hamstring的个人主页 - 老虎社区

hamstring

hamstring

暂无个人介绍

IP属地：未知

12关注

0粉丝

3主题

0勋章

2021-06-04

All i heard was short squeeze.

抱歉，原内容已删除

2021-04-28

Microvision may lift on this news as well

Microsoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</blockquote>

2021-04-28

Great ariticle, would you like to share it?

抱歉，原内容已删除

2021-04-28

Pump and dump then buyout news pumps again

抱歉，原内容已删除

2021-04-28

Made some lost some then made some more

抱歉，原内容已删除

2021-04-01

That's a lot of money

抱歉，原内容已删除

2021-03-30

How deep does this go?

CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>

2021-03-30

I wonder what will happen next

抱歉，原内容已删除

2021-03-30

Semiconductors are popular atm.

抱歉，原内容已删除

2021-03-30

Still green

2021-03-29

Not great entry timing

2021-03-29

Not great timing

2021-03-29

Intetrdting

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3577837581525220","uuid":"3577837581525220","gmtCreate":1614746277911,"gmtModify":1616987592219,"name":"hamstring","pinyin":"hamstring","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":12,"tweetSize":13,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":3,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.25","exceedPercentage":"93.21%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.57%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":116121959,"gmtCreate":1622781781171,"gmtModify":1622783981598,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"All i heard was short squeeze.","listText":"All i heard was short squeeze.","text":"All i heard was short squeeze.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116121959","repostId":"2140026421","repostType":4,"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377459030,"gmtCreate":1619561156720,"gmtModify":1619561156720,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Microvision may lift on this news as well","listText":"Microvision may lift on this news as well","text":"Microvision may lift on this news as well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377459030","repostId":"2130373577","repostType":2,"repost":{"id":"2130373577","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619555342,"share":"https://www.laohunote.com/m/news/2130373577?lang=zh_CN&edition=full","pubTime":"2021-04-28 04:29","market":"us","language":"en","title":"Microsoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2130373577","media":"Benzinga Earnings","summary":"Technology giant Microsoft Corporation (NASDAQ: MSFT) reported fiscal third-quarter earnings after market close Tuesday.","content":"<p><html><body>Technology giant <strong>Microsoft Corporation</strong> (NASDAQ:MSFT) reported fiscal third-quarter earnings after market close Tuesday.</p><p><blockquote><html><body>科技巨头<strong>微软公司</strong>（纳斯达克股票代码：MSFT）周二收盘后公布了第三财季收益。</body></html></blockquote></p><p> <strong>What Happened:</strong> Third-quarter revenue of $31.7 billion was up 19% year-over-year and beat Street estimates of $41 billion.</p><p><blockquote><strong>发生了什么：</strong>第三季度收入为 317 亿美元，同比增长 19%，超过华尔街预期的 410 亿美元。</blockquote></p><p> Microsoft reported operating income of $17 billion and net income of $14.8 billion, up 31% and 38% year-over-year, respectively.</p><p><blockquote>微软公布经营利润170亿美元，净利润148亿美元，同比分别增长31%和38%。</blockquote></p><p> Earnings per share of $1.95 beat estimates of $1.78 per share.</p><p><blockquote>每股收益为 1.95 美元，超出了每股 1.78 美元的预期。</blockquote></p><p> The company saw revenue of $13.6 billion for its productivity and business processes segment, up 15% year-over-year.</p><p><blockquote>该公司生产力和业务流程部门的收入为 136 亿美元，同比增长 15%。</blockquote></p><p> Office commercial products and cloud service revenue was up 14% year-over-year led by growth in Office 365 commercial revenue up 22% year-over-year. Microsoft 365 consumer subscriptions hit 50.2 million in the third quarter.</p><p><blockquote>办公商业产品和云服务收入同比增长 14%，其中 Office 365 商业收入同比增长 22%。第三季度微软365消费者订阅量达到5020万。</blockquote></p><p> LinkedIn revenue was up 25% year-over-year. Dynamic products and cloud services revenue was up 26% year-over-year.</p><p><blockquote>LinkedIn 收入同比增长 25%。动态产品和云服务收入同比增长26%。</blockquote></p><p> The company’s more personal computing business segment reported $13 billion in revenue, up 19% year-over-year. Xbox revenue was up 34% year-over-year in the segment. Search advertising revenue was up 17% year-over-year.</p><p><blockquote>该公司更多个人计算业务部门的收入为 130 亿美元，同比增长 19%。Xbox 在该领域的收入同比增长 34%。搜索广告收入同比增长17%。</blockquote></p><p> <em>Related Link: Microsoft Hits New All-Time High As Q2 Cloud, Azure Business Overshadow Xbox Release</em></p><p><blockquote><em>相关链接：微软第二季度云、Azure 业务盖过 Xbox 发布，创下历史新高</em></blockquote></p><p> <strong>Growth In Cloud:</strong> Intelligent cloud segment revenue was $15.1 billion in the third quarter, up 23% year-over-year. Server products and cloud service revenue was up 26% year-over-year driven by Azure revenue up 50% year-over-year.</p><p><blockquote><strong>云中的增长：</strong>第三季度智能云部门收入为151亿美元，同比增长23%。在Azure收入同比增长50%的推动下，服务器产品和云服务收入同比增长26%。</blockquote></p><p> “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform,” said CEO Satya Nadella.</p><p><blockquote>“首席执行官萨蒂亚-纳德拉（Satya Nadella）说：”我们正在为未来十年打造云计算，扩大我们的潜在市场，并在技术堆栈的每一层进行创新，以帮助我们的客户实现弹性和转型。</blockquote></p><p> Total Microsoft Cloud revenue hit $17.7 billion, up 33% year-over-year.</p><p><blockquote>微软云总收入达到177亿美元，同比增长33%。</blockquote></p><p> <strong>MSFT Price Action:</strong> Shares of Microsoft are down 3% to $252.88 after-hours Tuesday.</p><p><blockquote><strong>MSFT 价格走势：</strong>周二盘后，微软股价下跌 3%，至 252.88 美元。</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</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\">\nMicrosoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</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 Earnings </p>\n<p class=\"h-time smaller\">2021-04-28 04:29</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body>Technology giant <strong>Microsoft Corporation</strong> (NASDAQ:MSFT) reported fiscal third-quarter earnings after market close Tuesday.</p><p><blockquote><html><body>科技巨头<strong>微软公司</strong>（纳斯达克股票代码：MSFT）周二收盘后公布了第三财季收益。</body></html></blockquote></p><p> <strong>What Happened:</strong> Third-quarter revenue of $31.7 billion was up 19% year-over-year and beat Street estimates of $41 billion.</p><p><blockquote><strong>发生了什么：</strong>第三季度收入为 317 亿美元，同比增长 19%，超过华尔街预期的 410 亿美元。</blockquote></p><p> Microsoft reported operating income of $17 billion and net income of $14.8 billion, up 31% and 38% year-over-year, respectively.</p><p><blockquote>微软公布经营利润170亿美元，净利润148亿美元，同比分别增长31%和38%。</blockquote></p><p> Earnings per share of $1.95 beat estimates of $1.78 per share.</p><p><blockquote>每股收益为 1.95 美元，超出了每股 1.78 美元的预期。</blockquote></p><p> The company saw revenue of $13.6 billion for its productivity and business processes segment, up 15% year-over-year.</p><p><blockquote>该公司生产力和业务流程部门的收入为 136 亿美元，同比增长 15%。</blockquote></p><p> Office commercial products and cloud service revenue was up 14% year-over-year led by growth in Office 365 commercial revenue up 22% year-over-year. Microsoft 365 consumer subscriptions hit 50.2 million in the third quarter.</p><p><blockquote>办公商业产品和云服务收入同比增长 14%，其中 Office 365 商业收入同比增长 22%。第三季度微软365消费者订阅量达到5020万。</blockquote></p><p> LinkedIn revenue was up 25% year-over-year. Dynamic products and cloud services revenue was up 26% year-over-year.</p><p><blockquote>LinkedIn 收入同比增长 25%。动态产品和云服务收入同比增长26%。</blockquote></p><p> The company’s more personal computing business segment reported $13 billion in revenue, up 19% year-over-year. Xbox revenue was up 34% year-over-year in the segment. Search advertising revenue was up 17% year-over-year.</p><p><blockquote>该公司更多个人计算业务部门的收入为 130 亿美元，同比增长 19%。Xbox 在该领域的收入同比增长 34%。搜索广告收入同比增长17%。</blockquote></p><p> <em>Related Link: Microsoft Hits New All-Time High As Q2 Cloud, Azure Business Overshadow Xbox Release</em></p><p><blockquote><em>相关链接：微软第二季度云、Azure 业务盖过 Xbox 发布，创下历史新高</em></blockquote></p><p> <strong>Growth In Cloud:</strong> Intelligent cloud segment revenue was $15.1 billion in the third quarter, up 23% year-over-year. Server products and cloud service revenue was up 26% year-over-year driven by Azure revenue up 50% year-over-year.</p><p><blockquote><strong>云中的增长：</strong>第三季度智能云部门收入为151亿美元，同比增长23%。在Azure收入同比增长50%的推动下，服务器产品和云服务收入同比增长26%。</blockquote></p><p> “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform,” said CEO Satya Nadella.</p><p><blockquote>“首席执行官萨蒂亚-纳德拉（Satya Nadella）说：”我们正在为未来十年打造云计算，扩大我们的潜在市场，并在技术堆栈的每一层进行创新，以帮助我们的客户实现弹性和转型。</blockquote></p><p> Total Microsoft Cloud revenue hit $17.7 billion, up 33% year-over-year.</p><p><blockquote>微软云总收入达到177亿美元，同比增长33%。</blockquote></p><p> <strong>MSFT Price Action:</strong> Shares of Microsoft are down 3% to $252.88 after-hours Tuesday.</p><p><blockquote><strong>MSFT 价格走势：</strong>周二盘后，微软股价下跌 3%，至 252.88 美元。</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.benzinga.com/node/20823950","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130373577","content_text":"Technology giant Microsoft Corporation (NASDAQ:MSFT) reported fiscal third-quarter earnings after market close Tuesday.\nWhat Happened: Third-quarter revenue of $31.7 billion was up 19% year-over-year and beat Street estimates of $41 billion.\nMicrosoft reported operating income of $17 billion and net income of $14.8 billion, up 31% and 38% year-over-year, respectively.\nEarnings per share of $1.95 beat estimates of $1.78 per share.\nThe company saw revenue of $13.6 billion for its productivity and business processes segment, up 15% year-over-year.\nOffice commercial products and cloud service revenue was up 14% year-over-year led by growth in Office 365 commercial revenue up 22% year-over-year. Microsoft 365 consumer subscriptions hit 50.2 million in the third quarter.\nLinkedIn revenue was up 25% year-over-year. Dynamic products and cloud services revenue was up 26% year-over-year.\nThe company’s more personal computing business segment reported $13 billion in revenue, up 19% year-over-year. Xbox revenue was up 34% year-over-year in the segment. Search advertising revenue was up 17% year-over-year.\nRelated Link: Microsoft Hits New All-Time High As Q2 Cloud, Azure Business Overshadow Xbox Release\nGrowth In Cloud: Intelligent cloud segment revenue was $15.1 billion in the third quarter, up 23% year-over-year. Server products and cloud service revenue was up 26% year-over-year driven by Azure revenue up 50% year-over-year.\n“We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform,” said CEO Satya Nadella.\nTotal Microsoft Cloud revenue hit $17.7 billion, up 33% year-over-year.\nMSFT Price Action: Shares of Microsoft are down 3% to $252.88 after-hours Tuesday.","news_type":1,"symbols_score_info":{"MSFT":1}},"isVote":1,"tweetType":1,"viewCount":3327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377450104,"gmtCreate":1619561063208,"gmtModify":1619561063208,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377450104","repostId":"2130637351","repostType":2,"isVote":1,"tweetType":1,"viewCount":4019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377424687,"gmtCreate":1619560820049,"gmtModify":1619572969269,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Pump and dump then buyout news pumps again","listText":"Pump and dump then buyout news pumps again","text":"Pump and dump then buyout news pumps again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377424687","repostId":"2130373459","repostType":2,"isVote":1,"tweetType":1,"viewCount":3778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377425469,"gmtCreate":1619560704051,"gmtModify":1619572969267,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Made some lost some then made some more","listText":"Made some lost some then made some more","text":"Made some lost some then made some more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377425469","repostId":"2130373459","repostType":2,"isVote":1,"tweetType":1,"viewCount":3522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357331956,"gmtCreate":1617237203175,"gmtModify":1617237203175,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"That's a lot of money","listText":"That's a lot of money","text":"That's a lot of money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/357331956","repostId":"1172735914","repostType":4,"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355807126,"gmtCreate":1617056882065,"gmtModify":1617056882065,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"How deep does this go?","listText":"How deep does this go?","text":"How deep does this go?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355807126","repostId":"1193371328","repostType":4,"repost":{"id":"1193371328","kind":"news","pubTimestamp":1617024119,"share":"https://www.laohunote.com/m/news/1193371328?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:21","market":"us","language":"en","title":"CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193371328","media":"zerohedge","summary":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil","content":"<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</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>CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</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\">\nCFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-29 21:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?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":{},"source_url":"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?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":"1193371328","content_text":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.\nThe bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).\nAs Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).\nCrucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).\nWhat makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.\nThe leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.\nCFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.\nAsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?\nBut,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).\nIn the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.\nAnd as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...\nSource: Bloomberg\nMohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"\nWe look forward to the Congressional hearings on this.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355805814,"gmtCreate":1617056657938,"gmtModify":1617056657938,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"I wonder what will happen next","listText":"I wonder what will happen next","text":"I wonder what will happen next","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355805814","repostId":"1180199356","repostType":4,"isVote":1,"tweetType":1,"viewCount":3305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355802631,"gmtCreate":1617056548823,"gmtModify":1617056548823,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Semiconductors are popular atm.","listText":"Semiconductors are popular atm.","text":"Semiconductors are popular atm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355802631","repostId":"2123828372","repostType":2,"isVote":1,"tweetType":1,"viewCount":2795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355808580,"gmtCreate":1617056255840,"gmtModify":1617056255840,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Still green","listText":"Still green","text":"Still green","images":[{"img":"https://static.tigerbbs.com/6d3eeaa50f1d47651e61a13e92df5cde","width":"720","height":"1337"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355808580","isVote":1,"tweetType":1,"viewCount":4244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":352434098,"gmtCreate":1616992152614,"gmtModify":1616992152614,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Not great entry timing","listText":"Not great entry timing","text":"Not great entry timing","images":[{"img":"https://static.tigerbbs.com/e30c6408226ea335685940eb0519ffbe","width":"720","height":"1893"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352434098","isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":352435815,"gmtCreate":1616992121637,"gmtModify":1616992121637,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Not great timing","listText":"Not great timing","text":"Not great timing","images":[{"img":"https://static.tigerbbs.com/d6844b1c9f047ae5dc4982c4c65bba91","width":"720","height":"1893"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352435815","isVote":1,"tweetType":1,"viewCount":1646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":352538768,"gmtCreate":1616983618154,"gmtModify":1616983684177,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577837581525220","idStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Intetrdting","listText":"Intetrdting","text":"Intetrdting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352538768","repostId":"2123828372","repostType":4,"isVote":1,"tweetType":1,"viewCount":921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":355805814,"gmtCreate":1617056657938,"gmtModify":1617056657938,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"I wonder what will happen next","listText":"I wonder what will happen next","text":"I wonder what will happen next","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355805814","repostId":"1180199356","repostType":4,"isVote":1,"tweetType":1,"viewCount":3305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352538768,"gmtCreate":1616983618154,"gmtModify":1616983684177,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Intetrdting","listText":"Intetrdting","text":"Intetrdting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352538768","repostId":"2123828372","repostType":4,"isVote":1,"tweetType":1,"viewCount":921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357331956,"gmtCreate":1617237203175,"gmtModify":1617237203175,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"That's a lot of money","listText":"That's a lot of money","text":"That's a lot of money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/357331956","repostId":"1172735914","repostType":4,"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116121959,"gmtCreate":1622781781171,"gmtModify":1622783981598,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"All i heard was short squeeze.","listText":"All i heard was short squeeze.","text":"All i heard was short squeeze.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116121959","repostId":"2140026421","repostType":4,"isVote":1,"tweetType":1,"viewCount":2555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377459030,"gmtCreate":1619561156720,"gmtModify":1619561156720,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Microvision may lift on this news as well","listText":"Microvision may lift on this news as well","text":"Microvision may lift on this news as well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377459030","repostId":"2130373577","repostType":2,"repost":{"id":"2130373577","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619555342,"share":"https://www.laohunote.com/m/news/2130373577?lang=zh_CN&edition=full","pubTime":"2021-04-28 04:29","market":"us","language":"en","title":"Microsoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2130373577","media":"Benzinga Earnings","summary":"Technology giant Microsoft Corporation (NASDAQ: MSFT) reported fiscal third-quarter earnings after market close Tuesday.","content":"<p><html><body>Technology giant <strong>Microsoft Corporation</strong> (NASDAQ:MSFT) reported fiscal third-quarter earnings after market close Tuesday.</p><p><blockquote><html><body>科技巨头<strong>微软公司</strong>（纳斯达克股票代码：MSFT）周二收盘后公布了第三财季收益。</body></html></blockquote></p><p> <strong>What Happened:</strong> Third-quarter revenue of $31.7 billion was up 19% year-over-year and beat Street estimates of $41 billion.</p><p><blockquote><strong>发生了什么：</strong>第三季度收入为 317 亿美元，同比增长 19%，超过华尔街预期的 410 亿美元。</blockquote></p><p> Microsoft reported operating income of $17 billion and net income of $14.8 billion, up 31% and 38% year-over-year, respectively.</p><p><blockquote>微软公布经营利润170亿美元，净利润148亿美元，同比分别增长31%和38%。</blockquote></p><p> Earnings per share of $1.95 beat estimates of $1.78 per share.</p><p><blockquote>每股收益为 1.95 美元，超出了每股 1.78 美元的预期。</blockquote></p><p> The company saw revenue of $13.6 billion for its productivity and business processes segment, up 15% year-over-year.</p><p><blockquote>该公司生产力和业务流程部门的收入为 136 亿美元，同比增长 15%。</blockquote></p><p> Office commercial products and cloud service revenue was up 14% year-over-year led by growth in Office 365 commercial revenue up 22% year-over-year. Microsoft 365 consumer subscriptions hit 50.2 million in the third quarter.</p><p><blockquote>办公商业产品和云服务收入同比增长 14%，其中 Office 365 商业收入同比增长 22%。第三季度微软365消费者订阅量达到5020万。</blockquote></p><p> LinkedIn revenue was up 25% year-over-year. Dynamic products and cloud services revenue was up 26% year-over-year.</p><p><blockquote>LinkedIn 收入同比增长 25%。动态产品和云服务收入同比增长26%。</blockquote></p><p> The company’s more personal computing business segment reported $13 billion in revenue, up 19% year-over-year. Xbox revenue was up 34% year-over-year in the segment. Search advertising revenue was up 17% year-over-year.</p><p><blockquote>该公司更多个人计算业务部门的收入为 130 亿美元，同比增长 19%。Xbox 在该领域的收入同比增长 34%。搜索广告收入同比增长17%。</blockquote></p><p> <em>Related Link: Microsoft Hits New All-Time High As Q2 Cloud, Azure Business Overshadow Xbox Release</em></p><p><blockquote><em>相关链接：微软第二季度云、Azure 业务盖过 Xbox 发布，创下历史新高</em></blockquote></p><p> <strong>Growth In Cloud:</strong> Intelligent cloud segment revenue was $15.1 billion in the third quarter, up 23% year-over-year. Server products and cloud service revenue was up 26% year-over-year driven by Azure revenue up 50% year-over-year.</p><p><blockquote><strong>云中的增长：</strong>第三季度智能云部门收入为151亿美元，同比增长23%。在Azure收入同比增长50%的推动下，服务器产品和云服务收入同比增长26%。</blockquote></p><p> “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform,” said CEO Satya Nadella.</p><p><blockquote>“首席执行官萨蒂亚-纳德拉（Satya Nadella）说：”我们正在为未来十年打造云计算，扩大我们的潜在市场，并在技术堆栈的每一层进行创新，以帮助我们的客户实现弹性和转型。</blockquote></p><p> Total Microsoft Cloud revenue hit $17.7 billion, up 33% year-over-year.</p><p><blockquote>微软云总收入达到177亿美元，同比增长33%。</blockquote></p><p> <strong>MSFT Price Action:</strong> Shares of Microsoft are down 3% to $252.88 after-hours Tuesday.</p><p><blockquote><strong>MSFT 价格走势：</strong>周二盘后，微软股价下跌 3%，至 252.88 美元。</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</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\">\nMicrosoft Beats Q3 Earnings Estimates, Sees Azure Revenue Up 50%<blockquote>微软第三季度盈利超出预期，Azure 收入增长 50%</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 Earnings </p>\n<p class=\"h-time smaller\">2021-04-28 04:29</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body>Technology giant <strong>Microsoft Corporation</strong> (NASDAQ:MSFT) reported fiscal third-quarter earnings after market close Tuesday.</p><p><blockquote><html><body>科技巨头<strong>微软公司</strong>（纳斯达克股票代码：MSFT）周二收盘后公布了第三财季收益。</body></html></blockquote></p><p> <strong>What Happened:</strong> Third-quarter revenue of $31.7 billion was up 19% year-over-year and beat Street estimates of $41 billion.</p><p><blockquote><strong>发生了什么：</strong>第三季度收入为 317 亿美元，同比增长 19%，超过华尔街预期的 410 亿美元。</blockquote></p><p> Microsoft reported operating income of $17 billion and net income of $14.8 billion, up 31% and 38% year-over-year, respectively.</p><p><blockquote>微软公布经营利润170亿美元，净利润148亿美元，同比分别增长31%和38%。</blockquote></p><p> Earnings per share of $1.95 beat estimates of $1.78 per share.</p><p><blockquote>每股收益为 1.95 美元，超出了每股 1.78 美元的预期。</blockquote></p><p> The company saw revenue of $13.6 billion for its productivity and business processes segment, up 15% year-over-year.</p><p><blockquote>该公司生产力和业务流程部门的收入为 136 亿美元，同比增长 15%。</blockquote></p><p> Office commercial products and cloud service revenue was up 14% year-over-year led by growth in Office 365 commercial revenue up 22% year-over-year. Microsoft 365 consumer subscriptions hit 50.2 million in the third quarter.</p><p><blockquote>办公商业产品和云服务收入同比增长 14%，其中 Office 365 商业收入同比增长 22%。第三季度微软365消费者订阅量达到5020万。</blockquote></p><p> LinkedIn revenue was up 25% year-over-year. Dynamic products and cloud services revenue was up 26% year-over-year.</p><p><blockquote>LinkedIn 收入同比增长 25%。动态产品和云服务收入同比增长26%。</blockquote></p><p> The company’s more personal computing business segment reported $13 billion in revenue, up 19% year-over-year. Xbox revenue was up 34% year-over-year in the segment. Search advertising revenue was up 17% year-over-year.</p><p><blockquote>该公司更多个人计算业务部门的收入为 130 亿美元，同比增长 19%。Xbox 在该领域的收入同比增长 34%。搜索广告收入同比增长17%。</blockquote></p><p> <em>Related Link: Microsoft Hits New All-Time High As Q2 Cloud, Azure Business Overshadow Xbox Release</em></p><p><blockquote><em>相关链接：微软第二季度云、Azure 业务盖过 Xbox 发布，创下历史新高</em></blockquote></p><p> <strong>Growth In Cloud:</strong> Intelligent cloud segment revenue was $15.1 billion in the third quarter, up 23% year-over-year. Server products and cloud service revenue was up 26% year-over-year driven by Azure revenue up 50% year-over-year.</p><p><blockquote><strong>云中的增长：</strong>第三季度智能云部门收入为151亿美元，同比增长23%。在Azure收入同比增长50%的推动下，服务器产品和云服务收入同比增长26%。</blockquote></p><p> “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform,” said CEO Satya Nadella.</p><p><blockquote>“首席执行官萨蒂亚-纳德拉（Satya Nadella）说：”我们正在为未来十年打造云计算，扩大我们的潜在市场，并在技术堆栈的每一层进行创新，以帮助我们的客户实现弹性和转型。</blockquote></p><p> Total Microsoft Cloud revenue hit $17.7 billion, up 33% year-over-year.</p><p><blockquote>微软云总收入达到177亿美元，同比增长33%。</blockquote></p><p> <strong>MSFT Price Action:</strong> Shares of Microsoft are down 3% to $252.88 after-hours Tuesday.</p><p><blockquote><strong>MSFT 价格走势：</strong>周二盘后，微软股价下跌 3%，至 252.88 美元。</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://www.benzinga.com/node/20823950","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130373577","content_text":"Technology giant Microsoft Corporation (NASDAQ:MSFT) reported fiscal third-quarter earnings after market close Tuesday.\nWhat Happened: Third-quarter revenue of $31.7 billion was up 19% year-over-year and beat Street estimates of $41 billion.\nMicrosoft reported operating income of $17 billion and net income of $14.8 billion, up 31% and 38% year-over-year, respectively.\nEarnings per share of $1.95 beat estimates of $1.78 per share.\nThe company saw revenue of $13.6 billion for its productivity and business processes segment, up 15% year-over-year.\nOffice commercial products and cloud service revenue was up 14% year-over-year led by growth in Office 365 commercial revenue up 22% year-over-year. Microsoft 365 consumer subscriptions hit 50.2 million in the third quarter.\nLinkedIn revenue was up 25% year-over-year. Dynamic products and cloud services revenue was up 26% year-over-year.\nThe company’s more personal computing business segment reported $13 billion in revenue, up 19% year-over-year. Xbox revenue was up 34% year-over-year in the segment. Search advertising revenue was up 17% year-over-year.\nRelated Link: Microsoft Hits New All-Time High As Q2 Cloud, Azure Business Overshadow Xbox Release\nGrowth In Cloud: Intelligent cloud segment revenue was $15.1 billion in the third quarter, up 23% year-over-year. Server products and cloud service revenue was up 26% year-over-year driven by Azure revenue up 50% year-over-year.\n“We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform,” said CEO Satya Nadella.\nTotal Microsoft Cloud revenue hit $17.7 billion, up 33% year-over-year.\nMSFT Price Action: Shares of Microsoft are down 3% to $252.88 after-hours Tuesday.","news_type":1,"symbols_score_info":{"MSFT":1}},"isVote":1,"tweetType":1,"viewCount":3327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377450104,"gmtCreate":1619561063208,"gmtModify":1619561063208,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377450104","repostId":"2130637351","repostType":2,"isVote":1,"tweetType":1,"viewCount":4019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377424687,"gmtCreate":1619560820049,"gmtModify":1619572969269,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Pump and dump then buyout news pumps again","listText":"Pump and dump then buyout news pumps again","text":"Pump and dump then buyout news pumps again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377424687","repostId":"2130373459","repostType":2,"isVote":1,"tweetType":1,"viewCount":3778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377425469,"gmtCreate":1619560704051,"gmtModify":1619572969267,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Made some lost some then made some more","listText":"Made some lost some then made some more","text":"Made some lost some then made some more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377425469","repostId":"2130373459","repostType":2,"isVote":1,"tweetType":1,"viewCount":3522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355807126,"gmtCreate":1617056882065,"gmtModify":1617056882065,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"How deep does this go?","listText":"How deep does this go?","text":"How deep does this go?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355807126","repostId":"1193371328","repostType":4,"repost":{"id":"1193371328","kind":"news","pubTimestamp":1617024119,"share":"https://www.laohunote.com/m/news/1193371328?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:21","market":"us","language":"en","title":"CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193371328","media":"zerohedge","summary":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance whil","content":"<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</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>CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</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\">\nCFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>CFDs - Archegos 崩溃背后的肮脏小秘密</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-29 21:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stop us if you've heard this one before -<i>Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</i>.</p><p><blockquote>如果你以前听过这个，请阻止我们-<i>华尔街的主要经纪商允许对冲基金跳舞，而场外和不受监管的衍生品的杠杆作用越来越大……直到麻烦的第一个迹象出现，整个纸牌屋以潜在的系统性方式崩溃</i>.</blockquote></p><p> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -<b>so-called contracts-for-differences (CFDs).</b></p><p><blockquote>周五多家媒体股的大屠杀让股票交易行业的一个黑暗角落重见天日——<b>所谓的差价合约（CFD）。</b></blockquote></p><p> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- as<b>CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings</b>(far in excess of the 5% stakes that require regulatory reporting).</p><p><blockquote>据彭博社报道，黄的 Archegos Capital 使用的大部分杠杆是由野村证券（Nomura）和瑞士信贷（Credit Suisse）等银行提供的，这两家银行最近都承认了巨额亏损。<b>差价合约是在交易所发行的，它允许像黄这样的经理人积累上市公司的股份，而不必申报他们的持股情况</b>（远远超过监管报告要求的5%股份）。</blockquote></p><p> Crucially,as Bloomberg notes,this means<b>Archegos may never actually have owned most of the underlying securities - if any at all</b>- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p><blockquote>至关重要的是，正如彭博社指出的，这意味着<b>Archegos 实际上可能从未拥有大部分基础证券（如果有的话）</b>-由于差价合约类似于私人安排（即场外和定制）期货合约，其中开盘价和收盘价之间的结算差额以现金结算（差价合约不交付实物货物或证券）。</blockquote></p><p> What makes the situation worse is that<b>Archegos reportedly took positions in these CFDs with various prime brokers</b>- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p><blockquote>更糟糕的是<b>据报道，Archegos 与多家主要经纪商持有这些差价合约头寸</b>- 由于这些头寸本质上不是集中清算或汇总的，因此 prime broker X 并不知道其客户在 prime broker Y 的风险敞口……在这种情况下，这是巨大的。</blockquote></p><p> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p><blockquote>黄获得的杠杆作用让他看起来像一个交易天才，因为他持有的各种头寸被不断增加（并得到了伽马挤压器的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote></p><p> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.<b>This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</b></p><p><blockquote>与股票挂钩的差价合约（截至 2020 年 6 月底，总市值约为 2820 亿美元）是定制衍生品之一，投资者可以在彼此之间私下或场外交易，而不是通过公共交易所进行交易。<b>这正是2008年金融危机期间放大损失的那种隐患。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,<b>regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</b>with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?</p><p><blockquote>正如彭博社指出的，<b>近年来，监管机构开始打击差价合约，因为他们担心这种衍生品对散户投资者来说过于复杂和风险太大、</b>欧洲证券和市场管理局在2018年限制向个人分配并限制杠杆。在美国，业余交易者基本上禁止差价合约……但对于“老练”的对冲基金经理来说就不是了？</blockquote></p><p> But,<b>banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</b>(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p><blockquote>但是，<b>银行仍然青睐它们，因为与交易实际证券相比，它们无需预留那么多资金即可赚取巨额利润</b>（2008年金融危机后严格监管的意外后果，导致这个不透明的市场）。</blockquote></p><p> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with<b>total exposure topping $50 billion</b>. And bear in mind,<b>this is not 'leverage' in the old-fashioned sense</b>(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is<b>purely synthetic</b>- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p><blockquote>就 Archegos 而言，Hwang 的交易几乎没有透明度，但市场参与者认为，近年来他的资产已增长到 50 亿至 100 亿美元。<b>总风险敞口超过 500 亿美元</b>记住，<b>这不是老式意义上的“杠杆”</b>（即银行允许你购买相对于你的资本数量X倍的股票）；这是<b>纯合成</b>- 该公司没有实际的基础资产可以依赖，但在边际基础上面临线性损失（和收益）。</blockquote></p><p> And as we noted at the beginning,<b>this has the potential to be much more systemic</b>as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p><blockquote>正如我们在开头提到的，<b>这有可能变得更加系统化</b>由于 Archegos 的保证金评级造成的损失引发了更多的保证金评级和主要经纪商的更多潜在损失。认为我们夸大其词，然后解释一下为什么瑞士信贷的交易对手风险对冲成本在过去几天里激增……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Mohammed El-Erian told CNBC this morning that<i><b>\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"</b></i></p><p><blockquote>穆罕默德·埃尔-埃里安今天早上告诉 CNBC<i><b>“这似乎是一次性的……目前看来，它看起来很可控。这是一件好事。”但补充说“我们不想要的是堆积如山。”</b></i></blockquote></p><p> We look forward to the Congressional hearings on this.</p><p><blockquote>我们期待国会就此举行听证会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?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":{},"source_url":"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?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":"1193371328","content_text":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.\nThe bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).\nAs Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).\nCrucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).\nWhat makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.\nThe leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.\nCFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.\nAsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?\nBut,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).\nIn the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.\nAnd as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...\nSource: Bloomberg\nMohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"\nWe look forward to the Congressional hearings on this.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355802631,"gmtCreate":1617056548823,"gmtModify":1617056548823,"author":{"id":"3577837581525220","authorId":"3577837581525220","name":"hamstring","avatar":"https://static.tigerbbs.com/142dde03acff480b53099c49239bd9da","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577837581525220","authorIdStr":"3577837581525220"},"themes":[],"title":"","htmlText":"Semiconductors are popular atm.","listText":"Semiconductors are popular atm.","text":"Semiconductors are popular atm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355802631","repostId":"2123828372","repostType":2,"isVote":1,"tweetType":1,"viewCount":2795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}