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rossannathom

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2021-10-08

May it shoot faster

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2021-09-03

Bring them all up!

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2021-10-01

Whoa nice

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2021-09-12

I would go for buy in as it is a long term holding game.

Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote>

2021-09-13

Let it shooot

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2021-09-12

Wow

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2021-09-07

The same analogy as a weather forecast!

Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>

2021-08-20

What a rollercoaster q3!

Toplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote>

2021-08-15

Let’s see

These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>

2021-09-09

Horrible

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:[],"htmlText":"Dips are always a good chance to average out&nbsp;","listText":"Dips are always a good chance to average out&nbsp;","text":"Dips are always a good chance to average out","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/851927186","repostId":"1193622859","repostType":4,"repost":{"id":"1193622859","kind":"news","pubTimestamp":1634863923,"share":"https://www.laohu8.com/m/news/1193622859?lang=zh_CN&edition=full","pubTime":"2021-10-22 08:52","market":"us","language":"en","title":"Tilray Stock: 3 Reasons to Buy the Dip<blockquote>Tilray股票：逢低买入的3个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193622859","media":"TheStreet","summary":"Tilray stock has traded substantially higher as shares of other cannabis companies also spiked. Wall","content":"<p>Tilray stock has traded substantially higher as shares of other cannabis companies also spiked. Wall Street Memes assesses whether TLRY may present a good opportunity at current levels.</p><p><blockquote>随着其他大麻公司的股价也飙升，Tilray股价大幅走高。华尔街模因评估TLRY在当前水平上是否会提供一个好机会。</blockquote></p><p> Canadian cannabis company Tilray one of the most popular stocks of its kind on Reddit, has finally showed some signs of life and caught investors’ attention. Shares traded 14% higher on October 19, despite it still being down a whopping 42% for the year. The most probable reason for bullishness is the&nbsp;hiring&nbsp;of former Bacardi executive Blair MacNeil as the company's president.</p><p><blockquote>加拿大大麻公司Tilray是Reddit上最受欢迎的同类股票之一，终于显示出一些生机，引起了投资者的关注。10月19日，该股股价上涨14%，尽管今年以来仍下跌了42%。看涨最可能的原因是聘请百加得前高管布莱尔·麦克尼尔担任公司总裁。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0d2d448c57e40ef7549c13c7b3e0306\" tg-width=\"1240\" tg-height=\"697\" width=\"100%\" height=\"auto\"><span>Figure 1: TLRY's IPO.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：TLRY的IPO。</span></p></blockquote></p><p> TLRY has been free-falling since the early February peaks due, in part, to lack of regulatory catalysts in the cannabis space. However, Wall Street Memes sees a few good reasons to buy the stock at depressed levels.</p><p><blockquote>自2月初达到峰值以来，TLRY一直在自由落体，部分原因是大麻领域缺乏监管催化剂。然而，华尔街迷因看到了一些在低迷水平买入该股的充分理由。</blockquote></p><p> <b>#1. Reaching for global leadership</b></p><p><blockquote><b>#1.争取全球领导地位</b></blockquote></p><p> Tilray has made key acquisitions since December of last year. The biggest corporate deal was the merger with Aphria.</p><p><blockquote>自去年12月以来，Tilray进行了重大收购。最大的公司交易是与Aphria的合并。</blockquote></p><p> Since the two combined, Tilray turned into a market leader in Canada and accelerated its long-term plan of becoming the world’s leading cannabis-focused consumer company. The Tilray-Aphria merger was justified by (1) market positioning in North America, (2) a foothold in Europe, and (3) lower production costs and synergies.</p><p><blockquote>自两者合并以来，Tilray成为加拿大的市场领导者，并加速了其成为全球领先的大麻消费公司的长期计划。Tilray-Aphria合并的合理性在于(1)北美的市场定位，(2)在欧洲的立足点，以及(3)较低的生产成本和协同效应。</blockquote></p><p> A few months ago, Tilray purchased cannabis company MedMen Enterprises, which has 24 retail locations in six U.S. states. The investment was also aligned with the company’s goal of being a key global player in the cannabis space. CEO Irwin D. Simon has said:</p><p><blockquote>几个月前，Tilray收购了大麻公司MedMen Enterprises，该公司在美国六个州拥有24个零售点。这项投资也符合该公司成为大麻领域全球主要参与者的目标。首席执行官欧文·西蒙(Irwin D.Simon)表示：</blockquote></p><p>   <i>“The investment we are announcing in MedMen securities, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows.”</i>  <b>#2. $91 billion market opportunity</b></p><p><blockquote><i>“我们宣布对MedMen securities的投资是价值800亿美元的美国大麻市场中最受认可的品牌之一，这是实现我们目标的关键一步，因为我们致力于使Tilray在合法化允许的情况下引领美国市场。”</i><b>#2.910亿美元的市场机会</b></blockquote></p><p> Third-partydatasuggests that the legal cannabis market will reach a whopping $91 billion by 2028, implying an impressive CAGR of 26%. As medical cannabis has recently become legal in many parts of the world, further legalization can be the key catalyst boosting product demand. The expected growth in the sector is also attributed to awareness about the health benefits of cannabis.</p><p><blockquote>第三方数据表明，到2028年，合法大麻市场将达到910亿美元，这意味着令人印象深刻的26%的CAGR。随着医用大麻最近在世界许多地方合法化，进一步合法化可能是提振产品需求的关键催化剂。该部门的预期增长也归因于对大麻健康益处的认识。</blockquote></p><p> Additional&nbsp;data&nbsp;suggests that the global cannabis pharmaceutical market was set to grow from $67 million in 2019 by a CAGR of 76% through 2027. Should Tilray position itself as a key player in this rapidly growing industry, investors stand to reap the benefits over the next several years.</p><p><blockquote>其他数据表明，到2027年，全球大麻药品市场将从2019年的6700万美元增长76%。如果Tilray将自己定位为这个快速增长的行业的关键参与者，投资者将在未来几年内获得好处。</blockquote></p><p> <b>#3. Good vibes from Wall Street</b></p><p><blockquote><b>#3.华尔街的良好氛围</b></blockquote></p><p> Current share price of $11.50, at last check, is still far from sell-sideconsensusof $14.73. Despite an average neutral rating among analysts, Wall Street still sees 27% upside potential over the next twelve months.</p><p><blockquote>根据上次检查，目前股价为11.50美元，距离卖方共识的14.73美元仍有很大差距。尽管分析师的平均评级为中性，但华尔街仍认为未来12个月仍有27%的上涨潜力。</blockquote></p><p> Jefferies’ analyst Owen Bennett is much more optimistic, and sees gain potential of 90% at his price target of $22. HeexpectsTilray to strike sizable deals in the US sometime soon. The analyst also thinks that Tilray should buy cannabis assets to achieve the company’s ambitious sales target.</p><p><blockquote>杰富瑞(Jefferies)分析师欧文·贝内特(Owen Bennett)更为乐观，他认为目标价为22美元，上涨潜力为90%。他预计斯蒂尔雷很快就会在美国达成大规模交易。该分析师还认为，Tilray应该购买大麻资产，以实现公司雄心勃勃的销售目标。</blockquote></p><p> A bit less bullish is Bank of America’s analyst Heather Balsky. Still, shebelievesin 48% upside at a price target of $15. According to the analyst, the acquisition of MedMen positions the company well in the US and provides distribution opportunities in Canada and Europe.</p><p><blockquote>美国银行分析师希瑟·巴尔斯基(Heather Balsky)则不那么乐观。尽管如此，她仍相信上涨48%，目标价为15美元。该分析师表示，收购MedMen使该公司在美国处于有利地位，并在加拿大和欧洲提供了分销机会。</blockquote></p><p> Even the skeptical ones, including Piper Sandler analyst Michael Lavery, has a price target of $14. At those levels, TLRY would be&nbsp;worth&nbsp;38% more than it is now. The analyst’s caution is based on increased competition from low-price providers.</p><p><blockquote>即使是持怀疑态度的人，包括Piper Sandler分析师Michael Lavery，也将目标价定为14美元。按照这些水平，TLRY的价值将比现在高出38%。分析师的谨慎是基于来自低价供应商的竞争加剧。</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>Tilray Stock: 3 Reasons to Buy the Dip<blockquote>Tilray股票：逢低买入的3个理由</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\">\nTilray Stock: 3 Reasons to Buy the Dip<blockquote>Tilray股票：逢低买入的3个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-10-22 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tilray stock has traded substantially higher as shares of other cannabis companies also spiked. Wall Street Memes assesses whether TLRY may present a good opportunity at current levels.</p><p><blockquote>随着其他大麻公司的股价也飙升，Tilray股价大幅走高。华尔街模因评估TLRY在当前水平上是否会提供一个好机会。</blockquote></p><p> Canadian cannabis company Tilray one of the most popular stocks of its kind on Reddit, has finally showed some signs of life and caught investors’ attention. Shares traded 14% higher on October 19, despite it still being down a whopping 42% for the year. The most probable reason for bullishness is the&nbsp;hiring&nbsp;of former Bacardi executive Blair MacNeil as the company's president.</p><p><blockquote>加拿大大麻公司Tilray是Reddit上最受欢迎的同类股票之一，终于显示出一些生机，引起了投资者的关注。10月19日，该股股价上涨14%，尽管今年以来仍下跌了42%。看涨最可能的原因是聘请百加得前高管布莱尔·麦克尼尔担任公司总裁。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0d2d448c57e40ef7549c13c7b3e0306\" tg-width=\"1240\" tg-height=\"697\" width=\"100%\" height=\"auto\"><span>Figure 1: TLRY's IPO.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：TLRY的IPO。</span></p></blockquote></p><p> TLRY has been free-falling since the early February peaks due, in part, to lack of regulatory catalysts in the cannabis space. However, Wall Street Memes sees a few good reasons to buy the stock at depressed levels.</p><p><blockquote>自2月初达到峰值以来，TLRY一直在自由落体，部分原因是大麻领域缺乏监管催化剂。然而，华尔街迷因看到了一些在低迷水平买入该股的充分理由。</blockquote></p><p> <b>#1. Reaching for global leadership</b></p><p><blockquote><b>#1.争取全球领导地位</b></blockquote></p><p> Tilray has made key acquisitions since December of last year. The biggest corporate deal was the merger with Aphria.</p><p><blockquote>自去年12月以来，Tilray进行了重大收购。最大的公司交易是与Aphria的合并。</blockquote></p><p> Since the two combined, Tilray turned into a market leader in Canada and accelerated its long-term plan of becoming the world’s leading cannabis-focused consumer company. The Tilray-Aphria merger was justified by (1) market positioning in North America, (2) a foothold in Europe, and (3) lower production costs and synergies.</p><p><blockquote>自两者合并以来，Tilray成为加拿大的市场领导者，并加速了其成为全球领先的大麻消费公司的长期计划。Tilray-Aphria合并的合理性在于(1)北美的市场定位，(2)在欧洲的立足点，以及(3)较低的生产成本和协同效应。</blockquote></p><p> A few months ago, Tilray purchased cannabis company MedMen Enterprises, which has 24 retail locations in six U.S. states. The investment was also aligned with the company’s goal of being a key global player in the cannabis space. CEO Irwin D. Simon has said:</p><p><blockquote>几个月前，Tilray收购了大麻公司MedMen Enterprises，该公司在美国六个州拥有24个零售点。这项投资也符合该公司成为大麻领域全球主要参与者的目标。首席执行官欧文·西蒙(Irwin D.Simon)表示：</blockquote></p><p>   <i>“The investment we are announcing in MedMen securities, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows.”</i>  <b>#2. $91 billion market opportunity</b></p><p><blockquote><i>“我们宣布对MedMen securities的投资是价值800亿美元的美国大麻市场中最受认可的品牌之一，这是实现我们目标的关键一步，因为我们致力于使Tilray在合法化允许的情况下引领美国市场。”</i><b>#2.910亿美元的市场机会</b></blockquote></p><p> Third-partydatasuggests that the legal cannabis market will reach a whopping $91 billion by 2028, implying an impressive CAGR of 26%. As medical cannabis has recently become legal in many parts of the world, further legalization can be the key catalyst boosting product demand. The expected growth in the sector is also attributed to awareness about the health benefits of cannabis.</p><p><blockquote>第三方数据表明，到2028年，合法大麻市场将达到910亿美元，这意味着令人印象深刻的26%的CAGR。随着医用大麻最近在世界许多地方合法化，进一步合法化可能是提振产品需求的关键催化剂。该部门的预期增长也归因于对大麻健康益处的认识。</blockquote></p><p> Additional&nbsp;data&nbsp;suggests that the global cannabis pharmaceutical market was set to grow from $67 million in 2019 by a CAGR of 76% through 2027. Should Tilray position itself as a key player in this rapidly growing industry, investors stand to reap the benefits over the next several years.</p><p><blockquote>其他数据表明，到2027年，全球大麻药品市场将从2019年的6700万美元增长76%。如果Tilray将自己定位为这个快速增长的行业的关键参与者，投资者将在未来几年内获得好处。</blockquote></p><p> <b>#3. Good vibes from Wall Street</b></p><p><blockquote><b>#3.华尔街的良好氛围</b></blockquote></p><p> Current share price of $11.50, at last check, is still far from sell-sideconsensusof $14.73. Despite an average neutral rating among analysts, Wall Street still sees 27% upside potential over the next twelve months.</p><p><blockquote>根据上次检查，目前股价为11.50美元，距离卖方共识的14.73美元仍有很大差距。尽管分析师的平均评级为中性，但华尔街仍认为未来12个月仍有27%的上涨潜力。</blockquote></p><p> Jefferies’ analyst Owen Bennett is much more optimistic, and sees gain potential of 90% at his price target of $22. HeexpectsTilray to strike sizable deals in the US sometime soon. The analyst also thinks that Tilray should buy cannabis assets to achieve the company’s ambitious sales target.</p><p><blockquote>杰富瑞(Jefferies)分析师欧文·贝内特(Owen Bennett)更为乐观，他认为目标价为22美元，上涨潜力为90%。他预计斯蒂尔雷很快就会在美国达成大规模交易。该分析师还认为，Tilray应该购买大麻资产，以实现公司雄心勃勃的销售目标。</blockquote></p><p> A bit less bullish is Bank of America’s analyst Heather Balsky. Still, shebelievesin 48% upside at a price target of $15. According to the analyst, the acquisition of MedMen positions the company well in the US and provides distribution opportunities in Canada and Europe.</p><p><blockquote>美国银行分析师希瑟·巴尔斯基(Heather Balsky)则不那么乐观。尽管如此，她仍相信上涨48%，目标价为15美元。该分析师表示，收购MedMen使该公司在美国处于有利地位，并在加拿大和欧洲提供了分销机会。</blockquote></p><p> Even the skeptical ones, including Piper Sandler analyst Michael Lavery, has a price target of $14. At those levels, TLRY would be&nbsp;worth&nbsp;38% more than it is now. The analyst’s caution is based on increased competition from low-price providers.</p><p><blockquote>即使是持怀疑态度的人，包括Piper Sandler分析师Michael Lavery，也将目标价定为14美元。按照这些水平，TLRY的价值将比现在高出38%。分析师的谨慎是基于来自低价供应商的竞争加剧。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/other-memes/3-reasons-to-buy-tilray-stock-now\">TheStreet</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":{"TLRY":"Tilray Inc."},"source_url":"https://www.thestreet.com/memestocks/other-memes/3-reasons-to-buy-tilray-stock-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193622859","content_text":"Tilray stock has traded substantially higher as shares of other cannabis companies also spiked. Wall Street Memes assesses whether TLRY may present a good opportunity at current levels.\nCanadian cannabis company Tilray one of the most popular stocks of its kind on Reddit, has finally showed some signs of life and caught investors’ attention. Shares traded 14% higher on October 19, despite it still being down a whopping 42% for the year. The most probable reason for bullishness is the hiring of former Bacardi executive Blair MacNeil as the company's president.\nFigure 1: TLRY's IPO.\nTLRY has been free-falling since the early February peaks due, in part, to lack of regulatory catalysts in the cannabis space. However, Wall Street Memes sees a few good reasons to buy the stock at depressed levels.\n#1. Reaching for global leadership\nTilray has made key acquisitions since December of last year. The biggest corporate deal was the merger with Aphria.\nSince the two combined, Tilray turned into a market leader in Canada and accelerated its long-term plan of becoming the world’s leading cannabis-focused consumer company. The Tilray-Aphria merger was justified by (1) market positioning in North America, (2) a foothold in Europe, and (3) lower production costs and synergies.\nA few months ago, Tilray purchased cannabis company MedMen Enterprises, which has 24 retail locations in six U.S. states. The investment was also aligned with the company’s goal of being a key global player in the cannabis space. CEO Irwin D. Simon has said:\n\n“The investment we are announcing in MedMen securities, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows.”\n\n#2. $91 billion market opportunity\nThird-partydatasuggests that the legal cannabis market will reach a whopping $91 billion by 2028, implying an impressive CAGR of 26%. As medical cannabis has recently become legal in many parts of the world, further legalization can be the key catalyst boosting product demand. The expected growth in the sector is also attributed to awareness about the health benefits of cannabis.\nAdditional data suggests that the global cannabis pharmaceutical market was set to grow from $67 million in 2019 by a CAGR of 76% through 2027. Should Tilray position itself as a key player in this rapidly growing industry, investors stand to reap the benefits over the next several years.\n#3. Good vibes from Wall Street\nCurrent share price of $11.50, at last check, is still far from sell-sideconsensusof $14.73. Despite an average neutral rating among analysts, Wall Street still sees 27% upside potential over the next twelve months.\nJefferies’ analyst Owen Bennett is much more optimistic, and sees gain potential of 90% at his price target of $22. HeexpectsTilray to strike sizable deals in the US sometime soon. The analyst also thinks that Tilray should buy cannabis assets to achieve the company’s ambitious sales target.\nA bit less bullish is Bank of America’s analyst Heather Balsky. Still, shebelievesin 48% upside at a price target of $15. According to the analyst, the acquisition of MedMen positions the company well in the US and provides distribution opportunities in Canada and Europe.\nEven the skeptical ones, including Piper Sandler analyst Michael Lavery, has a price target of $14. At those levels, TLRY would be worth 38% more than it is now. The analyst’s caution is based on increased competition from low-price providers.","news_type":1,"symbols_score_info":{"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":2968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823402043,"gmtCreate":1633652371765,"gmtModify":1633657965247,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"May it shoot faster","listText":"May it shoot faster","text":"May it shoot 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nice&nbsp;","listText":"Whoa nice&nbsp;","text":"Whoa nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/864932641","repostId":"1168677677","repostType":4,"isVote":1,"tweetType":1,"viewCount":2264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865847868,"gmtCreate":1632970528553,"gmtModify":1632970673078,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Can’t wait&nbsp;","listText":"Can’t wait&nbsp;","text":"Can’t 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Naomi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885718824","repostId":"2168421275","repostType":2,"isVote":1,"tweetType":1,"viewCount":2342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886881586,"gmtCreate":1631580061745,"gmtModify":1631891429360,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"That’s great news, we need to save more people&nbsp;","listText":"That’s great news, we need to save more people&nbsp;","text":"That’s great news, we need to save more people","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886881586","repostId":"2167369535","repostType":4,"isVote":1,"tweetType":1,"viewCount":1596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886004498,"gmtCreate":1631535636514,"gmtModify":1631891429378,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Let it shooot","listText":"Let it shooot","text":"Let it shooot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886004498","repostId":"2167630550","repostType":4,"isVote":1,"tweetType":1,"viewCount":1925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881741375,"gmtCreate":1631409334197,"gmtModify":1631891429385,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881741375","repostId":"1105680980","repostType":4,"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881743161,"gmtCreate":1631409284653,"gmtModify":1631891429397,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"I would go for buy in as it is a long term holding game.&nbsp;","listText":"I would go for buy in as it is a long term holding game.&nbsp;","text":"I would go for buy in as it is a long term holding game.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881743161","repostId":"1101906502","repostType":4,"repost":{"id":"1101906502","kind":"news","pubTimestamp":1631407634,"share":"https://www.laohu8.com/m/news/1101906502?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:47","market":"us","language":"en","title":"Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101906502","media":"TheStreet","summary":"Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.Shares of Apple Report fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.On Sept. 14, the company will hold a virtual event to introduce the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.However, Apple remains in the news for other reas","content":"<p>Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.</p><p><blockquote>苹果股价周五承压，距离iPhone发布会只有几天了。以下是如何从这里交易股票。</blockquote></p><p> Shares of Apple&nbsp;Report&nbsp;fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.</p><p><blockquote>苹果报告股价周五下跌5.10美元，跌幅3.31%，收于148.97美元，因投资者消化近期消息并为下周的iPhone发布会做准备。</blockquote></p><p> On Sept. 14, the company will&nbsp;hold a virtual event to introduce&nbsp;the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.</p><p><blockquote>9月14日，该公司将举办一场虚拟活动来介绍这款新设备。被称为“加州流媒体”的苹果预计将推出其新的iPhone和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果仍然因为其他原因出现在新闻中。</blockquote></p><p> After hitting new highs earlier this week, the stock declined Friday after news of a court ruling&nbsp;in its case with Epic Games.</p><p><blockquote>在本周早些时候创下新高后，在法院对其与Epic Games的案件做出裁决的消息传出后，该股周五下跌。</blockquote></p><p> That’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock&nbsp;is “compelling” ahead of its upcoming event.</p><p><blockquote>与此同时，摩根士丹利著名分析师凯蒂·休伯蒂(Katy Huberty)发表了一份报告，她认为苹果股票在即将举行的活动之前“引人注目”。</blockquote></p><p> Like I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.</p><p><blockquote>就像我说的，投资者需要消化很多信息。让我们来看看图表是如何设置的。</blockquote></p><p> <b>Trading Apple Stock</b></p><p><blockquote><b>交易苹果股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94f6dcfc32af44a4ae542425f3c92f\" tg-width=\"700\" tg-height=\"429\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。</span></p></blockquote></p><p> Each time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.</p><p><blockquote>苹果今年每次公布财报，都会引发抛售。不幸的是，当该股处于或接近历史高点时，这些抛售就会发生。这些事件在图表上用蓝色箭头标记。</blockquote></p><p> It was even more frustrating that Apple&nbsp;blew out analysts’ expectations each time, yet the stock sold off anyway.</p><p><blockquote>更令人沮丧的是，苹果每次都超出分析师的预期，但该股仍遭到抛售。</blockquote></p><p> However, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.</p><p><blockquote>然而，在最新报告发布后，该股并没有大幅下跌，而是仅回落至145美元区域，接近之前的高点。它还持有21日均线作为支撑。</blockquote></p><p> The stock has since pushed up through $150 and earlier this week, hit new all-time highs.</p><p><blockquote>此后，该股已升至150美元，并于本周早些时候创下历史新高。</blockquote></p><p> For now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.</p><p><blockquote>目前，我们正在回落至关键的150美元区域和21日移动平均线。激进的多头可以在该公司周二的活动之前逢低买入。</blockquote></p><p> If we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.</p><p><blockquote>如果我们突破周五的低点，投资者可能会考虑停止交易，并在可能更大的跌幅跌至50日移动平均线或145美元区域时买入。</blockquote></p><p> Below $145 may put the $138 level and the 200-day moving average in play.</p><p><blockquote>低于145美元可能会影响138美元水平和200日移动平均线。</blockquote></p><p> Should Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.</p><p><blockquote>如果苹果股价上涨至157.26美元的历史高点，则161.8%的涨幅将升至160美元附近。高于该关口可能会出现172美元至175美元的区域，具体取决于投资者对该事件的反应。</blockquote></p><p> For what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.</p><p><blockquote>无论如何，9月份是苹果迄今为止表现最差的一个月，在过去11年中，该月份仅增长了3年。</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>Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-09-12 08:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.</p><p><blockquote>苹果股价周五承压，距离iPhone发布会只有几天了。以下是如何从这里交易股票。</blockquote></p><p> Shares of Apple&nbsp;Report&nbsp;fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.</p><p><blockquote>苹果报告股价周五下跌5.10美元，跌幅3.31%，收于148.97美元，因投资者消化近期消息并为下周的iPhone发布会做准备。</blockquote></p><p> On Sept. 14, the company will&nbsp;hold a virtual event to introduce&nbsp;the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.</p><p><blockquote>9月14日，该公司将举办一场虚拟活动来介绍这款新设备。被称为“加州流媒体”的苹果预计将推出其新的iPhone和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果仍然因为其他原因出现在新闻中。</blockquote></p><p> After hitting new highs earlier this week, the stock declined Friday after news of a court ruling&nbsp;in its case with Epic Games.</p><p><blockquote>在本周早些时候创下新高后，在法院对其与Epic Games的案件做出裁决的消息传出后，该股周五下跌。</blockquote></p><p> That’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock&nbsp;is “compelling” ahead of its upcoming event.</p><p><blockquote>与此同时，摩根士丹利著名分析师凯蒂·休伯蒂(Katy Huberty)发表了一份报告，她认为苹果股票在即将举行的活动之前“引人注目”。</blockquote></p><p> Like I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.</p><p><blockquote>就像我说的，投资者需要消化很多信息。让我们来看看图表是如何设置的。</blockquote></p><p> <b>Trading Apple Stock</b></p><p><blockquote><b>交易苹果股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94f6dcfc32af44a4ae542425f3c92f\" tg-width=\"700\" tg-height=\"429\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。</span></p></blockquote></p><p> Each time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.</p><p><blockquote>苹果今年每次公布财报，都会引发抛售。不幸的是，当该股处于或接近历史高点时，这些抛售就会发生。这些事件在图表上用蓝色箭头标记。</blockquote></p><p> It was even more frustrating that Apple&nbsp;blew out analysts’ expectations each time, yet the stock sold off anyway.</p><p><blockquote>更令人沮丧的是，苹果每次都超出分析师的预期，但该股仍遭到抛售。</blockquote></p><p> However, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.</p><p><blockquote>然而，在最新报告发布后，该股并没有大幅下跌，而是仅回落至145美元区域，接近之前的高点。它还持有21日均线作为支撑。</blockquote></p><p> The stock has since pushed up through $150 and earlier this week, hit new all-time highs.</p><p><blockquote>此后，该股已升至150美元，并于本周早些时候创下历史新高。</blockquote></p><p> For now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.</p><p><blockquote>目前，我们正在回落至关键的150美元区域和21日移动平均线。激进的多头可以在该公司周二的活动之前逢低买入。</blockquote></p><p> If we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.</p><p><blockquote>如果我们突破周五的低点，投资者可能会考虑停止交易，并在可能更大的跌幅跌至50日移动平均线或145美元区域时买入。</blockquote></p><p> Below $145 may put the $138 level and the 200-day moving average in play.</p><p><blockquote>低于145美元可能会影响138美元水平和200日移动平均线。</blockquote></p><p> Should Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.</p><p><blockquote>如果苹果股价上涨至157.26美元的历史高点，则161.8%的涨幅将升至160美元附近。高于该关口可能会出现172美元至175美元的区域，具体取决于投资者对该事件的反应。</blockquote></p><p> For what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.</p><p><blockquote>无论如何，9月份是苹果迄今为止表现最差的一个月，在过去11年中，该月份仅增长了3年。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/trading-apple-aapl-stock-ahead-of-iphone13-event\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/investing/trading-apple-aapl-stock-ahead-of-iphone13-event","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101906502","content_text":"Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.\nShares of Apple Report fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.\nOn Sept. 14, the company will hold a virtual event to introduce the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.\nHowever, Apple remains in the news for other reasons, too.\nAfter hitting new highs earlier this week, the stock declined Friday after news of a court ruling in its case with Epic Games.\nThat’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock is “compelling” ahead of its upcoming event.\nLike I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.\nTrading Apple Stock\nDaily chart of Apple stock.\nEach time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.\nIt was even more frustrating that Apple blew out analysts’ expectations each time, yet the stock sold off anyway.\nHowever, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.\nThe stock has since pushed up through $150 and earlier this week, hit new all-time highs.\nFor now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.\nIf we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.\nBelow $145 may put the $138 level and the 200-day moving average in play.\nShould Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.\nFor what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881740668,"gmtCreate":1631409158954,"gmtModify":1631891429411,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Sounds interesting, let me research more onit too!&nbsp;","listText":"Sounds interesting, let me research more onit too!&nbsp;","text":"Sounds interesting, let me research more onit too!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881740668","repostId":"1147481023","repostType":4,"repost":{"id":"1147481023","kind":"news","pubTimestamp":1631408592,"share":"https://www.laohu8.com/m/news/1147481023?lang=zh_CN&edition=full","pubTime":"2021-09-12 09:03","market":"us","language":"en","title":"Cathie Wood's Latest Picks: 2 Stocks She Just Bought<blockquote>凯西·伍德(Cathie Wood)的最新选择：她刚刚购买的2只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147481023","media":"Motley Fool","summary":"Wood is doubling down on these innovative tech companies.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>The ARK Innovation ETF has beaten the market over the past one, three, and five years.</li> </ul> </p><p><blockquote><ul><li>ARK Innovation ETF在过去一年、三年和五年中跑赢了市场。</li></ul></blockquote></p><p> Fund manager Cathie Wood, the founder and CEO of ARK Invest, has earned a reputation as one of Wall Street's best stock pickers. And that reputation is well deserved. Over the past one, three, and five years, ARK's flagship&nbsp;<b>Innovation ETF</b>&nbsp;has crushed the broader market.</p><p><blockquote>基金经理凯西·伍德(Cathie Wood)是ARK Invest的创始人兼首席执行官，她赢得了华尔街最佳选股者之一的声誉。这个名声是当之无愧的。在过去的一年、三年、五年里，方舟的旗舰<b>创新ETF</b>压垮了大盘。</blockquote></p><p> Given that impressive track record, smart investors may want to keep tabs on what Wood is buying and selling. Recently, she added shares of&nbsp;<b>PagerDuty</b>(NYSE:PD)&nbsp;and&nbsp;<b>UiPath</b>(NYSE:PATH)&nbsp;to ARK's flagship ETF. Here's what you should know about these tech stocks.</p><p><blockquote>鉴于这一令人印象深刻的业绩记录，聪明的投资者可能希望密切关注伍德的买卖。近日，她增持了<b>传呼机职责</b>（纽约证券交易所代码：PD）和<b>UiPath</b>（纽约证券交易所股票代码：PATH）到ARK的旗舰ETF。以下是您应该了解的有关这些科技股的信息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e31513ae84b50946bda3a4867cf9aacc\" tg-width=\"2000\" tg-height=\"1087\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. PagerDuty</b></p><p><blockquote><b>1.PagerDuty</b></blockquote></p><p> PagerDuty is the central nervous system for the modern enterprise. Its platform sits at the center of a company's digital ecosystem, collecting data from virtually all systems and devices. Then, by blending those signals with artificial intelligence, PagerDuty helps its clients predict and prevent the downtime of critical services and technologies.</p><p><blockquote>传呼机是现代企业的中枢神经系统。它的平台位于公司数字生态系统的中心，从几乎所有系统和设备收集数据。然后，通过将这些信号与人工智能相结合，PagerDuty帮助其客户预测和防止关键服务和技术的停机。</blockquote></p><p> For example, the PagerDuty platform captures data from application performance-monitoring tools such as&nbsp;<b>Datadog</b>, IT operations hubs such as&nbsp;<b>ServiceNow</b>, public clouds such as&nbsp;<b>Microsoft</b>Azure, customer service software such as&nbsp;<b>Salesforce.com</b>, and communications platforms such as&nbsp;<b>Zoom</b>. And when issues are identified, PagerDuty either triggers automatic remediation or alerts the appropriate people, helping them quickly resolve incidents such as website outages or system failures.</p><p><blockquote>例如，PagerDuty平台从应用程序性能监控工具（如<b>Datadog</b>、IT运营中心，例如<b>服务现在</b>、公有云如<b>微软</b>Azure，客户服务软件，如<b>Salesforce.com</b>以及通信平台，例如<b>Zoom</b>.当发现问题时，PagerDuty会触发自动补救或提醒相关人员，帮助他们快速解决网站中断或系统故障等事件。</blockquote></p><p> As a pioneer in this industry, PagerDuty has 12 years' worth of data and more than 14,100 customers, both of which make the company's artificial-intelligence models more effective. And as new clients join the platform, PagerDuty's data repository will continue to grow, further reinforcing this advantage.</p><p><blockquote>作为该行业的先驱，PagerDuty拥有12年的数据和超过14,100名客户，这两者都使该公司的人工智能模型更加有效。随着新客户加入该平台，PagerDuty的数据存储库将继续增长，进一步巩固这一优势。</blockquote></p><p> Financially, the company has posted solid top-line growth over the past two years. Trailing-12-month revenue has increased from $142.7 million in the second quarter of 2020 to $244.2 million in Q2 of 2022, which ended July 31, with a compound annual growth rate (CAGR) of 31%.</p><p><blockquote>在财务方面，该公司在过去两年中实现了稳健的营收增长。过去12个月的收入已从2020年第二季度的1.427亿美元增至截至7月31日的2022年第二季度的2.442亿美元，复合年增长率(CAGR)为31%。</blockquote></p><p> Investors should note that PagerDuty is still not profitable on a&nbsp;GAAP basis, and the company generated negative free cash flow of $6.4 million over the past 12 months. However, PagerDuty is still in the early stages of growing its business, and management believes the company has captured less than 1%&nbsp;of its market opportunity.</p><p><blockquote>投资者应注意，按GAAP计算，PagerDuty仍未盈利，该公司在过去12个月内产生了640万美元的负自由现金流。然而，PagerDuty仍处于业务增长的早期阶段，管理层认为该公司仅抓住了不到1%的市场机会。</blockquote></p><p> Here's the bottom line: In an increasingly digital world, delivering a high-quality customer experience is not an option -- it's a necessity. And PagerDuty capitalizes on that fact, helping clients keep their digital ecosystems up and running at all times. Given Wood's focus on innovative technologies such as artificial intelligence, I'm not surprised to see her adding shares of this tech stock to ARK's portfolio.</p><p><blockquote>底线是：在一个日益数字化的世界中，提供高质量的客户体验不是一种选择，而是一种必需品。PagerDuty利用这一事实，帮助客户保持他们的数字生态系统始终正常运行。鉴于伍德对人工智能等创新技术的关注，看到她将这只科技股的股票添加到ARK的投资组合中，我并不感到惊讶。</blockquote></p><p> <b>2. UiPath</b></p><p><blockquote><b>2.UiPath</b></blockquote></p><p> UiPath is on a mission to bring automation to every enterprise. To that end, its platform combines three cutting-edge technologies -- artificial intelligence, low-code development, and robotic process automation -- helping clients build, deploy, and manage software bots capable of automating various processes in place of human employees.</p><p><blockquote>UiPath的使命是为每个企业带来自动化。为此，其平台结合了三项尖端技术——人工智能、低代码开发和机器人流程自动化——帮助客户构建、部署和管理能够代替人类员工自动化各种流程的软件机器人。</blockquote></p><p> To do this, UiPath's bots rely on several types of artificial intelligence, including computer vision, natural language processing, and machine learning. Together, these technologies infuse the bots with the ability to read and understand language, emulate human behavior, and make decisions. In turn, that allows them to automate both simple and complex tasks, such as reviewing emails, completing forms, and extracting data from documents.</p><p><blockquote>为此，UiPath的机器人依赖于几种类型的人工智能，包括计算机视觉、自然语言处理和机器学习。这些技术共同赋予机器人阅读和理解语言、模仿人类行为和做出决策的能力。反过来，这使他们能够自动化简单和复杂的任务，如查看电子邮件、填写表格和从文档中提取数据。</blockquote></p><p> One of UiPath's greatest advantages is its partner ecosystem. The company provides prebuilt integrations with hundreds of popular technologies, including&nbsp;<b>Amazon</b>&nbsp;Web Services, Microsoft 365, and Salesforce, meaning clients can quickly automate workflows on these platforms.</p><p><blockquote>UiPath最大的优势之一是其合作伙伴生态系统。该公司提供与数百种流行技术的预构建集成，包括<b>亚马逊</b>Web服务、微软365和Salesforce，这意味着客户可以在这些平台上快速自动化工作流程。</blockquote></p><p> Because of the scope of the company's mission and its value proposition to clients, UiPath has grown its top line at an impressive pace. Its trailing-12-month revenue has grown from $451.2 million in the second quarter of 2021 to $736.9 million in Q2 of 2022, which ended July 31, for a CAGR of 63%.</p><p><blockquote>由于公司使命的范围及其对客户的价值主张，UiPath的营收以令人印象深刻的速度增长。其过去12个月的收入已从2021年第二季度的4.512亿美元增长到截至7月31日的2022年第二季度的7.369亿美元，复合年增长率为63%。</blockquote></p><p> Like PagerDuty, UiPath is currently unprofitable on a GAAP basis and is free cash flow negative. But the company has established itself as the industry leader, according to&nbsp;<b>Forrester Research</b>, and it makes sense to reinforce that advantage by investing aggressively in growth. That's exactly what management is doing.</p><p><blockquote>与PagerDuty一样，UiPath目前按GAAP计算尚未盈利，自由现金流为负。但该公司已确立了行业领导者的地位，据<b>福雷斯特研究</b>通过积极投资增长来巩固这一优势是有意义的。这正是管理层正在做的事情。</blockquote></p><p></p><p> Here's the bottom line: Automation drives efficiency and productivity by freeing human employees to spend their time on more important tasks, something that would benefit virtually every enterprise in the world. And UiPath has the best product on the market. That's why I'm not surprised to see Wood doubling down on this&nbsp;tech stock.</p><p><blockquote>底线是：自动化通过解放人类员工将时间花在更重要的任务上来提高效率和生产力，这将使世界上几乎所有企业受益。UiPath拥有市场上最好的产品。这就是为什么我对伍德加倍投资这只科技股并不感到惊讶。</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>Cathie Wood's Latest Picks: 2 Stocks She Just Bought<blockquote>凯西·伍德(Cathie Wood)的最新选择：她刚刚购买的2只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood's Latest Picks: 2 Stocks She Just Bought<blockquote>凯西·伍德(Cathie Wood)的最新选择：她刚刚购买的2只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-09-12 09:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>The ARK Innovation ETF has beaten the market over the past one, three, and five years.</li> </ul> </p><p><blockquote><ul><li>ARK Innovation ETF在过去一年、三年和五年中跑赢了市场。</li></ul></blockquote></p><p> Fund manager Cathie Wood, the founder and CEO of ARK Invest, has earned a reputation as one of Wall Street's best stock pickers. And that reputation is well deserved. Over the past one, three, and five years, ARK's flagship&nbsp;<b>Innovation ETF</b>&nbsp;has crushed the broader market.</p><p><blockquote>基金经理凯西·伍德(Cathie Wood)是ARK Invest的创始人兼首席执行官，她赢得了华尔街最佳选股者之一的声誉。这个名声是当之无愧的。在过去的一年、三年、五年里，方舟的旗舰<b>创新ETF</b>压垮了大盘。</blockquote></p><p> Given that impressive track record, smart investors may want to keep tabs on what Wood is buying and selling. Recently, she added shares of&nbsp;<b>PagerDuty</b>(NYSE:PD)&nbsp;and&nbsp;<b>UiPath</b>(NYSE:PATH)&nbsp;to ARK's flagship ETF. Here's what you should know about these tech stocks.</p><p><blockquote>鉴于这一令人印象深刻的业绩记录，聪明的投资者可能希望密切关注伍德的买卖。近日，她增持了<b>传呼机职责</b>（纽约证券交易所代码：PD）和<b>UiPath</b>（纽约证券交易所股票代码：PATH）到ARK的旗舰ETF。以下是您应该了解的有关这些科技股的信息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e31513ae84b50946bda3a4867cf9aacc\" tg-width=\"2000\" tg-height=\"1087\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. PagerDuty</b></p><p><blockquote><b>1.PagerDuty</b></blockquote></p><p> PagerDuty is the central nervous system for the modern enterprise. Its platform sits at the center of a company's digital ecosystem, collecting data from virtually all systems and devices. Then, by blending those signals with artificial intelligence, PagerDuty helps its clients predict and prevent the downtime of critical services and technologies.</p><p><blockquote>传呼机是现代企业的中枢神经系统。它的平台位于公司数字生态系统的中心，从几乎所有系统和设备收集数据。然后，通过将这些信号与人工智能相结合，PagerDuty帮助其客户预测和防止关键服务和技术的停机。</blockquote></p><p> For example, the PagerDuty platform captures data from application performance-monitoring tools such as&nbsp;<b>Datadog</b>, IT operations hubs such as&nbsp;<b>ServiceNow</b>, public clouds such as&nbsp;<b>Microsoft</b>Azure, customer service software such as&nbsp;<b>Salesforce.com</b>, and communications platforms such as&nbsp;<b>Zoom</b>. And when issues are identified, PagerDuty either triggers automatic remediation or alerts the appropriate people, helping them quickly resolve incidents such as website outages or system failures.</p><p><blockquote>例如，PagerDuty平台从应用程序性能监控工具（如<b>Datadog</b>、IT运营中心，例如<b>服务现在</b>、公有云如<b>微软</b>Azure，客户服务软件，如<b>Salesforce.com</b>以及通信平台，例如<b>Zoom</b>.当发现问题时，PagerDuty会触发自动补救或提醒相关人员，帮助他们快速解决网站中断或系统故障等事件。</blockquote></p><p> As a pioneer in this industry, PagerDuty has 12 years' worth of data and more than 14,100 customers, both of which make the company's artificial-intelligence models more effective. And as new clients join the platform, PagerDuty's data repository will continue to grow, further reinforcing this advantage.</p><p><blockquote>作为该行业的先驱，PagerDuty拥有12年的数据和超过14,100名客户，这两者都使该公司的人工智能模型更加有效。随着新客户加入该平台，PagerDuty的数据存储库将继续增长，进一步巩固这一优势。</blockquote></p><p> Financially, the company has posted solid top-line growth over the past two years. Trailing-12-month revenue has increased from $142.7 million in the second quarter of 2020 to $244.2 million in Q2 of 2022, which ended July 31, with a compound annual growth rate (CAGR) of 31%.</p><p><blockquote>在财务方面，该公司在过去两年中实现了稳健的营收增长。过去12个月的收入已从2020年第二季度的1.427亿美元增至截至7月31日的2022年第二季度的2.442亿美元，复合年增长率(CAGR)为31%。</blockquote></p><p> Investors should note that PagerDuty is still not profitable on a&nbsp;GAAP basis, and the company generated negative free cash flow of $6.4 million over the past 12 months. However, PagerDuty is still in the early stages of growing its business, and management believes the company has captured less than 1%&nbsp;of its market opportunity.</p><p><blockquote>投资者应注意，按GAAP计算，PagerDuty仍未盈利，该公司在过去12个月内产生了640万美元的负自由现金流。然而，PagerDuty仍处于业务增长的早期阶段，管理层认为该公司仅抓住了不到1%的市场机会。</blockquote></p><p> Here's the bottom line: In an increasingly digital world, delivering a high-quality customer experience is not an option -- it's a necessity. And PagerDuty capitalizes on that fact, helping clients keep their digital ecosystems up and running at all times. Given Wood's focus on innovative technologies such as artificial intelligence, I'm not surprised to see her adding shares of this tech stock to ARK's portfolio.</p><p><blockquote>底线是：在一个日益数字化的世界中，提供高质量的客户体验不是一种选择，而是一种必需品。PagerDuty利用这一事实，帮助客户保持他们的数字生态系统始终正常运行。鉴于伍德对人工智能等创新技术的关注，看到她将这只科技股的股票添加到ARK的投资组合中，我并不感到惊讶。</blockquote></p><p> <b>2. UiPath</b></p><p><blockquote><b>2.UiPath</b></blockquote></p><p> UiPath is on a mission to bring automation to every enterprise. To that end, its platform combines three cutting-edge technologies -- artificial intelligence, low-code development, and robotic process automation -- helping clients build, deploy, and manage software bots capable of automating various processes in place of human employees.</p><p><blockquote>UiPath的使命是为每个企业带来自动化。为此，其平台结合了三项尖端技术——人工智能、低代码开发和机器人流程自动化——帮助客户构建、部署和管理能够代替人类员工自动化各种流程的软件机器人。</blockquote></p><p> To do this, UiPath's bots rely on several types of artificial intelligence, including computer vision, natural language processing, and machine learning. Together, these technologies infuse the bots with the ability to read and understand language, emulate human behavior, and make decisions. In turn, that allows them to automate both simple and complex tasks, such as reviewing emails, completing forms, and extracting data from documents.</p><p><blockquote>为此，UiPath的机器人依赖于几种类型的人工智能，包括计算机视觉、自然语言处理和机器学习。这些技术共同赋予机器人阅读和理解语言、模仿人类行为和做出决策的能力。反过来，这使他们能够自动化简单和复杂的任务，如查看电子邮件、填写表格和从文档中提取数据。</blockquote></p><p> One of UiPath's greatest advantages is its partner ecosystem. The company provides prebuilt integrations with hundreds of popular technologies, including&nbsp;<b>Amazon</b>&nbsp;Web Services, Microsoft 365, and Salesforce, meaning clients can quickly automate workflows on these platforms.</p><p><blockquote>UiPath最大的优势之一是其合作伙伴生态系统。该公司提供与数百种流行技术的预构建集成，包括<b>亚马逊</b>Web服务、微软365和Salesforce，这意味着客户可以在这些平台上快速自动化工作流程。</blockquote></p><p> Because of the scope of the company's mission and its value proposition to clients, UiPath has grown its top line at an impressive pace. Its trailing-12-month revenue has grown from $451.2 million in the second quarter of 2021 to $736.9 million in Q2 of 2022, which ended July 31, for a CAGR of 63%.</p><p><blockquote>由于公司使命的范围及其对客户的价值主张，UiPath的营收以令人印象深刻的速度增长。其过去12个月的收入已从2021年第二季度的4.512亿美元增长到截至7月31日的2022年第二季度的7.369亿美元，复合年增长率为63%。</blockquote></p><p> Like PagerDuty, UiPath is currently unprofitable on a GAAP basis and is free cash flow negative. But the company has established itself as the industry leader, according to&nbsp;<b>Forrester Research</b>, and it makes sense to reinforce that advantage by investing aggressively in growth. That's exactly what management is doing.</p><p><blockquote>与PagerDuty一样，UiPath目前按GAAP计算尚未盈利，自由现金流为负。但该公司已确立了行业领导者的地位，据<b>福雷斯特研究</b>通过积极投资增长来巩固这一优势是有意义的。这正是管理层正在做的事情。</blockquote></p><p></p><p> Here's the bottom line: Automation drives efficiency and productivity by freeing human employees to spend their time on more important tasks, something that would benefit virtually every enterprise in the world. And UiPath has the best product on the market. That's why I'm not surprised to see Wood doubling down on this&nbsp;tech stock.</p><p><blockquote>底线是：自动化通过解放人类员工将时间花在更重要的任务上来提高效率和生产力，这将使世界上几乎所有企业受益。UiPath拥有市场上最好的产品。这就是为什么我对伍德加倍投资这只科技股并不感到惊讶。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/09/11/cathie-woods-lastest-picks-2-hot-stocks-she-bought/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PD":"PagerDuty, Inc.","PATH":"UiPath","ARKG":"ARK Genomic Revolution ETF","ARKK":"ARK Innovation ETF","ARKW":"ARK Next Generation Internet ETF"},"source_url":"https://www.fool.com/investing/2021/09/11/cathie-woods-lastest-picks-2-hot-stocks-she-bought/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147481023","content_text":"Key Points\n\nThe ARK Innovation ETF has beaten the market over the past one, three, and five years.\n\n\nFund manager Cathie Wood, the founder and CEO of ARK Invest, has earned a reputation as one of Wall Street's best stock pickers. And that reputation is well deserved. Over the past one, three, and five years, ARK's flagship Innovation ETF has crushed the broader market.\nGiven that impressive track record, smart investors may want to keep tabs on what Wood is buying and selling. Recently, she added shares of PagerDuty(NYSE:PD) and UiPath(NYSE:PATH) to ARK's flagship ETF. Here's what you should know about these tech stocks.\nIMAGE SOURCE: GETTY IMAGES.\n1. PagerDuty\nPagerDuty is the central nervous system for the modern enterprise. Its platform sits at the center of a company's digital ecosystem, collecting data from virtually all systems and devices. Then, by blending those signals with artificial intelligence, PagerDuty helps its clients predict and prevent the downtime of critical services and technologies.\nFor example, the PagerDuty platform captures data from application performance-monitoring tools such as Datadog, IT operations hubs such as ServiceNow, public clouds such as MicrosoftAzure, customer service software such as Salesforce.com, and communications platforms such as Zoom. And when issues are identified, PagerDuty either triggers automatic remediation or alerts the appropriate people, helping them quickly resolve incidents such as website outages or system failures.\nAs a pioneer in this industry, PagerDuty has 12 years' worth of data and more than 14,100 customers, both of which make the company's artificial-intelligence models more effective. And as new clients join the platform, PagerDuty's data repository will continue to grow, further reinforcing this advantage.\nFinancially, the company has posted solid top-line growth over the past two years. Trailing-12-month revenue has increased from $142.7 million in the second quarter of 2020 to $244.2 million in Q2 of 2022, which ended July 31, with a compound annual growth rate (CAGR) of 31%.\nInvestors should note that PagerDuty is still not profitable on a GAAP basis, and the company generated negative free cash flow of $6.4 million over the past 12 months. However, PagerDuty is still in the early stages of growing its business, and management believes the company has captured less than 1% of its market opportunity.\nHere's the bottom line: In an increasingly digital world, delivering a high-quality customer experience is not an option -- it's a necessity. And PagerDuty capitalizes on that fact, helping clients keep their digital ecosystems up and running at all times. Given Wood's focus on innovative technologies such as artificial intelligence, I'm not surprised to see her adding shares of this tech stock to ARK's portfolio.\n2. UiPath\nUiPath is on a mission to bring automation to every enterprise. To that end, its platform combines three cutting-edge technologies -- artificial intelligence, low-code development, and robotic process automation -- helping clients build, deploy, and manage software bots capable of automating various processes in place of human employees.\nTo do this, UiPath's bots rely on several types of artificial intelligence, including computer vision, natural language processing, and machine learning. Together, these technologies infuse the bots with the ability to read and understand language, emulate human behavior, and make decisions. In turn, that allows them to automate both simple and complex tasks, such as reviewing emails, completing forms, and extracting data from documents.\nOne of UiPath's greatest advantages is its partner ecosystem. The company provides prebuilt integrations with hundreds of popular technologies, including Amazon Web Services, Microsoft 365, and Salesforce, meaning clients can quickly automate workflows on these platforms.\nBecause of the scope of the company's mission and its value proposition to clients, UiPath has grown its top line at an impressive pace. Its trailing-12-month revenue has grown from $451.2 million in the second quarter of 2021 to $736.9 million in Q2 of 2022, which ended July 31, for a CAGR of 63%.\nLike PagerDuty, UiPath is currently unprofitable on a GAAP basis and is free cash flow negative. But the company has established itself as the industry leader, according to Forrester Research, and it makes sense to reinforce that advantage by investing aggressively in growth. That's exactly what management is doing.\nHere's the bottom line: Automation drives efficiency and productivity by freeing human employees to spend their time on more important tasks, something that would benefit virtually every enterprise in the world. And UiPath has the best product on the market. That's why I'm not surprised to see Wood doubling down on this tech stock.","news_type":1,"symbols_score_info":{"ARKW":0.9,"PATH":0.9,"PD":0.9,"ARKG":0.9,"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":1566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889667629,"gmtCreate":1631146284161,"gmtModify":1631891429426,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Never ending!&nbsp;","listText":"Never ending!&nbsp;","text":"Never ending!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889667629","repostId":"1152303824","repostType":4,"repost":{"id":"1152303824","kind":"news","pubTimestamp":1631113047,"share":"https://www.laohu8.com/m/news/1152303824?lang=zh_CN&edition=full","pubTime":"2021-09-08 22:57","market":"us","language":"en","title":"Stocks Are Suddenly Puking...<blockquote>股票突然呕吐...</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152303824","media":"zerohedge","summary":"Yesterday it was cryptos, this morning it appears US equities are in line for the monkeyhammering.\nI","content":"<p>Yesterday it was cryptos, this morning it appears US equities are in line for the monkeyhammering.</p><p><blockquote>昨天是cryptos，今天早上美国股市似乎即将遭受重创。</blockquote></p><p> It is unclear what the catalyst for the drop was - it occurred with significant delay from any<b>debt ceiling talk or Manchin's statements</b>- though some are noting the surge in JOLTS could have triggered some weakness as it may bring The Fed closer to tapering.</p><p><blockquote>目前尚不清楚这一下降的催化剂是什么——它的发生与任何<b>债务上限谈话或曼钦的声明</b>-尽管一些人指出，震动的激增可能会引发一些疲软，因为这可能会使美联储更接近缩减规模。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b3e5ef549e107c935e4c60595e1332e2\" tg-width=\"1198\" tg-height=\"719\" referrerpolicy=\"no-referrer\">The dollar is spiking at the same time...</p><p><blockquote>与此同时，美元正在飙升...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b472f02fa36cafd99491efa8113cbde\" tg-width=\"944\" tg-height=\"530\" referrerpolicy=\"no-referrer\">As&nbsp;SpotGamma notes,<b>there is a major inflection point (support) specifically at 4490 and major support at 4440</b>.</p><p><blockquote>正如SpotGamma指出的那样，<b>大拐点（支撑）具体在4490，大支撑在4440</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9295f0b196cb1e2e6c014b1dcdaf3a95\" tg-width=\"1067\" tg-height=\"528\" referrerpolicy=\"no-referrer\">We think it would take some type of fundamental push to break that level.</p><p><blockquote>我们认为需要某种类型的基本面推动才能突破该水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/514c13b2f8c4c99c5cd3eace81c51347\" tg-width=\"1280\" tg-height=\"710\" referrerpolicy=\"no-referrer\">In other words, things could get “chippy” but we don’t see things positioned for a large drawdown (&gt;1%).</p><p><blockquote>换句话说，事情可能会变得“轻松”，但我们认为事情不会出现大幅下跌（&gt;1%）。</blockquote></p><p> The big question is - What will Robert Kaplan do?</p><p><blockquote>最大的问题是——罗伯特·卡普兰会怎么做？</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>Stocks Are Suddenly Puking...<blockquote>股票突然呕吐...</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\">\nStocks Are Suddenly Puking...<blockquote>股票突然呕吐...</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-08 22:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Yesterday it was cryptos, this morning it appears US equities are in line for the monkeyhammering.</p><p><blockquote>昨天是cryptos，今天早上美国股市似乎即将遭受重创。</blockquote></p><p> It is unclear what the catalyst for the drop was - it occurred with significant delay from any<b>debt ceiling talk or Manchin's statements</b>- though some are noting the surge in JOLTS could have triggered some weakness as it may bring The Fed closer to tapering.</p><p><blockquote>目前尚不清楚这一下降的催化剂是什么——它的发生与任何<b>债务上限谈话或曼钦的声明</b>-尽管一些人指出，震动的激增可能会引发一些疲软，因为这可能会使美联储更接近缩减规模。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b3e5ef549e107c935e4c60595e1332e2\" tg-width=\"1198\" tg-height=\"719\" referrerpolicy=\"no-referrer\">The dollar is spiking at the same time...</p><p><blockquote>与此同时，美元正在飙升...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b472f02fa36cafd99491efa8113cbde\" tg-width=\"944\" tg-height=\"530\" referrerpolicy=\"no-referrer\">As&nbsp;SpotGamma notes,<b>there is a major inflection point (support) specifically at 4490 and major support at 4440</b>.</p><p><blockquote>正如SpotGamma指出的那样，<b>大拐点（支撑）具体在4490，大支撑在4440</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9295f0b196cb1e2e6c014b1dcdaf3a95\" tg-width=\"1067\" tg-height=\"528\" referrerpolicy=\"no-referrer\">We think it would take some type of fundamental push to break that level.</p><p><blockquote>我们认为需要某种类型的基本面推动才能突破该水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/514c13b2f8c4c99c5cd3eace81c51347\" tg-width=\"1280\" tg-height=\"710\" referrerpolicy=\"no-referrer\">In other words, things could get “chippy” but we don’t see things positioned for a large drawdown (&gt;1%).</p><p><blockquote>换句话说，事情可能会变得“轻松”，但我们认为事情不会出现大幅下跌（&gt;1%）。</blockquote></p><p> The big question is - What will Robert Kaplan do?</p><p><blockquote>最大的问题是——罗伯特·卡普兰会怎么做？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-are-suddenly-puking?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/stocks-are-suddenly-puking?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":"1152303824","content_text":"Yesterday it was cryptos, this morning it appears US equities are in line for the monkeyhammering.\nIt is unclear what the catalyst for the drop was - it occurred with significant delay from anydebt ceiling talk or Manchin's statements- though some are noting the surge in JOLTS could have triggered some weakness as it may bring The Fed closer to tapering.\nThe dollar is spiking at the same time...\nAs SpotGamma notes,there is a major inflection point (support) specifically at 4490 and major support at 4440.\nWe think it would take some type of fundamental push to break that level.\nIn other words, things could get “chippy” but we don’t see things positioned for a large drawdown (>1%).\nThe big question is - What will Robert Kaplan do?","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889666899,"gmtCreate":1631146119111,"gmtModify":1631891429434,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Horrible","listText":"Horrible","text":"Horrible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889666899","repostId":"2166392072","repostType":4,"isVote":1,"tweetType":1,"viewCount":1039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889943986,"gmtCreate":1631106723545,"gmtModify":1631891429446,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"I don’t understand what is the issue and whydo they need to go to such extremes","listText":"I don’t understand what is the issue and whydo they need to go to such extremes","text":"I don’t understand what is the issue and whydo they need to go to such extremes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889943986","repostId":"2165395230","repostType":4,"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880345046,"gmtCreate":1631022684085,"gmtModify":1631891429455,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"The same analogy as a weather forecast!&nbsp;","listText":"The same analogy as a weather forecast!&nbsp;","text":"The same analogy as a weather forecast!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880345046","repostId":"1130130857","repostType":4,"repost":{"id":"1130130857","kind":"news","pubTimestamp":1631007146,"share":"https://www.laohu8.com/m/news/1130130857?lang=zh_CN&edition=full","pubTime":"2021-09-07 17:32","market":"us","language":"en","title":"Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130130857","media":"Barron's","summary":"What a year this has been for the markets!Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and  a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnin","content":"<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊！在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔500股票指数已上涨20%，连续七个月上涨，并创下50多个高点。除此之外，去年市场从2020年3月的低点反弹了68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨。刺激支出已经见顶，经济和企业盈利增长可能会在今年年底放缓。此外，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。这些都不会让股价越来越贵的持有者满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，要做好迎接波动性下跌的准备，这种冲突迫使巴菲特股票、债券和投资者。Nuveen全球股票首席投资官Saira Malik表示：“一切反弹都已经过去。”“这不会是一场急剧上升的经济浪潮，将所有船只从这里抬起。”</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识<i>巴伦周刊</i>最近咨询过。所有人都认为标普500将在周四收盘价4536点附近结束今年。他们的平均目标是：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>相对于最近的趋势，明年的涨幅看起来也很微弱。该集团预计2022年标普500将再增加6%，升至约4800。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的21倍，债券收益率很低，考虑通货膨胀后现金收益率低于零，投资者面临着艰难的资产配置决策。我们的市场观察人士建议关注“优质”投资，而不是提振快速增长的科技股、无增长的模因股和数字世界的狗狗币的“一切反弹”。在股票方面，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业的股票。即使未来几个月平均指数表现不大，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅上涨是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免新冠疫情造成的经济损失。自2020年3月以来，美联储每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并推动投资者进入包括股票在内的风险较高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买，此举可能会扰乱各类风险资产。摩根士丹利(Morgan Stanley)首席投资官兼首席美国股票策略师威尔逊(Mike Wilson)表示：“对我们来说，缩减规模很简单：缩减规模就是紧缩。这是（美联储）距离最大限度宽松政策迈出的第一步。他们这次对此非常谨慎，但底线是，这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>策略师指出，政府的刺激支出也已见顶。每周300美元的补充联邦失业救济金将于9月6日到期。尽管国会似乎有可能在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激措施相比，近期的经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约5500亿美元的新支出——只是之前法律授权的数万亿美元的一小部分——并且将分散在许多年内。基础设施刺激措施将给消费者支出带来的短期提振，占美国国内生产总值增长的近70%，但不会接近去年数百万美国人收到政府支票后的经济增长。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>仅由民主党批准的预算法案应该遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施以及其他政党优先事项的支出。国会可能会投票提高企业和高收入个人的税收，以抵消这些支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他带有政治色彩的问题同样可能会让股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计的支出法案来避免<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>10月停工。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对Covid-19德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要限于旅游业和电影院。华尔街对市场的基本假设不包括会破坏经济增长的新一波封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通胀一直是美联储和投资者的热门话题，部分原因是通胀最近非常火爆。6月和7月，美国消费者价格指数年化涨幅为5.4%，这是美联储评级暂时性的飙升，尽管其他人不太确定。策略师们站在鲍威尔一边。他们预计明年通胀将大幅下降。他们的预测在2.5%至3.5%之间，他们认为这对消费者和公司来说是可控的，也是经济快速增长的可接受的副作用。然而，通胀率高于2.5%，加上美联储缩减规模，意味着目前超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>收益投资主管迈克尔·弗雷德里克斯(Michael Fredericks)表示：“我们认为通胀将继续比金融危机以来更高，但一旦许多与重新开放相关的压力开始消散，我们很难看到通胀率远高于2.5%。”贝莱德多资产策略集团。“因此债券收益率确实需要上升，但这将逐渐发生。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比当前水平高出约35个基点（即百分之几个百分点），但低于2021年3月收益率高点时达到的1.75%。该组织表示，到明年，10年期国债收益率可能达到2%。从绝对值来看，这些举措并不是很大，但对债券市场来说意义重大，对股票来说可能更是如此。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会打压股票估值，原因有二。高收益债券提供了与股票的竞争，当以更高的利率贴现时，公司的未来收益在目前毫无价值。尽管如此，2%左右的10年期国债收益率仍不足以将股票估值降至新冠疫情爆发前的水平。即使收益率攀升，市场策略师认为标普500的市盈率仍远高于预期市盈率16倍的30年平均水平。去年秋天，该指数的远期市盈率突破23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要10年期国债收益率保持在2%的范围内，标普500的远期市盈率就应该能够在十几岁左右。除非收益率高得多或其他导致股市下跌的因素带来更大压力，否则不可能回到16倍的长期平均水平。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>表示，如果收益率飙升超过2%或2.25%，投资者可能会开始更严重地质疑股票估值<a href=\"https://laohu8.com/S/STT\">国家</a>Street首席投资组合策略师Gaurav Mallik：“我们已经有一段时间没有看到（10年期国债收益率）超过2%了，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出，股市的估值风险是不对称的：“市盈率不太可能上升，考虑到增长放缓和我们所处的位置，市盈率很有可能下降10%以上。在周期中，”他说</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充道，如果预期市盈率为16至23倍，“你已经处于这个范围的很高端。潜在风险大于回报。”</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>所有六位策略师的预测都包含了一些市盈率倍数的压缩，这对利润增长的路径变得更加重要。平均而言，策略师预计，继去年的盈利低迷之后，标普500今年的盈利将增长46%，至204美元左右。随后，2022年可能会上涨9%，达到约222.50美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是2022年联邦企业税率上升。民主党支出和税收计划的细节将在未来几周内制定出来，投资者可以期待听到更多有关潜在增税的消息。几位策略师认为，25%的联邦企业利润税率可能是一个妥协数字，高于2018年以来实施的21%，但低于拜登政府寻求的28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约5%。随着今年秋天民主党和解法案的通过，该指数可能会下跌类似的幅度，但影响应该仅限于最初的调整。与2017年12月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>——一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>抛开这些担忧不谈，投资者不应错过更大的图景：美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。Mallik表示：“周期性上涨和高于趋势的增长将至少持续到2022年，我们希望偏向于具有这种风险的资产。”</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将会火爆。当GDP增长高于平均水平时，价值会战胜增长，周期性会战胜防御性。”—Lori Calvasina，加拿大皇家银行资本市场道富策略师建议在投资组合中增持材料、金融和科技股。这种方法既包括银行和矿业公司等对经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)同样采取杠铃法，同时投资周期性和成长性。她最喜欢的行业是能源、金融和技术。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>卡尔瓦西纳表示：“金融和能源行业的估值仍然比增长行业（科技或非必需消费品等行业）更具吸引力。”“近期的催化剂是摆脱当前的新冠疫情浪潮……今年和明年我们将迎来经济火爆，传统上，当GDP增长高于平均水平时，价值会跑赢增长，周期性会跑赢防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是关键，尤其是进入2022年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>卡尔瓦西纳表示：“历史上的剧本是，走出衰退后，你往往会看到持续一年左右的低质量优异表现，然后领导力又会恢复到高质量。”“但从低质量回到高质量的转变往往非常坎坷。”</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师青睐对经济敏感的股票和稳定增长的股票（包括科技股）的组合。金融股应该会表现良好，特别是如果债券收益率上升的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管今年夏天具有质量属性的股票表现优于大盘，但根据一家<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析，自去年11月首次报道疫苗正面消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>贝莱德的弗雷德里克斯表示：“我们正在进入周期中期环境，基本经济增长仍然强劲，但势头开始减速。”“我们的研究表明，优质股票在这样的时期表现尤其出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融，包括银行，以及具有这些质量特征的消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>股票策略主管克里斯托弗·哈维(Christopher Harvey)表示，大流行后受益者和防御性敞口的结合才是正确的选择。他构建了一篮子波动性低于平均水平的股票——在今年秋季市场不确定性或压力时期，这些股票应该会跑赢大盘——并且“新冠贝塔值”较高，即对有关大流行的好消息或坏消息的敏感性。一个要求；富国银行的股票分析师必须将这些股票评级为“买入”。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>哈维表示：“近期经济存在不确定性、利率不确定性和新冠病毒风险，一般来说，我们正处于9月份左右的季节性疲软时期。”“如果我们能够平衡低波动性和高新贝塔值，我们就可以减轻其中几种催化剂时机即将到来的不确定性和波动性。不过，从长远来看，我们仍然希望[重新开放风险。]”</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的具有高新贝塔值的低波动性股票名单包括苹果(AAPL)、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">IQVIA</a>控股公司（IQV）和马斯科公司（MAS）。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。Invesco KBW银行交易所交易基金(KBWB)提供对美国该行业的广泛投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“我们喜欢估值和信用质量；他们现在被允许回购股票并增加股息，而且新冠贝塔值更高，”哈维说。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>较低的估值意味着市场调整中潜在的下行空间较小。而且，与股市的其他大部分地区相反，更高的利率将成为银行的顺风车，银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。”<a href=\"https://laohu8.com/S/HR\">医疗保健</a>具有防御性和成长性，”威尔逊说。“如今，医疗保健行业每单位增长支付的费用比其他行业低得多。因此，我们认为，当我们担心估值时，它为这个市场提供了良好的平衡。”健康保险公司Humana(HUM)跻身威尔逊“新鲜资金买入名单”股票买入评级<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen的Malik还将目光投向医疗保健领域，以获得相对低估的增长机会，即制药和生物技术领域。她指出了Seagen(SGEN)，该公司专注于肿瘤药物，可能成为制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维(ABBV)，该公司的预期市盈率为8倍，股息收益率为4.7%。其重磅抗炎药修美乐(Humira)的专利即将到期，这让一些投资者望而却步，但马利克相信管理层能够限制损失，并看到这家价值2000亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都过得很艰难。Seagen上周跌超8%，报152美元左右，因有消息称其联合创始人兼首席执行官近期大量抛售股票。在美国食品和药物管理局要求为JAK抑制剂贴上新的警告标签后，ABBVIE周三上涨7%，至112.27美元。JAK抑制剂是一种抗类风湿药物，其中包括一种<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生(JNJ)和思科系统(CSCO)是其他通过A的标普500成员<i>巴伦周刊</i>筛选质量属性。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳定上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点下跌，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>","source":"lsy1610680873436","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>Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-07 17:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊！在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔500股票指数已上涨20%，连续七个月上涨，并创下50多个高点。除此之外，去年市场从2020年3月的低点反弹了68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨。刺激支出已经见顶，经济和企业盈利增长可能会在今年年底放缓。此外，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。这些都不会让股价越来越贵的持有者满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，要做好迎接波动性下跌的准备，这种冲突迫使巴菲特股票、债券和投资者。Nuveen全球股票首席投资官Saira Malik表示：“一切反弹都已经过去。”“这不会是一场急剧上升的经济浪潮，将所有船只从这里抬起。”</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识<i>巴伦周刊</i>最近咨询过。所有人都认为标普500将在周四收盘价4536点附近结束今年。他们的平均目标是：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>相对于最近的趋势，明年的涨幅看起来也很微弱。该集团预计2022年标普500将再增加6%，升至约4800。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的21倍，债券收益率很低，考虑通货膨胀后现金收益率低于零，投资者面临着艰难的资产配置决策。我们的市场观察人士建议关注“优质”投资，而不是提振快速增长的科技股、无增长的模因股和数字世界的狗狗币的“一切反弹”。在股票方面，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业的股票。即使未来几个月平均指数表现不大，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅上涨是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免新冠疫情造成的经济损失。自2020年3月以来，美联储每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并推动投资者进入包括股票在内的风险较高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买，此举可能会扰乱各类风险资产。摩根士丹利(Morgan Stanley)首席投资官兼首席美国股票策略师威尔逊(Mike Wilson)表示：“对我们来说，缩减规模很简单：缩减规模就是紧缩。这是（美联储）距离最大限度宽松政策迈出的第一步。他们这次对此非常谨慎，但底线是，这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>策略师指出，政府的刺激支出也已见顶。每周300美元的补充联邦失业救济金将于9月6日到期。尽管国会似乎有可能在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激措施相比，近期的经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约5500亿美元的新支出——只是之前法律授权的数万亿美元的一小部分——并且将分散在许多年内。基础设施刺激措施将给消费者支出带来的短期提振，占美国国内生产总值增长的近70%，但不会接近去年数百万美国人收到政府支票后的经济增长。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>仅由民主党批准的预算法案应该遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施以及其他政党优先事项的支出。国会可能会投票提高企业和高收入个人的税收，以抵消这些支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他带有政治色彩的问题同样可能会让股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计的支出法案来避免<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>10月停工。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对Covid-19德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要限于旅游业和电影院。华尔街对市场的基本假设不包括会破坏经济增长的新一波封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通胀一直是美联储和投资者的热门话题，部分原因是通胀最近非常火爆。6月和7月，美国消费者价格指数年化涨幅为5.4%，这是美联储评级暂时性的飙升，尽管其他人不太确定。策略师们站在鲍威尔一边。他们预计明年通胀将大幅下降。他们的预测在2.5%至3.5%之间，他们认为这对消费者和公司来说是可控的，也是经济快速增长的可接受的副作用。然而，通胀率高于2.5%，加上美联储缩减规模，意味着目前超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>收益投资主管迈克尔·弗雷德里克斯(Michael Fredericks)表示：“我们认为通胀将继续比金融危机以来更高，但一旦许多与重新开放相关的压力开始消散，我们很难看到通胀率远高于2.5%。”贝莱德多资产策略集团。“因此债券收益率确实需要上升，但这将逐渐发生。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比当前水平高出约35个基点（即百分之几个百分点），但低于2021年3月收益率高点时达到的1.75%。该组织表示，到明年，10年期国债收益率可能达到2%。从绝对值来看，这些举措并不是很大，但对债券市场来说意义重大，对股票来说可能更是如此。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会打压股票估值，原因有二。高收益债券提供了与股票的竞争，当以更高的利率贴现时，公司的未来收益在目前毫无价值。尽管如此，2%左右的10年期国债收益率仍不足以将股票估值降至新冠疫情爆发前的水平。即使收益率攀升，市场策略师认为标普500的市盈率仍远高于预期市盈率16倍的30年平均水平。去年秋天，该指数的远期市盈率突破23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要10年期国债收益率保持在2%的范围内，标普500的远期市盈率就应该能够在十几岁左右。除非收益率高得多或其他导致股市下跌的因素带来更大压力，否则不可能回到16倍的长期平均水平。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>表示，如果收益率飙升超过2%或2.25%，投资者可能会开始更严重地质疑股票估值<a href=\"https://laohu8.com/S/STT\">国家</a>Street首席投资组合策略师Gaurav Mallik：“我们已经有一段时间没有看到（10年期国债收益率）超过2%了，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出，股市的估值风险是不对称的：“市盈率不太可能上升，考虑到增长放缓和我们所处的位置，市盈率很有可能下降10%以上。在周期中，”他说</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充道，如果预期市盈率为16至23倍，“你已经处于这个范围的很高端。潜在风险大于回报。”</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>所有六位策略师的预测都包含了一些市盈率倍数的压缩，这对利润增长的路径变得更加重要。平均而言，策略师预计，继去年的盈利低迷之后，标普500今年的盈利将增长46%，至204美元左右。随后，2022年可能会上涨9%，达到约222.50美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是2022年联邦企业税率上升。民主党支出和税收计划的细节将在未来几周内制定出来，投资者可以期待听到更多有关潜在增税的消息。几位策略师认为，25%的联邦企业利润税率可能是一个妥协数字，高于2018年以来实施的21%，但低于拜登政府寻求的28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约5%。随着今年秋天民主党和解法案的通过，该指数可能会下跌类似的幅度，但影响应该仅限于最初的调整。与2017年12月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>——一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>抛开这些担忧不谈，投资者不应错过更大的图景：美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。Mallik表示：“周期性上涨和高于趋势的增长将至少持续到2022年，我们希望偏向于具有这种风险的资产。”</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将会火爆。当GDP增长高于平均水平时，价值会战胜增长，周期性会战胜防御性。”—Lori Calvasina，加拿大皇家银行资本市场道富策略师建议在投资组合中增持材料、金融和科技股。这种方法既包括银行和矿业公司等对经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)同样采取杠铃法，同时投资周期性和成长性。她最喜欢的行业是能源、金融和技术。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>卡尔瓦西纳表示：“金融和能源行业的估值仍然比增长行业（科技或非必需消费品等行业）更具吸引力。”“近期的催化剂是摆脱当前的新冠疫情浪潮……今年和明年我们将迎来经济火爆，传统上，当GDP增长高于平均水平时，价值会跑赢增长，周期性会跑赢防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是关键，尤其是进入2022年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>卡尔瓦西纳表示：“历史上的剧本是，走出衰退后，你往往会看到持续一年左右的低质量优异表现，然后领导力又会恢复到高质量。”“但从低质量回到高质量的转变往往非常坎坷。”</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师青睐对经济敏感的股票和稳定增长的股票（包括科技股）的组合。金融股应该会表现良好，特别是如果债券收益率上升的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管今年夏天具有质量属性的股票表现优于大盘，但根据一家<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析，自去年11月首次报道疫苗正面消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>贝莱德的弗雷德里克斯表示：“我们正在进入周期中期环境，基本经济增长仍然强劲，但势头开始减速。”“我们的研究表明，优质股票在这样的时期表现尤其出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融，包括银行，以及具有这些质量特征的消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>股票策略主管克里斯托弗·哈维(Christopher Harvey)表示，大流行后受益者和防御性敞口的结合才是正确的选择。他构建了一篮子波动性低于平均水平的股票——在今年秋季市场不确定性或压力时期，这些股票应该会跑赢大盘——并且“新冠贝塔值”较高，即对有关大流行的好消息或坏消息的敏感性。一个要求；富国银行的股票分析师必须将这些股票评级为“买入”。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>哈维表示：“近期经济存在不确定性、利率不确定性和新冠病毒风险，一般来说，我们正处于9月份左右的季节性疲软时期。”“如果我们能够平衡低波动性和高新贝塔值，我们就可以减轻其中几种催化剂时机即将到来的不确定性和波动性。不过，从长远来看，我们仍然希望[重新开放风险。]”</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的具有高新贝塔值的低波动性股票名单包括苹果(AAPL)、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">IQVIA</a>控股公司（IQV）和马斯科公司（MAS）。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。Invesco KBW银行交易所交易基金(KBWB)提供对美国该行业的广泛投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“我们喜欢估值和信用质量；他们现在被允许回购股票并增加股息，而且新冠贝塔值更高，”哈维说。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>较低的估值意味着市场调整中潜在的下行空间较小。而且，与股市的其他大部分地区相反，更高的利率将成为银行的顺风车，银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。”<a href=\"https://laohu8.com/S/HR\">医疗保健</a>具有防御性和成长性，”威尔逊说。“如今，医疗保健行业每单位增长支付的费用比其他行业低得多。因此，我们认为，当我们担心估值时，它为这个市场提供了良好的平衡。”健康保险公司Humana(HUM)跻身威尔逊“新鲜资金买入名单”股票买入评级<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen的Malik还将目光投向医疗保健领域，以获得相对低估的增长机会，即制药和生物技术领域。她指出了Seagen(SGEN)，该公司专注于肿瘤药物，可能成为制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维(ABBV)，该公司的预期市盈率为8倍，股息收益率为4.7%。其重磅抗炎药修美乐(Humira)的专利即将到期，这让一些投资者望而却步，但马利克相信管理层能够限制损失，并看到这家价值2000亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都过得很艰难。Seagen上周跌超8%，报152美元左右，因有消息称其联合创始人兼首席执行官近期大量抛售股票。在美国食品和药物管理局要求为JAK抑制剂贴上新的警告标签后，ABBVIE周三上涨7%，至112.27美元。JAK抑制剂是一种抗类风湿药物，其中包括一种<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生(JNJ)和思科系统(CSCO)是其他通过A的标普500成员<i>巴伦周刊</i>筛选质量属性。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳定上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点下跌，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130130857","content_text":"What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.\nTailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.\nIn other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”\nThat’s the general consensus among the six market strategists and chief investment officers whomBarron’srecently consulted. All see the S&P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.\nNext year’s gains look muted, as well, relative to recent trends. The group expects the S&P 500 to tack on another 6% in 2022, rising to about 4800.\nWith stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.\nThe stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.\nFed Chairman Jerome Powell has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”\nThe government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.\nThe bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.\nA budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.\nOther politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a Washington shutdown in October.\nFor now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.\nInflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.\n“We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”\nThe strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for the bond market—and could be even more so for stocks.\nRising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.\n\nAs long as 10-year Treasury yields stay in the 2% range, the S&P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.\nIf yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says State Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”\n\nWilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says\nIf 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”\nSome P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.\nA potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.\nAn increase of that magnitude would shave about 5% off S&P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a one-time event for the market, some strategists predict.\nThese concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.\n\n “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets\n\nThe State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.\nRBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.\n“Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”\nBut the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.\n“The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”\nA Shopping List for Fall\nMost strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.\n\nAlthough stocks with quality attributes have outperformed the market this summer, according to a BlackRock analysis, the quality factor has lagged since positive vaccine news was first reported last November.\n“We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”\nHe recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.\nFor Wells Fargo’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.\n“There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”\nHarvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),Bank of America(BAC),Northern Trust(NTRS),Lowe’s(LOW),IQVIA Holdings(IQV), andMasco(MAS).\nOverall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.\n“We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.\nCheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.\nHealthcare stocks also have some fans. “Healthcare has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by Morgan Stanley analysts and fitting his macro views.\nNuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.\nMalik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.\nBoth stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of AbbVie’s most promising post-Humira products.\nPfizer(PFE),American Express(AXP),Johnson & Johnson(JNJ), andCisco Systems(CSCO) are other S&P 500 members that pass aBarron’sscreen for quality attributes.\nAfter a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. Just be more selective. And go with quality.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815961317,"gmtCreate":1630636280439,"gmtModify":1631893307263,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Bring them all up!&nbsp;","listText":"Bring them all up!&nbsp;","text":"Bring them all up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815961317","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836195513,"gmtCreate":1629462690632,"gmtModify":1631893307268,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"What a rollercoaster q3!","listText":"What a rollercoaster q3!","text":"What a rollercoaster q3!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836195513","repostId":"1180862486","repostType":4,"repost":{"id":"1180862486","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629460028,"share":"https://www.laohu8.com/m/news/1180862486?lang=zh_CN&edition=full","pubTime":"2021-08-20 19:47","market":"us","language":"en","title":"Toplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180862486","media":"Tiger Newspress","summary":"(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and t","content":"<p>(Aug 20)&nbsp;U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&amp;P 500 on course for their worst week since mid-June.</p><p><blockquote>（8月20日）美国。股指期货周五下跌，因对经济复苏放缓和可能缩减货币刺激的担忧损害了与经济相关的板块，并使道指和标普500走上了自6月中旬以来最糟糕的一周。</blockquote></p><p> At 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&amp;P 500 E-minis were down&nbsp;16.5 points, or 0.37% and Nasdaq 100 E-minis were&nbsp;down&nbsp;24 points, or 0.16%.</p><p><blockquote>截至美国东部时间上午07:52，道琼斯指数下跌139点，跌幅0.40%，标普500指数下跌16.5点，跌幅0.37%，纳斯达克100指数下跌24点，跌幅0.16%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1746670a754aa5714712ad089963b51\" tg-width=\"1242\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> 1)&nbsp;<a href=\"https://laohu8.com/S/DE\">John Deere</a> – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.</p><p><blockquote>1) <a href=\"https://laohu8.com/S/DE\">约翰·Deere</a>-这家重型设备制造商公布的季度收益为每股5.32美元，而市场普遍预期为4.58美元，其收入也超出了预期。Deere在盘前交易中上涨1.1%，由于农业设备需求强劲，该公司还上调了全年盈利预期。</blockquote></p><p> 2)&nbsp;<a href=\"https://laohu8.com/S/FL\">Foot Locker</a>&nbsp;– Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.</p><p><blockquote>2) <a href=\"https://laohu8.com/S/FL\">脚锁</a>-运动鞋和服装制造商Foot Locker公布好于预期的第二季度业绩后，该公司股价在盘前飙升6.2%。Foot Locker调整后每股收益为2.21美元，市场普遍预期为1.01美元，可比商店销售额增长6.9%。分析师此前预计公司销售额将略有下降。</blockquote></p><p> 3)&nbsp;<a href=\"https://laohu8.com/S/BKE\">Buckle</a> – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.</p><p><blockquote>3) <a href=\"https://laohu8.com/S/BKE\">扣</a>-这家时尚配饰零售商超出预期18美分，季度收益为每股1.04美元，收入高于预期，因为该公司受益于更多的面对面购物。该股在盘前交易中上涨4.6%。</blockquote></p><p> 4)&nbsp;<a href=\"https://laohu8.com/S/SPOT\">Spotify Technology S.A.</a> – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.</p><p><blockquote>4) <a href=\"https://laohu8.com/S/SPOT\">Spotify技术有限公司。</a>–这家音乐流媒体服务公司宣布其董事会批准了10亿美元的股票回购。首席财务官Paul Vogel表示，此举表明了公司对其业务和长期增长机会的信心。Spotify盘前上涨1.1%。</blockquote></p><p> 5)&nbsp;<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.</p><p><blockquote>5) <a href=\"https://laohu8.com/S/AMAT\">应用材料</a>-这家半导体制造设备制造商超出预期13美分，调整后季度利润为每股1.90美元，收入也超出分析师预测。它还给出了好于预期的前景，但应用材料公司股价在盘前交易中下跌1.3%。</blockquote></p><p> 6)&nbsp;<a href=\"https://laohu8.com/S/ROST\">Ross</a> – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.</p><p><blockquote>6) <a href=\"https://laohu8.com/S/ROST\">罗斯</a>-这家折扣零售商报告季度利润为每股1.39美元，超出市场普遍预期的98美分，收入也好于预期。然而，其本季度和全年盈利前景低于分析师预测，该股在盘前下跌4%。</blockquote></p><p> 7)&nbsp;<a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a> – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.</p><p><blockquote>7) <a href=\"https://laohu8.com/S/JNJ\">强生公司</a>–首席执行官Alex Gorsky于1月3日宣布计划辞职，由公司资深人士Joaquin Duato接任，Gorsky担任执行董事长。</blockquote></p><p> 8)&nbsp;<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a> – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.</p><p><blockquote>8) <a href=\"https://laohu8.com/S/RIDE\">洛兹敦汽车公司。</a>–这家电动汽车制造商的股价在盘前上涨2.1%，收复了周四9.5%跌幅的一小部分，该跌幅导致该股跌至上市以来的最低水平。这发生在仅持续10分钟的年度股东大会之后。</blockquote></p><p> 9)&nbsp;<a href=\"https://laohu8.com/S/ADBE\">Adobe</a> – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.</p><p><blockquote>9) <a href=\"https://laohu8.com/S/ADBE\">土坯</a>–该软件制造商宣布以12.75亿美元现金收购基于云的视频协作平台Frame.io的交易。此次收购将用于扩展Adobe Create Cloud软件套件的功能。</blockquote></p><p> 10)&nbsp;<a href=\"https://laohu8.com/S/WOOF\">Petco Health and Wellness Company, Inc.</a> – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.</p><p><blockquote>10) <a href=\"https://laohu8.com/S/WOOF\">Petco健康和保健公司。</a>–Petco盘前上涨2.1%，周四上涨3.6%，瑞士信贷将这家宠物产品零售商的股票评级从“中性”上调至“跑赢大盘”。瑞士信贷表示，在Petco发布乐观的财报后，该公司对该公司的业务前景更加乐观。</blockquote></p><p> 11)&nbsp;<a href=\"https://laohu8.com/S/MOS\">Mosaic</a> – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.</p><p><blockquote>11) <a href=\"https://laohu8.com/S/MOS\">马赛克</a>-基于化肥价格上涨的预期收益，汇丰银行将该化肥生产商的评级从“持有”上调至“买入”。</blockquote></p><p></p><p> <b>In FX,</b>the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.</p><p><blockquote><b>在FX中，</b>由于风险基调仍然倾向于谨慎/避险，该指数在FOMC会议后继续上涨。隔夜，由于欧洲情绪在早盘交易中受到影响，DXY在93.500点触底，然后最多升至93.684点。从技术角度来看，该指数关注93.900关口附近的阻力位——该关口在2020年第三季度和第四季度多次充当上限。在此之上，突破94.000心理关口可能会为94.300（2020年11月4日高点）、94.500附近的阻力打开大门，随后是94.650和94.807的100和200 WMA——尽管这些还有一段路要走。下行方面，昨日低点为93.214，心理低点为93.000，而21日均线(92.674)和50日均线(92.377)位于下方。未来，国家日历将是空的，但价格走势可能会由风险基调决定。顺便说一句，美联储主席鲍威尔将于8月27日英国夏令时15:00/美国东部时间10:00在杰克逊霍尔研讨会上就经济前景发表讲话。</blockquote></p><p> <b>In commodities,</b>WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.</p><p><blockquote><b>在大宗商品中，</b>由于对COVID的持续担忧以及市场的谨慎基调，WTI和布伦特原油近月期货再次走软。在前者方面，隔夜交易中，新西兰全国范围内的封锁延长，澳大利亚悉尼的限制延长至9月底。除此之外，该综合体和整个市场的消息一直很平静——在缺乏催化剂的情况下，情绪和达美航空的困境可能会优先。WTI原油价格回到63美元/桶（相对于64.04美元/桶的高点），布伦特原油价格回到66美元/桶（相对于66.93美元/桶的高点）。在其他地方，现货黄金和白银各不相同，但在更大的范围内分别保持在1775美元/盎司以上和23美元/盎司以上。与此同时，基本金属从昨日的剧烈抛售中温和反弹，但基准LME铜在找到上限后仍低于9000/吨。</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>Toplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-20 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 20)&nbsp;U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&amp;P 500 on course for their worst week since mid-June.</p><p><blockquote>（8月20日）美国。股指期货周五下跌，因对经济复苏放缓和可能缩减货币刺激的担忧损害了与经济相关的板块，并使道指和标普500走上了自6月中旬以来最糟糕的一周。</blockquote></p><p> At 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&amp;P 500 E-minis were down&nbsp;16.5 points, or 0.37% and Nasdaq 100 E-minis were&nbsp;down&nbsp;24 points, or 0.16%.</p><p><blockquote>截至美国东部时间上午07:52，道琼斯指数下跌139点，跌幅0.40%，标普500指数下跌16.5点，跌幅0.37%，纳斯达克100指数下跌24点，跌幅0.16%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1746670a754aa5714712ad089963b51\" tg-width=\"1242\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> 1)&nbsp;<a href=\"https://laohu8.com/S/DE\">John Deere</a> – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.</p><p><blockquote>1) <a href=\"https://laohu8.com/S/DE\">约翰·Deere</a>-这家重型设备制造商公布的季度收益为每股5.32美元，而市场普遍预期为4.58美元，其收入也超出了预期。Deere在盘前交易中上涨1.1%，由于农业设备需求强劲，该公司还上调了全年盈利预期。</blockquote></p><p> 2)&nbsp;<a href=\"https://laohu8.com/S/FL\">Foot Locker</a>&nbsp;– Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.</p><p><blockquote>2) <a href=\"https://laohu8.com/S/FL\">脚锁</a>-运动鞋和服装制造商Foot Locker公布好于预期的第二季度业绩后，该公司股价在盘前飙升6.2%。Foot Locker调整后每股收益为2.21美元，市场普遍预期为1.01美元，可比商店销售额增长6.9%。分析师此前预计公司销售额将略有下降。</blockquote></p><p> 3)&nbsp;<a href=\"https://laohu8.com/S/BKE\">Buckle</a> – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.</p><p><blockquote>3) <a href=\"https://laohu8.com/S/BKE\">扣</a>-这家时尚配饰零售商超出预期18美分，季度收益为每股1.04美元，收入高于预期，因为该公司受益于更多的面对面购物。该股在盘前交易中上涨4.6%。</blockquote></p><p> 4)&nbsp;<a href=\"https://laohu8.com/S/SPOT\">Spotify Technology S.A.</a> – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.</p><p><blockquote>4) <a href=\"https://laohu8.com/S/SPOT\">Spotify技术有限公司。</a>–这家音乐流媒体服务公司宣布其董事会批准了10亿美元的股票回购。首席财务官Paul Vogel表示，此举表明了公司对其业务和长期增长机会的信心。Spotify盘前上涨1.1%。</blockquote></p><p> 5)&nbsp;<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.</p><p><blockquote>5) <a href=\"https://laohu8.com/S/AMAT\">应用材料</a>-这家半导体制造设备制造商超出预期13美分，调整后季度利润为每股1.90美元，收入也超出分析师预测。它还给出了好于预期的前景，但应用材料公司股价在盘前交易中下跌1.3%。</blockquote></p><p> 6)&nbsp;<a href=\"https://laohu8.com/S/ROST\">Ross</a> – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.</p><p><blockquote>6) <a href=\"https://laohu8.com/S/ROST\">罗斯</a>-这家折扣零售商报告季度利润为每股1.39美元，超出市场普遍预期的98美分，收入也好于预期。然而，其本季度和全年盈利前景低于分析师预测，该股在盘前下跌4%。</blockquote></p><p> 7)&nbsp;<a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a> – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.</p><p><blockquote>7) <a href=\"https://laohu8.com/S/JNJ\">强生公司</a>–首席执行官Alex Gorsky于1月3日宣布计划辞职，由公司资深人士Joaquin Duato接任，Gorsky担任执行董事长。</blockquote></p><p> 8)&nbsp;<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a> – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.</p><p><blockquote>8) <a href=\"https://laohu8.com/S/RIDE\">洛兹敦汽车公司。</a>–这家电动汽车制造商的股价在盘前上涨2.1%，收复了周四9.5%跌幅的一小部分，该跌幅导致该股跌至上市以来的最低水平。这发生在仅持续10分钟的年度股东大会之后。</blockquote></p><p> 9)&nbsp;<a href=\"https://laohu8.com/S/ADBE\">Adobe</a> – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.</p><p><blockquote>9) <a href=\"https://laohu8.com/S/ADBE\">土坯</a>–该软件制造商宣布以12.75亿美元现金收购基于云的视频协作平台Frame.io的交易。此次收购将用于扩展Adobe Create Cloud软件套件的功能。</blockquote></p><p> 10)&nbsp;<a href=\"https://laohu8.com/S/WOOF\">Petco Health and Wellness Company, Inc.</a> – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.</p><p><blockquote>10) <a href=\"https://laohu8.com/S/WOOF\">Petco健康和保健公司。</a>–Petco盘前上涨2.1%，周四上涨3.6%，瑞士信贷将这家宠物产品零售商的股票评级从“中性”上调至“跑赢大盘”。瑞士信贷表示，在Petco发布乐观的财报后，该公司对该公司的业务前景更加乐观。</blockquote></p><p> 11)&nbsp;<a href=\"https://laohu8.com/S/MOS\">Mosaic</a> – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.</p><p><blockquote>11) <a href=\"https://laohu8.com/S/MOS\">马赛克</a>-基于化肥价格上涨的预期收益，汇丰银行将该化肥生产商的评级从“持有”上调至“买入”。</blockquote></p><p></p><p> <b>In FX,</b>the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.</p><p><blockquote><b>在FX中，</b>由于风险基调仍然倾向于谨慎/避险，该指数在FOMC会议后继续上涨。隔夜，由于欧洲情绪在早盘交易中受到影响，DXY在93.500点触底，然后最多升至93.684点。从技术角度来看，该指数关注93.900关口附近的阻力位——该关口在2020年第三季度和第四季度多次充当上限。在此之上，突破94.000心理关口可能会为94.300（2020年11月4日高点）、94.500附近的阻力打开大门，随后是94.650和94.807的100和200 WMA——尽管这些还有一段路要走。下行方面，昨日低点为93.214，心理低点为93.000，而21日均线(92.674)和50日均线(92.377)位于下方。未来，国家日历将是空的，但价格走势可能会由风险基调决定。顺便说一句，美联储主席鲍威尔将于8月27日英国夏令时15:00/美国东部时间10:00在杰克逊霍尔研讨会上就经济前景发表讲话。</blockquote></p><p> <b>In commodities,</b>WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.</p><p><blockquote><b>在大宗商品中，</b>由于对COVID的持续担忧以及市场的谨慎基调，WTI和布伦特原油近月期货再次走软。在前者方面，隔夜交易中，新西兰全国范围内的封锁延长，澳大利亚悉尼的限制延长至9月底。除此之外，该综合体和整个市场的消息一直很平静——在缺乏催化剂的情况下，情绪和达美航空的困境可能会优先。WTI原油价格回到63美元/桶（相对于64.04美元/桶的高点），布伦特原油价格回到66美元/桶（相对于66.93美元/桶的高点）。在其他地方，现货黄金和白银各不相同，但在更大的范围内分别保持在1775美元/盎司以上和23美元/盎司以上。与此同时，基本金属从昨日的剧烈抛售中温和反弹，但基准LME铜在找到上限后仍低于9000/吨。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180862486","content_text":"(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&P 500 on course for their worst week since mid-June.\nAt 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&P 500 E-minis were down 16.5 points, or 0.37% and Nasdaq 100 E-minis were down 24 points, or 0.16%.\n\nStocks making the biggest moves premarket:\n1) John Deere – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.\n2) Foot Locker – Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.\n3) Buckle – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.\n4) Spotify Technology S.A. – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.\n5) Applied Materials – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.\n6) Ross – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.\n7) Johnson & Johnson – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.\n8) Lordstown Motors Corp. – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.\n9) Adobe – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.\n10) Petco Health and Wellness Company, Inc. – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.\n11) Mosaic – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.\nIn FX,the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.\nIn commodities,WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830992498,"gmtCreate":1628998217414,"gmtModify":1631893307277,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830992498","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</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\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPWK":"Upwork Inc.","TREX":"Trex Co Inc","AMRS":"阿米瑞斯","STAA":"STAAR Surgical Company","AMED":"阿米斯医疗","SFIX":"Stitch Fix Inc.","BAH":"博思艾伦咨询公司","JBHT":"JB Hunt运输服务","VAC":"万豪度假环球","SITE":"SiteOne Landscape Supply, Inc."},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"UPWK":0.9,"VAC":0.9,"SFIX":0.9,"AMED":0.9,"AMRS":0.9,"TREX":0.9,"BAH":0.9,"SITE":0.9,"JBHT":0.9,"STAA":0.9}},"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":823402043,"gmtCreate":1633652371765,"gmtModify":1633657965247,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"May it shoot faster","listText":"May it shoot faster","text":"May it shoot faster","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823402043","repostId":"1163018074","repostType":4,"isVote":1,"tweetType":1,"viewCount":1732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815961317,"gmtCreate":1630636280439,"gmtModify":1631893307263,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Bring them all up!&nbsp;","listText":"Bring them all up!&nbsp;","text":"Bring them all up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815961317","repostId":"2164829818","repostType":4,"isVote":1,"tweetType":1,"viewCount":997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":864932641,"gmtCreate":1633048081176,"gmtModify":1633048081320,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Whoa nice&nbsp;","listText":"Whoa nice&nbsp;","text":"Whoa nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/864932641","repostId":"1168677677","repostType":4,"isVote":1,"tweetType":1,"viewCount":2264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":881743161,"gmtCreate":1631409284653,"gmtModify":1631891429397,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"I would go for buy in as it is a long term holding game.&nbsp;","listText":"I would go for buy in as it is a long term holding game.&nbsp;","text":"I would go for buy in as it is a long term holding game.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881743161","repostId":"1101906502","repostType":4,"repost":{"id":"1101906502","kind":"news","pubTimestamp":1631407634,"share":"https://www.laohu8.com/m/news/1101906502?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:47","market":"us","language":"en","title":"Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101906502","media":"TheStreet","summary":"Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.Shares of Apple Report fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.On Sept. 14, the company will hold a virtual event to introduce the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.However, Apple remains in the news for other reas","content":"<p>Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.</p><p><blockquote>苹果股价周五承压，距离iPhone发布会只有几天了。以下是如何从这里交易股票。</blockquote></p><p> Shares of Apple&nbsp;Report&nbsp;fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.</p><p><blockquote>苹果报告股价周五下跌5.10美元，跌幅3.31%，收于148.97美元，因投资者消化近期消息并为下周的iPhone发布会做准备。</blockquote></p><p> On Sept. 14, the company will&nbsp;hold a virtual event to introduce&nbsp;the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.</p><p><blockquote>9月14日，该公司将举办一场虚拟活动来介绍这款新设备。被称为“加州流媒体”的苹果预计将推出其新的iPhone和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果仍然因为其他原因出现在新闻中。</blockquote></p><p> After hitting new highs earlier this week, the stock declined Friday after news of a court ruling&nbsp;in its case with Epic Games.</p><p><blockquote>在本周早些时候创下新高后，在法院对其与Epic Games的案件做出裁决的消息传出后，该股周五下跌。</blockquote></p><p> That’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock&nbsp;is “compelling” ahead of its upcoming event.</p><p><blockquote>与此同时，摩根士丹利著名分析师凯蒂·休伯蒂(Katy Huberty)发表了一份报告，她认为苹果股票在即将举行的活动之前“引人注目”。</blockquote></p><p> Like I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.</p><p><blockquote>就像我说的，投资者需要消化很多信息。让我们来看看图表是如何设置的。</blockquote></p><p> <b>Trading Apple Stock</b></p><p><blockquote><b>交易苹果股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94f6dcfc32af44a4ae542425f3c92f\" tg-width=\"700\" tg-height=\"429\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。</span></p></blockquote></p><p> Each time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.</p><p><blockquote>苹果今年每次公布财报，都会引发抛售。不幸的是，当该股处于或接近历史高点时，这些抛售就会发生。这些事件在图表上用蓝色箭头标记。</blockquote></p><p> It was even more frustrating that Apple&nbsp;blew out analysts’ expectations each time, yet the stock sold off anyway.</p><p><blockquote>更令人沮丧的是，苹果每次都超出分析师的预期，但该股仍遭到抛售。</blockquote></p><p> However, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.</p><p><blockquote>然而，在最新报告发布后，该股并没有大幅下跌，而是仅回落至145美元区域，接近之前的高点。它还持有21日均线作为支撑。</blockquote></p><p> The stock has since pushed up through $150 and earlier this week, hit new all-time highs.</p><p><blockquote>此后，该股已升至150美元，并于本周早些时候创下历史新高。</blockquote></p><p> For now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.</p><p><blockquote>目前，我们正在回落至关键的150美元区域和21日移动平均线。激进的多头可以在该公司周二的活动之前逢低买入。</blockquote></p><p> If we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.</p><p><blockquote>如果我们突破周五的低点，投资者可能会考虑停止交易，并在可能更大的跌幅跌至50日移动平均线或145美元区域时买入。</blockquote></p><p> Below $145 may put the $138 level and the 200-day moving average in play.</p><p><blockquote>低于145美元可能会影响138美元水平和200日移动平均线。</blockquote></p><p> Should Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.</p><p><blockquote>如果苹果股价上涨至157.26美元的历史高点，则161.8%的涨幅将升至160美元附近。高于该关口可能会出现172美元至175美元的区域，具体取决于投资者对该事件的反应。</blockquote></p><p> For what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.</p><p><blockquote>无论如何，9月份是苹果迄今为止表现最差的一个月，在过去11年中，该月份仅增长了3年。</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>Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在iPhone活动之前买入或卖出苹果股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-09-12 08:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.</p><p><blockquote>苹果股价周五承压，距离iPhone发布会只有几天了。以下是如何从这里交易股票。</blockquote></p><p> Shares of Apple&nbsp;Report&nbsp;fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.</p><p><blockquote>苹果报告股价周五下跌5.10美元，跌幅3.31%，收于148.97美元，因投资者消化近期消息并为下周的iPhone发布会做准备。</blockquote></p><p> On Sept. 14, the company will&nbsp;hold a virtual event to introduce&nbsp;the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.</p><p><blockquote>9月14日，该公司将举办一场虚拟活动来介绍这款新设备。被称为“加州流媒体”的苹果预计将推出其新的iPhone和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果仍然因为其他原因出现在新闻中。</blockquote></p><p> After hitting new highs earlier this week, the stock declined Friday after news of a court ruling&nbsp;in its case with Epic Games.</p><p><blockquote>在本周早些时候创下新高后，在法院对其与Epic Games的案件做出裁决的消息传出后，该股周五下跌。</blockquote></p><p> That’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock&nbsp;is “compelling” ahead of its upcoming event.</p><p><blockquote>与此同时，摩根士丹利著名分析师凯蒂·休伯蒂(Katy Huberty)发表了一份报告，她认为苹果股票在即将举行的活动之前“引人注目”。</blockquote></p><p> Like I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.</p><p><blockquote>就像我说的，投资者需要消化很多信息。让我们来看看图表是如何设置的。</blockquote></p><p> <b>Trading Apple Stock</b></p><p><blockquote><b>交易苹果股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94f6dcfc32af44a4ae542425f3c92f\" tg-width=\"700\" tg-height=\"429\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。</span></p></blockquote></p><p> Each time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.</p><p><blockquote>苹果今年每次公布财报，都会引发抛售。不幸的是，当该股处于或接近历史高点时，这些抛售就会发生。这些事件在图表上用蓝色箭头标记。</blockquote></p><p> It was even more frustrating that Apple&nbsp;blew out analysts’ expectations each time, yet the stock sold off anyway.</p><p><blockquote>更令人沮丧的是，苹果每次都超出分析师的预期，但该股仍遭到抛售。</blockquote></p><p> However, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.</p><p><blockquote>然而，在最新报告发布后，该股并没有大幅下跌，而是仅回落至145美元区域，接近之前的高点。它还持有21日均线作为支撑。</blockquote></p><p> The stock has since pushed up through $150 and earlier this week, hit new all-time highs.</p><p><blockquote>此后，该股已升至150美元，并于本周早些时候创下历史新高。</blockquote></p><p> For now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.</p><p><blockquote>目前，我们正在回落至关键的150美元区域和21日移动平均线。激进的多头可以在该公司周二的活动之前逢低买入。</blockquote></p><p> If we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.</p><p><blockquote>如果我们突破周五的低点，投资者可能会考虑停止交易，并在可能更大的跌幅跌至50日移动平均线或145美元区域时买入。</blockquote></p><p> Below $145 may put the $138 level and the 200-day moving average in play.</p><p><blockquote>低于145美元可能会影响138美元水平和200日移动平均线。</blockquote></p><p> Should Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.</p><p><blockquote>如果苹果股价上涨至157.26美元的历史高点，则161.8%的涨幅将升至160美元附近。高于该关口可能会出现172美元至175美元的区域，具体取决于投资者对该事件的反应。</blockquote></p><p> For what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.</p><p><blockquote>无论如何，9月份是苹果迄今为止表现最差的一个月，在过去11年中，该月份仅增长了3年。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/trading-apple-aapl-stock-ahead-of-iphone13-event\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/investing/trading-apple-aapl-stock-ahead-of-iphone13-event","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101906502","content_text":"Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.\nShares of Apple Report fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.\nOn Sept. 14, the company will hold a virtual event to introduce the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.\nHowever, Apple remains in the news for other reasons, too.\nAfter hitting new highs earlier this week, the stock declined Friday after news of a court ruling in its case with Epic Games.\nThat’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock is “compelling” ahead of its upcoming event.\nLike I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.\nTrading Apple Stock\nDaily chart of Apple stock.\nEach time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.\nIt was even more frustrating that Apple blew out analysts’ expectations each time, yet the stock sold off anyway.\nHowever, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.\nThe stock has since pushed up through $150 and earlier this week, hit new all-time highs.\nFor now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.\nIf we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.\nBelow $145 may put the $138 level and the 200-day moving average in play.\nShould Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.\nFor what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886004498,"gmtCreate":1631535636514,"gmtModify":1631891429378,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Let it shooot","listText":"Let it shooot","text":"Let it shooot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886004498","repostId":"2167630550","repostType":4,"isVote":1,"tweetType":1,"viewCount":1925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881741375,"gmtCreate":1631409334197,"gmtModify":1631891429385,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881741375","repostId":"1105680980","repostType":4,"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880345046,"gmtCreate":1631022684085,"gmtModify":1631891429455,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"The same analogy as a weather forecast!&nbsp;","listText":"The same analogy as a weather forecast!&nbsp;","text":"The same analogy as a weather forecast!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880345046","repostId":"1130130857","repostType":4,"repost":{"id":"1130130857","kind":"news","pubTimestamp":1631007146,"share":"https://www.laohu8.com/m/news/1130130857?lang=zh_CN&edition=full","pubTime":"2021-09-07 17:32","market":"us","language":"en","title":"Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130130857","media":"Barron's","summary":"What a year this has been for the markets!Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and  a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnin","content":"<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊！在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔500股票指数已上涨20%，连续七个月上涨，并创下50多个高点。除此之外，去年市场从2020年3月的低点反弹了68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨。刺激支出已经见顶，经济和企业盈利增长可能会在今年年底放缓。此外，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。这些都不会让股价越来越贵的持有者满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，要做好迎接波动性下跌的准备，这种冲突迫使巴菲特股票、债券和投资者。Nuveen全球股票首席投资官Saira Malik表示：“一切反弹都已经过去。”“这不会是一场急剧上升的经济浪潮，将所有船只从这里抬起。”</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识<i>巴伦周刊</i>最近咨询过。所有人都认为标普500将在周四收盘价4536点附近结束今年。他们的平均目标是：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>相对于最近的趋势，明年的涨幅看起来也很微弱。该集团预计2022年标普500将再增加6%，升至约4800。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的21倍，债券收益率很低，考虑通货膨胀后现金收益率低于零，投资者面临着艰难的资产配置决策。我们的市场观察人士建议关注“优质”投资，而不是提振快速增长的科技股、无增长的模因股和数字世界的狗狗币的“一切反弹”。在股票方面，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业的股票。即使未来几个月平均指数表现不大，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅上涨是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免新冠疫情造成的经济损失。自2020年3月以来，美联储每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并推动投资者进入包括股票在内的风险较高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买，此举可能会扰乱各类风险资产。摩根士丹利(Morgan Stanley)首席投资官兼首席美国股票策略师威尔逊(Mike Wilson)表示：“对我们来说，缩减规模很简单：缩减规模就是紧缩。这是（美联储）距离最大限度宽松政策迈出的第一步。他们这次对此非常谨慎，但底线是，这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>策略师指出，政府的刺激支出也已见顶。每周300美元的补充联邦失业救济金将于9月6日到期。尽管国会似乎有可能在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激措施相比，近期的经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约5500亿美元的新支出——只是之前法律授权的数万亿美元的一小部分——并且将分散在许多年内。基础设施刺激措施将给消费者支出带来的短期提振，占美国国内生产总值增长的近70%，但不会接近去年数百万美国人收到政府支票后的经济增长。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>仅由民主党批准的预算法案应该遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施以及其他政党优先事项的支出。国会可能会投票提高企业和高收入个人的税收，以抵消这些支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他带有政治色彩的问题同样可能会让股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计的支出法案来避免<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>10月停工。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对Covid-19德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要限于旅游业和电影院。华尔街对市场的基本假设不包括会破坏经济增长的新一波封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通胀一直是美联储和投资者的热门话题，部分原因是通胀最近非常火爆。6月和7月，美国消费者价格指数年化涨幅为5.4%，这是美联储评级暂时性的飙升，尽管其他人不太确定。策略师们站在鲍威尔一边。他们预计明年通胀将大幅下降。他们的预测在2.5%至3.5%之间，他们认为这对消费者和公司来说是可控的，也是经济快速增长的可接受的副作用。然而，通胀率高于2.5%，加上美联储缩减规模，意味着目前超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>收益投资主管迈克尔·弗雷德里克斯(Michael Fredericks)表示：“我们认为通胀将继续比金融危机以来更高，但一旦许多与重新开放相关的压力开始消散，我们很难看到通胀率远高于2.5%。”贝莱德多资产策略集团。“因此债券收益率确实需要上升，但这将逐渐发生。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比当前水平高出约35个基点（即百分之几个百分点），但低于2021年3月收益率高点时达到的1.75%。该组织表示，到明年，10年期国债收益率可能达到2%。从绝对值来看，这些举措并不是很大，但对债券市场来说意义重大，对股票来说可能更是如此。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会打压股票估值，原因有二。高收益债券提供了与股票的竞争，当以更高的利率贴现时，公司的未来收益在目前毫无价值。尽管如此，2%左右的10年期国债收益率仍不足以将股票估值降至新冠疫情爆发前的水平。即使收益率攀升，市场策略师认为标普500的市盈率仍远高于预期市盈率16倍的30年平均水平。去年秋天，该指数的远期市盈率突破23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要10年期国债收益率保持在2%的范围内，标普500的远期市盈率就应该能够在十几岁左右。除非收益率高得多或其他导致股市下跌的因素带来更大压力，否则不可能回到16倍的长期平均水平。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>表示，如果收益率飙升超过2%或2.25%，投资者可能会开始更严重地质疑股票估值<a href=\"https://laohu8.com/S/STT\">国家</a>Street首席投资组合策略师Gaurav Mallik：“我们已经有一段时间没有看到（10年期国债收益率）超过2%了，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出，股市的估值风险是不对称的：“市盈率不太可能上升，考虑到增长放缓和我们所处的位置，市盈率很有可能下降10%以上。在周期中，”他说</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充道，如果预期市盈率为16至23倍，“你已经处于这个范围的很高端。潜在风险大于回报。”</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>所有六位策略师的预测都包含了一些市盈率倍数的压缩，这对利润增长的路径变得更加重要。平均而言，策略师预计，继去年的盈利低迷之后，标普500今年的盈利将增长46%，至204美元左右。随后，2022年可能会上涨9%，达到约222.50美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是2022年联邦企业税率上升。民主党支出和税收计划的细节将在未来几周内制定出来，投资者可以期待听到更多有关潜在增税的消息。几位策略师认为，25%的联邦企业利润税率可能是一个妥协数字，高于2018年以来实施的21%，但低于拜登政府寻求的28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约5%。随着今年秋天民主党和解法案的通过，该指数可能会下跌类似的幅度，但影响应该仅限于最初的调整。与2017年12月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>——一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>抛开这些担忧不谈，投资者不应错过更大的图景：美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。Mallik表示：“周期性上涨和高于趋势的增长将至少持续到2022年，我们希望偏向于具有这种风险的资产。”</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将会火爆。当GDP增长高于平均水平时，价值会战胜增长，周期性会战胜防御性。”—Lori Calvasina，加拿大皇家银行资本市场道富策略师建议在投资组合中增持材料、金融和科技股。这种方法既包括银行和矿业公司等对经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)同样采取杠铃法，同时投资周期性和成长性。她最喜欢的行业是能源、金融和技术。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>卡尔瓦西纳表示：“金融和能源行业的估值仍然比增长行业（科技或非必需消费品等行业）更具吸引力。”“近期的催化剂是摆脱当前的新冠疫情浪潮……今年和明年我们将迎来经济火爆，传统上，当GDP增长高于平均水平时，价值会跑赢增长，周期性会跑赢防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是关键，尤其是进入2022年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>卡尔瓦西纳表示：“历史上的剧本是，走出衰退后，你往往会看到持续一年左右的低质量优异表现，然后领导力又会恢复到高质量。”“但从低质量回到高质量的转变往往非常坎坷。”</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师青睐对经济敏感的股票和稳定增长的股票（包括科技股）的组合。金融股应该会表现良好，特别是如果债券收益率上升的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管今年夏天具有质量属性的股票表现优于大盘，但根据一家<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析，自去年11月首次报道疫苗正面消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>贝莱德的弗雷德里克斯表示：“我们正在进入周期中期环境，基本经济增长仍然强劲，但势头开始减速。”“我们的研究表明，优质股票在这样的时期表现尤其出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融，包括银行，以及具有这些质量特征的消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>股票策略主管克里斯托弗·哈维(Christopher Harvey)表示，大流行后受益者和防御性敞口的结合才是正确的选择。他构建了一篮子波动性低于平均水平的股票——在今年秋季市场不确定性或压力时期，这些股票应该会跑赢大盘——并且“新冠贝塔值”较高，即对有关大流行的好消息或坏消息的敏感性。一个要求；富国银行的股票分析师必须将这些股票评级为“买入”。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>哈维表示：“近期经济存在不确定性、利率不确定性和新冠病毒风险，一般来说，我们正处于9月份左右的季节性疲软时期。”“如果我们能够平衡低波动性和高新贝塔值，我们就可以减轻其中几种催化剂时机即将到来的不确定性和波动性。不过，从长远来看，我们仍然希望[重新开放风险。]”</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的具有高新贝塔值的低波动性股票名单包括苹果(AAPL)、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">IQVIA</a>控股公司（IQV）和马斯科公司（MAS）。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。Invesco KBW银行交易所交易基金(KBWB)提供对美国该行业的广泛投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“我们喜欢估值和信用质量；他们现在被允许回购股票并增加股息，而且新冠贝塔值更高，”哈维说。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>较低的估值意味着市场调整中潜在的下行空间较小。而且，与股市的其他大部分地区相反，更高的利率将成为银行的顺风车，银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。”<a href=\"https://laohu8.com/S/HR\">医疗保健</a>具有防御性和成长性，”威尔逊说。“如今，医疗保健行业每单位增长支付的费用比其他行业低得多。因此，我们认为，当我们担心估值时，它为这个市场提供了良好的平衡。”健康保险公司Humana(HUM)跻身威尔逊“新鲜资金买入名单”股票买入评级<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen的Malik还将目光投向医疗保健领域，以获得相对低估的增长机会，即制药和生物技术领域。她指出了Seagen(SGEN)，该公司专注于肿瘤药物，可能成为制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维(ABBV)，该公司的预期市盈率为8倍，股息收益率为4.7%。其重磅抗炎药修美乐(Humira)的专利即将到期，这让一些投资者望而却步，但马利克相信管理层能够限制损失，并看到这家价值2000亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都过得很艰难。Seagen上周跌超8%，报152美元左右，因有消息称其联合创始人兼首席执行官近期大量抛售股票。在美国食品和药物管理局要求为JAK抑制剂贴上新的警告标签后，ABBVIE周三上涨7%，至112.27美元。JAK抑制剂是一种抗类风湿药物，其中包括一种<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生(JNJ)和思科系统(CSCO)是其他通过A的标普500成员<i>巴伦周刊</i>筛选质量属性。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳定上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点下跌，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>","source":"lsy1610680873436","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>Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-07 17:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊！在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔500股票指数已上涨20%，连续七个月上涨，并创下50多个高点。除此之外，去年市场从2020年3月的低点反弹了68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨。刺激支出已经见顶，经济和企业盈利增长可能会在今年年底放缓。此外，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。这些都不会让股价越来越贵的持有者满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，要做好迎接波动性下跌的准备，这种冲突迫使巴菲特股票、债券和投资者。Nuveen全球股票首席投资官Saira Malik表示：“一切反弹都已经过去。”“这不会是一场急剧上升的经济浪潮，将所有船只从这里抬起。”</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识<i>巴伦周刊</i>最近咨询过。所有人都认为标普500将在周四收盘价4536点附近结束今年。他们的平均目标是：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>相对于最近的趋势，明年的涨幅看起来也很微弱。该集团预计2022年标普500将再增加6%，升至约4800。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的21倍，债券收益率很低，考虑通货膨胀后现金收益率低于零，投资者面临着艰难的资产配置决策。我们的市场观察人士建议关注“优质”投资，而不是提振快速增长的科技股、无增长的模因股和数字世界的狗狗币的“一切反弹”。在股票方面，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业的股票。即使未来几个月平均指数表现不大，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅上涨是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免新冠疫情造成的经济损失。自2020年3月以来，美联储每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并推动投资者进入包括股票在内的风险较高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买，此举可能会扰乱各类风险资产。摩根士丹利(Morgan Stanley)首席投资官兼首席美国股票策略师威尔逊(Mike Wilson)表示：“对我们来说，缩减规模很简单：缩减规模就是紧缩。这是（美联储）距离最大限度宽松政策迈出的第一步。他们这次对此非常谨慎，但底线是，这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>策略师指出，政府的刺激支出也已见顶。每周300美元的补充联邦失业救济金将于9月6日到期。尽管国会似乎有可能在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激措施相比，近期的经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约5500亿美元的新支出——只是之前法律授权的数万亿美元的一小部分——并且将分散在许多年内。基础设施刺激措施将给消费者支出带来的短期提振，占美国国内生产总值增长的近70%，但不会接近去年数百万美国人收到政府支票后的经济增长。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>仅由民主党批准的预算法案应该遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施以及其他政党优先事项的支出。国会可能会投票提高企业和高收入个人的税收，以抵消这些支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他带有政治色彩的问题同样可能会让股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计的支出法案来避免<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>10月停工。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对Covid-19德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要限于旅游业和电影院。华尔街对市场的基本假设不包括会破坏经济增长的新一波封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通胀一直是美联储和投资者的热门话题，部分原因是通胀最近非常火爆。6月和7月，美国消费者价格指数年化涨幅为5.4%，这是美联储评级暂时性的飙升，尽管其他人不太确定。策略师们站在鲍威尔一边。他们预计明年通胀将大幅下降。他们的预测在2.5%至3.5%之间，他们认为这对消费者和公司来说是可控的，也是经济快速增长的可接受的副作用。然而，通胀率高于2.5%，加上美联储缩减规模，意味着目前超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>收益投资主管迈克尔·弗雷德里克斯(Michael Fredericks)表示：“我们认为通胀将继续比金融危机以来更高，但一旦许多与重新开放相关的压力开始消散，我们很难看到通胀率远高于2.5%。”贝莱德多资产策略集团。“因此债券收益率确实需要上升，但这将逐渐发生。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比当前水平高出约35个基点（即百分之几个百分点），但低于2021年3月收益率高点时达到的1.75%。该组织表示，到明年，10年期国债收益率可能达到2%。从绝对值来看，这些举措并不是很大，但对债券市场来说意义重大，对股票来说可能更是如此。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会打压股票估值，原因有二。高收益债券提供了与股票的竞争，当以更高的利率贴现时，公司的未来收益在目前毫无价值。尽管如此，2%左右的10年期国债收益率仍不足以将股票估值降至新冠疫情爆发前的水平。即使收益率攀升，市场策略师认为标普500的市盈率仍远高于预期市盈率16倍的30年平均水平。去年秋天，该指数的远期市盈率突破23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要10年期国债收益率保持在2%的范围内，标普500的远期市盈率就应该能够在十几岁左右。除非收益率高得多或其他导致股市下跌的因素带来更大压力，否则不可能回到16倍的长期平均水平。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>表示，如果收益率飙升超过2%或2.25%，投资者可能会开始更严重地质疑股票估值<a href=\"https://laohu8.com/S/STT\">国家</a>Street首席投资组合策略师Gaurav Mallik：“我们已经有一段时间没有看到（10年期国债收益率）超过2%了，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出，股市的估值风险是不对称的：“市盈率不太可能上升，考虑到增长放缓和我们所处的位置，市盈率很有可能下降10%以上。在周期中，”他说</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充道，如果预期市盈率为16至23倍，“你已经处于这个范围的很高端。潜在风险大于回报。”</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>所有六位策略师的预测都包含了一些市盈率倍数的压缩，这对利润增长的路径变得更加重要。平均而言，策略师预计，继去年的盈利低迷之后，标普500今年的盈利将增长46%，至204美元左右。随后，2022年可能会上涨9%，达到约222.50美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是2022年联邦企业税率上升。民主党支出和税收计划的细节将在未来几周内制定出来，投资者可以期待听到更多有关潜在增税的消息。几位策略师认为，25%的联邦企业利润税率可能是一个妥协数字，高于2018年以来实施的21%，但低于拜登政府寻求的28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约5%。随着今年秋天民主党和解法案的通过，该指数可能会下跌类似的幅度，但影响应该仅限于最初的调整。与2017年12月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>——一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>抛开这些担忧不谈，投资者不应错过更大的图景：美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。Mallik表示：“周期性上涨和高于趋势的增长将至少持续到2022年，我们希望偏向于具有这种风险的资产。”</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将会火爆。当GDP增长高于平均水平时，价值会战胜增长，周期性会战胜防御性。”—Lori Calvasina，加拿大皇家银行资本市场道富策略师建议在投资组合中增持材料、金融和科技股。这种方法既包括银行和矿业公司等对经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)同样采取杠铃法，同时投资周期性和成长性。她最喜欢的行业是能源、金融和技术。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>卡尔瓦西纳表示：“金融和能源行业的估值仍然比增长行业（科技或非必需消费品等行业）更具吸引力。”“近期的催化剂是摆脱当前的新冠疫情浪潮……今年和明年我们将迎来经济火爆，传统上，当GDP增长高于平均水平时，价值会跑赢增长，周期性会跑赢防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是关键，尤其是进入2022年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>卡尔瓦西纳表示：“历史上的剧本是，走出衰退后，你往往会看到持续一年左右的低质量优异表现，然后领导力又会恢复到高质量。”“但从低质量回到高质量的转变往往非常坎坷。”</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师青睐对经济敏感的股票和稳定增长的股票（包括科技股）的组合。金融股应该会表现良好，特别是如果债券收益率上升的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管今年夏天具有质量属性的股票表现优于大盘，但根据一家<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析，自去年11月首次报道疫苗正面消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>贝莱德的弗雷德里克斯表示：“我们正在进入周期中期环境，基本经济增长仍然强劲，但势头开始减速。”“我们的研究表明，优质股票在这样的时期表现尤其出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融，包括银行，以及具有这些质量特征的消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>股票策略主管克里斯托弗·哈维(Christopher Harvey)表示，大流行后受益者和防御性敞口的结合才是正确的选择。他构建了一篮子波动性低于平均水平的股票——在今年秋季市场不确定性或压力时期，这些股票应该会跑赢大盘——并且“新冠贝塔值”较高，即对有关大流行的好消息或坏消息的敏感性。一个要求；富国银行的股票分析师必须将这些股票评级为“买入”。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>哈维表示：“近期经济存在不确定性、利率不确定性和新冠病毒风险，一般来说，我们正处于9月份左右的季节性疲软时期。”“如果我们能够平衡低波动性和高新贝塔值，我们就可以减轻其中几种催化剂时机即将到来的不确定性和波动性。不过，从长远来看，我们仍然希望[重新开放风险。]”</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的具有高新贝塔值的低波动性股票名单包括苹果(AAPL)、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">IQVIA</a>控股公司（IQV）和马斯科公司（MAS）。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。Invesco KBW银行交易所交易基金(KBWB)提供对美国该行业的广泛投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“我们喜欢估值和信用质量；他们现在被允许回购股票并增加股息，而且新冠贝塔值更高，”哈维说。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>较低的估值意味着市场调整中潜在的下行空间较小。而且，与股市的其他大部分地区相反，更高的利率将成为银行的顺风车，银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。”<a href=\"https://laohu8.com/S/HR\">医疗保健</a>具有防御性和成长性，”威尔逊说。“如今，医疗保健行业每单位增长支付的费用比其他行业低得多。因此，我们认为，当我们担心估值时，它为这个市场提供了良好的平衡。”健康保险公司Humana(HUM)跻身威尔逊“新鲜资金买入名单”股票买入评级<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen的Malik还将目光投向医疗保健领域，以获得相对低估的增长机会，即制药和生物技术领域。她指出了Seagen(SGEN)，该公司专注于肿瘤药物，可能成为制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维(ABBV)，该公司的预期市盈率为8倍，股息收益率为4.7%。其重磅抗炎药修美乐(Humira)的专利即将到期，这让一些投资者望而却步，但马利克相信管理层能够限制损失，并看到这家价值2000亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都过得很艰难。Seagen上周跌超8%，报152美元左右，因有消息称其联合创始人兼首席执行官近期大量抛售股票。在美国食品和药物管理局要求为JAK抑制剂贴上新的警告标签后，ABBVIE周三上涨7%，至112.27美元。JAK抑制剂是一种抗类风湿药物，其中包括一种<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生(JNJ)和思科系统(CSCO)是其他通过A的标普500成员<i>巴伦周刊</i>筛选质量属性。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳定上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点下跌，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130130857","content_text":"What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.\nTailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.\nIn other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”\nThat’s the general consensus among the six market strategists and chief investment officers whomBarron’srecently consulted. All see the S&P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.\nNext year’s gains look muted, as well, relative to recent trends. The group expects the S&P 500 to tack on another 6% in 2022, rising to about 4800.\nWith stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.\nThe stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.\nFed Chairman Jerome Powell has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”\nThe government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.\nThe bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.\nA budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.\nOther politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a Washington shutdown in October.\nFor now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.\nInflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.\n“We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”\nThe strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for the bond market—and could be even more so for stocks.\nRising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.\n\nAs long as 10-year Treasury yields stay in the 2% range, the S&P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.\nIf yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says State Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”\n\nWilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says\nIf 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”\nSome P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.\nA potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.\nAn increase of that magnitude would shave about 5% off S&P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a one-time event for the market, some strategists predict.\nThese concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.\n\n “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets\n\nThe State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.\nRBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.\n“Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”\nBut the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.\n“The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”\nA Shopping List for Fall\nMost strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.\n\nAlthough stocks with quality attributes have outperformed the market this summer, according to a BlackRock analysis, the quality factor has lagged since positive vaccine news was first reported last November.\n“We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”\nHe recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.\nFor Wells Fargo’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.\n“There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”\nHarvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),Bank of America(BAC),Northern Trust(NTRS),Lowe’s(LOW),IQVIA Holdings(IQV), andMasco(MAS).\nOverall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.\n“We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.\nCheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.\nHealthcare stocks also have some fans. “Healthcare has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by Morgan Stanley analysts and fitting his macro views.\nNuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.\nMalik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.\nBoth stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of AbbVie’s most promising post-Humira products.\nPfizer(PFE),American Express(AXP),Johnson & Johnson(JNJ), andCisco Systems(CSCO) are other S&P 500 members that pass aBarron’sscreen for quality attributes.\nAfter a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. Just be more selective. And go with quality.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836195513,"gmtCreate":1629462690632,"gmtModify":1631893307268,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"What a rollercoaster q3!","listText":"What a rollercoaster q3!","text":"What a rollercoaster q3!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836195513","repostId":"1180862486","repostType":4,"repost":{"id":"1180862486","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629460028,"share":"https://www.laohu8.com/m/news/1180862486?lang=zh_CN&edition=full","pubTime":"2021-08-20 19:47","market":"us","language":"en","title":"Toplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180862486","media":"Tiger Newspress","summary":"(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and t","content":"<p>(Aug 20)&nbsp;U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&amp;P 500 on course for their worst week since mid-June.</p><p><blockquote>（8月20日）美国。股指期货周五下跌，因对经济复苏放缓和可能缩减货币刺激的担忧损害了与经济相关的板块，并使道指和标普500走上了自6月中旬以来最糟糕的一周。</blockquote></p><p> At 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&amp;P 500 E-minis were down&nbsp;16.5 points, or 0.37% and Nasdaq 100 E-minis were&nbsp;down&nbsp;24 points, or 0.16%.</p><p><blockquote>截至美国东部时间上午07:52，道琼斯指数下跌139点，跌幅0.40%，标普500指数下跌16.5点，跌幅0.37%，纳斯达克100指数下跌24点，跌幅0.16%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1746670a754aa5714712ad089963b51\" tg-width=\"1242\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> 1)&nbsp;<a href=\"https://laohu8.com/S/DE\">John Deere</a> – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.</p><p><blockquote>1) <a href=\"https://laohu8.com/S/DE\">约翰·Deere</a>-这家重型设备制造商公布的季度收益为每股5.32美元，而市场普遍预期为4.58美元，其收入也超出了预期。Deere在盘前交易中上涨1.1%，由于农业设备需求强劲，该公司还上调了全年盈利预期。</blockquote></p><p> 2)&nbsp;<a href=\"https://laohu8.com/S/FL\">Foot Locker</a>&nbsp;– Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.</p><p><blockquote>2) <a href=\"https://laohu8.com/S/FL\">脚锁</a>-运动鞋和服装制造商Foot Locker公布好于预期的第二季度业绩后，该公司股价在盘前飙升6.2%。Foot Locker调整后每股收益为2.21美元，市场普遍预期为1.01美元，可比商店销售额增长6.9%。分析师此前预计公司销售额将略有下降。</blockquote></p><p> 3)&nbsp;<a href=\"https://laohu8.com/S/BKE\">Buckle</a> – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.</p><p><blockquote>3) <a href=\"https://laohu8.com/S/BKE\">扣</a>-这家时尚配饰零售商超出预期18美分，季度收益为每股1.04美元，收入高于预期，因为该公司受益于更多的面对面购物。该股在盘前交易中上涨4.6%。</blockquote></p><p> 4)&nbsp;<a href=\"https://laohu8.com/S/SPOT\">Spotify Technology S.A.</a> – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.</p><p><blockquote>4) <a href=\"https://laohu8.com/S/SPOT\">Spotify技术有限公司。</a>–这家音乐流媒体服务公司宣布其董事会批准了10亿美元的股票回购。首席财务官Paul Vogel表示，此举表明了公司对其业务和长期增长机会的信心。Spotify盘前上涨1.1%。</blockquote></p><p> 5)&nbsp;<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.</p><p><blockquote>5) <a href=\"https://laohu8.com/S/AMAT\">应用材料</a>-这家半导体制造设备制造商超出预期13美分，调整后季度利润为每股1.90美元，收入也超出分析师预测。它还给出了好于预期的前景，但应用材料公司股价在盘前交易中下跌1.3%。</blockquote></p><p> 6)&nbsp;<a href=\"https://laohu8.com/S/ROST\">Ross</a> – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.</p><p><blockquote>6) <a href=\"https://laohu8.com/S/ROST\">罗斯</a>-这家折扣零售商报告季度利润为每股1.39美元，超出市场普遍预期的98美分，收入也好于预期。然而，其本季度和全年盈利前景低于分析师预测，该股在盘前下跌4%。</blockquote></p><p> 7)&nbsp;<a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a> – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.</p><p><blockquote>7) <a href=\"https://laohu8.com/S/JNJ\">强生公司</a>–首席执行官Alex Gorsky于1月3日宣布计划辞职，由公司资深人士Joaquin Duato接任，Gorsky担任执行董事长。</blockquote></p><p> 8)&nbsp;<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a> – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.</p><p><blockquote>8) <a href=\"https://laohu8.com/S/RIDE\">洛兹敦汽车公司。</a>–这家电动汽车制造商的股价在盘前上涨2.1%，收复了周四9.5%跌幅的一小部分，该跌幅导致该股跌至上市以来的最低水平。这发生在仅持续10分钟的年度股东大会之后。</blockquote></p><p> 9)&nbsp;<a href=\"https://laohu8.com/S/ADBE\">Adobe</a> – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.</p><p><blockquote>9) <a href=\"https://laohu8.com/S/ADBE\">土坯</a>–该软件制造商宣布以12.75亿美元现金收购基于云的视频协作平台Frame.io的交易。此次收购将用于扩展Adobe Create Cloud软件套件的功能。</blockquote></p><p> 10)&nbsp;<a href=\"https://laohu8.com/S/WOOF\">Petco Health and Wellness Company, Inc.</a> – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.</p><p><blockquote>10) <a href=\"https://laohu8.com/S/WOOF\">Petco健康和保健公司。</a>–Petco盘前上涨2.1%，周四上涨3.6%，瑞士信贷将这家宠物产品零售商的股票评级从“中性”上调至“跑赢大盘”。瑞士信贷表示，在Petco发布乐观的财报后，该公司对该公司的业务前景更加乐观。</blockquote></p><p> 11)&nbsp;<a href=\"https://laohu8.com/S/MOS\">Mosaic</a> – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.</p><p><blockquote>11) <a href=\"https://laohu8.com/S/MOS\">马赛克</a>-基于化肥价格上涨的预期收益，汇丰银行将该化肥生产商的评级从“持有”上调至“买入”。</blockquote></p><p></p><p> <b>In FX,</b>the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.</p><p><blockquote><b>在FX中，</b>由于风险基调仍然倾向于谨慎/避险，该指数在FOMC会议后继续上涨。隔夜，由于欧洲情绪在早盘交易中受到影响，DXY在93.500点触底，然后最多升至93.684点。从技术角度来看，该指数关注93.900关口附近的阻力位——该关口在2020年第三季度和第四季度多次充当上限。在此之上，突破94.000心理关口可能会为94.300（2020年11月4日高点）、94.500附近的阻力打开大门，随后是94.650和94.807的100和200 WMA——尽管这些还有一段路要走。下行方面，昨日低点为93.214，心理低点为93.000，而21日均线(92.674)和50日均线(92.377)位于下方。未来，国家日历将是空的，但价格走势可能会由风险基调决定。顺便说一句，美联储主席鲍威尔将于8月27日英国夏令时15:00/美国东部时间10:00在杰克逊霍尔研讨会上就经济前景发表讲话。</blockquote></p><p> <b>In commodities,</b>WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.</p><p><blockquote><b>在大宗商品中，</b>由于对COVID的持续担忧以及市场的谨慎基调，WTI和布伦特原油近月期货再次走软。在前者方面，隔夜交易中，新西兰全国范围内的封锁延长，澳大利亚悉尼的限制延长至9月底。除此之外，该综合体和整个市场的消息一直很平静——在缺乏催化剂的情况下，情绪和达美航空的困境可能会优先。WTI原油价格回到63美元/桶（相对于64.04美元/桶的高点），布伦特原油价格回到66美元/桶（相对于66.93美元/桶的高点）。在其他地方，现货黄金和白银各不相同，但在更大的范围内分别保持在1775美元/盎司以上和23美元/盎司以上。与此同时，基本金属从昨日的剧烈抛售中温和反弹，但基准LME铜在找到上限后仍低于9000/吨。</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>Toplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Opens Friday<blockquote>周五美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-20 19:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 20)&nbsp;U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&amp;P 500 on course for their worst week since mid-June.</p><p><blockquote>（8月20日）美国。股指期货周五下跌，因对经济复苏放缓和可能缩减货币刺激的担忧损害了与经济相关的板块，并使道指和标普500走上了自6月中旬以来最糟糕的一周。</blockquote></p><p> At 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&amp;P 500 E-minis were down&nbsp;16.5 points, or 0.37% and Nasdaq 100 E-minis were&nbsp;down&nbsp;24 points, or 0.16%.</p><p><blockquote>截至美国东部时间上午07:52，道琼斯指数下跌139点，跌幅0.40%，标普500指数下跌16.5点，跌幅0.37%，纳斯达克100指数下跌24点，跌幅0.16%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1746670a754aa5714712ad089963b51\" tg-width=\"1242\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> 1)&nbsp;<a href=\"https://laohu8.com/S/DE\">John Deere</a> – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.</p><p><blockquote>1) <a href=\"https://laohu8.com/S/DE\">约翰·Deere</a>-这家重型设备制造商公布的季度收益为每股5.32美元，而市场普遍预期为4.58美元，其收入也超出了预期。Deere在盘前交易中上涨1.1%，由于农业设备需求强劲，该公司还上调了全年盈利预期。</blockquote></p><p> 2)&nbsp;<a href=\"https://laohu8.com/S/FL\">Foot Locker</a>&nbsp;– Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.</p><p><blockquote>2) <a href=\"https://laohu8.com/S/FL\">脚锁</a>-运动鞋和服装制造商Foot Locker公布好于预期的第二季度业绩后，该公司股价在盘前飙升6.2%。Foot Locker调整后每股收益为2.21美元，市场普遍预期为1.01美元，可比商店销售额增长6.9%。分析师此前预计公司销售额将略有下降。</blockquote></p><p> 3)&nbsp;<a href=\"https://laohu8.com/S/BKE\">Buckle</a> – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.</p><p><blockquote>3) <a href=\"https://laohu8.com/S/BKE\">扣</a>-这家时尚配饰零售商超出预期18美分，季度收益为每股1.04美元，收入高于预期，因为该公司受益于更多的面对面购物。该股在盘前交易中上涨4.6%。</blockquote></p><p> 4)&nbsp;<a href=\"https://laohu8.com/S/SPOT\">Spotify Technology S.A.</a> – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.</p><p><blockquote>4) <a href=\"https://laohu8.com/S/SPOT\">Spotify技术有限公司。</a>–这家音乐流媒体服务公司宣布其董事会批准了10亿美元的股票回购。首席财务官Paul Vogel表示，此举表明了公司对其业务和长期增长机会的信心。Spotify盘前上涨1.1%。</blockquote></p><p> 5)&nbsp;<a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.</p><p><blockquote>5) <a href=\"https://laohu8.com/S/AMAT\">应用材料</a>-这家半导体制造设备制造商超出预期13美分，调整后季度利润为每股1.90美元，收入也超出分析师预测。它还给出了好于预期的前景，但应用材料公司股价在盘前交易中下跌1.3%。</blockquote></p><p> 6)&nbsp;<a href=\"https://laohu8.com/S/ROST\">Ross</a> – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.</p><p><blockquote>6) <a href=\"https://laohu8.com/S/ROST\">罗斯</a>-这家折扣零售商报告季度利润为每股1.39美元，超出市场普遍预期的98美分，收入也好于预期。然而，其本季度和全年盈利前景低于分析师预测，该股在盘前下跌4%。</blockquote></p><p> 7)&nbsp;<a href=\"https://laohu8.com/S/JNJ\">Johnson &amp; Johnson</a> – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.</p><p><blockquote>7) <a href=\"https://laohu8.com/S/JNJ\">强生公司</a>–首席执行官Alex Gorsky于1月3日宣布计划辞职，由公司资深人士Joaquin Duato接任，Gorsky担任执行董事长。</blockquote></p><p> 8)&nbsp;<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors Corp.</a> – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.</p><p><blockquote>8) <a href=\"https://laohu8.com/S/RIDE\">洛兹敦汽车公司。</a>–这家电动汽车制造商的股价在盘前上涨2.1%，收复了周四9.5%跌幅的一小部分，该跌幅导致该股跌至上市以来的最低水平。这发生在仅持续10分钟的年度股东大会之后。</blockquote></p><p> 9)&nbsp;<a href=\"https://laohu8.com/S/ADBE\">Adobe</a> – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.</p><p><blockquote>9) <a href=\"https://laohu8.com/S/ADBE\">土坯</a>–该软件制造商宣布以12.75亿美元现金收购基于云的视频协作平台Frame.io的交易。此次收购将用于扩展Adobe Create Cloud软件套件的功能。</blockquote></p><p> 10)&nbsp;<a href=\"https://laohu8.com/S/WOOF\">Petco Health and Wellness Company, Inc.</a> – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.</p><p><blockquote>10) <a href=\"https://laohu8.com/S/WOOF\">Petco健康和保健公司。</a>–Petco盘前上涨2.1%，周四上涨3.6%，瑞士信贷将这家宠物产品零售商的股票评级从“中性”上调至“跑赢大盘”。瑞士信贷表示，在Petco发布乐观的财报后，该公司对该公司的业务前景更加乐观。</blockquote></p><p> 11)&nbsp;<a href=\"https://laohu8.com/S/MOS\">Mosaic</a> – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.</p><p><blockquote>11) <a href=\"https://laohu8.com/S/MOS\">马赛克</a>-基于化肥价格上涨的预期收益，汇丰银行将该化肥生产商的评级从“持有”上调至“买入”。</blockquote></p><p></p><p> <b>In FX,</b>the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.</p><p><blockquote><b>在FX中，</b>由于风险基调仍然倾向于谨慎/避险，该指数在FOMC会议后继续上涨。隔夜，由于欧洲情绪在早盘交易中受到影响，DXY在93.500点触底，然后最多升至93.684点。从技术角度来看，该指数关注93.900关口附近的阻力位——该关口在2020年第三季度和第四季度多次充当上限。在此之上，突破94.000心理关口可能会为94.300（2020年11月4日高点）、94.500附近的阻力打开大门，随后是94.650和94.807的100和200 WMA——尽管这些还有一段路要走。下行方面，昨日低点为93.214，心理低点为93.000，而21日均线(92.674)和50日均线(92.377)位于下方。未来，国家日历将是空的，但价格走势可能会由风险基调决定。顺便说一句，美联储主席鲍威尔将于8月27日英国夏令时15:00/美国东部时间10:00在杰克逊霍尔研讨会上就经济前景发表讲话。</blockquote></p><p> <b>In commodities,</b>WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.</p><p><blockquote><b>在大宗商品中，</b>由于对COVID的持续担忧以及市场的谨慎基调，WTI和布伦特原油近月期货再次走软。在前者方面，隔夜交易中，新西兰全国范围内的封锁延长，澳大利亚悉尼的限制延长至9月底。除此之外，该综合体和整个市场的消息一直很平静——在缺乏催化剂的情况下，情绪和达美航空的困境可能会优先。WTI原油价格回到63美元/桶（相对于64.04美元/桶的高点），布伦特原油价格回到66美元/桶（相对于66.93美元/桶的高点）。在其他地方，现货黄金和白银各不相同，但在更大的范围内分别保持在1775美元/盎司以上和23美元/盎司以上。与此同时，基本金属从昨日的剧烈抛售中温和反弹，但基准LME铜在找到上限后仍低于9000/吨。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180862486","content_text":"(Aug 20) U.S. stock index futures fell on Friday, as concerns over a slowing economic recovery and the possible tapering of monetary stimulus hurt economy-linked sectors and put the Dow and the S&P 500 on course for their worst week since mid-June.\nAt 07:52 a.m. ET, Dow E-minis were down 139 points, or 0.40%, S&P 500 E-minis were down 16.5 points, or 0.37% and Nasdaq 100 E-minis were down 24 points, or 0.16%.\n\nStocks making the biggest moves premarket:\n1) John Deere – The heavy equipment maker reported quarterly earnings of $5.32 per share, compared with a consensus estimate of $4.58, and its revenue beat forecasts as well. Deere was up 1.1% in premarket trading as it also raised its full-year earnings forecast on solid demand for farm equipment.\n2) Foot Locker – Foot Locker shares surged 6.2% in the premarket after the athletic footwear and apparel maker reported better-than-expected second-quarter results. Foot Locker earned an adjusted $2.21 per share, compared with a $1.01 consensus estimate, and comparable stores sales rose 6.9%. Analysts had expected a slight decline in comp sales.\n3) Buckle – The fashion accessories retailer beat estimates by 18 cents with quarterly earnings of $1.04 per share, and revenue above estimates as the company benefited from more in-person shopping. The stock jumped 4.6% in premarket trading.\n4) Spotify Technology S.A. – The music streaming service announced that its board approved a $1 billion stock buyback. Chief Financial Officer Paul Vogel said the move demonstrates the company’s confidence in its business and long-term growth opportunities. Spotify added 1.1% in the premarket.\n5) Applied Materials – The maker of semiconductor manufacturing equipment beat estimates by 13 cents with an adjusted quarterly profit of $1.90 per share and revenue also topping analyst predictions. It also gave a better-than-expected outlook, but Applied Materials shares fell 1.3% in premarket trading.\n6) Ross – The discount retailer reported a quarterly profit of $1.39 per share, beating the 98 cent consensus estimate, and also reported better-than-expected revenue. However, its current-quarter and full-year earnings outlook fell short of analyst forecasts, and the stock slid 4% in premarket action.\n7) Johnson & Johnson – Chief Executive Officer Alex Gorsky announced plans to step aside on Jan. 3, with company veteran Joaquin Duato taking over and Gorsky assuming the role of executive chairman.\n8) Lordstown Motors Corp. – The electric vehicle maker’s shares rose 2.1% in the premarket, recovering a small part of the 9.5% Thursday drop that had sent the stock to its lowest since going public. That took place after the annual shareholder meeting that lasted only 10 minutes.\n9) Adobe – The software maker announced a deal to buy cloud-based video collaboration platform Frame.io for $1.275 billion in cash. The acquisition will be used to expand the capabilities of Adobe’s Create Cloud software suite.\n10) Petco Health and Wellness Company, Inc. – Petco added 2.1% in the premarket to Thursday’s 3.6% gain, with Credit Suisse upgrading the pet products retailer’s stock to “outperform” from “neutral”. Credit Suisse said it is more positive on the outlook for Petco’s business following the company’s upbeat earnings report.\n11) Mosaic – The fertilizer producer was upgraded to “buy” from “hold” at HSBC, based on expected benefits from higher fertilizer prices.\nIn FX,the index continues to extend on the upside seen post-FOMC as the risk tone remains tilted towards caution/risk aversion. Overnight, the DXY found a floor at 93.500 before rising to 93.684 at best as sentiment in Europe is tainted in early trade. From a technical standpoint, the index eyes resistance around the 93.900 mark - which acted as a ceiling on several occasions during Q3 and Q4 2020. Above that, a breach of the psychological 94.000 mark could open the door to resistance around 94.300 (4th Nov 2020 high), 94.500 and thereafter the 100 and 200 WMAs at 94.650 and 94.807 - although these are still some way off. To the downside, yesterday’s low was at 93.214, the psychological 93.000, whilst the 21 DMA (92.674) and the 50 DMA (92.377) reside just below. Ahead, an empty state-side calendar but price action will likely be dictated by the risk tone. As a side note Fed Chair Powell is to speak on the economic outlook at the Jackson Hole Symposium on August 27th at 15:00BST/10:00EDT.\nIn commodities,WTI and Brent front-month futures are once again on a softer footing amid the continuing COVID concerns coupled with the cautious tone around the market. On the former, the overnight session saw an extension of the Kiwi nationwide lockdown alongside Australia's Sydney's curbs extended until the end of September. Aside from that news flow has been quiet for the complex and the market in general - with sentiment and Delta woes likely to take precedence in the absence of catalysts. WTI makes its way back towards UD 63/bbl (vs high 64.04/bbl) and Brent towards USD 66/bbl (vs 66.93 high). Elsewhere, spot gold and silver vary but remain flat in the grander scheme above USD 1,775/oz and north of USD 23/oz respectively. Base metals meanwhile see a mild rebound from yesterday's violent selloff, but benchmark LME copper remains sub-9,000/t after finding a ceiling at the mark.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830992498,"gmtCreate":1628998217414,"gmtModify":1631893307277,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830992498","repostId":"1127633167","repostType":4,"repost":{"id":"1127633167","kind":"news","pubTimestamp":1628997765,"share":"https://www.laohu8.com/m/news/1127633167?lang=zh_CN&edition=full","pubTime":"2021-08-15 11:22","market":"us","language":"en","title":"These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127633167","media":"Barrons","summary":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors loo","content":"<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</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\">\nThese 10 Standout Stocks Could Be the Next Amazon<blockquote>这10只杰出股票可能成为下一个亚马逊</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.</p><p><blockquote>当今投资界最流行的流行语之一是“复合者”。寻找下一个亚马逊、Costco Wholesale、Nike或Visa的成长型投资者寻求寻找能够在未来几年实现收入和盈利两位数复合增长（最好是两者兼而有之）的公司。</blockquote></p><p> The idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock&nbsp;that returns 10 times what you paid for it.</p><p><blockquote>这个想法是，股价应该与收入和利润保持一致，使投资者能够在五到十年的持有期内产生高回报。最终目标是找到难以捉摸的“10 bagger”——一只回报率是你购买价格10倍的股票。</blockquote></p><p> Wall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified&nbsp;in a&nbsp;<i>Barron’s</i>&nbsp;cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.</p><p><blockquote>华尔街分析师的报告和投资专业人士的客户信函中充满了compounder的参考资料。许多下一代价值管理者，在<i>巴伦周刊</i>五月的封面故事，正在寻找这样的股票，而不是传统的廉价股票的价值票价。</blockquote></p><p> Their search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.</p><p><blockquote>他们的搜索变得更具挑战性，因为买家正在为高增长的故事支付高昂的价格。真正的大赢家很少。Durable Capital Partners的数据显示，在一系列10年期间，只有约35家公司的股价每年复合增长率达到20%或以上，导致股价至少上涨了六倍。</blockquote></p><p> Many investors are happy to stick with large, well-known compounders, such as&nbsp;Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and&nbsp;Eli Lilly(LLY).</p><p><blockquote>许多投资者很乐意继续投资大型知名复合商，例如Alphabet（股票代码：GOOGL）、万事达卡（MA）、联合健康集团（UNH）和礼来公司（LLY）。</blockquote></p><p> <i>Barron’s</i>&nbsp;sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:</p><p><blockquote><i>巴伦周刊</i>试图确定较小的候选人。我们与投资经理进行了交谈，并列出了一份包含10只股票的折衷清单，其中大多数股票的市值低于100亿美元。以下是按字母顺序排列的选择：</blockquote></p><p> Strong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.</p><p><blockquote>强劲而稳定的胜利以下是成长型投资者认为能够多年来持续实现收入或利润高增长的10只股票。</blockquote></p><p> <table>  <thead>   <tr>    <th>Company / Ticker</th>    <th>Recent Price</th>    <th>YTD Change</th>    <th>2021E P/E</th>    <th>2021E Price/Sales</th>    <th>2022E P/E</th>    <th>2022E Price/Sales</th>    <th>LT Growth Rate*</th>    <th>Market Value (bil)</th>    <th>Comment</th>   </tr>  </thead>  <tbody>   <tr>    <td>Amedysis / AMED</td>    <td>$185.15</td>    <td>-37%</td>    <td>30.2</td>    <td>2.7</td>    <td>27.7</td>    <td>2.4</td>    <td>10.5%</td>    <td>$6.3</td>    <td>Leader in home health care</td>   </tr>   <tr>    <td>Amyris / AMRS</td>    <td>13.64</td>    <td>121</td>    <td>NM</td>    <td>10.4</td>    <td>NM</td>    <td>9.7</td>    <td>NA</td>    <td>4.1</td>    <td>Leading company in synthetic biology</td>   </tr>   <tr>    <td>Booz Allen Hamilton Holding / BAH</td>    <td>81.73</td>    <td>-6</td>    <td>19.4</td>    <td>1.3</td>    <td>17.7</td>    <td>1.2</td>    <td>8.6</td>    <td>11.0</td>    <td>Defense-department consultant</td>   </tr>   <tr>    <td>J.B. Hunt Transport Services / JBHT</td>    <td>172.76</td>    <td>26</td>    <td>25.8</td>    <td>1.5</td>    <td>22.2</td>    <td>1.4</td>    <td>18.4</td>    <td>18.2</td>    <td>Strong in intermodal freight</td>   </tr>   <tr>    <td>Marriott Vacations Worldwide / VAC</td>    <td>147.15</td>    <td>7</td>    <td>40.9</td>    <td>1.6</td>    <td>15.7</td>    <td>1.4</td>    <td>NA</td>    <td>6.3</td>    <td>Top company in vacation timeshares</td>   </tr>   <tr>    <td>SiteOne Landscape Supply / SITE</td>    <td>197.10</td>    <td>24</td>    <td>45.7</td>    <td>2.6</td>    <td>43.5</td>    <td>2.5</td>    <td>19.3</td>    <td>8.8</td>    <td>Big supplier of landscaping supplies</td>   </tr>   <tr>    <td>Staar Surgical / STAA</td>    <td>138.19</td>    <td>74</td>    <td>192.3</td>    <td>28.6</td>    <td>140.8</td>    <td>22.5</td>    <td>30.0</td>    <td>6.6</td>    <td>Maker of implantable lens for myopia</td>   </tr>   <tr>    <td>Stitch Fix / SFIX</td>    <td>44.38</td>    <td>-24</td>    <td>NM</td>    <td>1.9</td>    <td>1890.3</td>    <td>1.7</td>    <td>30.0</td>    <td>4.8</td>    <td>Data-driven subscription clothing firm</td>   </tr>   <tr>    <td>Trex / TREX</td>    <td>105.94</td>    <td>27</td>    <td>51.9</td>    <td>10.5</td>    <td>43.6</td>    <td>9.3</td>    <td>18.8</td>    <td>12.2</td>    <td>Top maker of synthetic wood decking</td>   </tr>   <tr>    <td>Upwork / UPWK</td>    <td>44.31</td>    <td>28</td>    <td>NM</td>    <td>11.4</td>    <td>556.8</td>    <td>9.2</td>    <td>NA</td>    <td>5.7</td>    <td>Online clearinghouse for free-lancers</td>   </tr>  </tbody> </table> E=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>年初至今变化</th><th>2021年预计市盈率</th><th>2021E价格/销售额</th><th>2022年预计市盈率</th><th>2022E价格/销售额</th><th>LT增长率*</th><th>市值（bil）</th><th>评论</th></tr></thead><tbody><tr><td>Amedysis/AMED</td><td>$185.15</td><td>-37%</td><td>30.2</td><td>2.7</td><td>27.7</td><td>2.4</td><td>10.5%</td><td>$6.3</td><td>家庭医疗保健领域的领导者</td></tr><tr><td>Amyris/AMRS</td><td>13.64</td><td>121</td><td>NM</td><td>10.4</td><td>NM</td><td>9.7</td><td>NA</td><td>4.1</td><td>合成生物学领域的领先公司</td></tr><tr><td>博思艾伦控股/BAH</td><td>81.73</td><td>-6</td><td>19.4</td><td>1.3</td><td>17.7</td><td>1.2</td><td>8.6</td><td>11.0</td><td>国防部顾问</td></tr><tr><td>J.B.亨特运输服务/JBHT</td><td>172.76</td><td>26</td><td>25.8</td><td>1.5</td><td>22.2</td><td>1.4</td><td>18.4</td><td>18.2</td><td>多式联运货运实力强劲</td></tr><tr><td>万豪度假全球/VAC</td><td>147.15</td><td>7</td><td>40.9</td><td>1.6</td><td>15.7</td><td>1.4</td><td>NA</td><td>6.3</td><td>度假分时度假顶级公司</td></tr><tr><td>SiteOne景观供应/站点</td><td>197.10</td><td>24</td><td>45.7</td><td>2.6</td><td>43.5</td><td>2.5</td><td>19.3</td><td>8.8</td><td>园林绿化用品大供应商</td></tr><tr><td>Staar外科/STAA</td><td>138.19</td><td>74</td><td>192.3</td><td>28.6</td><td>140.8</td><td>22.5</td><td>30.0</td><td>6.6</td><td>近视植入式镜片制造商</td></tr><tr><td>缝合固定/SFIX</td><td>44.38</td><td>-24</td><td>NM</td><td>1.9</td><td>1890.3</td><td>1.7</td><td>30.0</td><td>4.8</td><td>数据驱动的订阅服装公司</td></tr><tr><td>Trex/Trex</td><td>105.94</td><td>27</td><td>51.9</td><td>10.5</td><td>43.6</td><td>9.3</td><td>18.8</td><td>12.2</td><td>顶级合成木地板制造商</td></tr><tr><td>Upwork/UPWK</td><td>44.31</td><td>28</td><td>NM</td><td>11.4</td><td>556.8</td><td>9.2</td><td>NA</td><td>5.7</td><td>自由职业者在线信息交换所</td></tr></tbody></table>E=估计值。BAH预估适用于截至2022年3月和3月23日的财年。SFIX预估为截至2022年7月和2023年7月的财年。NM=无意义。NA=不可用。*公司未来3-5年可维持的年度每股收益增长。</blockquote></p><p> Source: FactSet</p><p><blockquote>来源：FactSet</blockquote></p><p> Amedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.</p><p><blockquote>Amedisys(AMED)是一家家庭医疗保健和临终关怀服务提供商，业务仍然分散，业务遍及全国。</blockquote></p><p></p><p> “There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”</p><p><blockquote>哥伦比亚小盘成长基金经理丹·科尔预测，“该行业将会出现大规模整合”。“医疗保健正在向家庭转移。”</blockquote></p><p> Amedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.</p><p><blockquote>Amedisys股价在过去十年中上涨了十倍多。但该公司最近以与新冠疫情相关的人员配备和成本问题（主要是收购的临终关怀业务）为由，下调了2021年财务指引，股价约为185美元，下跌了近30%。2021年盈利预期目前为每股6.13美元，低于近7美元。该股的交易价格是2021年预计利润的30倍。科尔表示，该公司仍有能力实现每股收益10%的年增长。</blockquote></p><p> Amyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.</p><p><blockquote>Amyris(AMRS)是合成生物学领域的领导者。它的粉丝们说，它的机会是以一种环保的方式取代一系列现在由石化产品、动物和植物制成的产品。</blockquote></p><p> Using genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.</p><p><blockquote>Amyris使用基因改造的酵母和甘蔗生产角鲨烷等产品，这是一种以前由鲨鱼肝制成的高端保湿剂；香草醛，香草的调味料；和通常来源于植物的无热量甜味剂。该股交易价格约为13美元。</blockquote></p><p> <i>Barron’s</i>&nbsp;wrote&nbsp;favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.</p><p><blockquote><i>巴伦周刊</i>7月份对该公司进行了好评。Amyris预计，在其消费品牌的推动下，到2025年销售额将达到20亿美元，高于今年预计的4亿美元。</blockquote></p><p> “The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.</p><p><blockquote>拥有Amyris股票的Pinnacle Associates的投资组合经理兰迪·巴伦(Randy Baron)表示：“世界需要清洁化学，而Amyris是创造清洁化学的关键。”他认为到2022年底它们可能会达到75美元。</blockquote></p><p> Booz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.</p><p><blockquote>博思艾伦控股公司（BAH）是国防部和其他机构的重要顾问。美国政府最近一财年的收入占其收入的97%。多年来，博思艾伦通过提供网络安全等一系列服务与政府建立了牢固的关系。其股价约为81美元，收益率为1.8%。</blockquote></p><p> “It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.</p><p><blockquote>T.Rowe Price New Horizons基金经理乔什·斯宾塞(Josh Spencer)表示：“它建立了强大的、类似伙伴关系的文化，并拥有长期稳定增长的记录。”他认为博思艾伦有能力实现9%至10%的收入年增长率和15%至16%的盈利年增长率，与其历史表现一致。由于担心军费开支更加克制，该股较100美元的峰值下跌了20%。斯宾塞将回调视为买入机会，该股的市盈率不到20倍。</blockquote></p><p> J.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the&nbsp;Barron’s Roundtable.</p><p><blockquote>J.B.亨特运输服务公司(JBHT)是多式联运货运领域的领导者，该领域涉及卡车在铁路线上的省油运输。它是最成功的卡车运输公司之一。其股价在过去20年中上涨了30倍，最近达到173美元。“它拥有令人难以置信的特许经营权，”Durable Capital Partners首席投资官、《巴伦周刊》圆桌会议成员亨利·埃伦博根(Henry Ellenbogen)表示。</blockquote></p><p> J.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.</p><p><blockquote>J.B.他指出，亨特与伯灵顿北圣达菲铁路公司的关系使其在多式联运货运领域拥有强大的地位。J.B.亨特的业务也在不断增长，接管了小公司的卡车运输业务。它还参与数字货运经纪业务——为卡车司机和航运客户牵线搭桥。</blockquote></p><p> Ellenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.</p><p><blockquote>Ellenbogen表示，考虑到盈利年增长率为十几岁左右，该股2022年预计利润的22倍是合理的。</blockquote></p><p> Marriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.</p><p><blockquote>万豪度假全球（VAC）是分时度假行业的顶级公司之一。它拥有700,000名业主，拥有富有弹性的商业模式，从费用中获得可观的收入，并且比同行更多地接触夏威夷和佛罗里达州奥兰多等地的豪华房产。</blockquote></p><p> “It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.</p><p><blockquote>Baron Focused Growth基金经理David Baron表示：“它拥有最好的客户群、最高的支出和无可挑剔的资产负债表。”他补充道，万豪度假公司的股价最近约为145美元，应该会在今年晚些时候恢复股息。</blockquote></p><p> The shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.</p><p><blockquote>Baron认为，根据2022年的预测，该股的自由现金流收益率为11%，价格低廉。他表示，该股自2018年以来几乎没有变化，未来几年可能为股东带来20%的年回报率。</blockquote></p><p> SiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.</p><p><blockquote>SiteOne Landscape Supply(SITE)是该国最大的景观美化产品供应商，鉴于其在高度分散的行业中仅占13%的市场份额，因此有充足的扩张机会。</blockquote></p><p> “It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.</p><p><blockquote>哥伦比亚大学的科尔表示：“它正在有机增长，并且有很多收购机会。”他认为该公司的年收入有能力增长10%至15%。</blockquote></p><p> The stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.</p><p><blockquote>该股股价约为197美元，估值很高，交易价格是2022年预计每股收益4.54美元的43倍。</blockquote></p><p> Staar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.</p><p><blockquote>Staar外科公司（STAA）开发了一种可植入晶状体来矫正近视（近视）。鉴于全球视力问题的发病率不断上升，这解决了一个潜在的巨大市场。该公司预计，这款镜片已在欧洲和亚洲上市至少五年，将于第四季度进入美国市场，等待美国食品和药物管理局的批准。</blockquote></p><p></p><p> “It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”</p><p><blockquote>Baillie Gifford全球经理道格·布罗迪(Doug Brodie)表示：“它的销量可能会很大。它还处于起步阶段，基本上没有竞争。”</blockquote></p><p> Lenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.</p><p><blockquote>双眼的晶状体可以在不到一个小时内植入，而且不需要移除天然晶状体。在美国，每个镜片的批发成本可能在1000美元左右。</blockquote></p><p> At a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.</p><p><blockquote>Staar股价最近为138美元，其估值超过2022年预计销售额的20倍，是2022年预计收益的140倍。但市场机会是巨大的：到2050年，全球约有50亿人可能患有近视。</blockquote></p><p> Stitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.</p><p><blockquote>Stitch Fix(SFIX)开发了服装、鞋子和其他配饰的订阅服务，拥有超过400万客户。</blockquote></p><p> “This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.</p><p><blockquote>“这可能是未来的诺德斯特龙，”Stitch Fix持有者Marathon Partners Equity Management首席投资官马里奥·西贝利(Mario Cibelli)表示。“这是一个潜在的巨大市场，没有人以同样的方式解决这个问题。”Stitch Fix利用6000名个人造型师和大量数据，试图确定订户的品味，以产生高满意度，并限制每隔一段时间发送并由订户决定的包裹的回报。</blockquote></p><p> Its shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.</p><p><blockquote>由于投资者对潜在客户流失和业务最终盈利能力的担忧，其股价约为44美元，较今年早些时候的水平下跌了60%。</blockquote></p><p> Yet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.</p><p><blockquote>然而，Cibelli预计收入每年将增长20%以上，在当前美国和英国市场之外还有机会，并且在两到三年内业务可能会非常有利可图。</blockquote></p><p> Trex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.</p><p><blockquote>Trex(TREX)是甲板高端木材替代品的顶级生产商，其95%来自回收材料，使其成为一种环保的住房。该股股价为105美元，是2022年预计市盈率的43倍。</blockquote></p><p> T. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.</p><p><blockquote>T.Rowe Price的Spencer认为Trex物有所值，因为他认为它可以产生15%至20%的可持续年收入增长。预计2022年盈利将增长约20%，并在接下来的几年中以类似的速度增长。“如果你把时间拨快三年，它看起来并没有那么贵，”他说。</blockquote></p><p> Upwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.</p><p><blockquote>Upwork(UPWK)是一个面向自由职业者的在线市场，受到Baillie Gifford的Brodie的青睐，他表示，它可以让企业更好地接受自由职业者。</blockquote></p><p> The shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.</p><p><blockquote>该股最近约为44美元，并不便宜。Upwork的估值为57亿美元，是今年预计销售额近5亿美元的10倍以上。它的运营略有亏损。</blockquote></p><p> The investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.</p><p><blockquote>投资案例是关于快速销售增长带来丰厚收益。预计今年销售额将增长30%以上，2022年将增长25%。</blockquote></p><p> “Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.</p><p><blockquote>“自由职业者更容易被中小型企业接受，但大型企业的人力资源部门却不喜欢他们，”布罗迪说。Upwork旨在通过审查自由职业者和提供数千种技能来改变这种看法。“Upwork可以成为越来越多企业级合作伙伴值得信赖的合作伙伴，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPWK":"Upwork Inc.","TREX":"Trex Co Inc","AMRS":"阿米瑞斯","STAA":"STAAR Surgical Company","AMED":"阿米斯医疗","SFIX":"Stitch Fix Inc.","BAH":"博思艾伦咨询公司","JBHT":"JB Hunt运输服务","VAC":"万豪度假环球","SITE":"SiteOne Landscape Supply, Inc."},"source_url":"https://www.barrons.com/articles/stocks-potential-compounder-growth-51628888840?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127633167","content_text":"One of the most popular buzzwords in investing today is “compounders.” Growth-oriented investors looking for the next Amazon.com, Costco Wholesale, Nike, or Visa seek to identify companies capable of generating double-digit compound growth in revenue and earnings—preferably both—for years to come.\nThe idea is that stock prices should compound in line with revenue and profits, enabling investors to generate high returns over a holding period of five to 10 years. The ultimate goal is to find the elusive “10 bagger”—a stock that returns 10 times what you paid for it.\nWall Street analyst notes and client letters from investment pros are replete with compounder references. Many of the next generation of value managers, identified in a Barron’s cover story in May, are seeking such shares, rather than the traditional value fare of cheap stocks.\nTheir search has become more challenging, because buyers are paying lofty prices for high-growth stories. Really big winners are scarce. Only about 35 companies in each of a long series of 10-year periods have compounded their stock prices at 20% or more annually, resulting in at least a sixfold increase, according to Durable Capital Partners.\nMany investors are happy to stick with large, well-known compounders, such as Alphabet(ticker: GOOGL),Mastercard(MA),UnitedHealth Group(UNH), and Eli Lilly(LLY).\nBarron’s sought to identify smaller candidates. We talked to investment managers and came up with an eclectic list of 10 stocks, most with market values under $10 billion. Here are the selections, in alphabetical order:\nStrong and Steady Wins the RaceHere are 10 stocks that growth investors have identified as being able to generate consistently high growth in revenues or profits for many years.\n\n\n\nCompany / Ticker\nRecent Price\nYTD Change\n2021E P/E\n2021E Price/Sales\n2022E P/E\n2022E Price/Sales\nLT Growth Rate*\nMarket Value (bil)\nComment\n\n\n\n\nAmedysis / AMED\n$185.15\n-37%\n30.2\n2.7\n27.7\n2.4\n10.5%\n$6.3\nLeader in home health care\n\n\nAmyris / AMRS\n13.64\n121\nNM\n10.4\nNM\n9.7\nNA\n4.1\nLeading company in synthetic biology\n\n\nBooz Allen Hamilton Holding / BAH\n81.73\n-6\n19.4\n1.3\n17.7\n1.2\n8.6\n11.0\nDefense-department consultant\n\n\nJ.B. Hunt Transport Services / JBHT\n172.76\n26\n25.8\n1.5\n22.2\n1.4\n18.4\n18.2\nStrong in intermodal freight\n\n\nMarriott Vacations Worldwide / VAC\n147.15\n7\n40.9\n1.6\n15.7\n1.4\nNA\n6.3\nTop company in vacation timeshares\n\n\nSiteOne Landscape Supply / SITE\n197.10\n24\n45.7\n2.6\n43.5\n2.5\n19.3\n8.8\nBig supplier of landscaping supplies\n\n\nStaar Surgical / STAA\n138.19\n74\n192.3\n28.6\n140.8\n22.5\n30.0\n6.6\nMaker of implantable lens for myopia\n\n\nStitch Fix / SFIX\n44.38\n-24\nNM\n1.9\n1890.3\n1.7\n30.0\n4.8\nData-driven subscription clothing firm\n\n\nTrex / TREX\n105.94\n27\n51.9\n10.5\n43.6\n9.3\n18.8\n12.2\nTop maker of synthetic wood decking\n\n\nUpwork / UPWK\n44.31\n28\nNM\n11.4\n556.8\n9.2\nNA\n5.7\nOnline clearinghouse for free-lancers\n\n\n\nE=Estimate. BAH estimates are for fiscal years ending March 2022 and March 23. SFIX estimates are for fiscal years ending July 2022 and July 2023. NM=Not Meaningful. NA=Not Available. *The annual EPS growth the company can sustain over the next 3-5 years.\nSource: FactSet\nAmedisys(AMED), a provider of home healthcare and hospice services, has a national footprint in a still-fragmented business.\n“There is going to be massive consolidation of the industry” predicts Dan Cole, a manager of the Columbia Small-Cap Growth fund. “Healthcare is moving to the home.”\nAmedisys stock is up more than tenfold in the past decade. But the shares, around $185, are off nearly 30% after the company recently cut 2021 financial guidance, citing Covid-related staffing and cost issues, mostly in acquired hospice operations. The 2021 earnings estimate is now $6.13 a share, down from nearly $7. The stock trades for 30 times projected 2021 profits. Cole says that the company remains capable of generating 10% annual gains in earnings per share.\nAmyris(AMRS) is a leader in synthetic biology. It fans say its opportunity is to supplant, in an eco-friendly way, a range of products now made from petrochemicals, animals, and plants.\nUsing genetically re-engineered yeast and sugar cane, Amyris produces such things as squalane, a high-end moisturizer formerly made from shark livers; vanillin, the flavoring for vanilla; and a no-calorie sweetener normally derived from plants. The stock trades around $13.\nBarron’s wrote favorably on the company in July. Amyris sees sales reaching $2 billion by 2025, up from an estimated $400 million this year, driven by its consumer brands.\n“The world needs clean chemistry, and Amyris is the point on the spear to create it,” says Randy Baron, a portfolio manager at Pinnacle Associates, which owns Amyris shares. He thinks they could hit $75 by the end of 2022.\nBooz Allen Hamilton Holding(BAH) is an important consultant to the Defense Department and other agencies. The U.S. government accounted for 97% of its revenue in its latest fiscal year. Booz Allen has built robust ties to the government over the years by providing an array of services, like cybersecurity. Its stock trades around $81, for a 1.8% yield.\n“It has built a strong, partnership-like culture and has a long record of steady growth,” says Josh Spencer, manager of the T. Rowe Price New Horizons fund. He sees Booz Allen as capable of generating 9% to 10% annual growth in revenue and yearly gains of 15% to 16% in earnings, in line with its historical performance. The stock is off 20% from its peak of $100, amid concerns about more restrained military spending. Spencer sees the pullback as a buying opportunity, with the stock valued at less than 20 times earnings.\nJ.B. Hunt Transport Services(JBHT) is a leader in intermodal freight, which involves the fuel-efficient movement of trucks over rail lines. It has been one of the most successful trucking companies. Its stock has risen 30-fold over the past 20 years, to a recent $173. “It has an incredible franchise,” says Henry Ellenbogen, chief investment officer at Durable Capital Partners and a member of the Barron’s Roundtable.\nJ.B. Hunt’s relationship with the Burlington Northern Santa Fe railroad gives it a strong position in intermodal freight, he notes. J.B. Hunt also has a growing business taking over the trucking operations of smaller companies. And it is involved in digital freight brokerage—matching truckers with shipping customers.\nEllenbogen says the stock is reasonable at 22 times estimated 2022 profits, given a mid-teens annual growth outlook for earnings.\nMarriott Vacations Worldwide(VAC) is one of the top companies in the timeshare industry. It has 700,000 owners, a resilient business model with significant revenue from fees, and more exposure than its peers to luxury properties in places including Hawaii and Orlando, Fla.\n“It has the best customer base, with the highest spending and an impeccable balance sheet,” says David Baron, a manager of the Baron Focused Growth fund. Marriott Vacations, whose shares recently were trading around $145, should reinstate its dividend later this year, he adds.\nThe shares, Baron argues, are cheap at a 11% free-cash-flow yield, based on 2022 estimates. He says that the stock, little changed since 2018, could produce 20% annual returns for shareholders in the coming years.\nSiteOne Landscape Supply(SITE) is the country’s top supplier of landscaping products, with ample opportunity to expand, given that it has just a 13% market share in a highly fragmented industry.\n\n“It’s growing organically and has lots of acquisition opportunities,” says Columbia’s Cole, who considers the company to be capable of 10% to 15% annual revenue growth.\nThe stock, around $197, has a rich valuation, trading for 43 times projected 2022 earnings of $4.54 a share.\nStaar Surgical(STAA) has developed an implantable lens to correct myopia (nearsightedness). That addresses a potentially huge market, given the rising global incidence of that vision problem. The company expects the lens, which has been available in Europe and Asia for at least five years, to be on the U.S. market in the fourth quarter, pending Food and Drug Administration approval.\n“It could do substantial volumes,’’ says Doug Brodie, a global manager at Baillie Gifford. “It’s early in a journey and is largely devoid of competition.”\nLenses for both eyes can be implanted in less than an hour, and they don’t involve the removal of the natural lenses. The wholesale cost in the U.S. could be around $1,000 per lens.\nAt a recent $138, Staar shares are richly valued at more than 20 times projected 2022 sales and 140 times estimated 2022 earnings. But the market opportunity is enormous: Some five billion people worldwide could have myopia by 2050.\nStitch Fix(SFIX) has developed a subscription service for clothing, shoes, and other accessories and boasts over four million customers.\n“This could be the Nordstrom of the future,” says Mario Cibelli, chief investment officer at Marathon Partners Equity Management, a Stitch Fix holder. “This a potentially huge market and nobody is addressing it in the same way.” Using a staff of 6,000 personal stylists and lots of data, Stitch Fix seeks to identify subscriber tastes to generate high satisfaction and limit returns on packages sent at intervals and determined by subscribers.\nIts shares, around $44, are down 60% from their level earlier in the year, on investors’ worries about potential churn and the business’s ultimate profitability.\nYet Cibelli sees revenue growth of 20%-plus annually, opportunities outside its current U.S. and U.K. markets, and a potentially very profitable business in two to three years.\nTrex(TREX) is the top producer of a high-end wood alternative for decks that comes from 95% recycled material, making it an eco-friendly housing play. The shares, at $105, trade for 43 times projected 2022 earnings.\nT. Rowe Price’s Spencer views Trex as worth the price, based on his view that it can generate sustainable annual revenue growth of 15% to 20%. Earnings are expected to climb by about 20% in 2022 and at a similar pace in the following years. “If you roll the clock forward three years, it doesn’t look as expensive,” he says.\nUpwork(UPWK), an online marketplace for freelance workers, is favored by Baillie Gifford’s Brodie, who says it offers a play on the greater acceptance of freelancers by businesses.\nThe shares, recently around $44, aren’t cheap. Upwork is valued at $5.7 billion, or more than 10 times this year’s projected sales of nearly $500 million. It operates at a slight loss.\nThe investment case is about rapid sales growth leading to ample earnings. Sales are expected to rise by 30%-plus this year and 25% for 2022.\n“Freelancers are more accepted by small to midsize business, but they’ve been frowned on by the HR departments at large businesses,” Brodie says. Upwork aims to change that perception by vetting its freelancers and by offering thousands of skill sets. “Upwork could become a trusted partner for an increasing number of enterprise-grade partners,” he says.","news_type":1,"symbols_score_info":{"UPWK":0.9,"VAC":0.9,"SFIX":0.9,"AMED":0.9,"AMRS":0.9,"TREX":0.9,"BAH":0.9,"SITE":0.9,"JBHT":0.9,"STAA":0.9}},"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889666899,"gmtCreate":1631146119111,"gmtModify":1631891429434,"author":{"id":"3579310238184228","authorId":"3579310238184228","name":"rossannathom","avatar":"https://static.tigerbbs.com/fee5c4cb302a57e628de9da574d73fff","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579310238184228","authorIdStr":"3579310238184228"},"themes":[],"htmlText":"Horrible","listText":"Horrible","text":"Horrible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889666899","repostId":"2166392072","repostType":4,"isVote":1,"tweetType":1,"viewCount":1039,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}