of last year. \"We're deeply engaged\" with an \"iconic, phenomenal great business,\" Ackman said. But it's an \"extremely complex\" deal, and \"I'm either going to get a transaction done\" in the short term or move on to the next target.</p><p><blockquote>阿克曼还透露，自去年11月以来，他一直在为Pershing Square Tontine（阿克曼的SPAC）进行一项潜在收购交易。阿克曼说，“我们深入参与”一家“标志性的、非凡的伟大企业”。但这是一笔“极其复杂”的交易，“我要么在短期内完成交易”，要么转向下一个目标。</blockquote></p><p> Whatever happens, \"It was worth devoting six months,\" Ackman added, though he wouldn't name the building.</p><p><blockquote>阿克曼补充道，无论发生什么，“花六个月的时间都是值得的”，尽管他没有透露这座建筑的名称。</blockquote></p><p> Asked about bitcoin, Ackman bucked the trend of hedge fund icons buying into the crypto craze by responding that bitcoin isn't a place he would invest. His rejection of crypto comes on the heels of his industry archrival Dan Loeb's embrace of crypto via his firm,Third Point, which now holds cryptocurrency from five of its funds.</p><p><blockquote>当被问及比特币时，阿克曼逆着对冲基金偶像买入加密货币热潮的趋势，回应称比特币不是他会投资的地方。在他拒绝加密货币之前，他的行业主要竞争对手丹·勒布(Dan Loeb)通过他的公司Third Point拥抱加密货币，该公司目前持有其五只基金的加密货币。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/dominos-jumps-bill-ackman-unveils-6-stake-offers-update-spac-deal-hunt\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/dominos-jumps-bill-ackman-unveils-6-stake-offers-update-spac-deal-hunt","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186510575","content_text":"Shares of Domino's Pizza surged nearly 4% Wednesday morning after celebrity investor Bill Ackman announced that his investment firm, Pershing Square Capital, had purchased a 6% stake in the pizza-delivery pioneer.\n\nSpeaking at the \"Future of Everything\" conference organized by WSJ, Ackman added that he has long been an admirer of the firm and has eyed buying its stock, but that he only just recently found what he believed to be a compelling entry point to invest. Pershing sold some of its stake in Starbucks - which, along with Pershings bets on Chipotle, marked one of Ackman's biggest turnaround successes - to finance its investment in Dominos.\nPershing started building its position in Dominoes at $330/share.\n\nAs CNBC's Kate Rogers pointed out, Dominos rival Papa Johns also saw some news on the activist front Wednesday.\n\nAckman also revealed that he has been working on a single potential acquisition deal for the Pershing Square Tontine - Ackman's SPAC -  since November of last year. \"We're deeply engaged\" with an \"iconic, phenomenal great business,\" Ackman said. But it's an \"extremely complex\" deal, and \"I'm either going to get a transaction done\" in the short term or move on to the next target.\nWhatever happens, \"It was worth devoting six months,\" Ackman added, though he wouldn't name the building.\nAsked about bitcoin, Ackman bucked the trend of hedge fund icons buying into the crypto craze by responding that bitcoin isn't a place he would invest. His rejection of crypto comes on the heels of his industry archrival Dan Loeb's embrace of crypto via his firm,Third Point, which now holds cryptocurrency from five of its funds.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185131599,"gmtCreate":1623636104711,"gmtModify":1634030874665,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment like plssss","listText":"Comment like plssss","text":"Comment like plssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/185131599","repostId":"1146430910","repostType":4,"isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130402162,"gmtCreate":1621559528856,"gmtModify":1634188120647,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment plsss","listText":"Comment plsss","text":"Comment plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/130402162","repostId":"2137763179","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124962662,"gmtCreate":1624720464056,"gmtModify":1631892149907,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like comment plass","listText":"Like comment plass","text":"Like comment plass","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124962662","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342235857,"gmtCreate":1618219968179,"gmtModify":1634294367046,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment like pls","listText":"Comment like pls","text":"Comment like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/342235857","repostId":"1178871314","repostType":4,"repost":{"id":"1178871314","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618219394,"share":"https://www.laohu8.com/m/news/1178871314?lang=zh_CN&edition=full","pubTime":"2021-04-12 17:23","market":"us","language":"en","title":"Why Bitcoin Is Crossing $60K Again<blockquote>为什么比特币再次突破6万美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178871314","media":"Benzinga","summary":"Bitcoin has crossed the $60,000 mark again, as experts point to a supply shortage.The world's top cr","content":"<p><b>Bitcoin</b> has crossed&nbsp;the $60,000 mark again, as experts point to a supply shortage.</p><p><blockquote><b>比特币</b>由于专家指出供应短缺，价格再次突破60,000美元大关。</blockquote></p><p><ul><li>The world's top cryptocurrency crossed the&nbsp;$60,000 mark today and on Saturday, according toCoinMarketCapdata, reaching a&nbsp;high of $60,741 on Saturday.</li><li>Bitcoin was recently left on the sidelines as investors concentrated their attention on the stock market, a sales manager at Hong Kong digital asset company Diginex Justin d’Anethan toldReuters.</li><li>\"That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,\" d’Anethan said.</li><li>Bitcoin is up 116% from this year's low of $27,734 on Jan 4.</li><li>The coin reached its all-time high of over $60,000 on March 13 with a record price of $61,781, reported on crypto exchange Bitstamp, presumably connected to the United States president signing a $1.9 trillion fiscal stimulus package.</li><li>Bitcoin was trading above $59,700 at publication time.</li></ul></p><p><blockquote><ul><li>根据CoinMarketCapData的数据，世界顶级加密货币今天和周六突破了60,000美元大关，周六达到60,741美元的高点。</li><li>香港数字资产公司Diginex的销售经理Justin d’Anethan告诉路透社，由于投资者将注意力集中在股市上，比特币最近一直处于观望状态。</li><li>“就在昨天，当我们突破60K时，这种情况发生了变化。由于矿商不出售最近铸造的硬币，交易所储备触及多年低点，以及不断有企业、基金、大大小小的投资者涌入BTC，我们突破了，”达内森说。</li><li>比特币股价较1月4日27,734美元的今年低点上涨了116%。</li><li>据加密货币交易所Bitstamp报道，该硬币在3月13日达到了超过60,000美元的历史高点，创纪录的价格为61,781美元，这可能与美国总统签署1.9万亿美元的财政刺激计划有关。</li><li>截至发稿时，比特币的交易价格高于59,700美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Bitcoin Is Crossing $60K Again<blockquote>为什么比特币再次突破6万美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nWhy Bitcoin Is Crossing $60K Again<blockquote>为什么比特币再次突破6万美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-04-12 17:23</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Bitcoin</b> has crossed&nbsp;the $60,000 mark again, as experts point to a supply shortage.</p><p><blockquote><b>比特币</b>由于专家指出供应短缺，价格再次突破60,000美元大关。</blockquote></p><p><ul><li>The world's top cryptocurrency crossed the&nbsp;$60,000 mark today and on Saturday, according toCoinMarketCapdata, reaching a&nbsp;high of $60,741 on Saturday.</li><li>Bitcoin was recently left on the sidelines as investors concentrated their attention on the stock market, a sales manager at Hong Kong digital asset company Diginex Justin d’Anethan toldReuters.</li><li>\"That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,\" d’Anethan said.</li><li>Bitcoin is up 116% from this year's low of $27,734 on Jan 4.</li><li>The coin reached its all-time high of over $60,000 on March 13 with a record price of $61,781, reported on crypto exchange Bitstamp, presumably connected to the United States president signing a $1.9 trillion fiscal stimulus package.</li><li>Bitcoin was trading above $59,700 at publication time.</li></ul></p><p><blockquote><ul><li>根据CoinMarketCapData的数据，世界顶级加密货币今天和周六突破了60,000美元大关，周六达到60,741美元的高点。</li><li>香港数字资产公司Diginex的销售经理Justin d’Anethan告诉路透社，由于投资者将注意力集中在股市上，比特币最近一直处于观望状态。</li><li>“就在昨天，当我们突破60K时，这种情况发生了变化。由于矿商不出售最近铸造的硬币，交易所储备触及多年低点，以及不断有企业、基金、大大小小的投资者涌入BTC，我们突破了，”达内森说。</li><li>比特币股价较1月4日27,734美元的今年低点上涨了116%。</li><li>据加密货币交易所Bitstamp报道，该硬币在3月13日达到了超过60,000美元的历史高点，创纪录的价格为61,781美元，这可能与美国总统签署1.9万亿美元的财政刺激计划有关。</li><li>截至发稿时，比特币的交易价格高于59,700美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal","GBTC":"比特币ETF-Grayscale"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178871314","content_text":"Bitcoin has crossed the $60,000 mark again, as experts point to a supply shortage.The world's top cryptocurrency crossed the $60,000 mark today and on Saturday, according toCoinMarketCapdata, reaching a high of $60,741 on Saturday.Bitcoin was recently left on the sidelines as investors concentrated their attention on the stock market, a sales manager at Hong Kong digital asset company Diginex Justin d’Anethan toldReuters.\"That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,\" d’Anethan said.Bitcoin is up 116% from this year's low of $27,734 on Jan 4.The coin reached its all-time high of over $60,000 on March 13 with a record price of $61,781, reported on crypto exchange Bitstamp, presumably connected to the United States president signing a $1.9 trillion fiscal stimulus package.Bitcoin was trading above $59,700 at publication time.","news_type":1,"symbols_score_info":{"PYPL":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189361842,"gmtCreate":1623245807786,"gmtModify":1634035428241,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like comment plsss","listText":"Like comment plsss","text":"Like comment plsss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/189361842","repostId":"2142600282","repostType":4,"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116497233,"gmtCreate":1622814684222,"gmtModify":1634097736837,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Comment like","listText":"Comment like","text":"Comment like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116497233","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","kind":"news","pubTimestamp":1622793373,"share":"https://www.laohu8.com/m/news/1122373606?lang=zh_CN&edition=full","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但下一个十年可能会大不相同。</li><li>苹果的增长在过去十年中有所放缓，未来几年也可能不会成为增长怪物。</li><li>股价具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock社论，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果（AAPL）是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能会有所不同。然而，由于大规模的股东回报计划和向服务业的转变，苹果的股价在十年后仍可能大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前，股票回报率为900%，复合年回报率约为26%，轻松击败了同期大盘的回报率。重要的是，该公司股价的涨幅远远超过了该公司的市值，而该公司的市值在过去十年中仅增长了550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅减少了股票数量。当然，过去十年对苹果来说是一个商业上非常成功的时期，因为该公司受益于智能手机的兴起，同时也在手表和平板电脑等新产品上取得了成功，苹果或多或少地将其作为一个新产品类别推出。目前，股价为125美元，过去12个月上涨57%，但2021年迄今下跌6%。继2020年强劲上涨之后，股价目前似乎处于盘整格局，这并不令人意外，因为苹果的估值最近已经扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前的一致目标价为156美元，这意味着25%的上涨潜力。由于目前没有迹象表明股价会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>10年后苹果股票会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，苹果2031年的股价是无法准确预测的。正如历史一次又一次地表明的那样，甚至不可能在更短的时间内准确预测股价。然而，可以设计情景来了解在某些条件下未来股价的走势，从而了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了构建这样的场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去曾经历过多年的强劲增长和多年的疲软增长。这主要可以用新产品推出等因素来解释，例如。手表或iPad，以及各自当前iPhone型号的强度，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也发挥了作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了154%，但正如我们在上图中看到的，收入增长相对不均衡。2010年代初，苹果凭借iPhone的“胜利之路”实现了巨大增长，而在接下来的几年里，收入增长速度放缓。甚至有一些年份的收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年的强劲增长推动了这一增长率时，假设苹果将增长10%可能不太合理。未来一年也是如此。投资者还应该考虑到，公司规模越大，保持高增长率就变得越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在其产品价格上涨以及中国等高增长国家市场份额增长的潜力（越来越多的人将能够购买苹果价格较高的产品）的背景下，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致更高的应用支出——并考虑新产品发布的潜力（尽管我认为没有一款产品会像iPhone那样庞大），苹果应该能够以稳健的速度发展其业务。我个人认为5%-7%的收入增长率可能是未来几年的现实估计，尽管一些读者当然会有不同的意见。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果的股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅减少其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了36%的股份。如果未来十年发生同样的情况，每股剩余股票在公司价值中的份额将上涨56%，即年化4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年的股票数量仅减少了2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股票数量不会再下降36%。当我们将其向下调整至25%时，当我们考虑每股指标时，这将为苹果的增长带来约3%的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我5%-7%的业务增长预测，我因此假设苹果的每股长期增长将达到8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果的未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>苹果公司过去的估值范围很广，其股票在某些时候的市盈率非常低，而投资者在其他时候愿意支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的10倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，2020年底，该公司的股价高达该公司净利润的40倍，这似乎是一个相当高的估值。目前，AAPL的往绩市盈率为28倍，远期利润约为24倍。在上图中，我们还看到了过去3年、5年、7年和10年的市盈率中位数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期内中值较高。我不认为AAPL的市盈率会达到过去十年平均市盈率的15.5倍，因为对于像苹果这样拥有强大品牌、庞大规模的优质公司来说，这似乎是一个相当低的估值。、巨大的利润和堡垒般的资产负债表。另一方面，我也不相信苹果的市盈率会永远保持在24-28倍——对于一家业务增长稳健但不引人注目的中个位数的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，尤其如此，在其他条件相同的情况下，这应该会给所有股票的估值带来压力。因此，我认为2031年净利润20倍左右的估值可能是合理的估计，这或多或少与3年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从2021年每股收益估计为5.15美元开始计算，并假设到2031年每年增长7%-10%，我们的每股收益范围为10.10美元至13.40美元。将市盈率定为20倍，目标价约为每股200-270美元。因此，在235美元左右的中点，股价将较当前水平上涨约90%，年化涨幅约为6.5%。这肯定是一个不错的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，苹果公司在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报率不太兴奋。当我们考虑到，如果苹果的估值下降，例如由于利率上升，股价在未来1-3年内确实存在相当大的下行风险，目前保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现出色。目前，我对苹果的评级为持有，如果其估值接近长期平均水平，则可能买入。那些对新产品发布更乐观的人可能不同意并倾向于在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说，该股在未来十年确实有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</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>Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？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\">\nWhere Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？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\">2021-06-04 15:56</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>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但下一个十年可能会大不相同。</li><li>苹果的增长在过去十年中有所放缓，未来几年也可能不会成为增长怪物。</li><li>股价具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock社论，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果（AAPL）是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能会有所不同。然而，由于大规模的股东回报计划和向服务业的转变，苹果的股价在十年后仍可能大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前，股票回报率为900%，复合年回报率约为26%，轻松击败了同期大盘的回报率。重要的是，该公司股价的涨幅远远超过了该公司的市值，而该公司的市值在过去十年中仅增长了550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅减少了股票数量。当然，过去十年对苹果来说是一个商业上非常成功的时期，因为该公司受益于智能手机的兴起，同时也在手表和平板电脑等新产品上取得了成功，苹果或多或少地将其作为一个新产品类别推出。目前，股价为125美元，过去12个月上涨57%，但2021年迄今下跌6%。继2020年强劲上涨之后，股价目前似乎处于盘整格局，这并不令人意外，因为苹果的估值最近已经扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前的一致目标价为156美元，这意味着25%的上涨潜力。由于目前没有迹象表明股价会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>10年后苹果股票会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，苹果2031年的股价是无法准确预测的。正如历史一次又一次地表明的那样，甚至不可能在更短的时间内准确预测股价。然而，可以设计情景来了解在某些条件下未来股价的走势，从而了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了构建这样的场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去曾经历过多年的强劲增长和多年的疲软增长。这主要可以用新产品推出等因素来解释，例如。手表或iPad，以及各自当前iPhone型号的强度，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也发挥了作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了154%，但正如我们在上图中看到的，收入增长相对不均衡。2010年代初，苹果凭借iPhone的“胜利之路”实现了巨大增长，而在接下来的几年里，收入增长速度放缓。甚至有一些年份的收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年的强劲增长推动了这一增长率时，假设苹果将增长10%可能不太合理。未来一年也是如此。投资者还应该考虑到，公司规模越大，保持高增长率就变得越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在其产品价格上涨以及中国等高增长国家市场份额增长的潜力（越来越多的人将能够购买苹果价格较高的产品）的背景下，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致更高的应用支出——并考虑新产品发布的潜力（尽管我认为没有一款产品会像iPhone那样庞大），苹果应该能够以稳健的速度发展其业务。我个人认为5%-7%的收入增长率可能是未来几年的现实估计，尽管一些读者当然会有不同的意见。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果的股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅减少其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了36%的股份。如果未来十年发生同样的情况，每股剩余股票在公司价值中的份额将上涨56%，即年化4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年的股票数量仅减少了2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股票数量不会再下降36%。当我们将其向下调整至25%时，当我们考虑每股指标时，这将为苹果的增长带来约3%的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我5%-7%的业务增长预测，我因此假设苹果的每股长期增长将达到8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果的未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>苹果公司过去的估值范围很广，其股票在某些时候的市盈率非常低，而投资者在其他时候愿意支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的10倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，2020年底，该公司的股价高达该公司净利润的40倍，这似乎是一个相当高的估值。目前，AAPL的往绩市盈率为28倍，远期利润约为24倍。在上图中，我们还看到了过去3年、5年、7年和10年的市盈率中位数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期内中值较高。我不认为AAPL的市盈率会达到过去十年平均市盈率的15.5倍，因为对于像苹果这样拥有强大品牌、庞大规模的优质公司来说，这似乎是一个相当低的估值。、巨大的利润和堡垒般的资产负债表。另一方面，我也不相信苹果的市盈率会永远保持在24-28倍——对于一家业务增长稳健但不引人注目的中个位数的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，尤其如此，在其他条件相同的情况下，这应该会给所有股票的估值带来压力。因此，我认为2031年净利润20倍左右的估值可能是合理的估计，这或多或少与3年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从2021年每股收益估计为5.15美元开始计算，并假设到2031年每年增长7%-10%，我们的每股收益范围为10.10美元至13.40美元。将市盈率定为20倍，目标价约为每股200-270美元。因此，在235美元左右的中点，股价将较当前水平上涨约90%，年化涨幅约为6.5%。这肯定是一个不错的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，苹果公司在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报率不太兴奋。当我们考虑到，如果苹果的估值下降，例如由于利率上升，股价在未来1-3年内确实存在相当大的下行风险，目前保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现出色。目前，我对苹果的评级为持有，如果其估值接近长期平均水平，则可能买入。那些对新产品发布更乐观的人可能不同意并倾向于在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说，该股在未来十年确实有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342235360,"gmtCreate":1618219937950,"gmtModify":1634294367286,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/342235360","repostId":"1137529737","repostType":4,"repost":{"id":"1137529737","kind":"news","pubTimestamp":1618184239,"share":"https://www.laohu8.com/m/news/1137529737?lang=zh_CN&edition=full","pubTime":"2021-04-12 07:37","market":"us","language":"en","title":"JPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137529737","media":"Barrons","summary":"First-quarter earnings season kicks off this week, beginning as always with results from several of ","content":"<p>First-quarter earnings season kicks off this week, beginning as always with results from several of the largest U.S. banks. Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report on Wednesday, followed&nbsp;by Bank of&nbsp;America and Citigroup on Thursday and Morgan Stanley on Friday.</p><p><blockquote>第一季度财报季将于本周拉开帷幕，一如既往地以美国几家最大银行的业绩开始。高盛集团、摩根大通和富国银行周三发布报告，美国银行和花旗集团周四发布报告，摩根士丹利周五发布报告。</blockquote></p><p>Other notable companies reporting this week include industrial&nbsp;supplier&nbsp;Fastenalon Tuesday.Delta Air Lines,PepsiCo,and&nbsp;UnitedHealth Group&nbsp;publish results on Thursday. And&nbsp;Kansas City Southern&nbsp;reports on Friday.&nbsp; A total of 22&nbsp;S&amp;P 500&nbsp;companies report this week, followed by 64 next week.</p><p><blockquote>本周发布报告的其他著名公司包括工业供应商Fastenalon Tuesday。达美航空、百事可乐和联合健康集团周四公布业绩。堪萨斯城南方周五发布报告。本周共有22家标准普尔500指数公司发布报告，下周将有64家公司发布报告。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ac3c413681d3a9e134223c4d1a02d883\" tg-width=\"1410\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It’s also a busy week for economic data. On Tuesday, the Bureau of Labor Statistics reports the consumer price index for March and the National Federation of Independent Business releases its Small Business Optimism Index for March. Then on Thursday, the Census Bureau reports retail sales data for March. And on Friday, the University of Michigan releases its Consumer Sentiment Index for April.</p><p><blockquote>对于经济数据来说，这也是忙碌的一周。周二，美国劳工统计局公布3月份消费者价格指数，全国独立企业联合会发布3月份小企业乐观指数。周四，人口普查局将公布3月份零售销售数据。周五，密歇根大学发布了四月份的消费者信心指数。</blockquote></p><p>Housing-market data out this week include the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for April on Thursday and the Census Bureau’s new residential construction data for March on Friday.</p><p><blockquote>本周公布的房地产市场数据包括周四公布的全国住宅建筑商协会NAHB/富国银行4月份住房市场指数和周五公布的人口普查局3月份新住宅建设数据。</blockquote></p><p><b>Monday 4/12</b></p><p><blockquote><b>星期一4/12</b></blockquote></p><p>Nvidia&nbsp;hosts its 2021 investor day in conjunction with its GPU Technology conference. Nvidia CEO Jensen Huang will give the keynote address.</p><p><blockquote>英伟达在GPU技术会议的同时举办了2021年投资者日。英伟达首席执行官黄仁勋将发表主题演讲。</blockquote></p><p><b>Tuesday 4/13</b></p><p><blockquote><b>星期二4/13</b></blockquote></p><p>Fastenal reports quarterly results.</p><p><blockquote>Fastenal报告季度业绩。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports the consumer price index for March. Economists forecast a 0.4% monthly increase, matching the February data. The core CPI, which excludes volatile food and energy prices, is expected to rise 0.2%, after edging up 0.1% in February.</p><p><blockquote><b>劳工局</b>统计局报告了三月份的消费者价格指数。经济学家预测月度增长0.4%，与2月份数据一致。剔除波动较大的食品和能源价格的核心CPI预计将上涨0.2%，2月份小幅上涨0.1%。</blockquote></p><p><b>The National Federation</b>&nbsp;of Independent Business releases its Small Business Optimism Index for March. Consensus estimate is for a 98 reading, higher than February’s 95.8.</p><p><blockquote><b>全国联合会</b>独立企业发布三月份小企业乐观指数。普遍估计为98，高于2月份的95.8。</blockquote></p><p><b>Wednesday 4/14</b></p><p><blockquote><b>星期三4/14</b></blockquote></p><p><b>Earnings season begins</b>&nbsp;in earnest with some of the largest money-center and investment banks reporting. JPMorgan Chase, Wells Fargo, and Goldman Sachs Group release first-quarter results before the market open.</p><p><blockquote><b>财报季开始</b>一些最大的货币中心和投资银行认真报告。摩根大通、富国银行、高盛集团盘前发布一季度业绩。</blockquote></p><p>First Republic Bankreleases earnings.</p><p><blockquote>第一共和银行发布收益。</blockquote></p><p><b>Coinbase Global</b>&nbsp;is set to&nbsp;make its Wall Street debut&nbsp;on Wednesday through a direct listing of its shares on the Nasdaq.</p><p><blockquote><b>比特币基地全球</b>该公司将于周三通过在纳斯达克直接上市的方式首次亮相华尔街。</blockquote></p><p><b>The BLS reports</b>&nbsp;export and import price data for March. Expectations are for a 1% month-over-month rise in export prices, while import prices are seen increasing 0.8%. This compares with gains of 1.6% and 1.3%, respectively, in February.</p><p><blockquote><b>劳工统计局报告</b>3月进出口价格数据。预计出口价格环比上涨1%，而进口价格预计上涨0.8%。相比之下，2月份分别上涨1.6%和1.3%。</blockquote></p><p><b>The Federal Reserve</b>&nbsp;releases the beige book for the second of eight times this year. The beige book gathers anecdotal information on current economic conditions from the 12 Fed districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第二次。褐皮书从12个美联储区收集了有关当前经济状况的轶事信息。</blockquote></p><p><b>Thursday 4/15</b></p><p><blockquote><b>星期四4/15</b></blockquote></p><p>Bank of America,BlackRock,Charles Schwab,Citigroup, Delta Air Lines, PepsiCo,PPG Industries,Truist Financial,U.S. Bancorp,and UnitedHealth Group report quarterly results.</p><p><blockquote>美国银行、贝莱德、嘉信理财、花旗集团、达美航空、百事可乐、PPG Industries、Truist Financial、美国。合众银行和联合健康集团报告季度业绩。</blockquote></p><p><b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. Economists forecast an 84.5 reading, greater than the March data. Any reading above 50 indicates that home builders are bullish on the housing market for the next six months.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了4月份NAHB/富国银行住房市场指数。经济学家预测为84.5，高于3月份的数据。任何高于50的读数都表明房屋建筑商看好未来六个月的房地产市场。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports retail sales data for March. The consensus call is for consumer spending to rise 1.3% month over month, after declining 3% in February.</p><p><blockquote><b>人口普查局</b>报告3月份零售销售数据。看涨期权普遍认为消费者支出继2月份下降3%后，环比将增长1.3%。</blockquote></p><p><b>Friday 4/16</b></p><p><blockquote><b>星期五4/16</b></blockquote></p><p>Bank of New York Mellon,Citizens Financial Group,Kansas City Southern, Morgan Stanley,PNC Financial Services Group,and&nbsp;State Street&nbsp;hold conference calls to discuss earnings.</p><p><blockquote>纽约梅隆银行、公民金融集团、堪萨斯南方银行、摩根士丹利、PNC金融服务集团和道富银行在评级召开会议讨论收益。</blockquote></p><p><b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment Index for April. Expectations are for an 88 reading. March’s 84.9 figure was the highest since a year earlier.</p><p><blockquote><b>密歇根大学</b>发布四月份消费者信心指数。预期读数为88。3月份的84.9是一年前以来的最高水平。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.61 million housing starts, a 13% month-over-month increase.</p><p><blockquote><b>人口普查局</b>报告3月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为161万套，环比增长13%。</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>JPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</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\">\nJPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-12 07:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>First-quarter earnings season kicks off this week, beginning as always with results from several of the largest U.S. banks. Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report on Wednesday, followed&nbsp;by Bank of&nbsp;America and Citigroup on Thursday and Morgan Stanley on Friday.</p><p><blockquote>第一季度财报季将于本周拉开帷幕，一如既往地以美国几家最大银行的业绩开始。高盛集团、摩根大通和富国银行周三发布报告，美国银行和花旗集团周四发布报告，摩根士丹利周五发布报告。</blockquote></p><p>Other notable companies reporting this week include industrial&nbsp;supplier&nbsp;Fastenalon Tuesday.Delta Air Lines,PepsiCo,and&nbsp;UnitedHealth Group&nbsp;publish results on Thursday. And&nbsp;Kansas City Southern&nbsp;reports on Friday.&nbsp; A total of 22&nbsp;S&amp;P 500&nbsp;companies report this week, followed by 64 next week.</p><p><blockquote>本周发布报告的其他著名公司包括工业供应商Fastenalon Tuesday。达美航空、百事可乐和联合健康集团周四公布业绩。堪萨斯城南方周五发布报告。本周共有22家标准普尔500指数公司发布报告，下周将有64家公司发布报告。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ac3c413681d3a9e134223c4d1a02d883\" tg-width=\"1410\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It’s also a busy week for economic data. On Tuesday, the Bureau of Labor Statistics reports the consumer price index for March and the National Federation of Independent Business releases its Small Business Optimism Index for March. Then on Thursday, the Census Bureau reports retail sales data for March. And on Friday, the University of Michigan releases its Consumer Sentiment Index for April.</p><p><blockquote>对于经济数据来说，这也是忙碌的一周。周二，美国劳工统计局公布3月份消费者价格指数，全国独立企业联合会发布3月份小企业乐观指数。周四，人口普查局将公布3月份零售销售数据。周五，密歇根大学发布了四月份的消费者信心指数。</blockquote></p><p>Housing-market data out this week include the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for April on Thursday and the Census Bureau’s new residential construction data for March on Friday.</p><p><blockquote>本周公布的房地产市场数据包括周四公布的全国住宅建筑商协会NAHB/富国银行4月份住房市场指数和周五公布的人口普查局3月份新住宅建设数据。</blockquote></p><p><b>Monday 4/12</b></p><p><blockquote><b>星期一4/12</b></blockquote></p><p>Nvidia&nbsp;hosts its 2021 investor day in conjunction with its GPU Technology conference. Nvidia CEO Jensen Huang will give the keynote address.</p><p><blockquote>英伟达在GPU技术会议的同时举办了2021年投资者日。英伟达首席执行官黄仁勋将发表主题演讲。</blockquote></p><p><b>Tuesday 4/13</b></p><p><blockquote><b>星期二4/13</b></blockquote></p><p>Fastenal reports quarterly results.</p><p><blockquote>Fastenal报告季度业绩。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports the consumer price index for March. Economists forecast a 0.4% monthly increase, matching the February data. The core CPI, which excludes volatile food and energy prices, is expected to rise 0.2%, after edging up 0.1% in February.</p><p><blockquote><b>劳工局</b>统计局报告了三月份的消费者价格指数。经济学家预测月度增长0.4%，与2月份数据一致。剔除波动较大的食品和能源价格的核心CPI预计将上涨0.2%，2月份小幅上涨0.1%。</blockquote></p><p><b>The National Federation</b>&nbsp;of Independent Business releases its Small Business Optimism Index for March. Consensus estimate is for a 98 reading, higher than February’s 95.8.</p><p><blockquote><b>全国联合会</b>独立企业发布三月份小企业乐观指数。普遍估计为98，高于2月份的95.8。</blockquote></p><p><b>Wednesday 4/14</b></p><p><blockquote><b>星期三4/14</b></blockquote></p><p><b>Earnings season begins</b>&nbsp;in earnest with some of the largest money-center and investment banks reporting. JPMorgan Chase, Wells Fargo, and Goldman Sachs Group release first-quarter results before the market open.</p><p><blockquote><b>财报季开始</b>一些最大的货币中心和投资银行认真报告。摩根大通、富国银行、高盛集团盘前发布一季度业绩。</blockquote></p><p>First Republic Bankreleases earnings.</p><p><blockquote>第一共和银行发布收益。</blockquote></p><p><b>Coinbase Global</b>&nbsp;is set to&nbsp;make its Wall Street debut&nbsp;on Wednesday through a direct listing of its shares on the Nasdaq.</p><p><blockquote><b>比特币基地全球</b>该公司将于周三通过在纳斯达克直接上市的方式首次亮相华尔街。</blockquote></p><p><b>The BLS reports</b>&nbsp;export and import price data for March. Expectations are for a 1% month-over-month rise in export prices, while import prices are seen increasing 0.8%. This compares with gains of 1.6% and 1.3%, respectively, in February.</p><p><blockquote><b>劳工统计局报告</b>3月进出口价格数据。预计出口价格环比上涨1%，而进口价格预计上涨0.8%。相比之下，2月份分别上涨1.6%和1.3%。</blockquote></p><p><b>The Federal Reserve</b>&nbsp;releases the beige book for the second of eight times this year. The beige book gathers anecdotal information on current economic conditions from the 12 Fed districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第二次。褐皮书从12个美联储区收集了有关当前经济状况的轶事信息。</blockquote></p><p><b>Thursday 4/15</b></p><p><blockquote><b>星期四4/15</b></blockquote></p><p>Bank of America,BlackRock,Charles Schwab,Citigroup, Delta Air Lines, PepsiCo,PPG Industries,Truist Financial,U.S. Bancorp,and UnitedHealth Group report quarterly results.</p><p><blockquote>美国银行、贝莱德、嘉信理财、花旗集团、达美航空、百事可乐、PPG Industries、Truist Financial、美国。合众银行和联合健康集团报告季度业绩。</blockquote></p><p><b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. Economists forecast an 84.5 reading, greater than the March data. Any reading above 50 indicates that home builders are bullish on the housing market for the next six months.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了4月份NAHB/富国银行住房市场指数。经济学家预测为84.5，高于3月份的数据。任何高于50的读数都表明房屋建筑商看好未来六个月的房地产市场。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports retail sales data for March. The consensus call is for consumer spending to rise 1.3% month over month, after declining 3% in February.</p><p><blockquote><b>人口普查局</b>报告3月份零售销售数据。看涨期权普遍认为消费者支出继2月份下降3%后，环比将增长1.3%。</blockquote></p><p><b>Friday 4/16</b></p><p><blockquote><b>星期五4/16</b></blockquote></p><p>Bank of New York Mellon,Citizens Financial Group,Kansas City Southern, Morgan Stanley,PNC Financial Services Group,and&nbsp;State Street&nbsp;hold conference calls to discuss earnings.</p><p><blockquote>纽约梅隆银行、公民金融集团、堪萨斯南方银行、摩根士丹利、PNC金融服务集团和道富银行在评级召开会议讨论收益。</blockquote></p><p><b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment Index for April. Expectations are for an 88 reading. March’s 84.9 figure was the highest since a year earlier.</p><p><blockquote><b>密歇根大学</b>发布四月份消费者信心指数。预期读数为88。3月份的84.9是一年前以来的最高水平。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.61 million housing starts, a 13% month-over-month increase.</p><p><blockquote><b>人口普查局</b>报告3月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为161万套，环比增长13%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/jpmorgan-chase-nvidia-goldman-sachs-delta-and-other-stocks-for-investors-to-watch-this-week-51618167609?mod=hp_LEAD_2\">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":{"MS":"摩根士丹利",".IXIC":"NASDAQ Composite","JPM":"摩根大通","GS":"高盛","NVDA":"英伟达",".SPX":"S&P 500 Index",".DJI":"道琼斯","WFC":"富国银行","COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/jpmorgan-chase-nvidia-goldman-sachs-delta-and-other-stocks-for-investors-to-watch-this-week-51618167609?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137529737","content_text":"First-quarter earnings season kicks off this week, beginning as always with results from several of the largest U.S. banks. Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report on Wednesday, followed by Bank of America and Citigroup on Thursday and Morgan Stanley on Friday.Other notable companies reporting this week include industrial supplier Fastenalon Tuesday.Delta Air Lines,PepsiCo,and UnitedHealth Group publish results on Thursday. And Kansas City Southern reports on Friday.  A total of 22 S&P 500 companies report this week, followed by 64 next week.It’s also a busy week for economic data. On Tuesday, the Bureau of Labor Statistics reports the consumer price index for March and the National Federation of Independent Business releases its Small Business Optimism Index for March. Then on Thursday, the Census Bureau reports retail sales data for March. And on Friday, the University of Michigan releases its Consumer Sentiment Index for April.Housing-market data out this week include the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for April on Thursday and the Census Bureau’s new residential construction data for March on Friday.Monday 4/12Nvidia hosts its 2021 investor day in conjunction with its GPU Technology conference. Nvidia CEO Jensen Huang will give the keynote address.Tuesday 4/13Fastenal reports quarterly results.The Bureau of Labor Statistics reports the consumer price index for March. Economists forecast a 0.4% monthly increase, matching the February data. The core CPI, which excludes volatile food and energy prices, is expected to rise 0.2%, after edging up 0.1% in February.The National Federation of Independent Business releases its Small Business Optimism Index for March. Consensus estimate is for a 98 reading, higher than February’s 95.8.Wednesday 4/14Earnings season begins in earnest with some of the largest money-center and investment banks reporting. JPMorgan Chase, Wells Fargo, and Goldman Sachs Group release first-quarter results before the market open.First Republic Bankreleases earnings.Coinbase Global is set to make its Wall Street debut on Wednesday through a direct listing of its shares on the Nasdaq.The BLS reports export and import price data for March. Expectations are for a 1% month-over-month rise in export prices, while import prices are seen increasing 0.8%. This compares with gains of 1.6% and 1.3%, respectively, in February.The Federal Reserve releases the beige book for the second of eight times this year. The beige book gathers anecdotal information on current economic conditions from the 12 Fed districts.Thursday 4/15Bank of America,BlackRock,Charles Schwab,Citigroup, Delta Air Lines, PepsiCo,PPG Industries,Truist Financial,U.S. Bancorp,and UnitedHealth Group report quarterly results.The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. Economists forecast an 84.5 reading, greater than the March data. Any reading above 50 indicates that home builders are bullish on the housing market for the next six months.The Census Bureau reports retail sales data for March. The consensus call is for consumer spending to rise 1.3% month over month, after declining 3% in February.Friday 4/16Bank of New York Mellon,Citizens Financial Group,Kansas City Southern, Morgan Stanley,PNC Financial Services Group,and State Street hold conference calls to discuss earnings.The University of Michigan releases its Consumer Sentiment Index for April. Expectations are for an 88 reading. March’s 84.9 figure was the highest since a year earlier.The Census Bureau reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.61 million housing starts, a 13% month-over-month increase.","news_type":1,"symbols_score_info":{"MS":0.9,"NVDA":0.9,".SPX":0.9,".IXIC":0.9,"COIN":0.9,"JPM":0.9,".DJI":0.9,"WFC":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341186142,"gmtCreate":1617793421386,"gmtModify":1634296486706,"author":{"id":"3576600703570094","authorId":"3576600703570094","name":"Dsownz","avatar":"https://static.tigerbbs.com/ae0edb0030955b916cb435f78b7fdd83","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576600703570094","idStr":"3576600703570094"},"themes":[],"title":"","htmlText":"Hi comment and like pls","listText":"Hi comment and like pls","text":"Hi comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/341186142","repostId":"2125749918","repostType":4,"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}