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Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</blockquote>

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18:11","market":"us","language":"en","title":"Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158893202","media":"The Wall Street Journal","summary":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe","content":"<p>  EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.  The European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.</p><p><blockquote>欧盟调查加强了对谷歌在互联网上代理数字广告的主导作用的审查。欧盟对谷歌滥用其在广告技术领域的主导地位的指控展开了正式的反垄断调查，这是迄今为止针对这家科技巨头业务支柱的最广泛的案件。</blockquote></p><p> The European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p><p><blockquote>欧盟最高反垄断执法机构欧盟委员会（European Commission）周二表示，其调查至少自 2019 年以来一直在非正式地进行，将调查围绕 AlphabetINC.GOOG0.71%unit 的广告经纪以及通过网站和移动应用程序与广告商共享用户数据等一系列涉嫌反竞争的商业行为--这是该公司最新的反垄断审查领域之一。</blockquote></p><p> Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p><p><blockquote>欧盟的一些调查将涉及与去年以得克萨斯州为首的美国各州集团对谷歌提起的诉讼类似的理由。类似的领域还包括谷歌涉嫌在其广告拍卖中偏袒自己的广告购买工具。</blockquote></p><p> But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p><p><blockquote>但欧盟的调查还将涵盖尚未在任何地方进行正式调查的投诉，包括谷歌涉嫌将竞争对手排除在谷歌旗下视频网站 YouTube 上的广告购买经纪之外。</blockquote></p><p> The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p><p><blockquote>欧盟的调查还在审查谷歌在其平台上屏蔽某些类型的用户跟踪技术的计划，如 Chrome 浏览器和 Android 移动操作系统。限制此类跟踪至少部分是对隐私监管机构和活动人士压力的回应，但也导致了广告技术行业竞争对手的反垄断投诉。</blockquote></p><p> “Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p><p><blockquote>“欧盟反垄断负责人玛格丽特-维斯塔格（Margrethe Vestager）说：”在线广告服务是谷歌和出版商如何将其在线服务货币化的核心。“我们担心谷歌让竞争对手的在线广告服务更难在所谓的广告技术堆栈中竞争。”</blockquote></p><p> Google didn’t immediately respond to a request for comment.</p><p><blockquote>谷歌没有立即回应置评请求。</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>Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</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\">\nGoogle Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-22 18:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.  The European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.</p><p><blockquote>欧盟调查加强了对谷歌在互联网上代理数字广告的主导作用的审查。欧盟对谷歌滥用其在广告技术领域的主导地位的指控展开了正式的反垄断调查，这是迄今为止针对这家科技巨头业务支柱的最广泛的案件。</blockquote></p><p> The European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p><p><blockquote>欧盟最高反垄断执法机构欧盟委员会（European Commission）周二表示，其调查至少自 2019 年以来一直在非正式地进行，将调查围绕 AlphabetINC.GOOG0.71%unit 的广告经纪以及通过网站和移动应用程序与广告商共享用户数据等一系列涉嫌反竞争的商业行为--这是该公司最新的反垄断审查领域之一。</blockquote></p><p> Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p><p><blockquote>欧盟的一些调查将涉及与去年以得克萨斯州为首的美国各州集团对谷歌提起的诉讼类似的理由。类似的领域还包括谷歌涉嫌在其广告拍卖中偏袒自己的广告购买工具。</blockquote></p><p> But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p><p><blockquote>但欧盟的调查还将涵盖尚未在任何地方进行正式调查的投诉，包括谷歌涉嫌将竞争对手排除在谷歌旗下视频网站 YouTube 上的广告购买经纪之外。</blockquote></p><p> The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p><p><blockquote>欧盟的调查还在审查谷歌在其平台上屏蔽某些类型的用户跟踪技术的计划，如 Chrome 浏览器和 Android 移动操作系统。限制此类跟踪至少部分是对隐私监管机构和活动人士压力的回应，但也导致了广告技术行业竞争对手的反垄断投诉。</blockquote></p><p> “Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p><p><blockquote>“欧盟反垄断负责人玛格丽特-维斯塔格（Margrethe Vestager）说：”在线广告服务是谷歌和出版商如何将其在线服务货币化的核心。“我们担心谷歌让竞争对手的在线广告服务更难在所谓的广告技术堆栈中竞争。”</blockquote></p><p> Google didn’t immediately respond to a request for comment.</p><p><blockquote>谷歌没有立即回应置评请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158893202","content_text":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.\nThe European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.\nSome of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.\nBut the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.\nThe EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.\n“Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”\nGoogle didn’t immediately respond to a request for comment.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167239017,"gmtCreate":1624269203739,"gmtModify":1634008646764,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167239017","repostId":"1113916113","repostType":4,"isVote":1,"tweetType":1,"viewCount":1966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167645001,"gmtCreate":1624267467003,"gmtModify":1634008669690,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167645001","repostId":"1105691189","repostType":4,"repost":{"id":"1105691189","kind":"news","pubTimestamp":1624266134,"share":"https://www.laohu8.com/m/news/1105691189?lang=zh_CN&edition=full","pubTime":"2021-06-21 17:02","market":"us","language":"en","title":"How Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105691189","media":"zerohedge","summary":"This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief ane","content":"<p>This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:</p><p><blockquote>本周《周四的故事时间》是关于 “耐心 ”的，我（我是尼克.）将从 2000 年我在 SAC Capital 工作时的一个简短轶事开始：</blockquote></p><p> <b>Just after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.</b></p><p><blockquote><b>就在3月份互联网泡沫达到顶峰后，美国股市的走向尚不清楚。</b></blockquote></p><p> Many thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.</p><p><blockquote>许多人认为势头很快就会恢复。其他人则更加谨慎，但多年来大多数空头都错了。因此，很难认真对待它们。</blockquote></p><p> <b>Going into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&amp;P futures.</b></p><p><blockquote><b>在2000年中期的美联储会议上，史蒂夫将他的投资组合设置为非常短的标准普尔期货。</b></blockquote></p><p> Because every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.</p><p><blockquote>因为房间里的每个交易员都被允许看到他的垫子，所以我们都照着做。尽管并不清楚史蒂夫看到了什么，但每个人都对史蒂夫的市场看涨期权充满信心。</blockquote></p><p> <b>Stocks opened up that morning, and then headed higher still.</b></p><p><blockquote><b>那天早上股市开盘，然后进一步走高。</b></blockquote></p><p> The room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.</p><p><blockquote>房间里一片寂静，就像每个交易柜台在经历突然的突然损失时一样。</blockquote></p><p> <b>Then Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.</b>At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.</p><p><blockquote><b>然后史蒂夫做了一件我从未见过他做的事情：他离开办公桌，下楼和家人一起吃午饭。</b>当时，SAC 与 GE Capital 在康涅狄格州斯坦福德的一栋办公楼内共享空间。过了一会儿，当我去自助餐厅吃午饭时，我看到史蒂夫一边嚼着鱼条，一边和他的孩子和妻子聊天。他似乎并不真正关心这个世界。</blockquote></p><p> <b>At 2:00pm, with Steve back on the desk, we all waited for the Fed decision.</b>It was another rate hike. But instead of selling off, the S&amp;P just kept going up. The only sound in the room was Steve’s assistant calling out S&amp;P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?</p><p><blockquote><b>下午2点，史蒂夫回到办公桌前，我们都在等待美联储的决定。</b>这是又一次加息。但标准普尔指数并没有抛售，而是继续上涨。房间里唯一的声音是史蒂夫的助手喊出标准普尔指数的水平，一个比一个高，她的声音随着数字的增加而变得更加紧迫。史蒂夫看错带子了吗？</blockquote></p><p> <b>After about 15 minutes, though, the S&amp;P leveled out and started to drop.</b></p><p><blockquote><b>然而，大约 15 分钟后，标准普尔指数趋于平稳并开始下跌。</b></blockquote></p><p> First by just a little, but then it went into free fall. The whole firm’s P&amp;L swung from dangerously in the red to deeply profitable.</p><p><blockquote>起初只是一点点，但后来它就自由落体了。整个公司的损益表从危险的亏损转为盈利。</blockquote></p><p> <b>At 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.</b>We gave him a standing ovation.</p><p><blockquote><b>下午 4 点，史蒂夫裹着短裤，站起来向全场发表讲话： “你就是这么做的.我现在要回家了”。</b>我们为他起立鼓掌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc81a4bd27d4c16642589177ca9ad3e\" tg-width=\"500\" tg-height=\"289\">I’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.</p><p><blockquote>在过去的 20 年里，我对那一天思考了很多，这不仅仅是因为它如此巧妙地概括了 20 世纪 90 年代末至 21 世纪初全盛时期的股票日交易经验。</blockquote></p><p> <b>It taught me that:</b></p><p><blockquote><b>它告诉我：</b></blockquote></p><p> <u><b>#1) Conviction matters.</b></u></p><p><blockquote><u><b>#1）定罪很重要。</b></u></blockquote></p><p> We used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.</p><p><blockquote>我们曾经在SAC的桌子上进行过一场辩论：史蒂夫如此优秀是因为他已经身价10亿美元，有能力承担风险，还是他的净资产来自于他只在他最坚信的地方扩大规模并坚持下注的能力？像我刚才描述的那样的日子总是让我们意识到是后者。</blockquote></p><p> There is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.</p><p><blockquote>不过，还有更多。多年后，我遇到了一个对数百家对冲基金做过深度诊断分析的数据团队。他们主要关注表现最好的十分之一基金与其他基金的区别。</blockquote></p><p> They found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.</p><p><blockquote>他们发现，表现不佳的基金的下滑很大程度上来自于无数的小型投资组合头寸，这些头寸共同蚕食了回报。没错，有些是输家，但也有很多是赢家，他们的规模不足以对投资组合产生真正的影响。表现最好的基金拥有规模上的赢家；规模较小的基金也参与其中，但规模很小。</blockquote></p><p> No prizes for guessing why that happened: conviction.<b>Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly</b>. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.</p><p><blockquote>猜测为什么会发生这种事没有奖励：定罪。<b>平庸的基金有足够的投资过程来发掘好的想法，但不足以正确地调整它们的规模</b>. 他们不愿意下更大的赌注，因为他们知道，如果波动占投资组合的 5%，而不是 0.5%，他们将无法耐心地坐视不管。</blockquote></p><p> Takeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.</p><p><blockquote>收获： 信念和规模是史蒂夫和我见过的所有其他伟大投资者与 “非常好 ”的区别。仅仅找到可行的想法是不够的。真正的魔力在于让它们有价值。</blockquote></p><p> <u><b>#2: Use whatever mental hacks you need to foster patience</b></u><u>.</u></p><p><blockquote><u><b>#2：使用任何你需要的心理技巧来培养耐心</b></u><u>.</u></blockquote></p><p> Steve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.</p><p><blockquote>史蒂夫离开办公桌已经一个小时了。这些年来，我遇到的其他非常成功的投资者都关掉了屏幕，或者从显示器上去掉了一个符号。</blockquote></p><p> This is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:</p><p><blockquote>这并不是说一个人可以盲目地购买一项资产并持有它，无论发生什么。富有成效的耐心意味着遵循许多规则。我个人最喜欢的几个：</blockquote></p><p> <ul>  <li>Don’t buy new lows.</p><p><blockquote><ul><li>不要买入新低。</li></ul></blockquote></p><p></li>  <li>Don’t short new highs.</p><p><blockquote><li>不要做空新高。</li></blockquote></p><p></li>  <li>Always scale in and out of positions.</p><p><blockquote><li>总是在位置内和位置外缩放。</li></blockquote></p><p></li>  <li>Set stop losses where you re-evaluate your point of view.</p><p><blockquote><li>在你重新评估你的观点的地方设置止损。</li></blockquote></p><p></li>  <li>Always look for new ideas.</p><p><blockquote><li>总是寻找新的想法。</li></blockquote></p><p></li>  <li>Admit when you’re wrong and move on.</p><p><blockquote><li>承认自己错了，继续前进。</li></blockquote></p><p></p><p></li> </ul> <b>Takeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.</b>If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.</p><p><blockquote><b>要点：美联储日关于史蒂夫的故事并不是为了庆祝盲目的耐心，而是为了展示耐心如何适应更广泛、更有纪律的方法。</b>如果史蒂夫那天错了，第二天和第二天他仍然会坚持他的流程。在这个行业，没有人有100%的命中率。</blockquote></p><p> Final thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.</p><p><blockquote>最后的想法：最终，耐心的能力总是信念和环境的函数。由于我们对环境几乎没有控制权，尤其是在资本市场方面，培养耐心的唯一有效方法是建立并遵循一个在当前环境下增加信念的过程。</blockquote></p><p> Ironically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.</p><p><blockquote>具有讽刺意味的是，像我们现在这样的低波动性市场比价格波动更大时需要更多的耐心和信念。当 VIX 为 40 时，即使是辛辣名称中 1% 的头寸也能有意义地帮助投资组合回报。但当 VIX 低于 20（今天收盘价为 18）时，情况就完全不同了。当前的环境需要有重点的投资方法，而不是分散的投资方法。</blockquote></p><p> Yes, this is hard, but as Steve said, “That’s how you do it”.</p><p><blockquote>是的，这很难，但正如史蒂夫所说，“这就是你要做的”。</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 Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</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 Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-21 17:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:</p><p><blockquote>本周《周四的故事时间》是关于 “耐心 ”的，我（我是尼克.）将从 2000 年我在 SAC Capital 工作时的一个简短轶事开始：</blockquote></p><p> <b>Just after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.</b></p><p><blockquote><b>就在3月份互联网泡沫达到顶峰后，美国股市的走向尚不清楚。</b></blockquote></p><p> Many thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.</p><p><blockquote>许多人认为势头很快就会恢复。其他人则更加谨慎，但多年来大多数空头都错了。因此，很难认真对待它们。</blockquote></p><p> <b>Going into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&amp;P futures.</b></p><p><blockquote><b>在2000年中期的美联储会议上，史蒂夫将他的投资组合设置为非常短的标准普尔期货。</b></blockquote></p><p> Because every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.</p><p><blockquote>因为房间里的每个交易员都被允许看到他的垫子，所以我们都照着做。尽管并不清楚史蒂夫看到了什么，但每个人都对史蒂夫的市场看涨期权充满信心。</blockquote></p><p> <b>Stocks opened up that morning, and then headed higher still.</b></p><p><blockquote><b>那天早上股市开盘，然后进一步走高。</b></blockquote></p><p> The room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.</p><p><blockquote>房间里一片寂静，就像每个交易柜台在经历突然的突然损失时一样。</blockquote></p><p> <b>Then Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.</b>At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.</p><p><blockquote><b>然后史蒂夫做了一件我从未见过他做的事情：他离开办公桌，下楼和家人一起吃午饭。</b>当时，SAC 与 GE Capital 在康涅狄格州斯坦福德的一栋办公楼内共享空间。过了一会儿，当我去自助餐厅吃午饭时，我看到史蒂夫一边嚼着鱼条，一边和他的孩子和妻子聊天。他似乎并不真正关心这个世界。</blockquote></p><p> <b>At 2:00pm, with Steve back on the desk, we all waited for the Fed decision.</b>It was another rate hike. But instead of selling off, the S&amp;P just kept going up. The only sound in the room was Steve’s assistant calling out S&amp;P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?</p><p><blockquote><b>下午2点，史蒂夫回到办公桌前，我们都在等待美联储的决定。</b>这是又一次加息。但标准普尔指数并没有抛售，而是继续上涨。房间里唯一的声音是史蒂夫的助手喊出标准普尔指数的水平，一个比一个高，她的声音随着数字的增加而变得更加紧迫。史蒂夫看错带子了吗？</blockquote></p><p> <b>After about 15 minutes, though, the S&amp;P leveled out and started to drop.</b></p><p><blockquote><b>然而，大约 15 分钟后，标准普尔指数趋于平稳并开始下跌。</b></blockquote></p><p> First by just a little, but then it went into free fall. The whole firm’s P&amp;L swung from dangerously in the red to deeply profitable.</p><p><blockquote>起初只是一点点，但后来它就自由落体了。整个公司的损益表从危险的亏损转为盈利。</blockquote></p><p> <b>At 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.</b>We gave him a standing ovation.</p><p><blockquote><b>下午 4 点，史蒂夫裹着短裤，站起来向全场发表讲话： “你就是这么做的.我现在要回家了”。</b>我们为他起立鼓掌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc81a4bd27d4c16642589177ca9ad3e\" tg-width=\"500\" tg-height=\"289\">I’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.</p><p><blockquote>在过去的 20 年里，我对那一天思考了很多，这不仅仅是因为它如此巧妙地概括了 20 世纪 90 年代末至 21 世纪初全盛时期的股票日交易经验。</blockquote></p><p> <b>It taught me that:</b></p><p><blockquote><b>它告诉我：</b></blockquote></p><p> <u><b>#1) Conviction matters.</b></u></p><p><blockquote><u><b>#1）定罪很重要。</b></u></blockquote></p><p> We used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.</p><p><blockquote>我们曾经在SAC的桌子上进行过一场辩论：史蒂夫如此优秀是因为他已经身价10亿美元，有能力承担风险，还是他的净资产来自于他只在他最坚信的地方扩大规模并坚持下注的能力？像我刚才描述的那样的日子总是让我们意识到是后者。</blockquote></p><p> There is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.</p><p><blockquote>不过，还有更多。多年后，我遇到了一个对数百家对冲基金做过深度诊断分析的数据团队。他们主要关注表现最好的十分之一基金与其他基金的区别。</blockquote></p><p> They found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.</p><p><blockquote>他们发现，表现不佳的基金的下滑很大程度上来自于无数的小型投资组合头寸，这些头寸共同蚕食了回报。没错，有些是输家，但也有很多是赢家，他们的规模不足以对投资组合产生真正的影响。表现最好的基金拥有规模上的赢家；规模较小的基金也参与其中，但规模很小。</blockquote></p><p> No prizes for guessing why that happened: conviction.<b>Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly</b>. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.</p><p><blockquote>猜测为什么会发生这种事没有奖励：定罪。<b>平庸的基金有足够的投资过程来发掘好的想法，但不足以正确地调整它们的规模</b>. 他们不愿意下更大的赌注，因为他们知道，如果波动占投资组合的 5%，而不是 0.5%，他们将无法耐心地坐视不管。</blockquote></p><p> Takeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.</p><p><blockquote>收获： 信念和规模是史蒂夫和我见过的所有其他伟大投资者与 “非常好 ”的区别。仅仅找到可行的想法是不够的。真正的魔力在于让它们有价值。</blockquote></p><p> <u><b>#2: Use whatever mental hacks you need to foster patience</b></u><u>.</u></p><p><blockquote><u><b>#2：使用任何你需要的心理技巧来培养耐心</b></u><u>.</u></blockquote></p><p> Steve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.</p><p><blockquote>史蒂夫离开办公桌已经一个小时了。这些年来，我遇到的其他非常成功的投资者都关掉了屏幕，或者从显示器上去掉了一个符号。</blockquote></p><p> This is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:</p><p><blockquote>这并不是说一个人可以盲目地购买一项资产并持有它，无论发生什么。富有成效的耐心意味着遵循许多规则。我个人最喜欢的几个：</blockquote></p><p> <ul>  <li>Don’t buy new lows.</p><p><blockquote><ul><li>不要买入新低。</li></ul></blockquote></p><p></li>  <li>Don’t short new highs.</p><p><blockquote><li>不要做空新高。</li></blockquote></p><p></li>  <li>Always scale in and out of positions.</p><p><blockquote><li>总是在位置内和位置外缩放。</li></blockquote></p><p></li>  <li>Set stop losses where you re-evaluate your point of view.</p><p><blockquote><li>在你重新评估你的观点的地方设置止损。</li></blockquote></p><p></li>  <li>Always look for new ideas.</p><p><blockquote><li>总是寻找新的想法。</li></blockquote></p><p></li>  <li>Admit when you’re wrong and move on.</p><p><blockquote><li>承认自己错了，继续前进。</li></blockquote></p><p></p><p></li> </ul> <b>Takeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.</b>If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.</p><p><blockquote><b>要点：美联储日关于史蒂夫的故事并不是为了庆祝盲目的耐心，而是为了展示耐心如何适应更广泛、更有纪律的方法。</b>如果史蒂夫那天错了，第二天和第二天他仍然会坚持他的流程。在这个行业，没有人有100%的命中率。</blockquote></p><p> Final thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.</p><p><blockquote>最后的想法：最终，耐心的能力总是信念和环境的函数。由于我们对环境几乎没有控制权，尤其是在资本市场方面，培养耐心的唯一有效方法是建立并遵循一个在当前环境下增加信念的过程。</blockquote></p><p> Ironically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.</p><p><blockquote>具有讽刺意味的是，像我们现在这样的低波动性市场比价格波动更大时需要更多的耐心和信念。当 VIX 为 40 时，即使是辛辣名称中 1% 的头寸也能有意义地帮助投资组合回报。但当 VIX 低于 20（今天收盘价为 18）时，情况就完全不同了。当前的环境需要有重点的投资方法，而不是分散的投资方法。</blockquote></p><p> Yes, this is hard, but as Steve said, “That’s how you do it”.</p><p><blockquote>是的，这很难，但正如史蒂夫所说，“这就是你要做的”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/how-steve-cohen-traded-bursting-dot-com-bubble?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":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/how-steve-cohen-traded-bursting-dot-com-bubble?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":"1105691189","content_text":"This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:\nJust after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.\nMany thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.\nGoing into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&P futures.\nBecause every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.\nStocks opened up that morning, and then headed higher still.\nThe room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.\nThen Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.\nAt 2:00pm, with Steve back on the desk, we all waited for the Fed decision.It was another rate hike. But instead of selling off, the S&P just kept going up. The only sound in the room was Steve’s assistant calling out S&P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?\nAfter about 15 minutes, though, the S&P leveled out and started to drop.\nFirst by just a little, but then it went into free fall. The whole firm’s P&L swung from dangerously in the red to deeply profitable.\nAt 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.We gave him a standing ovation.\nI’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.\nIt taught me that:\n#1) Conviction matters.\nWe used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.\nThere is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.\nThey found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.\nNo prizes for guessing why that happened: conviction.Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.\nTakeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.\n#2: Use whatever mental hacks you need to foster patience.\nSteve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.\nThis is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:\n\nDon’t buy new lows.\nDon’t short new highs.\nAlways scale in and out of positions.\nSet stop losses where you re-evaluate your point of view.\nAlways look for new ideas.\nAdmit when you’re wrong and move on.\n\nTakeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.\nFinal thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.\nIronically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.\nYes, this is hard, but as Steve said, “That’s how you do it”.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":155116035,"gmtCreate":1625386715827,"gmtModify":1633941015942,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155116035","repostId":"1160702483","repostType":4,"isVote":1,"tweetType":1,"viewCount":2033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123306409,"gmtCreate":1624408094601,"gmtModify":1634006624608,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123306409","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140100291,"gmtCreate":1625633994113,"gmtModify":1633938848671,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140100291","repostId":"1163143630","repostType":4,"isVote":1,"tweetType":1,"viewCount":1822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140377422,"gmtCreate":1625633953566,"gmtModify":1633938849382,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Oh 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18:11","market":"us","language":"en","title":"Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158893202","media":"The Wall Street Journal","summary":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe","content":"<p>  EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.  The European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.</p><p><blockquote>欧盟调查加强了对谷歌在互联网上代理数字广告的主导作用的审查。欧盟对谷歌滥用其在广告技术领域的主导地位的指控展开了正式的反垄断调查，这是迄今为止针对这家科技巨头业务支柱的最广泛的案件。</blockquote></p><p> The European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p><p><blockquote>欧盟最高反垄断执法机构欧盟委员会（European Commission）周二表示，其调查至少自 2019 年以来一直在非正式地进行，将调查围绕 AlphabetINC.GOOG0.71%unit 的广告经纪以及通过网站和移动应用程序与广告商共享用户数据等一系列涉嫌反竞争的商业行为--这是该公司最新的反垄断审查领域之一。</blockquote></p><p> Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p><p><blockquote>欧盟的一些调查将涉及与去年以得克萨斯州为首的美国各州集团对谷歌提起的诉讼类似的理由。类似的领域还包括谷歌涉嫌在其广告拍卖中偏袒自己的广告购买工具。</blockquote></p><p> But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p><p><blockquote>但欧盟的调查还将涵盖尚未在任何地方进行正式调查的投诉，包括谷歌涉嫌将竞争对手排除在谷歌旗下视频网站 YouTube 上的广告购买经纪之外。</blockquote></p><p> The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p><p><blockquote>欧盟的调查还在审查谷歌在其平台上屏蔽某些类型的用户跟踪技术的计划，如 Chrome 浏览器和 Android 移动操作系统。限制此类跟踪至少部分是对隐私监管机构和活动人士压力的回应，但也导致了广告技术行业竞争对手的反垄断投诉。</blockquote></p><p> “Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p><p><blockquote>“欧盟反垄断负责人玛格丽特-维斯塔格（Margrethe Vestager）说：”在线广告服务是谷歌和出版商如何将其在线服务货币化的核心。“我们担心谷歌让竞争对手的在线广告服务更难在所谓的广告技术堆栈中竞争。”</blockquote></p><p> Google didn’t immediately respond to a request for comment.</p><p><blockquote>谷歌没有立即回应置评请求。</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>Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</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\">\nGoogle Faces EU Antitrust Probe of Alleged Ad-Tech Abuses<blockquote>谷歌因涉嫌滥用广告技术面临欧盟反垄断调查</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-22 18:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.  The European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.</p><p><blockquote>欧盟调查加强了对谷歌在互联网上代理数字广告的主导作用的审查。欧盟对谷歌滥用其在广告技术领域的主导地位的指控展开了正式的反垄断调查，这是迄今为止针对这家科技巨头业务支柱的最广泛的案件。</blockquote></p><p> The European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p><p><blockquote>欧盟最高反垄断执法机构欧盟委员会（European Commission）周二表示，其调查至少自 2019 年以来一直在非正式地进行，将调查围绕 AlphabetINC.GOOG0.71%unit 的广告经纪以及通过网站和移动应用程序与广告商共享用户数据等一系列涉嫌反竞争的商业行为--这是该公司最新的反垄断审查领域之一。</blockquote></p><p> Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p><p><blockquote>欧盟的一些调查将涉及与去年以得克萨斯州为首的美国各州集团对谷歌提起的诉讼类似的理由。类似的领域还包括谷歌涉嫌在其广告拍卖中偏袒自己的广告购买工具。</blockquote></p><p> But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p><p><blockquote>但欧盟的调查还将涵盖尚未在任何地方进行正式调查的投诉，包括谷歌涉嫌将竞争对手排除在谷歌旗下视频网站 YouTube 上的广告购买经纪之外。</blockquote></p><p> The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p><p><blockquote>欧盟的调查还在审查谷歌在其平台上屏蔽某些类型的用户跟踪技术的计划，如 Chrome 浏览器和 Android 移动操作系统。限制此类跟踪至少部分是对隐私监管机构和活动人士压力的回应，但也导致了广告技术行业竞争对手的反垄断投诉。</blockquote></p><p> “Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p><p><blockquote>“欧盟反垄断负责人玛格丽特-维斯塔格（Margrethe Vestager）说：”在线广告服务是谷歌和出版商如何将其在线服务货币化的核心。“我们担心谷歌让竞争对手的在线广告服务更难在所谓的广告技术堆栈中竞争。”</blockquote></p><p> Google didn’t immediately respond to a request for comment.</p><p><blockquote>谷歌没有立即回应置评请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158893202","content_text":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.\nThe European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.\nSome of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.\nBut the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.\nThe EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.\n“Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”\nGoogle didn’t immediately respond to a request for comment.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167239017,"gmtCreate":1624269203739,"gmtModify":1634008646764,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167239017","repostId":"1113916113","repostType":4,"isVote":1,"tweetType":1,"viewCount":1966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167645001,"gmtCreate":1624267467003,"gmtModify":1634008669690,"author":{"id":"3577518721457137","authorId":"3577518721457137","name":"investabc","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577518721457137","idStr":"3577518721457137"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167645001","repostId":"1105691189","repostType":4,"repost":{"id":"1105691189","kind":"news","pubTimestamp":1624266134,"share":"https://www.laohu8.com/m/news/1105691189?lang=zh_CN&edition=full","pubTime":"2021-06-21 17:02","market":"us","language":"en","title":"How Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105691189","media":"zerohedge","summary":"This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief ane","content":"<p>This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:</p><p><blockquote>本周《周四的故事时间》是关于 “耐心 ”的，我（我是尼克.）将从 2000 年我在 SAC Capital 工作时的一个简短轶事开始：</blockquote></p><p> <b>Just after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.</b></p><p><blockquote><b>就在3月份互联网泡沫达到顶峰后，美国股市的走向尚不清楚。</b></blockquote></p><p> Many thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.</p><p><blockquote>许多人认为势头很快就会恢复。其他人则更加谨慎，但多年来大多数空头都错了。因此，很难认真对待它们。</blockquote></p><p> <b>Going into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&amp;P futures.</b></p><p><blockquote><b>在2000年中期的美联储会议上，史蒂夫将他的投资组合设置为非常短的标准普尔期货。</b></blockquote></p><p> Because every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.</p><p><blockquote>因为房间里的每个交易员都被允许看到他的垫子，所以我们都照着做。尽管并不清楚史蒂夫看到了什么，但每个人都对史蒂夫的市场看涨期权充满信心。</blockquote></p><p> <b>Stocks opened up that morning, and then headed higher still.</b></p><p><blockquote><b>那天早上股市开盘，然后进一步走高。</b></blockquote></p><p> The room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.</p><p><blockquote>房间里一片寂静，就像每个交易柜台在经历突然的突然损失时一样。</blockquote></p><p> <b>Then Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.</b>At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.</p><p><blockquote><b>然后史蒂夫做了一件我从未见过他做的事情：他离开办公桌，下楼和家人一起吃午饭。</b>当时，SAC 与 GE Capital 在康涅狄格州斯坦福德的一栋办公楼内共享空间。过了一会儿，当我去自助餐厅吃午饭时，我看到史蒂夫一边嚼着鱼条，一边和他的孩子和妻子聊天。他似乎并不真正关心这个世界。</blockquote></p><p> <b>At 2:00pm, with Steve back on the desk, we all waited for the Fed decision.</b>It was another rate hike. But instead of selling off, the S&amp;P just kept going up. The only sound in the room was Steve’s assistant calling out S&amp;P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?</p><p><blockquote><b>下午2点，史蒂夫回到办公桌前，我们都在等待美联储的决定。</b>这是又一次加息。但标准普尔指数并没有抛售，而是继续上涨。房间里唯一的声音是史蒂夫的助手喊出标准普尔指数的水平，一个比一个高，她的声音随着数字的增加而变得更加紧迫。史蒂夫看错带子了吗？</blockquote></p><p> <b>After about 15 minutes, though, the S&amp;P leveled out and started to drop.</b></p><p><blockquote><b>然而，大约 15 分钟后，标准普尔指数趋于平稳并开始下跌。</b></blockquote></p><p> First by just a little, but then it went into free fall. The whole firm’s P&amp;L swung from dangerously in the red to deeply profitable.</p><p><blockquote>起初只是一点点，但后来它就自由落体了。整个公司的损益表从危险的亏损转为盈利。</blockquote></p><p> <b>At 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.</b>We gave him a standing ovation.</p><p><blockquote><b>下午 4 点，史蒂夫裹着短裤，站起来向全场发表讲话： “你就是这么做的.我现在要回家了”。</b>我们为他起立鼓掌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc81a4bd27d4c16642589177ca9ad3e\" tg-width=\"500\" tg-height=\"289\">I’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.</p><p><blockquote>在过去的 20 年里，我对那一天思考了很多，这不仅仅是因为它如此巧妙地概括了 20 世纪 90 年代末至 21 世纪初全盛时期的股票日交易经验。</blockquote></p><p> <b>It taught me that:</b></p><p><blockquote><b>它告诉我：</b></blockquote></p><p> <u><b>#1) Conviction matters.</b></u></p><p><blockquote><u><b>#1）定罪很重要。</b></u></blockquote></p><p> We used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.</p><p><blockquote>我们曾经在SAC的桌子上进行过一场辩论：史蒂夫如此优秀是因为他已经身价10亿美元，有能力承担风险，还是他的净资产来自于他只在他最坚信的地方扩大规模并坚持下注的能力？像我刚才描述的那样的日子总是让我们意识到是后者。</blockquote></p><p> There is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.</p><p><blockquote>不过，还有更多。多年后，我遇到了一个对数百家对冲基金做过深度诊断分析的数据团队。他们主要关注表现最好的十分之一基金与其他基金的区别。</blockquote></p><p> They found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.</p><p><blockquote>他们发现，表现不佳的基金的下滑很大程度上来自于无数的小型投资组合头寸，这些头寸共同蚕食了回报。没错，有些是输家，但也有很多是赢家，他们的规模不足以对投资组合产生真正的影响。表现最好的基金拥有规模上的赢家；规模较小的基金也参与其中，但规模很小。</blockquote></p><p> No prizes for guessing why that happened: conviction.<b>Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly</b>. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.</p><p><blockquote>猜测为什么会发生这种事没有奖励：定罪。<b>平庸的基金有足够的投资过程来发掘好的想法，但不足以正确地调整它们的规模</b>. 他们不愿意下更大的赌注，因为他们知道，如果波动占投资组合的 5%，而不是 0.5%，他们将无法耐心地坐视不管。</blockquote></p><p> Takeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.</p><p><blockquote>收获： 信念和规模是史蒂夫和我见过的所有其他伟大投资者与 “非常好 ”的区别。仅仅找到可行的想法是不够的。真正的魔力在于让它们有价值。</blockquote></p><p> <u><b>#2: Use whatever mental hacks you need to foster patience</b></u><u>.</u></p><p><blockquote><u><b>#2：使用任何你需要的心理技巧来培养耐心</b></u><u>.</u></blockquote></p><p> Steve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.</p><p><blockquote>史蒂夫离开办公桌已经一个小时了。这些年来，我遇到的其他非常成功的投资者都关掉了屏幕，或者从显示器上去掉了一个符号。</blockquote></p><p> This is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:</p><p><blockquote>这并不是说一个人可以盲目地购买一项资产并持有它，无论发生什么。富有成效的耐心意味着遵循许多规则。我个人最喜欢的几个：</blockquote></p><p> <ul>  <li>Don’t buy new lows.</p><p><blockquote><ul><li>不要买入新低。</li></ul></blockquote></p><p></li>  <li>Don’t short new highs.</p><p><blockquote><li>不要做空新高。</li></blockquote></p><p></li>  <li>Always scale in and out of positions.</p><p><blockquote><li>总是在位置内和位置外缩放。</li></blockquote></p><p></li>  <li>Set stop losses where you re-evaluate your point of view.</p><p><blockquote><li>在你重新评估你的观点的地方设置止损。</li></blockquote></p><p></li>  <li>Always look for new ideas.</p><p><blockquote><li>总是寻找新的想法。</li></blockquote></p><p></li>  <li>Admit when you’re wrong and move on.</p><p><blockquote><li>承认自己错了，继续前进。</li></blockquote></p><p></p><p></li> </ul> <b>Takeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.</b>If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.</p><p><blockquote><b>要点：美联储日关于史蒂夫的故事并不是为了庆祝盲目的耐心，而是为了展示耐心如何适应更广泛、更有纪律的方法。</b>如果史蒂夫那天错了，第二天和第二天他仍然会坚持他的流程。在这个行业，没有人有100%的命中率。</blockquote></p><p> Final thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.</p><p><blockquote>最后的想法：最终，耐心的能力总是信念和环境的函数。由于我们对环境几乎没有控制权，尤其是在资本市场方面，培养耐心的唯一有效方法是建立并遵循一个在当前环境下增加信念的过程。</blockquote></p><p> Ironically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.</p><p><blockquote>具有讽刺意味的是，像我们现在这样的低波动性市场比价格波动更大时需要更多的耐心和信念。当 VIX 为 40 时，即使是辛辣名称中 1% 的头寸也能有意义地帮助投资组合回报。但当 VIX 低于 20（今天收盘价为 18）时，情况就完全不同了。当前的环境需要有重点的投资方法，而不是分散的投资方法。</blockquote></p><p> Yes, this is hard, but as Steve said, “That’s how you do it”.</p><p><blockquote>是的，这很难，但正如史蒂夫所说，“这就是你要做的”。</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 Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</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 Steve Cohen Traded The Bursting Of The Dot Com Bubble<blockquote>史蒂夫·科恩如何应对互联网泡沫的破裂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-21 17:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:</p><p><blockquote>本周《周四的故事时间》是关于 “耐心 ”的，我（我是尼克.）将从 2000 年我在 SAC Capital 工作时的一个简短轶事开始：</blockquote></p><p> <b>Just after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.</b></p><p><blockquote><b>就在3月份互联网泡沫达到顶峰后，美国股市的走向尚不清楚。</b></blockquote></p><p> Many thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.</p><p><blockquote>许多人认为势头很快就会恢复。其他人则更加谨慎，但多年来大多数空头都错了。因此，很难认真对待它们。</blockquote></p><p> <b>Going into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&amp;P futures.</b></p><p><blockquote><b>在2000年中期的美联储会议上，史蒂夫将他的投资组合设置为非常短的标准普尔期货。</b></blockquote></p><p> Because every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.</p><p><blockquote>因为房间里的每个交易员都被允许看到他的垫子，所以我们都照着做。尽管并不清楚史蒂夫看到了什么，但每个人都对史蒂夫的市场看涨期权充满信心。</blockquote></p><p> <b>Stocks opened up that morning, and then headed higher still.</b></p><p><blockquote><b>那天早上股市开盘，然后进一步走高。</b></blockquote></p><p> The room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.</p><p><blockquote>房间里一片寂静，就像每个交易柜台在经历突然的突然损失时一样。</blockquote></p><p> <b>Then Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.</b>At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.</p><p><blockquote><b>然后史蒂夫做了一件我从未见过他做的事情：他离开办公桌，下楼和家人一起吃午饭。</b>当时，SAC 与 GE Capital 在康涅狄格州斯坦福德的一栋办公楼内共享空间。过了一会儿，当我去自助餐厅吃午饭时，我看到史蒂夫一边嚼着鱼条，一边和他的孩子和妻子聊天。他似乎并不真正关心这个世界。</blockquote></p><p> <b>At 2:00pm, with Steve back on the desk, we all waited for the Fed decision.</b>It was another rate hike. But instead of selling off, the S&amp;P just kept going up. The only sound in the room was Steve’s assistant calling out S&amp;P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?</p><p><blockquote><b>下午2点，史蒂夫回到办公桌前，我们都在等待美联储的决定。</b>这是又一次加息。但标准普尔指数并没有抛售，而是继续上涨。房间里唯一的声音是史蒂夫的助手喊出标准普尔指数的水平，一个比一个高，她的声音随着数字的增加而变得更加紧迫。史蒂夫看错带子了吗？</blockquote></p><p> <b>After about 15 minutes, though, the S&amp;P leveled out and started to drop.</b></p><p><blockquote><b>然而，大约 15 分钟后，标准普尔指数趋于平稳并开始下跌。</b></blockquote></p><p> First by just a little, but then it went into free fall. The whole firm’s P&amp;L swung from dangerously in the red to deeply profitable.</p><p><blockquote>起初只是一点点，但后来它就自由落体了。整个公司的损益表从危险的亏损转为盈利。</blockquote></p><p> <b>At 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.</b>We gave him a standing ovation.</p><p><blockquote><b>下午 4 点，史蒂夫裹着短裤，站起来向全场发表讲话： “你就是这么做的.我现在要回家了”。</b>我们为他起立鼓掌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5dc81a4bd27d4c16642589177ca9ad3e\" tg-width=\"500\" tg-height=\"289\">I’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.</p><p><blockquote>在过去的 20 年里，我对那一天思考了很多，这不仅仅是因为它如此巧妙地概括了 20 世纪 90 年代末至 21 世纪初全盛时期的股票日交易经验。</blockquote></p><p> <b>It taught me that:</b></p><p><blockquote><b>它告诉我：</b></blockquote></p><p> <u><b>#1) Conviction matters.</b></u></p><p><blockquote><u><b>#1）定罪很重要。</b></u></blockquote></p><p> We used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.</p><p><blockquote>我们曾经在SAC的桌子上进行过一场辩论：史蒂夫如此优秀是因为他已经身价10亿美元，有能力承担风险，还是他的净资产来自于他只在他最坚信的地方扩大规模并坚持下注的能力？像我刚才描述的那样的日子总是让我们意识到是后者。</blockquote></p><p> There is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.</p><p><blockquote>不过，还有更多。多年后，我遇到了一个对数百家对冲基金做过深度诊断分析的数据团队。他们主要关注表现最好的十分之一基金与其他基金的区别。</blockquote></p><p> They found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.</p><p><blockquote>他们发现，表现不佳的基金的下滑很大程度上来自于无数的小型投资组合头寸，这些头寸共同蚕食了回报。没错，有些是输家，但也有很多是赢家，他们的规模不足以对投资组合产生真正的影响。表现最好的基金拥有规模上的赢家；规模较小的基金也参与其中，但规模很小。</blockquote></p><p> No prizes for guessing why that happened: conviction.<b>Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly</b>. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.</p><p><blockquote>猜测为什么会发生这种事没有奖励：定罪。<b>平庸的基金有足够的投资过程来发掘好的想法，但不足以正确地调整它们的规模</b>. 他们不愿意下更大的赌注，因为他们知道，如果波动占投资组合的 5%，而不是 0.5%，他们将无法耐心地坐视不管。</blockquote></p><p> Takeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.</p><p><blockquote>收获： 信念和规模是史蒂夫和我见过的所有其他伟大投资者与 “非常好 ”的区别。仅仅找到可行的想法是不够的。真正的魔力在于让它们有价值。</blockquote></p><p> <u><b>#2: Use whatever mental hacks you need to foster patience</b></u><u>.</u></p><p><blockquote><u><b>#2：使用任何你需要的心理技巧来培养耐心</b></u><u>.</u></blockquote></p><p> Steve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.</p><p><blockquote>史蒂夫离开办公桌已经一个小时了。这些年来，我遇到的其他非常成功的投资者都关掉了屏幕，或者从显示器上去掉了一个符号。</blockquote></p><p> This is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:</p><p><blockquote>这并不是说一个人可以盲目地购买一项资产并持有它，无论发生什么。富有成效的耐心意味着遵循许多规则。我个人最喜欢的几个：</blockquote></p><p> <ul>  <li>Don’t buy new lows.</p><p><blockquote><ul><li>不要买入新低。</li></ul></blockquote></p><p></li>  <li>Don’t short new highs.</p><p><blockquote><li>不要做空新高。</li></blockquote></p><p></li>  <li>Always scale in and out of positions.</p><p><blockquote><li>总是在位置内和位置外缩放。</li></blockquote></p><p></li>  <li>Set stop losses where you re-evaluate your point of view.</p><p><blockquote><li>在你重新评估你的观点的地方设置止损。</li></blockquote></p><p></li>  <li>Always look for new ideas.</p><p><blockquote><li>总是寻找新的想法。</li></blockquote></p><p></li>  <li>Admit when you’re wrong and move on.</p><p><blockquote><li>承认自己错了，继续前进。</li></blockquote></p><p></p><p></li> </ul> <b>Takeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.</b>If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.</p><p><blockquote><b>要点：美联储日关于史蒂夫的故事并不是为了庆祝盲目的耐心，而是为了展示耐心如何适应更广泛、更有纪律的方法。</b>如果史蒂夫那天错了，第二天和第二天他仍然会坚持他的流程。在这个行业，没有人有100%的命中率。</blockquote></p><p> Final thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.</p><p><blockquote>最后的想法：最终，耐心的能力总是信念和环境的函数。由于我们对环境几乎没有控制权，尤其是在资本市场方面，培养耐心的唯一有效方法是建立并遵循一个在当前环境下增加信念的过程。</blockquote></p><p> Ironically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.</p><p><blockquote>具有讽刺意味的是，像我们现在这样的低波动性市场比价格波动更大时需要更多的耐心和信念。当 VIX 为 40 时，即使是辛辣名称中 1% 的头寸也能有意义地帮助投资组合回报。但当 VIX 低于 20（今天收盘价为 18）时，情况就完全不同了。当前的环境需要有重点的投资方法，而不是分散的投资方法。</blockquote></p><p> Yes, this is hard, but as Steve said, “That’s how you do it”.</p><p><blockquote>是的，这很难，但正如史蒂夫所说，“这就是你要做的”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/how-steve-cohen-traded-bursting-dot-com-bubble?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":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/how-steve-cohen-traded-bursting-dot-com-bubble?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":"1105691189","content_text":"This week’s Story Time Thursday is about “Patience”, and I (Nick here …) will start with a brief anecdote from my time at SAC Capital back in 2000:\nJust after the peak of the dot com bubble in March, it was not immediately clear which way the US equity market was headed.\nMany thought the momentum would return soon enough. Others were more cautious, but most bears had been wrong for years. It was therefore hard to take them seriously.\nGoing into a Fed meeting day in mid-2000, Steve had set up his portfolio very short S&P futures.\nBecause every trader in the room was allowed to see his pad, we all followed suit. Everyone was max-out short, confident in Steve’s market call even though it wasn’t exactly clear what he saw.\nStocks opened up that morning, and then headed higher still.\nThe room was dead quiet, as every trading desk will be when experiencing sharp, sudden losses.\nThen Steve did something I had never seen him do before: he left the desk and went downstairs to have lunch with his family.At the time, SAC shared space with GE Capital in a Stamford, CT office building. When I went down to the cafeteria to get lunch a little while later, I saw Steve chatting with his kids and wife while munching on some fish sticks. He didn’t really seem to have a care in the world.\nAt 2:00pm, with Steve back on the desk, we all waited for the Fed decision.It was another rate hike. But instead of selling off, the S&P just kept going up. The only sound in the room was Steve’s assistant calling out S&P levels, each one higher than the last, her voice growing more urgent with each number. Had Steve misread the tape?\nAfter about 15 minutes, though, the S&P leveled out and started to drop.\nFirst by just a little, but then it went into free fall. The whole firm’s P&L swung from dangerously in the red to deeply profitable.\nAt 4pm, with all his shorts covered, Steve stood up and addressed the room: “And that’s how you do it … I’m going home now”.We gave him a standing ovation.\nI’ve thought a lot about that day in the last 20 years, and not just because it so neatly encapsulates the experience of equity day trading in its late 1990s – early 2000s heyday.\nIt taught me that:\n#1) Conviction matters.\nWe used to have a debate on the desk at SAC: was Steve so good because he was already worth a billion dollars and could afford to take risk, or did his net worth come from his ability to only scale and stick with bets where he had the highest conviction? Days like the one I just described always made us realize it was the latter.\nThere is more to that point, though. Many years later, I met a data team that had done a deep diagnostic analysis of hundreds of hedge funds. They looked primarily at what separated top decile performing funds from the rest of the pack.\nThey found that much of the slippage in underperforming funds came from a myriad of small portfolio positions that collectively ate away at returns. Some were losers, yes, but many were winners that weren’t sized large enough to make a real difference in the portfolio. Top performing funds owned winners in size; lesser funds were involved as well, but only in a small way.\nNo prizes for guessing why that happened: conviction.Mediocre funds had enough of an investment process to unearth good ideas, but not enough to size them correctly. They weren’t willing to make a larger bet because they knew they would not be able to patiently sit out any volatility that might arise if it were 5 percent of the portfolio rather than 0.5 percent.\nTakeaway: conviction and sizing are what separated Steve, and every other great investor I’ve ever met, from the merely “very good”. It’s not enough to find ideas that work. The real magic is in making them count.\n#2: Use whatever mental hacks you need to foster patience.\nSteve’s was getting off the desk for an hour. Other highly successful investors I’ve met over the years literally turned off their screens or took a symbol off their monitors.\nThis is not to say one can just blindly buy an asset and hold it whatever comes. Productive patience means following many rules. A few of my personal favorites:\n\nDon’t buy new lows.\nDon’t short new highs.\nAlways scale in and out of positions.\nSet stop losses where you re-evaluate your point of view.\nAlways look for new ideas.\nAdmit when you’re wrong and move on.\n\nTakeaway: the story about Steve on Fed Day is not meant to celebrate blind patience, but rather to show how patience fits in the context of a broader, disciplined approach.If Steve had been wrong on that day, he would have still stuck to his process the next day and the day after that. No one has a 100 percent hit rate in this business.\nFinal thought: the ability to be patient is, in the end, always a function of conviction and environment. Since we have little control over environment, especially with capital markets, the only effective way to cultivate patience is to build and follow a process that increases conviction in the context of prevailing circumstances.\nIronically, low volatility markets such as what we have now demand more patience and conviction than when prices are choppier. Even a 1 percent position in a spicy name can meaningfully help portfolio returns when the VIX is at 40. But when the VIX is below 20 (today’s close was 18), it’s an entirely different game. The current environment demands a focused investment approach, not a scattershot one.\nYes, this is hard, but as Steve said, “That’s how you do it”.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}