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2021-10-01

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2021-10-04

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2021-09-13

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2021-09-10

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2021-08-31

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2021-10-11

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Apple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</blockquote>

2021-10-05

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Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</blockquote>

2021-09-09

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Amazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock<blockquote>亚马逊Vs.微软：两大云计算巨头，一只胜出股</blockquote>

2021-08-22

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2021-10-15

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2021-10-01

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2021-09-29

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2021-09-19

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2021-09-04

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2021-08-18

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2021-10-14

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Semiconductor stocks rose in premarket trading<blockquote>半导体股在盘前交易中上涨</blockquote>

2021-10-13

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2021-09-26

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2021-09-23

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2021-09-05

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All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857878253,"gmtCreate":1635519813263,"gmtModify":1635519813263,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857878253","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824882141,"gmtCreate":1634302059051,"gmtModify":1634302307743,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824882141","repostId":"1105144708","repostType":4,"repost":{"id":"1105144708","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":1634301110,"share":"https://www.laohu8.com/m/news/1105144708?lang=zh_CN&edition=full","pubTime":"2021-10-15 20:31","market":"us","language":"en","title":"Goldman Sachs quarterly results beat expectations<blockquote>高盛季度业绩超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105144708","media":"Tiger Newspress","summary":"Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln\n\n\nGoldman Sac","content":"<p><ul>  <li>Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln</li> </ul> <ul>  <li>Goldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln</li> </ul> Goldman Sachs shares rose more&nbsp;than 2% after quarterly results beat expectations.</p><p><blockquote><ul><li>高盛第三季度股票收入为31.0亿美元，对比20.5亿美元；FactSet共识18.5亿美元</li></ul><ul><li>高盛第三季度全球市场营收56.1亿美元，对比45.5亿美元；FactSet共识37亿美元</li></ul>季度业绩超出预期后，高盛股价上涨逾2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/703a748d2ba12be3e77d1e0c5aa1c6cd\" tg-width=\"848\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.</p><p><blockquote>高盛集团今天公布，截至2021年9月30日的第三季度净收入为136.1亿美元，净利润为53.8亿美元。2021年前9个月的净收入为467亿美元，净利润为177亿美元。</blockquote></p><p> Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.</p><p><blockquote>2021年第三季度每股摊薄收益（EPS）为14.93美元，而2020年第三季度为8.98美元，2021年第二季度为15.02美元，2021年前9个月为48.59美元，而2020年前9个月为12.65美元。上一年，诉讼和监管程序的净拨备使2020年前9个月的摊薄每股收益减少了9.46美元。</blockquote></p><p> Annualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.</p><p><blockquote>2021年第三季度平均普通股股东权益年化回报率(ROE)1为22.5%，2021年前9个月为25.7%。2021年第三季度平均有形普通股股东权益年化回报率(ROTE)1为23.8%，2021年前9个月为27.2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/162a39880a6658f0d3d6e7ece9fe91d6\" tg-width=\"989\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Highlights</b></p><p><blockquote><b>亮点</b></blockquote></p><p> Results in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.</p><p><blockquote>2021年第三季度的业绩证明整体业绩持续强劲，净收入为136.1亿美元，比2020年第三季度增长26%。</blockquote></p><p> In the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.</p><p><blockquote>2021年前9个月，该公司净收入为467亿美元，净利润为177亿美元，摊薄后每股收益为48.59美元，均超过了之前的全年记录。</blockquote></p><p> Investment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.</p><p><blockquote>投资银行业务的季度净收入为37亿美元，位居第二，反映了财务咨询业务创纪录的季度净收入和承销业务的持续强劲。</blockquote></p><p> The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.</p><p><blockquote>今年迄今为止，该公司在全球宣布和完成的并购、全球股票和股票相关发行、普通股发行和首次公开发行方面仍然排名第一。</blockquote></p><p> Global Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.</p><p><blockquote>全球市场季度净收入为56.1亿美元，主要反映了股票的强劲表现，包括创纪录的股票融资净收入，以及第二高的固定收益、货币和大宗商品（FICC）融资净收入。</blockquote></p><p> Consumer &amp; Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.</p><p><blockquote>消费者与财富管理季度净收入首次超过20亿美元，比2020年第三季度增长35%。</blockquote></p><p> Firmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.</p><p><blockquote>本季度全公司受监管资产增加670亿美元，其中长期净流入490亿美元，达到创纪录的2.37万亿美元。2021年第三季度，全公司管理和其他费用达到创纪录的19.5亿美元。</blockquote></p><p> Book value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.</p><p><blockquote>本季度每股普通股账面价值增长4.7%，2021年前9个月增长17.4%，至277.25美元。</blockquote></p><p> During the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.</p><p><blockquote>在2021年第三季度，该公司宣布收购NN Investment Partners和GreenSky，Inc.，以加速该公司推动更高、更持久回报的战略。两者预计将于2022年第一季度末关闭。</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>Goldman Sachs quarterly results beat expectations<blockquote>高盛季度业绩超出预期</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\">\nGoldman Sachs quarterly results beat expectations<blockquote>高盛季度业绩超出预期</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\">2021-10-15 20:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln</li> </ul> <ul>  <li>Goldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln</li> </ul> Goldman Sachs shares rose more&nbsp;than 2% after quarterly results beat expectations.</p><p><blockquote><ul><li>高盛第三季度股票收入为31.0亿美元，对比20.5亿美元；FactSet共识18.5亿美元</li></ul><ul><li>高盛第三季度全球市场营收56.1亿美元，对比45.5亿美元；FactSet共识37亿美元</li></ul>季度业绩超出预期后，高盛股价上涨逾2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/703a748d2ba12be3e77d1e0c5aa1c6cd\" tg-width=\"848\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.</p><p><blockquote>高盛集团今天公布，截至2021年9月30日的第三季度净收入为136.1亿美元，净利润为53.8亿美元。2021年前9个月的净收入为467亿美元，净利润为177亿美元。</blockquote></p><p> Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.</p><p><blockquote>2021年第三季度每股摊薄收益（EPS）为14.93美元，而2020年第三季度为8.98美元，2021年第二季度为15.02美元，2021年前9个月为48.59美元，而2020年前9个月为12.65美元。上一年，诉讼和监管程序的净拨备使2020年前9个月的摊薄每股收益减少了9.46美元。</blockquote></p><p> Annualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.</p><p><blockquote>2021年第三季度平均普通股股东权益年化回报率(ROE)1为22.5%，2021年前9个月为25.7%。2021年第三季度平均有形普通股股东权益年化回报率(ROTE)1为23.8%，2021年前9个月为27.2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/162a39880a6658f0d3d6e7ece9fe91d6\" tg-width=\"989\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Highlights</b></p><p><blockquote><b>亮点</b></blockquote></p><p> Results in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.</p><p><blockquote>2021年第三季度的业绩证明整体业绩持续强劲，净收入为136.1亿美元，比2020年第三季度增长26%。</blockquote></p><p> In the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.</p><p><blockquote>2021年前9个月，该公司净收入为467亿美元，净利润为177亿美元，摊薄后每股收益为48.59美元，均超过了之前的全年记录。</blockquote></p><p> Investment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.</p><p><blockquote>投资银行业务的季度净收入为37亿美元，位居第二，反映了财务咨询业务创纪录的季度净收入和承销业务的持续强劲。</blockquote></p><p> The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.</p><p><blockquote>今年迄今为止，该公司在全球宣布和完成的并购、全球股票和股票相关发行、普通股发行和首次公开发行方面仍然排名第一。</blockquote></p><p> Global Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.</p><p><blockquote>全球市场季度净收入为56.1亿美元，主要反映了股票的强劲表现，包括创纪录的股票融资净收入，以及第二高的固定收益、货币和大宗商品（FICC）融资净收入。</blockquote></p><p> Consumer &amp; Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.</p><p><blockquote>消费者与财富管理季度净收入首次超过20亿美元，比2020年第三季度增长35%。</blockquote></p><p> Firmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.</p><p><blockquote>本季度全公司受监管资产增加670亿美元，其中长期净流入490亿美元，达到创纪录的2.37万亿美元。2021年第三季度，全公司管理和其他费用达到创纪录的19.5亿美元。</blockquote></p><p> Book value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.</p><p><blockquote>本季度每股普通股账面价值增长4.7%，2021年前9个月增长17.4%，至277.25美元。</blockquote></p><p> During the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.</p><p><blockquote>在2021年第三季度，该公司宣布收购NN Investment Partners和GreenSky，Inc.，以加速该公司推动更高、更持久回报的战略。两者预计将于2022年第一季度末关闭。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105144708","content_text":"Goldman Sachs Q3 equities revenue $3.10 bln vs. $2.05 bln; FactSet consensus $1.85 bln\n\n\nGoldman Sachs Q3 global markets revenue $5.61 bln vs. $4.55 bln; FactSet consensus $3.70 bln\n\nGoldman Sachs shares rose more than 2% after quarterly results beat expectations.\n\nThe Goldman Sachs Group, Inc. today reported net revenues of $13.61 billion and net earnings of $5.38 billion for the third quarter ended September 30, 2021. Net revenues were $46.70 billion and net earnings were $17.70 billion for the first nine months of 2021.\nDiluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021, and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.\nAnnualized return on average common shareholders’ equity (ROE)1 was 22.5% for the third quarter of 2021 and 25.7% for the first nine months of 2021. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 23.8% for the third quarter of 2021 and 27.2% for the first nine months of 2021.\n\nHighlights\nResults in the third quarter of 2021 evidenced continued strong overall performance with net revenues of $13.61 billion, 26% higher than the third quarter of 2020.\nIn the first nine months of 2021, the firm generated net revenues of $46.70 billion, net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full year records.\nInvestment Banking generated its second highest quarterly net revenues of $3.70 billion, reflecting record quarterly net revenues in Financial advisory and continued strength in Underwriting.\nThe firm remained ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings, and initial public offerings for the year-to-date.\nGlobal Markets generated quarterly net revenues of $5.61 billion, primarily reflecting strong performance in Equities, including record Equities financing net revenues, and the second highest Fixed Income, Currency and Commodities (FICC) financing net revenues.\nConsumer & Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020.\nFirmwide assets under supervision increased $67 billion during the quarter, including long-term net inflows of $49 billion, to a record $2.37 trillion. Firmwide Management and other fees were a record $1.95 billion for the third quarter of 2021.\nBook value per common share increased by 4.7% during the quarter and 17.4% during the first nine months of 2021 to $277.25.\nDuring the third quarter of 2021, the firm announced the acquisitions of NN Investment Partners and GreenSky, Inc., to accelerate the firm’s strategy to drive higher, more durable returns. Both are expected to close by the end of the first quarter of 2022.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":4591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825317998,"gmtCreate":1634200694450,"gmtModify":1634200694450,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/825317998","repostId":"1156164113","repostType":4,"repost":{"id":"1156164113","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":1634199499,"share":"https://www.laohu8.com/m/news/1156164113?lang=zh_CN&edition=full","pubTime":"2021-10-14 16:18","market":"us","language":"en","title":"Semiconductor stocks rose in premarket trading<blockquote>半导体股在盘前交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156164113","media":"Tiger Newspress","summary":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectro","content":"<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p><p><blockquote>半导体股在盘前交易中上涨。台积电、英伟达、AMD、ASML、美光科技、意法半导体和恩智浦半导体上涨1%至3.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p><p><blockquote>台积电公司的季度利润超出预期，因为面对供应链日益恶化的混乱，芯片需求依然强劲。</blockquote></p><p> ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p><p><blockquote>据两位科技投资者称，生产用于半导体制造的高科技机器的荷兰公司ASML明年的市值将从3020亿美元攀升至5000亿美元以上。</blockquote></p><p> STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</p><p><blockquote>意法半导体与Scuola Superiore Sant’Anna签署框架协议，打造创新生态系统。</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>Semiconductor stocks rose in premarket trading<blockquote>半导体股在盘前交易中上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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; 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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\">\nSemiconductor stocks rose in premarket trading<blockquote>半导体股在盘前交易中上涨</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\">2021-10-14 16:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p><p><blockquote>半导体股在盘前交易中上涨。台积电、英伟达、AMD、ASML、美光科技、意法半导体和恩智浦半导体上涨1%至3.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p><p><blockquote>台积电公司的季度利润超出预期，因为面对供应链日益恶化的混乱，芯片需求依然强劲。</blockquote></p><p> ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p><p><blockquote>据两位科技投资者称，生产用于半导体制造的高科技机器的荷兰公司ASML明年的市值将从3020亿美元攀升至5000亿美元以上。</blockquote></p><p> STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</p><p><blockquote>意法半导体与Scuola Superiore Sant’Anna签署框架协议，打造创新生态系统。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STM":"意法半导体","ASML":"阿斯麦","INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达","MU":"美光科技","TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156164113","content_text":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics and NXP Semiconductors climbed between 1% and 3.4%.\n\nTaiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.\nASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.\nSTMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.","news_type":1,"symbols_score_info":{"NVDA":0.9,"STM":0.9,"TSM":0.9,"ASML":0.9,"AMD":0.9,"MU":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826728464,"gmtCreate":1634057795280,"gmtModify":1634057795410,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/826728464","repostId":"1175646314","repostType":4,"isVote":1,"tweetType":1,"viewCount":2501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826930397,"gmtCreate":1633963074399,"gmtModify":1633963074492,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826930397","repostId":"1104700424","repostType":4,"repost":{"id":"1104700424","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":1633962193,"share":"https://www.laohu8.com/m/news/1104700424?lang=zh_CN&edition=full","pubTime":"2021-10-11 22:23","market":"us","language":"en","title":"Apple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104700424","media":"Tiger Newspress","summary":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to p","content":"<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p><p><blockquote>苹果股价早盘上涨逾1%。苹果对Epic Games的裁决提出上诉，并要求暂停订购的App Store变更。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p><p><blockquote>这家iPhone制造商上周五（10月8日）发出通知，将对法官在与Epic Games的斗争中的裁决提出上诉，该裁决命令这家总部位于加州的公司停止阻止开发者让用户在网络上完成应用内购买。</blockquote></p><p> It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p><p><blockquote>它还要求法官在上诉期间暂停12月9日App Store规则变更的最后期限，如果允许，苹果的业务可以照常运行至少一年。</blockquote></p><p> The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p><p><blockquote>9月10日的裁决在很大程度上证明了苹果的商业模式是正确的，该模式向开发者收取应用商店交易佣金，但法官表示，苹果必须允许用户和应用程序制造商之间的直接沟通，并允许链接到网络来完成交易。</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>Apple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</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; 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#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\">\nApple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</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\">2021-10-11 22:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p><p><blockquote>苹果股价早盘上涨逾1%。苹果对Epic Games的裁决提出上诉，并要求暂停订购的App Store变更。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p><p><blockquote>这家iPhone制造商上周五（10月8日）发出通知，将对法官在与Epic Games的斗争中的裁决提出上诉，该裁决命令这家总部位于加州的公司停止阻止开发者让用户在网络上完成应用内购买。</blockquote></p><p> It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p><p><blockquote>它还要求法官在上诉期间暂停12月9日App Store规则变更的最后期限，如果允许，苹果的业务可以照常运行至少一年。</blockquote></p><p> The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p><p><blockquote>9月10日的裁决在很大程度上证明了苹果的商业模式是正确的，该模式向开发者收取应用商店交易佣金，但法官表示，苹果必须允许用户和应用程序制造商之间的直接沟通，并允许链接到网络来完成交易。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104700424","content_text":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.\n\nThe iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.\nIt also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.\nThe Sept 10 ruling largely vindicated Apple's business model, which charges commissions on developers for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821120000,"gmtCreate":1633706743412,"gmtModify":1633706743576,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821120000","repostId":"2173929300","repostType":4,"isVote":1,"tweetType":1,"viewCount":2623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823848991,"gmtCreate":1633614690549,"gmtModify":1633614726634,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823848991","repostId":"1123346561","repostType":4,"repost":{"id":"1123346561","kind":"news","pubTimestamp":1633612422,"share":"https://www.laohu8.com/m/news/1123346561?lang=zh_CN&edition=full","pubTime":"2021-10-07 21:13","market":"us","language":"en","title":"Lordstown Motors Is the Poster Child for Blank-Check Firms<blockquote>洛兹敦汽车公司是空白支票公司的典型代表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123346561","media":"InvestorPlace","summary":"RIDE stock confirms the importance of due diligence.\n\nA few months ago, I expressed some concerns ab","content":"<p><div> RIDE stock confirms the importance of due diligence.  A few months ago, I expressed some concerns about Lordstown Motors Corp. stock and suffice to say, it was not well received. Source: Postmodern ...</p><p><blockquote><div>RIDE股票证实了尽职调查的重要性。几个月前，我表达了对洛兹敦汽车公司股票的一些担忧，可以说，它并没有受到好评。来源：后现代...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>Lordstown Motors Is the Poster Child for Blank-Check Firms<blockquote>洛兹敦汽车公司是空白支票公司的典型代表</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\">\nLordstown Motors Is the Poster Child for Blank-Check Firms<blockquote>洛兹敦汽车公司是空白支票公司的典型代表</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-10-07 21:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> RIDE stock confirms the importance of due diligence.  A few months ago, I expressed some concerns about Lordstown Motors Corp. stock and suffice to say, it was not well received. Source: Postmodern ...</p><p><blockquote><div>RIDE股票证实了尽职调查的重要性。几个月前，我表达了对洛兹敦汽车公司股票的一些担忧，可以说，它并没有受到好评。来源：后现代...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/2021/10/ride-stock-poster-child-for-spacs/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123346561","content_text":"RIDE stock confirms the importance of due diligence.\n\nA few months ago, I expressed some concerns about Lordstown Motors Corp. stock and suffice to say, it was not well received.\nSource: Postmodern Studio / Shutterstock.com\nI could understand why. Even though the criticisms I received regarding my take on RIDE stock did not involve this admission, the reality is that no one likes losing money on a deal.\nHow often have we fretted over losing out on a negotiation rather than the joys that we accrued through victories in other areas. According to an NPR report, this concept has a name,loss aversion. “People care more about losing a dollar than gaining a dollar.” So, I get the anger over losing money from banking on RIDE stock.\nIf it makes anyone feel any better, I’ve put my money down on plenty of clunkers. All I can tell you is that you got to stay in the game through smart money management.\nBut there’s also another point here and that’s the value of due diligence. At the end of September, theNew York Times revealed thatHon Hai Precision Industry Co.(OTCMKTS:HNHPF) – better known as Foxconn – reached an agreement in principle to develop Lordstown’s electric vehicles. Also, it’s quite possible that the EV maker could sell its Ohio factory to Foxconn.\nAdding more woes to stakeholders of RIDE stock, Lordstown “said it would continue to use the factory to make the Endurance by leasing back space from Foxconn if the sale was completed. Foxconn would then offer employment contracts to some Lordstown manufacturing employees. Troubled companies often resort to sale-lease back deals as a way to raise cash.”\nThat’s not all. Under the terms of the agreement, “Foxconn agreed to buy $50 million worth of Lordstown shares at a price of $6.89.” At time of writing, RIDE stock closed at $5.85.\nBlank-Check Fever Was the Blessing and Curse of RIDE Stock\nWith so much attention focused on EVs in light of the massive paradigm shift from the novel coronavirus, it’s easy to forget that RIDE stock came to us via a merger with a special purpose acquisition company. Over the trailing year, SPACs have been the talk of town. But at the end of this period, this distinct manner of an initial public offering has come under scrutiny.\nFor one thing, RIDE stock isn’t an anomaly among post-merger business combinations. True, the hideousness of the losses – down 10% on Oct. 4, down 31% in the trailing five days and down 74% year-to-date – are a bit extreme, even for SPACs. However, SPACs overall have beenunderperforming benchmark indicesso far this year.\nNow, I don’t want to hit on SPACs (with an “S” in front) without providing some balanced context. One of the key benefits of these shell companies is that they open opportunities that would otherwise not be publicly available. Also, for the fullest of full disclosures, I make moneyanalyzing SPACs, so there’s that angle.\nBut the positives of blank-check firms don’t exempt one from conducting due diligence. You just got to do it, especially when you’re betting blind on pre-merger-announcement SPACs.\nBut what really struck me about RIDE stock is that it appears that at least with some SPACs, even their backers haven’t conducted a thorough examination. AnotherNew York Timesarticle describes how the scrutiny of a key architect of the SPAC that merged with Lordstown “was most likely far lessthan the inspection that a company undergoes in a conventional initial public offering.”\n“In an I.P.O., a company is held to strict reporting standards about its finances and prospects. By contrast, SPAC mergers give companies that would find it challenging to go public on their own an easier path to the public markets.”\nBe Careful Out There\nI’m not about to tell you not to buy SPACs – that would be SPAC-ist. Because let’s be real, even traditional IPOs can suffer from questionable antics. Otherwise, the filmThe Wolf of Wall Streetwouldn’t be as colorful as it was.\nBut the takeaway is that SPACs do seem to tempt the worst of behaviors from sponsors that seem to have their own interest in mind rather than the long-term viability of the deals they’re quarterbacking.\nPerhaps that’s the legacy of RIDE stock if this equity unit doesn’t make it out of this mess. Don’t be too comfortable flying with SPAC Air: there might not be anyone in the cockpit.","news_type":1,"symbols_score_info":{"RIDE":0.9}},"isVote":1,"tweetType":1,"viewCount":1725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820429933,"gmtCreate":1633418912068,"gmtModify":1633418912226,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820429933","repostId":"1121989111","repostType":4,"repost":{"id":"1121989111","kind":"news","pubTimestamp":1633417444,"share":"https://www.laohu8.com/m/news/1121989111?lang=zh_CN&edition=full","pubTime":"2021-10-05 15:04","market":"us","language":"en","title":"Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121989111","media":"Marketwatch","summary":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile m","content":"<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.</p><p><blockquote>美国股市在10月份已经经历了艰难的两个交易日。十月是股市波动最大的月份，也是股市遭受美国市场历史上最严重的两次崩盘的时候。</blockquote></p><p> Moreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.</p><p><blockquote>此外，本月股市有0.06%的可能性会出现像1987年黑色星期一那样严重的单日崩盘。</blockquote></p><p> Those odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.</p><p><blockquote>这些可能性看起来不大，但也不是零。道琼斯工业平均指数道琼斯，-0.94%在1987年10月19日黑色星期一下跌22.6%。从当前水平下跌同等百分比将使道琼斯指数在一个交易日内下跌超过7,700点。</blockquote></p><p> Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.</p><p><blockquote>如今市场上很少有投资者记得黑色星期一的创伤。那些这样做的人可能会向自己保证，考虑到抛售后实施的市场改革，今天不会发生类似的崩盘。</blockquote></p><p> They are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.</p><p><blockquote>根据哈佛大学经济学和金融学教授Xavier Gabaix进行的一项研究，他们在自欺欺人。他和他的合著者推导出了一个公式，可以预测市场在很长一段时间内每日大幅波动的频率。在根据美国和世界各地数百年的股市回报测试该公式后，他们发现该公式非常准确。</blockquote></p><p> For example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).</p><p><blockquote>例如，Gabaix的公式预测，在很长一段时间内，平均每150年市场将下降22.6%。这并不意味着这样的碰撞每150年就会发生一次，因为这个预测的频率是极长时期的平均值。因此，市场可能在150年内不会经历这样的崩盘，或者经历两次（或更多次）。</blockquote></p><p> What you can’t conclude, however, is that the odds of a crash are zero.</p><p><blockquote>然而，你不能断定撞车的几率为零。</blockquote></p><p> Why market reforms can’t prevent a crash</p><p><blockquote>为什么市场改革无法防止崩盘</blockquote></p><p> You might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.</p><p><blockquote>你可能会反对这一结论，理由是自1987年以来实施的市场改革将防止另一次崩盘发生——熔断、交易暂停和其他保障措施。但是，正如Gabaix多年来在采访中多次向我解释的那样，这种改革无力阻止崩盘。那是因为所有的市场都是由它们最大的投资者主导的，当他们中的许多人同时想要退出市场时，不管出于什么原因，市场就会崩溃。</blockquote></p><p> For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.</p><p><blockquote>例如，即使交易暂停和其他限制成功地阻止了这些大型投资者在美国交易所出售，他们仍然可以在许多美国股票也交易的外国交易所出售。他们还可以通过股指期货合约或购买看跌期权来卖空。如果你认为这些大投资者想退出就会被阻止，那你就是在自欺欺人。</blockquote></p><p> Black swans</p><p><blockquote>黑天鹅</blockquote></p><p> Gabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?</p><p><blockquote>Gabaix的研究强调了为什么为所谓的黑天鹅事件做好准备如此重要，例如突然、可怕、不可预测和罕见的市场崩盘。请注意，根据这个定义，它们是不可预测的，因此相信您可以及时预测未来的黑天鹅以降低投资组合风险从而避免市场崩盘是错误的安慰。您是否及时预见到COVID引发的熊市以避免重大损失？</blockquote></p><p> The investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.</p><p><blockquote>投资的含义是改变你的投资组合，保护你免受崩盘的影响，如果崩盘发生的话。这就像给你的房子买火灾保险。你们中的大多数人永远不会让自己的房子被烧毁，但这不是放弃火灾保险的理由。我怀疑你们中的任何人会抱怨不得不购买这样的保险，因为失去一切的下行风险已经足够可怕了。</blockquote></p><p> What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.</p><p><blockquote>对于您的股票投资组合来说，火灾保险的功能等价物是什么？今年夏天，我在专栏中讨论了几种不同的可能性，我希望你能注意到这一点。</blockquote></p><p> One possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&amp;P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&amp;P 500 put option that was 60% out of the money and with two years left before expiration.</p><p><blockquote>一种可能性是定期将投资组合的一小部分分配给标准普尔500SPX的长期价外看跌期权，-1.30%。在我之前关于此主题的专栏中，我报道了一种这样的策略，每年分配3.33%的标普500看跌期权是60%价外的，距离到期还有两年。</blockquote></p><p> In this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&amp;P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.</p><p><blockquote>在这种特殊情况下，您投资组合的“火灾保险”每年的保费为3.33%。这似乎并不令人望而却步，特别是因为在2006年的回溯测试中，这一策略击败了标普500本身。所以在这段时间里，你的保险没有净成本。还不错。</blockquote></p><p> It won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.</p><p><blockquote>当然，它不会总是这么好，这也不是唯一的黑天鹅策略。但它给了你一个想法。美国市场历史上两次最严重的崩盘周年纪念日是考虑为您的投资组合提供黑天鹅保险的绝佳时机。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</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\">\nStock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-10-05 15:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.</p><p><blockquote>美国股市在10月份已经经历了艰难的两个交易日。十月是股市波动最大的月份，也是股市遭受美国市场历史上最严重的两次崩盘的时候。</blockquote></p><p> Moreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.</p><p><blockquote>此外，本月股市有0.06%的可能性会出现像1987年黑色星期一那样严重的单日崩盘。</blockquote></p><p> Those odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.</p><p><blockquote>这些可能性看起来不大，但也不是零。道琼斯工业平均指数道琼斯，-0.94%在1987年10月19日黑色星期一下跌22.6%。从当前水平下跌同等百分比将使道琼斯指数在一个交易日内下跌超过7,700点。</blockquote></p><p> Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.</p><p><blockquote>如今市场上很少有投资者记得黑色星期一的创伤。那些这样做的人可能会向自己保证，考虑到抛售后实施的市场改革，今天不会发生类似的崩盘。</blockquote></p><p> They are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.</p><p><blockquote>根据哈佛大学经济学和金融学教授Xavier Gabaix进行的一项研究，他们在自欺欺人。他和他的合著者推导出了一个公式，可以预测市场在很长一段时间内每日大幅波动的频率。在根据美国和世界各地数百年的股市回报测试该公式后，他们发现该公式非常准确。</blockquote></p><p> For example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).</p><p><blockquote>例如，Gabaix的公式预测，在很长一段时间内，平均每150年市场将下降22.6%。这并不意味着这样的碰撞每150年就会发生一次，因为这个预测的频率是极长时期的平均值。因此，市场可能在150年内不会经历这样的崩盘，或者经历两次（或更多次）。</blockquote></p><p> What you can’t conclude, however, is that the odds of a crash are zero.</p><p><blockquote>然而，你不能断定撞车的几率为零。</blockquote></p><p> Why market reforms can’t prevent a crash</p><p><blockquote>为什么市场改革无法防止崩盘</blockquote></p><p> You might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.</p><p><blockquote>你可能会反对这一结论，理由是自1987年以来实施的市场改革将防止另一次崩盘发生——熔断、交易暂停和其他保障措施。但是，正如Gabaix多年来在采访中多次向我解释的那样，这种改革无力阻止崩盘。那是因为所有的市场都是由它们最大的投资者主导的，当他们中的许多人同时想要退出市场时，不管出于什么原因，市场就会崩溃。</blockquote></p><p> For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.</p><p><blockquote>例如，即使交易暂停和其他限制成功地阻止了这些大型投资者在美国交易所出售，他们仍然可以在许多美国股票也交易的外国交易所出售。他们还可以通过股指期货合约或购买看跌期权来卖空。如果你认为这些大投资者想退出就会被阻止，那你就是在自欺欺人。</blockquote></p><p> Black swans</p><p><blockquote>黑天鹅</blockquote></p><p> Gabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?</p><p><blockquote>Gabaix的研究强调了为什么为所谓的黑天鹅事件做好准备如此重要，例如突然、可怕、不可预测和罕见的市场崩盘。请注意，根据这个定义，它们是不可预测的，因此相信您可以及时预测未来的黑天鹅以降低投资组合风险从而避免市场崩盘是错误的安慰。您是否及时预见到COVID引发的熊市以避免重大损失？</blockquote></p><p> The investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.</p><p><blockquote>投资的含义是改变你的投资组合，保护你免受崩盘的影响，如果崩盘发生的话。这就像给你的房子买火灾保险。你们中的大多数人永远不会让自己的房子被烧毁，但这不是放弃火灾保险的理由。我怀疑你们中的任何人会抱怨不得不购买这样的保险，因为失去一切的下行风险已经足够可怕了。</blockquote></p><p> What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.</p><p><blockquote>对于您的股票投资组合来说，火灾保险的功能等价物是什么？今年夏天，我在专栏中讨论了几种不同的可能性，我希望你能注意到这一点。</blockquote></p><p> One possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&amp;P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&amp;P 500 put option that was 60% out of the money and with two years left before expiration.</p><p><blockquote>一种可能性是定期将投资组合的一小部分分配给标准普尔500SPX的长期价外看跌期权，-1.30%。在我之前关于此主题的专栏中，我报道了一种这样的策略，每年分配3.33%的标普500看跌期权是60%价外的，距离到期还有两年。</blockquote></p><p> In this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&amp;P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.</p><p><blockquote>在这种特殊情况下，您投资组合的“火灾保险”每年的保费为3.33%。这似乎并不令人望而却步，特别是因为在2006年的回溯测试中，这一策略击败了标普500本身。所以在这段时间里，你的保险没有净成本。还不错。</blockquote></p><p> It won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.</p><p><blockquote>当然，它不会总是这么好，这也不是唯一的黑天鹅策略。但它给了你一个想法。美国市场历史上两次最严重的崩盘周年纪念日是考虑为您的投资组合提供黑天鹅保险的绝佳时机。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2\">Marketwatch</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1121989111","content_text":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.\nMoreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.\nThose odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.\nFew investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.\nThey are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.\nFor example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).\nWhat you can’t conclude, however, is that the odds of a crash are zero.\nWhy market reforms can’t prevent a crash\nYou might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.\nFor example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.\nBlack swans\nGabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?\nThe investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.\nWhat might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.\nOne possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&P 500 put option that was 60% out of the money and with two years left before expiration.\nIn this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.\nIt won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black 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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":1633962193,"share":"https://www.laohu8.com/m/news/1104700424?lang=zh_CN&edition=full","pubTime":"2021-10-11 22:23","market":"us","language":"en","title":"Apple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104700424","media":"Tiger Newspress","summary":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to p","content":"<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p><p><blockquote>苹果股价早盘上涨逾1%。苹果对Epic Games的裁决提出上诉，并要求暂停订购的App Store变更。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p><p><blockquote>这家iPhone制造商上周五（10月8日）发出通知，将对法官在与Epic Games的斗争中的裁决提出上诉，该裁决命令这家总部位于加州的公司停止阻止开发者让用户在网络上完成应用内购买。</blockquote></p><p> It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p><p><blockquote>它还要求法官在上诉期间暂停12月9日App Store规则变更的最后期限，如果允许，苹果的业务可以照常运行至少一年。</blockquote></p><p> The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p><p><blockquote>9月10日的裁决在很大程度上证明了苹果的商业模式是正确的，该模式向开发者收取应用商店交易佣金，但法官表示，苹果必须允许用户和应用程序制造商之间的直接沟通，并允许链接到网络来完成交易。</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>Apple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</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; 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#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\">\nApple stock rose more than 1% in morning trading<blockquote>苹果股价早盘上涨逾1%</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\">2021-10-11 22:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.</p><p><blockquote>苹果股价早盘上涨逾1%。苹果对Epic Games的裁决提出上诉，并要求暂停订购的App Store变更。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d8c8a6a273d3ea37161e8b6b988da92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.</p><p><blockquote>这家iPhone制造商上周五（10月8日）发出通知，将对法官在与Epic Games的斗争中的裁决提出上诉，该裁决命令这家总部位于加州的公司停止阻止开发者让用户在网络上完成应用内购买。</blockquote></p><p> It also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.</p><p><blockquote>它还要求法官在上诉期间暂停12月9日App Store规则变更的最后期限，如果允许，苹果的业务可以照常运行至少一年。</blockquote></p><p> The Sept 10 ruling largely vindicated&nbsp;Apple's business model, which&nbsp;charges commissions on developers&nbsp;for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.</p><p><blockquote>9月10日的裁决在很大程度上证明了苹果的商业模式是正确的，该模式向开发者收取应用商店交易佣金，但法官表示，苹果必须允许用户和应用程序制造商之间的直接沟通，并允许链接到网络来完成交易。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104700424","content_text":"Apple stock rose more than 1% in morning trading.Apple appealed the Epic Games ruling and asked to put ordered App Store changes on hold.\n\nThe iPhone maker gave notice last Friday (Oct 8) that it will appeal a judge's ruling in its fight with Epic Games ordering the California-based company to stop blocking developers from letting users complete in-app purchases on the Web.\nIt also asked the judge to put the Dec 9 deadline for App Store rule changes on hold during the appeal, which, if allowed, could keep business as usual for Apple for at least a year.\nThe Sept 10 ruling largely vindicated Apple's business model, which charges commissions on developers for App Store transactions, but the judge said Apple must allow direct communication between users and app makers and permit links to the Web to complete transactions.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820429933,"gmtCreate":1633418912068,"gmtModify":1633418912226,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820429933","repostId":"1121989111","repostType":4,"repost":{"id":"1121989111","kind":"news","pubTimestamp":1633417444,"share":"https://www.laohu8.com/m/news/1121989111?lang=zh_CN&edition=full","pubTime":"2021-10-05 15:04","market":"us","language":"en","title":"Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121989111","media":"Marketwatch","summary":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile m","content":"<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.</p><p><blockquote>美国股市在10月份已经经历了艰难的两个交易日。十月是股市波动最大的月份，也是股市遭受美国市场历史上最严重的两次崩盘的时候。</blockquote></p><p> Moreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.</p><p><blockquote>此外，本月股市有0.06%的可能性会出现像1987年黑色星期一那样严重的单日崩盘。</blockquote></p><p> Those odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.</p><p><blockquote>这些可能性看起来不大，但也不是零。道琼斯工业平均指数道琼斯，-0.94%在1987年10月19日黑色星期一下跌22.6%。从当前水平下跌同等百分比将使道琼斯指数在一个交易日内下跌超过7,700点。</blockquote></p><p> Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.</p><p><blockquote>如今市场上很少有投资者记得黑色星期一的创伤。那些这样做的人可能会向自己保证，考虑到抛售后实施的市场改革，今天不会发生类似的崩盘。</blockquote></p><p> They are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.</p><p><blockquote>根据哈佛大学经济学和金融学教授Xavier Gabaix进行的一项研究，他们在自欺欺人。他和他的合著者推导出了一个公式，可以预测市场在很长一段时间内每日大幅波动的频率。在根据美国和世界各地数百年的股市回报测试该公式后，他们发现该公式非常准确。</blockquote></p><p> For example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).</p><p><blockquote>例如，Gabaix的公式预测，在很长一段时间内，平均每150年市场将下降22.6%。这并不意味着这样的碰撞每150年就会发生一次，因为这个预测的频率是极长时期的平均值。因此，市场可能在150年内不会经历这样的崩盘，或者经历两次（或更多次）。</blockquote></p><p> What you can’t conclude, however, is that the odds of a crash are zero.</p><p><blockquote>然而，你不能断定撞车的几率为零。</blockquote></p><p> Why market reforms can’t prevent a crash</p><p><blockquote>为什么市场改革无法防止崩盘</blockquote></p><p> You might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.</p><p><blockquote>你可能会反对这一结论，理由是自1987年以来实施的市场改革将防止另一次崩盘发生——熔断、交易暂停和其他保障措施。但是，正如Gabaix多年来在采访中多次向我解释的那样，这种改革无力阻止崩盘。那是因为所有的市场都是由它们最大的投资者主导的，当他们中的许多人同时想要退出市场时，不管出于什么原因，市场就会崩溃。</blockquote></p><p> For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.</p><p><blockquote>例如，即使交易暂停和其他限制成功地阻止了这些大型投资者在美国交易所出售，他们仍然可以在许多美国股票也交易的外国交易所出售。他们还可以通过股指期货合约或购买看跌期权来卖空。如果你认为这些大投资者想退出就会被阻止，那你就是在自欺欺人。</blockquote></p><p> Black swans</p><p><blockquote>黑天鹅</blockquote></p><p> Gabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?</p><p><blockquote>Gabaix的研究强调了为什么为所谓的黑天鹅事件做好准备如此重要，例如突然、可怕、不可预测和罕见的市场崩盘。请注意，根据这个定义，它们是不可预测的，因此相信您可以及时预测未来的黑天鹅以降低投资组合风险从而避免市场崩盘是错误的安慰。您是否及时预见到COVID引发的熊市以避免重大损失？</blockquote></p><p> The investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.</p><p><blockquote>投资的含义是改变你的投资组合，保护你免受崩盘的影响，如果崩盘发生的话。这就像给你的房子买火灾保险。你们中的大多数人永远不会让自己的房子被烧毁，但这不是放弃火灾保险的理由。我怀疑你们中的任何人会抱怨不得不购买这样的保险，因为失去一切的下行风险已经足够可怕了。</blockquote></p><p> What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.</p><p><blockquote>对于您的股票投资组合来说，火灾保险的功能等价物是什么？今年夏天，我在专栏中讨论了几种不同的可能性，我希望你能注意到这一点。</blockquote></p><p> One possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&amp;P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&amp;P 500 put option that was 60% out of the money and with two years left before expiration.</p><p><blockquote>一种可能性是定期将投资组合的一小部分分配给标准普尔500SPX的长期价外看跌期权，-1.30%。在我之前关于此主题的专栏中，我报道了一种这样的策略，每年分配3.33%的标普500看跌期权是60%价外的，距离到期还有两年。</blockquote></p><p> In this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&amp;P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.</p><p><blockquote>在这种特殊情况下，您投资组合的“火灾保险”每年的保费为3.33%。这似乎并不令人望而却步，特别是因为在2006年的回溯测试中，这一策略击败了标普500本身。所以在这段时间里，你的保险没有净成本。还不错。</blockquote></p><p> It won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.</p><p><blockquote>当然，它不会总是这么好，这也不是唯一的黑天鹅策略。但它给了你一个想法。美国市场历史上两次最严重的崩盘周年纪念日是考虑为您的投资组合提供黑天鹅保险的绝佳时机。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</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\">\nStock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event<blockquote>股市十月份的波动历史意味着是时候稳定自己以应对“黑天鹅”事件了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-10-05 15:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.</p><p><blockquote>美国股市在10月份已经经历了艰难的两个交易日。十月是股市波动最大的月份，也是股市遭受美国市场历史上最严重的两次崩盘的时候。</blockquote></p><p> Moreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.</p><p><blockquote>此外，本月股市有0.06%的可能性会出现像1987年黑色星期一那样严重的单日崩盘。</blockquote></p><p> Those odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.</p><p><blockquote>这些可能性看起来不大，但也不是零。道琼斯工业平均指数道琼斯，-0.94%在1987年10月19日黑色星期一下跌22.6%。从当前水平下跌同等百分比将使道琼斯指数在一个交易日内下跌超过7,700点。</blockquote></p><p> Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.</p><p><blockquote>如今市场上很少有投资者记得黑色星期一的创伤。那些这样做的人可能会向自己保证，考虑到抛售后实施的市场改革，今天不会发生类似的崩盘。</blockquote></p><p> They are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.</p><p><blockquote>根据哈佛大学经济学和金融学教授Xavier Gabaix进行的一项研究，他们在自欺欺人。他和他的合著者推导出了一个公式，可以预测市场在很长一段时间内每日大幅波动的频率。在根据美国和世界各地数百年的股市回报测试该公式后，他们发现该公式非常准确。</blockquote></p><p> For example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).</p><p><blockquote>例如，Gabaix的公式预测，在很长一段时间内，平均每150年市场将下降22.6%。这并不意味着这样的碰撞每150年就会发生一次，因为这个预测的频率是极长时期的平均值。因此，市场可能在150年内不会经历这样的崩盘，或者经历两次（或更多次）。</blockquote></p><p> What you can’t conclude, however, is that the odds of a crash are zero.</p><p><blockquote>然而，你不能断定撞车的几率为零。</blockquote></p><p> Why market reforms can’t prevent a crash</p><p><blockquote>为什么市场改革无法防止崩盘</blockquote></p><p> You might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.</p><p><blockquote>你可能会反对这一结论，理由是自1987年以来实施的市场改革将防止另一次崩盘发生——熔断、交易暂停和其他保障措施。但是，正如Gabaix多年来在采访中多次向我解释的那样，这种改革无力阻止崩盘。那是因为所有的市场都是由它们最大的投资者主导的，当他们中的许多人同时想要退出市场时，不管出于什么原因，市场就会崩溃。</blockquote></p><p> For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.</p><p><blockquote>例如，即使交易暂停和其他限制成功地阻止了这些大型投资者在美国交易所出售，他们仍然可以在许多美国股票也交易的外国交易所出售。他们还可以通过股指期货合约或购买看跌期权来卖空。如果你认为这些大投资者想退出就会被阻止，那你就是在自欺欺人。</blockquote></p><p> Black swans</p><p><blockquote>黑天鹅</blockquote></p><p> Gabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?</p><p><blockquote>Gabaix的研究强调了为什么为所谓的黑天鹅事件做好准备如此重要，例如突然、可怕、不可预测和罕见的市场崩盘。请注意，根据这个定义，它们是不可预测的，因此相信您可以及时预测未来的黑天鹅以降低投资组合风险从而避免市场崩盘是错误的安慰。您是否及时预见到COVID引发的熊市以避免重大损失？</blockquote></p><p> The investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.</p><p><blockquote>投资的含义是改变你的投资组合，保护你免受崩盘的影响，如果崩盘发生的话。这就像给你的房子买火灾保险。你们中的大多数人永远不会让自己的房子被烧毁，但这不是放弃火灾保险的理由。我怀疑你们中的任何人会抱怨不得不购买这样的保险，因为失去一切的下行风险已经足够可怕了。</blockquote></p><p> What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.</p><p><blockquote>对于您的股票投资组合来说，火灾保险的功能等价物是什么？今年夏天，我在专栏中讨论了几种不同的可能性，我希望你能注意到这一点。</blockquote></p><p> One possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&amp;P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&amp;P 500 put option that was 60% out of the money and with two years left before expiration.</p><p><blockquote>一种可能性是定期将投资组合的一小部分分配给标准普尔500SPX的长期价外看跌期权，-1.30%。在我之前关于此主题的专栏中，我报道了一种这样的策略，每年分配3.33%的标普500看跌期权是60%价外的，距离到期还有两年。</blockquote></p><p> In this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&amp;P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.</p><p><blockquote>在这种特殊情况下，您投资组合的“火灾保险”每年的保费为3.33%。这似乎并不令人望而却步，特别是因为在2006年的回溯测试中，这一策略击败了标普500本身。所以在这段时间里，你的保险没有净成本。还不错。</blockquote></p><p> It won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.</p><p><blockquote>当然，它不会总是这么好，这也不是唯一的黑天鹅策略。但它给了你一个想法。美国市场历史上两次最严重的崩盘周年纪念日是考虑为您的投资组合提供黑天鹅保险的绝佳时机。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2\">Marketwatch</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/stock-markets-volatile-october-history-means-its-time-to-steady-yourself-for-a-black-swan-event-11633366226?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1121989111","content_text":"U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.\nMoreover, there’s a 0.06% chance that the stock market this month will experience a one-day crash as bad as 1987’s Black Monday.\nThose odds don’t seem like much — but they are not zero. The Dow Jones Industrial Average DJIA, -0.94% tumbled 22.6% on Oct. 19, 1987, Black Monday. An equivalent percentage drop from its current level would take more than 7,700 points off the Dow in a single trading day.\nFew investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff.\nThey are kidding themselves, according to a study conducted by Xavier Gabaix, a professor of economics and finance at Harvard. He and his-coauthors derived a formula that predicts the frequency, over long periods of time, of large daily swings in the market. Upon testing the formula against hundreds of years of stock market returns in both the U.S. and around the world, they found the formula to be impressively accurate.\nFor example, Gabaix’s formula predicts that a 22.6% drop in the market will occur every 150 years, on average, over long periods of time. That doesn’t mean such a crash will occur every 150 years, since this predicted frequency is an average over extremely long periods. So the market could experience no such crash over a 150-year period, or experience two of them (or more).\nWhat you can’t conclude, however, is that the odds of a crash are zero.\nWhy market reforms can’t prevent a crash\nYou might object to this conclusion on the grounds that market reforms instituted since 1987 will prevent another crash from occurring — circuit breakers, trading halts and other safeguards. But, as Gabaix has explained to me many times in interviews over the years, such reforms are powerless to prevent a crash. That’s because all markets are dominated by their largest investors, and when many of them want to get out of the market simultaneously, for whatever reason, the market will crash.\nFor example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.\nBlack swans\nGabaix’s research underlines why it’s so important to prepare for so-called black swan events like market crashes that are sudden, awful, unpredictable and rare. Notice that, by this definition, they are unpredictable, so it’s false comfort to believe you can anticipate future black swans in time to reduce your portfolio risk and thereby sidestep a market crash. Did you foresee the COVID-induced bear market in time to avoid big losses?\nThe investment implication is to make changes to your portfolio that will protect you from a crash, if and when it occurs. It’s like buying fire insurance on your house. Most of you will not ever have your houses burn down, but that’s not a reason forego fire insurance. I doubt any of you complain about having to purchase such insurance, since the downside risk of losing everything is sufficiently awful.\nWhat might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in acolumn this summer, and I direct your attention to it.\nOne possibility is to regularly allocate a small percentage of your portfolio to long-dated, out of the money put options on the S&P 500SPX,-1.30%.In my previous column on this subject, I reported on one such strategy that each year allocated 3.33% to an S&P 500 put option that was 60% out of the money and with two years left before expiration.\nIn this particular case, your portfolio’s “fire insurance” carries a premium of 3.33% per year. That doesn’t seem prohibitive, especially since in backtesting back to 2006 this strategy beat the S&P 500 itself. So over this particular period there was no net cost to your insurance. Not bad.\nIt won’t always work out this well, of course, and this is not the only black swan strategy. But it gives you an idea. The anniversary of the two worst crashes in U.S. market history is an excellent time in which to consider insuring your portfolio against black swans.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":889521256,"gmtCreate":1631160313275,"gmtModify":1631890388431,"author":{"id":"3581898537749965","authorId":"3581898537749965","name":"Couch","avatar":"https://static.tigerbbs.com/e5c9b82fccf054c247e5e431e45f3550","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581898537749965","idStr":"3581898537749965"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889521256","repostId":"1127517147","repostType":4,"repost":{"id":"1127517147","kind":"news","pubTimestamp":1631158589,"share":"https://www.laohu8.com/m/news/1127517147?lang=zh_CN&edition=full","pubTime":"2021-09-09 11:36","market":"us","language":"en","title":"Amazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock<blockquote>亚马逊Vs.微软：两大云计算巨头，一只胜出股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127517147","media":"Seeking Alpha","summary":"Summary\n\nMicrosoft's Azure continues to gain market share in the burgeoning cloud infrastructure ser","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Microsoft's Azure continues to gain market share in the burgeoning cloud infrastructure services market. However, Amazon's AWS remains in the No.1 position.</li>  <li>Although the cloud wars are heating up, both Azure and AWS are performing exceptionally, growing at 51% y/y and 37% y/y, respectively.</li>  <li>The global cloud services market is poised to grow at a CAGR of ~15.8% until 2030 to become a $1.6T market. Therefore, cloud providers still have a long growth runway.</li>  <li>In this article, I share a comparative financial analysis for Microsoft and Amazon to determine the better buy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69eeb847ac2a68d9068ee3d90ae2ec5c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Chip Somodevilla/Getty Images News</span></p><p><blockquote><ul><li>微软的Azure继续在蓬勃发展的云基础设施服务市场中获得市场份额。然而，亚马逊的AWS仍然保持在第一的位置。</li><li>尽管云战争正在升温，但Azure和AWS的表现都非常出色，分别同比增长51%和37%。</li><li>到2030年，全球云服务市场将以约15.8%的复合年增长率增长，成为一个价值1.6 T美元的市场。因此，云提供商还有很长的增长跑道。</li><li>在这篇文章中，我分享了微软和亚马逊的比较财务分析，以确定更好的购买方式。</li></ul><p class=\"t-img-caption\"><span>奇普·索莫德维拉/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Microsoft (MSFT) and Amazon (AMZN) are competing for the coveted No.1 spot in the cloud infrastructure services market, which is projected to grow from $325B in 2021 to $1,620B (or $1.6T) by 2030, according to areportby Allied Market Research. In Q2, Amazon's AWS revenues grew at 37% year-over-year (marked acceleration) as it continues to lead the cloud infrastructure services market with a 31% market share. However, Microsoft's Azure is outpacing AWS's growth and now commands a market share of 22%.</p><p><blockquote>微软(MSFT)和亚马逊(AMZN)正在争夺云基础设施服务市场令人垂涎的第一名位置，根据Allied Market的报告，预计到2030年，该市场将从2021年的$325B增长到$1,620B（或$1.6 T）研究。第二季度，亚马逊的AWS收入同比增长37%（显着加速），继续以31%的市场份额引领云基础设施服务市场。然而，微软的Azure正在超过AWS的增长，目前占据22%的市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60b929cfb3eb06a50b14a942b980bd8d\" tg-width=\"640\" tg-height=\"349\" width=\"100%\" height=\"auto\"><span>Source: canalys.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：canalys.com</span></p></blockquote></p><p> In the last year or so, the coronavirus pandemic has led to increased cloud infrastructure services spending as workload migration and cloud-native application development accelerated. Naturally, Azure and AWS have emerged as prime beneficiaries of this transformational shift toward the cloud. Although the coronavirus pandemic has receded in previous months, businesses have continued to embrace the cloud, as evidenced by the $5B sequential (q/q) growth in cloud infrastructure services spending in Q2 2021.</p><p><blockquote>在过去一年左右的时间里，随着工作负载迁移和云原生应用程序开发的加速，冠状病毒疫情导致云基础设施服务支出增加。自然，Azure和AWS已经成为这种向云转型的主要受益者。尽管冠状病毒疫情在前几个月已经消退，但企业仍在继续拥抱云，2021年Q2云基础设施服务支出环比增长50亿美元就证明了这一点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab77f327d4b4f980b703dd05a727a8fd\" tg-width=\"640\" tg-height=\"349\" width=\"100%\" height=\"auto\"><span>Source: canalys.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：canalys.com</span></p></blockquote></p><p> Both Microsoft and Amazon are well-diversified big tech giants. However, the cloud opportunity is critical to their future successes. Today, Microsoft's Intelligent Cloud business makes up nearly ~37% of total revenues and ~40% of Microsoft's operating income, and these figures are expected to grow even further in the coming years. In relation to Amazon, AWS's revenues are a small fraction (13% in Q2 2021) of total sales. However, AWS contributes the majority of Amazon's operating income (~60%). And so, I'm not surprised with how ugly this battle is turning out to be. In recent times, we have witnessed dramatic instances such as&nbsp;Amazon's lawsuit&nbsp;for the $10B Jedi contract being awarded to Microsoft,Microsoft's protest&nbsp;to Government Accountability Office in relation to the $10B NSA contract awarded to Amazon, and a top AWS executive - Charlie Bell (once expected to be a successor to Andy Jassy as AWS CEO) -moving over to Microsoft. The competition between Amazon and Microsoft is fearsome. However, I can see ample room for multiple winners in the cloud services market.</p><p><blockquote>微软和亚马逊都是多元化的大型科技巨头。然而，云机遇对他们未来的成功至关重要。如今，微软的智能云业务占总收入的近37%，占微软营业收入的约40%，预计这些数字在未来几年将进一步增长。与亚马逊相比，AWS的收入仅占总销售额的一小部分（2021年第二季度为13%）。然而，AWS贡献了亚马逊的大部分营业收入（约60%）。所以，我对这场战斗变得如此丑陋并不感到惊讶。最近，我们目睹了一些戏剧性的事件，如亚马逊就授予微软的100亿美元Jedi合同提起诉讼，微软就授予亚马逊的100亿美元NSA合同向政府问责办公室提出抗议，以及AWS高管Charlie Bell（曾有望接替Andy Jassy担任AWS首席执行官）搬到微软。亚马逊和微软之间的竞争是可怕的。然而，我可以看到云服务市场有足够的空间容纳多个赢家。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7fd2cfae285856cb75e5ced740ef320\" tg-width=\"640\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Allied Market Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：联合市场研究</span></p></blockquote></p><p> With massive cloud services growth on the horizon, I expect both Microsoft and Amazon to deliver double-digit revenue growth over the coming decade. Several analysts have projected the cloud services business to become a commodity. However, profitability metrics for AWS and Microsoft's Intelligent Cloud show that it's clearly not a commodity business (at least for now). Azure has been gaining ground on AWS, but it's too soon to tell which of these tech titans will lead the cloud services market over the coming years.</p><p><blockquote>随着云服务的大规模增长，我预计微软和亚马逊在未来十年都将实现两位数的收入增长。一些分析师预计云服务业务将成为一种商品。然而，AWS和微软智能云的盈利指标显示，它显然不是一项商品业务（至少目前如此）。Azure一直在AWS上取得进展，但现在判断这些科技巨头中哪一家将在未来几年引领云服务市场还为时过早。</blockquote></p><p> Over the last 12 months, Microsoft has significantly outperformed Amazon in terms of creating shareholder wealth, as can be observed in the chart below. I attribute Microsoft's outperformance to a multitude of factors, including but not limited to stronger momentum in the cloud, the existence of a massive capital return program, and robust free cash flow generation.</p><p><blockquote>在过去12个月中，微软在创造股东财富方面的表现明显优于亚马逊，如下图所示。我将微软的优异表现归因于多种因素，包括但不限于云计算的强劲势头、大规模资本回报计划的存在以及强劲的自由现金流生成。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a47beb283bcc911ba9ad25c4c2c01f91\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> In today's article, I will share a comparative financial analysis to determine the better buy among Microsoft and Amazon. Furthermore, we will estimate the fair value and expected returns for both of these blue-chip companies based on the financial statement analysis conducted in this note.</p><p><blockquote>在今天的文章中，我将分享一个比较财务分析，以确定微软和亚马逊之间更好的购买方式。此外，我们将根据本附注中进行的财务报表分析估计这两家蓝筹公司的公允价值和预期回报。</blockquote></p><p></p><p> <b>Comparative Financial Analysis: Microsoft vs. Amazon</b></p><p><blockquote><b>比较财务分析：微软与亚马逊</b></blockquote></p><p> I think it's too early to call the cloud services market, and the winners will only be evident in due time. However, it's very likely that Amazon and Microsoft will be dominating this market in 2031. Now, Amazon and Microsoft may be competitors in the cloud, but they happen to be two very different companies with varied core competencies: Amazon - e-commerce, Microsoft - business, and consumer software. Let's carry out a comparative financial analysis to determine the better buy among Microsoft and Amazon.</p><p><blockquote>我认为现在看涨期权云服务市场还为时过早，赢家只有在适当的时候才会显现出来。然而，亚马逊和微软很可能会在2031年主导这个市场。现在，亚马逊和微软可能是云领域的竞争对手，但它们恰好是两家截然不同的公司，拥有不同的核心竞争力：亚马逊——电子商务、微软——商业和消费软件。让我们进行一个比较财务分析，以确定微软和亚马逊之间更好的购买方式。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d675b34f8dc1b88db5722fa7be591b9f\" tg-width=\"640\" tg-height=\"478\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> In essence, Microsoft is a high-margin software and services business, while Amazon is a low-margin retail business with some higher-margin business lines such as AWS and Advertising. Since both Amazon and Microsoft are over-covered stocks, I don't think discussing their revenue mix would be of much value. However, let's look at the free cash flow generation of these blue-chip giants to understand their current business momentum.</p><p><blockquote>本质上，微软是一个高利润的软件和服务业务，而亚马逊是一个低利润的零售业务，拥有一些更高利润的业务线，如AWS和广告。由于亚马逊和微软都是被过度覆盖的股票，我认为讨论它们的收入组合没有多大价值。然而，让我们看看这些蓝筹巨头的自由现金流生成情况，以了解他们目前的业务势头。</blockquote></p><p> After receiving a massive pandemic boost, Amazon's free cash flows have turned negative in the last two quarters as the company invests massive amounts of capital (capex spending) in driving future revenue growth. In Q2, Amazon missed revenue estimates by ~$2B, which is further evidence of Amazon losing business momentum. On the other hand, Microsoft's business momentum remained strong in Q2 as the company beat revenue expectations by ~$2B while generating record amounts of free cash flow over the last 12 months. Therefore, it's fair to say that Microsoft is outperforming Amazon for the time being.</p><p><blockquote>在受到大流行的巨大提振后，亚马逊的自由现金流在过去两个季度转为负值，因为该公司投入了大量资本（capex支出）来推动未来的收入增长。第二季度，亚马逊的收入低于预期约20亿美元，这进一步证明亚马逊正在失去业务动力。另一方面，微软第二季度的业务势头依然强劲，该公司的收入超出预期约20亿美元，同时在过去12个月内产生了创纪录的自由现金流。因此，可以公平地说，微软的表现暂时优于亚马逊。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0ed96043009b5528ed09d4e736d1833d\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> At the end of Q2, Microsoft had nearly $130B of cash and short-term investments on its balance sheet vs. financial debt of $58B (down from ~$90B debt in Dec'17). Over the last five years, Amazon's cash reserves have been building up, which now stand at ~$90B. However, the e-commerce giant has been increasing its debt load too, which has grown to $50B in Q2 2021.</p><p><blockquote>截至第二季度末，微软的资产负债表上有近130B美元的现金和短期投资，而金融债务为58B美元（低于17年12月的约90B美元债务）。在过去的五年里，亚马逊的现金储备一直在增加，目前约为90B美元。然而，这家电子商务巨头的债务负担也在增加，2021年第二季度已增至500亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f27effc87360acc99c52dadd22af3\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> In terms of balance sheet strength, Microsoft is clearly in a better position compared to Amazon. Moreover, Microsoft's free cash flow generation is superior to Amazon right now. As you can see below, Microsoft is using its financial strength to execute a massive capital return program that consists of stock buybacks and dividends. Although Amazon lacks a capital return program today, it's only a matter of time before Amazon boasts one of the largest capital return programs among big tech companies. Therefore, Microsoft's advantage in this department may be short lived.</p><p><blockquote>就资产负债表实力而言，与亚马逊相比，微软显然处于更有利的地位。此外，微软目前的自由现金流生成量优于亚马逊。如下图所示，微软正在利用其财务实力执行一项大规模资本回报计划，其中包括股票回购和股息。尽管亚马逊目前缺乏资本回报计划，但亚马逊拥有大型科技公司中最大的资本回报计划之一只是时间问题。因此，微软在这一部门的优势可能是短暂的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef388b2cab13ed222ddf2ba53ad6067f\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> While Microsoft returns the majority of its operational cash flows back to shareholders, Amazon is investing billions of dollars to drive future revenue (and, by extension, free cash flow) growth. In my opinion, Amazon will continue to outpace Microsoft's revenue growth over the next decade. As Amazon's faster-growing, higher-margin business lines, AWS and Advertising, contribute a larger share of Amazon's revenues over the coming years, its margins are expected to head higher. Hence, Amazon possesses the greater potential for revenue growth and margin expansion compared to Microsoft. To learn more about AWS and Amazon's Ads business, you may read the following notes:</p><p><blockquote>虽然微软将大部分运营现金流返还给股东，但亚马逊正在投资数十亿美元来推动未来收入（以及自由现金流）的增长。在我看来，未来十年，亚马逊的收入增长将继续超过微软。随着亚马逊增长更快、利润率更高的业务线AWS和广告在未来几年为亚马逊的收入贡献了更大的份额，预计其利润率将会上升。因此，与微软相比，亚马逊拥有更大的收入增长和利润率扩张潜力。要了解有关AWS和亚马逊广告业务的更多信息，您可以阅读以下说明：</blockquote></p><p> <ol>  <li>Amazon Web Services -&nbsp;Amazon: Here's What You Should Be Monitoring</li>  <li>Digital Ads -&nbsp;Amazon: The 'Other' Segment May Be Worth More Than AWS</li> </ol> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18e9ff96d611913db9e45fbff0cc34ab\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><ol><li>亚马逊网络服务-亚马逊：以下是您应该监控的内容</li><li>数字广告-亚马逊：“其他”细分市场的价值可能超过AWS</li></ol><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> Although Amazon appears to be more expensive than Microsoft based on backward-looking trading multiples such as Price-to-Earnings and Price-to-FCF ratios, it's relatively cheaper than Microsoft when we factor in future growth as indicated by the PEG ratios.</p><p><blockquote>尽管根据市盈率和市盈率与自由现金流比率等回顾性交易倍数，亚马逊似乎比微软贵，但当我们考虑到PEG比率所表明的未来增长时，亚马逊相对比微软便宜。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68cf436c611eb187de68bf8802e73021\" tg-width=\"640\" tg-height=\"478\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p></p><p> In summary, Microsoft is currently performing better than Amazon. However, Amazon's future appears to be a lot brighter than Microsoft. Since the stock markets are forward-looking, I would expect Amazon to outperform Microsoft over the coming years if their relative valuations were identical. With that being said, let us now calculate the intrinsic value of both Microsoft and Amazon along with future expected returns for these tech giants.</p><p><blockquote>综上所述，微软目前的表现优于亚马逊。然而，亚马逊的未来似乎比微软要光明得多。由于股市具有前瞻性，如果亚马逊的相对估值相同，我预计亚马逊在未来几年的表现将优于微软。话虽如此，现在让我们计算一下微软和亚马逊的内在价值，以及这些科技巨头未来的预期回报。</blockquote></p><p> Evaluating the Fair Value And Expected Return of Microsoft And Amazon</p><p><blockquote>评估微软和亚马逊的公允价值和预期回报</blockquote></p><p> To find the fair values of Microsoft and Amazon, we will employ our proprietary valuation model. Here's what it entails:</p><p><blockquote>为了找到微软和亚马逊的公允价值，我们将采用我们专有的估值模型。它的含义如下：</blockquote></p><p> <ul>  <li>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</p><p><blockquote><ul><li>在第一步中，我们使用传统的DCF模型，自由现金流按我们（股东）的资本成本贴现。</li></ul></blockquote></p><p></li>  <li>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</p><p><blockquote><li>在步骤2中，模型考虑了已发行股票变化（回购/稀释）的影响。</li></blockquote></p><p></li>  <li>In step 3, we normalize valuation for future growth prospects at the end of the 10 years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</p><p><blockquote><li>在第3步中，我们将10年末未来增长前景的估值标准化。然后，我们使用今天的股价和10年末的预计股价得出CAGR。如果这比市场高出足够的幅度，我们就投资。如果没有，我们等待更好的切入点。</li></blockquote></p><p></li>  <li>In step 4, we account for dividends.</li> </ul> <b>Assumptions:</b></p><p><blockquote><li>在第4步中，我们考虑股息。</li><b>假设：</b></blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td>Microsoft</p><p><blockquote><table><colgroup></colgroup><tbody><tr><td>微软</td></tr></tbody></table></blockquote></p><p></td>    <td>Amazon</p><p><blockquote><td>亚马逊</td></blockquote></p><p></td>   </tr>   <tr>    <td>Forward 12-month revenue [A]</p><p><blockquote><tr><td>远期12个月收入[A]</td></tr></blockquote></p><p></td>    <td>$195 billion</p><p><blockquote><td>1950亿美元</td></blockquote></p><p></td>    <td>$515 billion</p><p><blockquote><td>5150亿美元</td></blockquote></p><p></td>   </tr>   <tr>    <td>Potential Free Cash Flow Margin [B]</p><p><blockquote><tr><td>潜在自由现金流利润率[B]</td></tr></blockquote></p><p></td>    <td>35%</p><p><blockquote><td>35%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Average diluted shares outstanding [C]</p><p><blockquote><tr><td>平均稀释后已发行股份[C]</td></tr></blockquote></p><p></td>    <td>7.5 billion</p><p><blockquote><td>75亿</td></blockquote></p><p></td>    <td>525 million</p><p><blockquote><td>5.25亿</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free cash flow per share [ D = (A * B) / C ]</p><p><blockquote><tr><td>每股自由现金流[D=(A*B)/C]</td></tr></blockquote></p><p></td>    <td>$9.1</p><p><blockquote><td>$9.1</td></blockquote></p><p></td>    <td>$196.19</p><p><blockquote><td>$196.19</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free cash flow per share growth rate</p><p><blockquote><tr><td>每股自由现金流增长率</td></tr></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Terminal growth rate</p><p><blockquote><tr><td>终末增长率</td></tr></blockquote></p><p></td>    <td>3%</p><p><blockquote><td>3%</td></blockquote></p><p></td>    <td>3%</p><p><blockquote><td>3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Years of elevated growth</p><p><blockquote><tr><td>多年的高增长</td></tr></blockquote></p><p></td>    <td>10</p><p><blockquote><td>10</td></blockquote></p><p></td>    <td>10</p><p><blockquote><td>10</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total years to stimulate</p><p><blockquote><tr><td>刺激总年数</td></tr></blockquote></p><p></td>    <td>100</p><p><blockquote><td>100</td></blockquote></p><p></td>    <td>100</p><p><blockquote><td>100</td></blockquote></p><p></td>   </tr>   <tr>    <td>Discount Rate (Our \"Next Best Alternative\")</p><p><blockquote><tr><td>贴现率（我们的“次佳替代方案”）</td></tr></blockquote></p><p></td>    <td>9.8%</p><p><blockquote><td>9.8%</td></blockquote></p><p></td>    <td>9.8%</p><p><blockquote><td>9.8%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Results:</b></p><p><blockquote><b>结果：</b></blockquote></p><p> 1) Microsoft:</p><p><blockquote>1）微软：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/875546f4aabbb1e580dcc9610c18a5b9\" tg-width=\"604\" tg-height=\"729\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8861dcb9fc1fbcd858297426ec52eaf6\" tg-width=\"606\" tg-height=\"771\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> <b>2) Amazon:</b></p><p><blockquote><b>2）亚马逊：</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f8fb43ad416565a9768e919470e59bab\" tg-width=\"605\" tg-height=\"731\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a15de5a0494d4557b38c2290017588e9\" tg-width=\"609\" tg-height=\"430\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> Summary of Results:</p><p><blockquote>结果总结：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Current Price</b></td>    <td><b>Fair Value</b></td>    <td><b>Undervalued (-) or Overvalued (+)</b></td>    <td><b>2031 Share Price Target</b></td>    <td><b>Total Expected CAGR Return</b></td>    <td><b>Rating</b></td>   </tr>   <tr>    <td><b>Microsoft</b></td>    <td>$301</td>    <td>$295</td>    <td>+2.15%</td>    <td>$1101</td>    <td>14.71%</td>    <td><i>Modest Buy</i></td>   </tr>   <tr>    <td><b>Amazon</b></td>    <td>$3478</td>    <td>$6024</td>    <td>-42.27%</td>    <td>$22298</td>    <td>20.42%</td>    <td><i>Strong Buy</i></td>   </tr>  </tbody> </table> As you can see, Microsoft is slightly overvalued, and investors buying in at $301 can expect to generate CAGR returns of ~14.71% over the next decade, which is slightly below our investment hurdle rate of 15%. Since Microsoft's business fundamentals are robust, I rate it as a modest buy at this price. On the other hand, Amazon's business is facing near-term volatility, and business momentum looks shaky. However, Amazon's stock is deeply undervalued, and this is an opportunity for long-term investors to generate significant alpha. As Amazon's expected CAGR returns are much greater than my hurdle rate, I rate Amazon a strong buy. If I were to choose between Microsoft and Amazon based on business momentum (cloud and otherwise), I would have to go with Microsoft. However, Amazon's stock is massively undervalued while Microsoft is fairly valued. Considering the risk/reward available, I think Amazon is the better buy here.</p><p><blockquote><table><tbody><tr><td><b>当前价格</b></td><td><b>公允价值</b></td><td><b>低估(-)或高估(+)</b></td><td><b>2031年股价目标</b></td><td><b>总预期复合年增长率回报</b></td><td><b>评级</b></td></tr><tr><td><b>微软</b></td><td>$301</td><td>$295</td><td>+2.15%</td><td>$1101</td><td>14.71%</td><td><i>适度购买</i></td></tr><tr><td><b>亚马逊</b></td><td>$3478</td><td>$6024</td><td>-42.27%</td><td>$22298</td><td>20.42%</td><td><i>强力买入</i></td></tr></tbody></table>正如您所看到的，微软的估值略有高估，以301美元买入的投资者预计未来十年的复合年增长率约为14.71%，略低于我们15%的投资门槛率。由于微软的业务基本面强劲，我将其评为以这个价格适度买入。另一方面，亚马逊的业务面临近期波动，业务势头看起来摇摇欲坠。然而，亚马逊的股票被严重低估，这是长期投资者产生显着阿尔法的机会。由于亚马逊的预期复合年增长率远大于我的最低回报率，我将亚马逊评为强力买入。如果我要根据业务势头（云和其他）在微软和亚马逊之间做出选择，我会选择微软。然而，亚马逊的股票被严重低估，而微软的估值相当合理。考虑到可用的风险/回报，我认为亚马逊是更好的选择。</blockquote></p><p> Key Takeaway: I rate Amazon a strong buy at $3,478 and Microsoft a modest buy at $301. Amazon is a better buy than Microsoft at this point in time.</p><p><blockquote>要点：我对亚马逊的评级为3,478美元的强力买入，对微软的评级为301美元的适度买入。目前，亚马逊比微软更划算。</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>Amazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock<blockquote>亚马逊Vs.微软：两大云计算巨头，一只胜出股</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\">\nAmazon Vs. Microsoft: Two Cloud Computing Giants, One Winning Stock<blockquote>亚马逊Vs.微软：两大云计算巨头，一只胜出股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-09 11:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Microsoft's Azure continues to gain market share in the burgeoning cloud infrastructure services market. However, Amazon's AWS remains in the No.1 position.</li>  <li>Although the cloud wars are heating up, both Azure and AWS are performing exceptionally, growing at 51% y/y and 37% y/y, respectively.</li>  <li>The global cloud services market is poised to grow at a CAGR of ~15.8% until 2030 to become a $1.6T market. Therefore, cloud providers still have a long growth runway.</li>  <li>In this article, I share a comparative financial analysis for Microsoft and Amazon to determine the better buy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69eeb847ac2a68d9068ee3d90ae2ec5c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Chip Somodevilla/Getty Images News</span></p><p><blockquote><ul><li>微软的Azure继续在蓬勃发展的云基础设施服务市场中获得市场份额。然而，亚马逊的AWS仍然保持在第一的位置。</li><li>尽管云战争正在升温，但Azure和AWS的表现都非常出色，分别同比增长51%和37%。</li><li>到2030年，全球云服务市场将以约15.8%的复合年增长率增长，成为一个价值1.6 T美元的市场。因此，云提供商还有很长的增长跑道。</li><li>在这篇文章中，我分享了微软和亚马逊的比较财务分析，以确定更好的购买方式。</li></ul><p class=\"t-img-caption\"><span>奇普·索莫德维拉/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Microsoft (MSFT) and Amazon (AMZN) are competing for the coveted No.1 spot in the cloud infrastructure services market, which is projected to grow from $325B in 2021 to $1,620B (or $1.6T) by 2030, according to areportby Allied Market Research. In Q2, Amazon's AWS revenues grew at 37% year-over-year (marked acceleration) as it continues to lead the cloud infrastructure services market with a 31% market share. However, Microsoft's Azure is outpacing AWS's growth and now commands a market share of 22%.</p><p><blockquote>微软(MSFT)和亚马逊(AMZN)正在争夺云基础设施服务市场令人垂涎的第一名位置，根据Allied Market的报告，预计到2030年，该市场将从2021年的$325B增长到$1,620B（或$1.6 T）研究。第二季度，亚马逊的AWS收入同比增长37%（显着加速），继续以31%的市场份额引领云基础设施服务市场。然而，微软的Azure正在超过AWS的增长，目前占据22%的市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60b929cfb3eb06a50b14a942b980bd8d\" tg-width=\"640\" tg-height=\"349\" width=\"100%\" height=\"auto\"><span>Source: canalys.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：canalys.com</span></p></blockquote></p><p> In the last year or so, the coronavirus pandemic has led to increased cloud infrastructure services spending as workload migration and cloud-native application development accelerated. Naturally, Azure and AWS have emerged as prime beneficiaries of this transformational shift toward the cloud. Although the coronavirus pandemic has receded in previous months, businesses have continued to embrace the cloud, as evidenced by the $5B sequential (q/q) growth in cloud infrastructure services spending in Q2 2021.</p><p><blockquote>在过去一年左右的时间里，随着工作负载迁移和云原生应用程序开发的加速，冠状病毒疫情导致云基础设施服务支出增加。自然，Azure和AWS已经成为这种向云转型的主要受益者。尽管冠状病毒疫情在前几个月已经消退，但企业仍在继续拥抱云，2021年Q2云基础设施服务支出环比增长50亿美元就证明了这一点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab77f327d4b4f980b703dd05a727a8fd\" tg-width=\"640\" tg-height=\"349\" width=\"100%\" height=\"auto\"><span>Source: canalys.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：canalys.com</span></p></blockquote></p><p> Both Microsoft and Amazon are well-diversified big tech giants. However, the cloud opportunity is critical to their future successes. Today, Microsoft's Intelligent Cloud business makes up nearly ~37% of total revenues and ~40% of Microsoft's operating income, and these figures are expected to grow even further in the coming years. In relation to Amazon, AWS's revenues are a small fraction (13% in Q2 2021) of total sales. However, AWS contributes the majority of Amazon's operating income (~60%). And so, I'm not surprised with how ugly this battle is turning out to be. In recent times, we have witnessed dramatic instances such as&nbsp;Amazon's lawsuit&nbsp;for the $10B Jedi contract being awarded to Microsoft,Microsoft's protest&nbsp;to Government Accountability Office in relation to the $10B NSA contract awarded to Amazon, and a top AWS executive - Charlie Bell (once expected to be a successor to Andy Jassy as AWS CEO) -moving over to Microsoft. The competition between Amazon and Microsoft is fearsome. However, I can see ample room for multiple winners in the cloud services market.</p><p><blockquote>微软和亚马逊都是多元化的大型科技巨头。然而，云机遇对他们未来的成功至关重要。如今，微软的智能云业务占总收入的近37%，占微软营业收入的约40%，预计这些数字在未来几年将进一步增长。与亚马逊相比，AWS的收入仅占总销售额的一小部分（2021年第二季度为13%）。然而，AWS贡献了亚马逊的大部分营业收入（约60%）。所以，我对这场战斗变得如此丑陋并不感到惊讶。最近，我们目睹了一些戏剧性的事件，如亚马逊就授予微软的100亿美元Jedi合同提起诉讼，微软就授予亚马逊的100亿美元NSA合同向政府问责办公室提出抗议，以及AWS高管Charlie Bell（曾有望接替Andy Jassy担任AWS首席执行官）搬到微软。亚马逊和微软之间的竞争是可怕的。然而，我可以看到云服务市场有足够的空间容纳多个赢家。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7fd2cfae285856cb75e5ced740ef320\" tg-width=\"640\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Allied Market Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：联合市场研究</span></p></blockquote></p><p> With massive cloud services growth on the horizon, I expect both Microsoft and Amazon to deliver double-digit revenue growth over the coming decade. Several analysts have projected the cloud services business to become a commodity. However, profitability metrics for AWS and Microsoft's Intelligent Cloud show that it's clearly not a commodity business (at least for now). Azure has been gaining ground on AWS, but it's too soon to tell which of these tech titans will lead the cloud services market over the coming years.</p><p><blockquote>随着云服务的大规模增长，我预计微软和亚马逊在未来十年都将实现两位数的收入增长。一些分析师预计云服务业务将成为一种商品。然而，AWS和微软智能云的盈利指标显示，它显然不是一项商品业务（至少目前如此）。Azure一直在AWS上取得进展，但现在判断这些科技巨头中哪一家将在未来几年引领云服务市场还为时过早。</blockquote></p><p> Over the last 12 months, Microsoft has significantly outperformed Amazon in terms of creating shareholder wealth, as can be observed in the chart below. I attribute Microsoft's outperformance to a multitude of factors, including but not limited to stronger momentum in the cloud, the existence of a massive capital return program, and robust free cash flow generation.</p><p><blockquote>在过去12个月中，微软在创造股东财富方面的表现明显优于亚马逊，如下图所示。我将微软的优异表现归因于多种因素，包括但不限于云计算的强劲势头、大规模资本回报计划的存在以及强劲的自由现金流生成。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a47beb283bcc911ba9ad25c4c2c01f91\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> In today's article, I will share a comparative financial analysis to determine the better buy among Microsoft and Amazon. Furthermore, we will estimate the fair value and expected returns for both of these blue-chip companies based on the financial statement analysis conducted in this note.</p><p><blockquote>在今天的文章中，我将分享一个比较财务分析，以确定微软和亚马逊之间更好的购买方式。此外，我们将根据本附注中进行的财务报表分析估计这两家蓝筹公司的公允价值和预期回报。</blockquote></p><p></p><p> <b>Comparative Financial Analysis: Microsoft vs. Amazon</b></p><p><blockquote><b>比较财务分析：微软与亚马逊</b></blockquote></p><p> I think it's too early to call the cloud services market, and the winners will only be evident in due time. However, it's very likely that Amazon and Microsoft will be dominating this market in 2031. Now, Amazon and Microsoft may be competitors in the cloud, but they happen to be two very different companies with varied core competencies: Amazon - e-commerce, Microsoft - business, and consumer software. Let's carry out a comparative financial analysis to determine the better buy among Microsoft and Amazon.</p><p><blockquote>我认为现在看涨期权云服务市场还为时过早，赢家只有在适当的时候才会显现出来。然而，亚马逊和微软很可能会在2031年主导这个市场。现在，亚马逊和微软可能是云领域的竞争对手，但它们恰好是两家截然不同的公司，拥有不同的核心竞争力：亚马逊——电子商务、微软——商业和消费软件。让我们进行一个比较财务分析，以确定微软和亚马逊之间更好的购买方式。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d675b34f8dc1b88db5722fa7be591b9f\" tg-width=\"640\" tg-height=\"478\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> In essence, Microsoft is a high-margin software and services business, while Amazon is a low-margin retail business with some higher-margin business lines such as AWS and Advertising. Since both Amazon and Microsoft are over-covered stocks, I don't think discussing their revenue mix would be of much value. However, let's look at the free cash flow generation of these blue-chip giants to understand their current business momentum.</p><p><blockquote>本质上，微软是一个高利润的软件和服务业务，而亚马逊是一个低利润的零售业务，拥有一些更高利润的业务线，如AWS和广告。由于亚马逊和微软都是被过度覆盖的股票，我认为讨论它们的收入组合没有多大价值。然而，让我们看看这些蓝筹巨头的自由现金流生成情况，以了解他们目前的业务势头。</blockquote></p><p> After receiving a massive pandemic boost, Amazon's free cash flows have turned negative in the last two quarters as the company invests massive amounts of capital (capex spending) in driving future revenue growth. In Q2, Amazon missed revenue estimates by ~$2B, which is further evidence of Amazon losing business momentum. On the other hand, Microsoft's business momentum remained strong in Q2 as the company beat revenue expectations by ~$2B while generating record amounts of free cash flow over the last 12 months. Therefore, it's fair to say that Microsoft is outperforming Amazon for the time being.</p><p><blockquote>在受到大流行的巨大提振后，亚马逊的自由现金流在过去两个季度转为负值，因为该公司投入了大量资本（capex支出）来推动未来的收入增长。第二季度，亚马逊的收入低于预期约20亿美元，这进一步证明亚马逊正在失去业务动力。另一方面，微软第二季度的业务势头依然强劲，该公司的收入超出预期约20亿美元，同时在过去12个月内产生了创纪录的自由现金流。因此，可以公平地说，微软的表现暂时优于亚马逊。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0ed96043009b5528ed09d4e736d1833d\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> At the end of Q2, Microsoft had nearly $130B of cash and short-term investments on its balance sheet vs. financial debt of $58B (down from ~$90B debt in Dec'17). Over the last five years, Amazon's cash reserves have been building up, which now stand at ~$90B. However, the e-commerce giant has been increasing its debt load too, which has grown to $50B in Q2 2021.</p><p><blockquote>截至第二季度末，微软的资产负债表上有近130B美元的现金和短期投资，而金融债务为58B美元（低于17年12月的约90B美元债务）。在过去的五年里，亚马逊的现金储备一直在增加，目前约为90B美元。然而，这家电子商务巨头的债务负担也在增加，2021年第二季度已增至500亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f8f27effc87360acc99c52dadd22af3\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> In terms of balance sheet strength, Microsoft is clearly in a better position compared to Amazon. Moreover, Microsoft's free cash flow generation is superior to Amazon right now. As you can see below, Microsoft is using its financial strength to execute a massive capital return program that consists of stock buybacks and dividends. Although Amazon lacks a capital return program today, it's only a matter of time before Amazon boasts one of the largest capital return programs among big tech companies. Therefore, Microsoft's advantage in this department may be short lived.</p><p><blockquote>就资产负债表实力而言，与亚马逊相比，微软显然处于更有利的地位。此外，微软目前的自由现金流生成量优于亚马逊。如下图所示，微软正在利用其财务实力执行一项大规模资本回报计划，其中包括股票回购和股息。尽管亚马逊目前缺乏资本回报计划，但亚马逊拥有大型科技公司中最大的资本回报计划之一只是时间问题。因此，微软在这一部门的优势可能是短暂的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef388b2cab13ed222ddf2ba53ad6067f\" tg-width=\"640\" tg-height=\"446\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> While Microsoft returns the majority of its operational cash flows back to shareholders, Amazon is investing billions of dollars to drive future revenue (and, by extension, free cash flow) growth. In my opinion, Amazon will continue to outpace Microsoft's revenue growth over the next decade. As Amazon's faster-growing, higher-margin business lines, AWS and Advertising, contribute a larger share of Amazon's revenues over the coming years, its margins are expected to head higher. Hence, Amazon possesses the greater potential for revenue growth and margin expansion compared to Microsoft. To learn more about AWS and Amazon's Ads business, you may read the following notes:</p><p><blockquote>虽然微软将大部分运营现金流返还给股东，但亚马逊正在投资数十亿美元来推动未来收入（以及自由现金流）的增长。在我看来，未来十年，亚马逊的收入增长将继续超过微软。随着亚马逊增长更快、利润率更高的业务线AWS和广告在未来几年为亚马逊的收入贡献了更大的份额，预计其利润率将会上升。因此，与微软相比，亚马逊拥有更大的收入增长和利润率扩张潜力。要了解有关AWS和亚马逊广告业务的更多信息，您可以阅读以下说明：</blockquote></p><p> <ol>  <li>Amazon Web Services -&nbsp;Amazon: Here's What You Should Be Monitoring</li>  <li>Digital Ads -&nbsp;Amazon: The 'Other' Segment May Be Worth More Than AWS</li> </ol> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18e9ff96d611913db9e45fbff0cc34ab\" tg-width=\"640\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><ol><li>亚马逊网络服务-亚马逊：以下是您应该监控的内容</li><li>数字广告-亚马逊：“其他”细分市场的价值可能超过AWS</li></ol><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> Although Amazon appears to be more expensive than Microsoft based on backward-looking trading multiples such as Price-to-Earnings and Price-to-FCF ratios, it's relatively cheaper than Microsoft when we factor in future growth as indicated by the PEG ratios.</p><p><blockquote>尽管根据市盈率和市盈率与自由现金流比率等回顾性交易倍数，亚马逊似乎比微软贵，但当我们考虑到PEG比率所表明的未来增长时，亚马逊相对比微软便宜。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68cf436c611eb187de68bf8802e73021\" tg-width=\"640\" tg-height=\"478\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p></p><p> In summary, Microsoft is currently performing better than Amazon. However, Amazon's future appears to be a lot brighter than Microsoft. Since the stock markets are forward-looking, I would expect Amazon to outperform Microsoft over the coming years if their relative valuations were identical. With that being said, let us now calculate the intrinsic value of both Microsoft and Amazon along with future expected returns for these tech giants.</p><p><blockquote>综上所述，微软目前的表现优于亚马逊。然而，亚马逊的未来似乎比微软要光明得多。由于股市具有前瞻性，如果亚马逊的相对估值相同，我预计亚马逊在未来几年的表现将优于微软。话虽如此，现在让我们计算一下微软和亚马逊的内在价值，以及这些科技巨头未来的预期回报。</blockquote></p><p> Evaluating the Fair Value And Expected Return of Microsoft And Amazon</p><p><blockquote>评估微软和亚马逊的公允价值和预期回报</blockquote></p><p> To find the fair values of Microsoft and Amazon, we will employ our proprietary valuation model. Here's what it entails:</p><p><blockquote>为了找到微软和亚马逊的公允价值，我们将采用我们专有的估值模型。它的含义如下：</blockquote></p><p> <ul>  <li>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</p><p><blockquote><ul><li>在第一步中，我们使用传统的DCF模型，自由现金流按我们（股东）的资本成本贴现。</li></ul></blockquote></p><p></li>  <li>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</p><p><blockquote><li>在步骤2中，模型考虑了已发行股票变化（回购/稀释）的影响。</li></blockquote></p><p></li>  <li>In step 3, we normalize valuation for future growth prospects at the end of the 10 years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</p><p><blockquote><li>在第3步中，我们将10年末未来增长前景的估值标准化。然后，我们使用今天的股价和10年末的预计股价得出CAGR。如果这比市场高出足够的幅度，我们就投资。如果没有，我们等待更好的切入点。</li></blockquote></p><p></li>  <li>In step 4, we account for dividends.</li> </ul> <b>Assumptions:</b></p><p><blockquote><li>在第4步中，我们考虑股息。</li><b>假设：</b></blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td>Microsoft</p><p><blockquote><table><colgroup></colgroup><tbody><tr><td>微软</td></tr></tbody></table></blockquote></p><p></td>    <td>Amazon</p><p><blockquote><td>亚马逊</td></blockquote></p><p></td>   </tr>   <tr>    <td>Forward 12-month revenue [A]</p><p><blockquote><tr><td>远期12个月收入[A]</td></tr></blockquote></p><p></td>    <td>$195 billion</p><p><blockquote><td>1950亿美元</td></blockquote></p><p></td>    <td>$515 billion</p><p><blockquote><td>5150亿美元</td></blockquote></p><p></td>   </tr>   <tr>    <td>Potential Free Cash Flow Margin [B]</p><p><blockquote><tr><td>潜在自由现金流利润率[B]</td></tr></blockquote></p><p></td>    <td>35%</p><p><blockquote><td>35%</td></blockquote></p><p></td>    <td>20%</p><p><blockquote><td>20%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Average diluted shares outstanding [C]</p><p><blockquote><tr><td>平均稀释后已发行股份[C]</td></tr></blockquote></p><p></td>    <td>7.5 billion</p><p><blockquote><td>75亿</td></blockquote></p><p></td>    <td>525 million</p><p><blockquote><td>5.25亿</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free cash flow per share [ D = (A * B) / C ]</p><p><blockquote><tr><td>每股自由现金流[D=(A*B)/C]</td></tr></blockquote></p><p></td>    <td>$9.1</p><p><blockquote><td>$9.1</td></blockquote></p><p></td>    <td>$196.19</p><p><blockquote><td>$196.19</td></blockquote></p><p></td>   </tr>   <tr>    <td>Free cash flow per share growth rate</p><p><blockquote><tr><td>每股自由现金流增长率</td></tr></blockquote></p><p></td>    <td>10%</p><p><blockquote><td>10%</td></blockquote></p><p></td>    <td>12.5%</p><p><blockquote><td>12.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Terminal growth rate</p><p><blockquote><tr><td>终末增长率</td></tr></blockquote></p><p></td>    <td>3%</p><p><blockquote><td>3%</td></blockquote></p><p></td>    <td>3%</p><p><blockquote><td>3%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Years of elevated growth</p><p><blockquote><tr><td>多年的高增长</td></tr></blockquote></p><p></td>    <td>10</p><p><blockquote><td>10</td></blockquote></p><p></td>    <td>10</p><p><blockquote><td>10</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total years to stimulate</p><p><blockquote><tr><td>刺激总年数</td></tr></blockquote></p><p></td>    <td>100</p><p><blockquote><td>100</td></blockquote></p><p></td>    <td>100</p><p><blockquote><td>100</td></blockquote></p><p></td>   </tr>   <tr>    <td>Discount Rate (Our \"Next Best Alternative\")</p><p><blockquote><tr><td>贴现率（我们的“次佳替代方案”）</td></tr></blockquote></p><p></td>    <td>9.8%</p><p><blockquote><td>9.8%</td></blockquote></p><p></td>    <td>9.8%</p><p><blockquote><td>9.8%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Results:</b></p><p><blockquote><b>结果：</b></blockquote></p><p> 1) Microsoft:</p><p><blockquote>1）微软：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/875546f4aabbb1e580dcc9610c18a5b9\" tg-width=\"604\" tg-height=\"729\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8861dcb9fc1fbcd858297426ec52eaf6\" tg-width=\"606\" tg-height=\"771\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> <b>2) Amazon:</b></p><p><blockquote><b>2）亚马逊：</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f8fb43ad416565a9768e919470e59bab\" tg-width=\"605\" tg-height=\"731\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a15de5a0494d4557b38c2290017588e9\" tg-width=\"609\" tg-height=\"430\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> Summary of Results:</p><p><blockquote>结果总结：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Current Price</b></td>    <td><b>Fair Value</b></td>    <td><b>Undervalued (-) or Overvalued (+)</b></td>    <td><b>2031 Share Price Target</b></td>    <td><b>Total Expected CAGR Return</b></td>    <td><b>Rating</b></td>   </tr>   <tr>    <td><b>Microsoft</b></td>    <td>$301</td>    <td>$295</td>    <td>+2.15%</td>    <td>$1101</td>    <td>14.71%</td>    <td><i>Modest Buy</i></td>   </tr>   <tr>    <td><b>Amazon</b></td>    <td>$3478</td>    <td>$6024</td>    <td>-42.27%</td>    <td>$22298</td>    <td>20.42%</td>    <td><i>Strong Buy</i></td>   </tr>  </tbody> </table> As you can see, Microsoft is slightly overvalued, and investors buying in at $301 can expect to generate CAGR returns of ~14.71% over the next decade, which is slightly below our investment hurdle rate of 15%. Since Microsoft's business fundamentals are robust, I rate it as a modest buy at this price. On the other hand, Amazon's business is facing near-term volatility, and business momentum looks shaky. However, Amazon's stock is deeply undervalued, and this is an opportunity for long-term investors to generate significant alpha. As Amazon's expected CAGR returns are much greater than my hurdle rate, I rate Amazon a strong buy. If I were to choose between Microsoft and Amazon based on business momentum (cloud and otherwise), I would have to go with Microsoft. However, Amazon's stock is massively undervalued while Microsoft is fairly valued. Considering the risk/reward available, I think Amazon is the better buy here.</p><p><blockquote><table><tbody><tr><td><b>当前价格</b></td><td><b>公允价值</b></td><td><b>低估(-)或高估(+)</b></td><td><b>2031年股价目标</b></td><td><b>总预期复合年增长率回报</b></td><td><b>评级</b></td></tr><tr><td><b>微软</b></td><td>$301</td><td>$295</td><td>+2.15%</td><td>$1101</td><td>14.71%</td><td><i>适度购买</i></td></tr><tr><td><b>亚马逊</b></td><td>$3478</td><td>$6024</td><td>-42.27%</td><td>$22298</td><td>20.42%</td><td><i>强力买入</i></td></tr></tbody></table>正如您所看到的，微软的估值略有高估，以301美元买入的投资者预计未来十年的复合年增长率约为14.71%，略低于我们15%的投资门槛率。由于微软的业务基本面强劲，我将其评为以这个价格适度买入。另一方面，亚马逊的业务面临近期波动，业务势头看起来摇摇欲坠。然而，亚马逊的股票被严重低估，这是长期投资者产生显着阿尔法的机会。由于亚马逊的预期复合年增长率远大于我的最低回报率，我将亚马逊评为强力买入。如果我要根据业务势头（云和其他）在微软和亚马逊之间做出选择，我会选择微软。然而，亚马逊的股票被严重低估，而微软的估值相当合理。考虑到可用的风险/回报，我认为亚马逊是更好的选择。</blockquote></p><p> Key Takeaway: I rate Amazon a strong buy at $3,478 and Microsoft a modest buy at $301. Amazon is a better buy than Microsoft at this point in time.</p><p><blockquote>要点：我对亚马逊的评级为3,478美元的强力买入，对微软的评级为301美元的适度买入。目前，亚马逊比微软更划算。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453940-amazon-vs-microsoft-two-cloud-computing-giants-one-winning-stock\">Seeking Alpha</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":{"AMZN":"亚马逊","MSFT":"微软"},"source_url":"https://seekingalpha.com/article/4453940-amazon-vs-microsoft-two-cloud-computing-giants-one-winning-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127517147","content_text":"Summary\n\nMicrosoft's Azure continues to gain market share in the burgeoning cloud infrastructure services market. However, Amazon's AWS remains in the No.1 position.\nAlthough the cloud wars are heating up, both Azure and AWS are performing exceptionally, growing at 51% y/y and 37% y/y, respectively.\nThe global cloud services market is poised to grow at a CAGR of ~15.8% until 2030 to become a $1.6T market. Therefore, cloud providers still have a long growth runway.\nIn this article, I share a comparative financial analysis for Microsoft and Amazon to determine the better buy.\n\nChip Somodevilla/Getty Images News\nIntroduction\nMicrosoft (MSFT) and Amazon (AMZN) are competing for the coveted No.1 spot in the cloud infrastructure services market, which is projected to grow from $325B in 2021 to $1,620B (or $1.6T) by 2030, according to areportby Allied Market Research. In Q2, Amazon's AWS revenues grew at 37% year-over-year (marked acceleration) as it continues to lead the cloud infrastructure services market with a 31% market share. However, Microsoft's Azure is outpacing AWS's growth and now commands a market share of 22%.\nSource: canalys.com\nIn the last year or so, the coronavirus pandemic has led to increased cloud infrastructure services spending as workload migration and cloud-native application development accelerated. Naturally, Azure and AWS have emerged as prime beneficiaries of this transformational shift toward the cloud. Although the coronavirus pandemic has receded in previous months, businesses have continued to embrace the cloud, as evidenced by the $5B sequential (q/q) growth in cloud infrastructure services spending in Q2 2021.\nSource: canalys.com\nBoth Microsoft and Amazon are well-diversified big tech giants. However, the cloud opportunity is critical to their future successes. Today, Microsoft's Intelligent Cloud business makes up nearly ~37% of total revenues and ~40% of Microsoft's operating income, and these figures are expected to grow even further in the coming years. In relation to Amazon, AWS's revenues are a small fraction (13% in Q2 2021) of total sales. However, AWS contributes the majority of Amazon's operating income (~60%). And so, I'm not surprised with how ugly this battle is turning out to be. In recent times, we have witnessed dramatic instances such as Amazon's lawsuit for the $10B Jedi contract being awarded to Microsoft,Microsoft's protest to Government Accountability Office in relation to the $10B NSA contract awarded to Amazon, and a top AWS executive - Charlie Bell (once expected to be a successor to Andy Jassy as AWS CEO) -moving over to Microsoft. The competition between Amazon and Microsoft is fearsome. However, I can see ample room for multiple winners in the cloud services market.\nSource: Allied Market Research\nWith massive cloud services growth on the horizon, I expect both Microsoft and Amazon to deliver double-digit revenue growth over the coming decade. Several analysts have projected the cloud services business to become a commodity. However, profitability metrics for AWS and Microsoft's Intelligent Cloud show that it's clearly not a commodity business (at least for now). Azure has been gaining ground on AWS, but it's too soon to tell which of these tech titans will lead the cloud services market over the coming years.\nOver the last 12 months, Microsoft has significantly outperformed Amazon in terms of creating shareholder wealth, as can be observed in the chart below. I attribute Microsoft's outperformance to a multitude of factors, including but not limited to stronger momentum in the cloud, the existence of a massive capital return program, and robust free cash flow generation.\nSource: YCharts\nIn today's article, I will share a comparative financial analysis to determine the better buy among Microsoft and Amazon. Furthermore, we will estimate the fair value and expected returns for both of these blue-chip companies based on the financial statement analysis conducted in this note.\nComparative Financial Analysis: Microsoft vs. Amazon\nI think it's too early to call the cloud services market, and the winners will only be evident in due time. However, it's very likely that Amazon and Microsoft will be dominating this market in 2031. Now, Amazon and Microsoft may be competitors in the cloud, but they happen to be two very different companies with varied core competencies: Amazon - e-commerce, Microsoft - business, and consumer software. Let's carry out a comparative financial analysis to determine the better buy among Microsoft and Amazon.\nSource: YCharts\nIn essence, Microsoft is a high-margin software and services business, while Amazon is a low-margin retail business with some higher-margin business lines such as AWS and Advertising. Since both Amazon and Microsoft are over-covered stocks, I don't think discussing their revenue mix would be of much value. However, let's look at the free cash flow generation of these blue-chip giants to understand their current business momentum.\nAfter receiving a massive pandemic boost, Amazon's free cash flows have turned negative in the last two quarters as the company invests massive amounts of capital (capex spending) in driving future revenue growth. In Q2, Amazon missed revenue estimates by ~$2B, which is further evidence of Amazon losing business momentum. On the other hand, Microsoft's business momentum remained strong in Q2 as the company beat revenue expectations by ~$2B while generating record amounts of free cash flow over the last 12 months. Therefore, it's fair to say that Microsoft is outperforming Amazon for the time being.\nSource: YCharts\nAt the end of Q2, Microsoft had nearly $130B of cash and short-term investments on its balance sheet vs. financial debt of $58B (down from ~$90B debt in Dec'17). Over the last five years, Amazon's cash reserves have been building up, which now stand at ~$90B. However, the e-commerce giant has been increasing its debt load too, which has grown to $50B in Q2 2021.\nSource: YCharts\nIn terms of balance sheet strength, Microsoft is clearly in a better position compared to Amazon. Moreover, Microsoft's free cash flow generation is superior to Amazon right now. As you can see below, Microsoft is using its financial strength to execute a massive capital return program that consists of stock buybacks and dividends. Although Amazon lacks a capital return program today, it's only a matter of time before Amazon boasts one of the largest capital return programs among big tech companies. Therefore, Microsoft's advantage in this department may be short lived.\nSource: YCharts\nWhile Microsoft returns the majority of its operational cash flows back to shareholders, Amazon is investing billions of dollars to drive future revenue (and, by extension, free cash flow) growth. In my opinion, Amazon will continue to outpace Microsoft's revenue growth over the next decade. As Amazon's faster-growing, higher-margin business lines, AWS and Advertising, contribute a larger share of Amazon's revenues over the coming years, its margins are expected to head higher. Hence, Amazon possesses the greater potential for revenue growth and margin expansion compared to Microsoft. To learn more about AWS and Amazon's Ads business, you may read the following notes:\n\nAmazon Web Services - Amazon: Here's What You Should Be Monitoring\nDigital Ads - Amazon: The 'Other' Segment May Be Worth More Than AWS\n\nSource: YCharts\nAlthough Amazon appears to be more expensive than Microsoft based on backward-looking trading multiples such as Price-to-Earnings and Price-to-FCF ratios, it's relatively cheaper than Microsoft when we factor in future growth as indicated by the PEG ratios.\nSource: YCharts\nIn summary, Microsoft is currently performing better than Amazon. However, Amazon's future appears to be a lot brighter than Microsoft. Since the stock markets are forward-looking, I would expect Amazon to outperform Microsoft over the coming years if their relative valuations were identical. With that being said, let us now calculate the intrinsic value of both Microsoft and Amazon along with future expected returns for these tech giants.\nEvaluating the Fair Value And Expected Return of Microsoft And Amazon\nTo find the fair values of Microsoft and Amazon, we will employ our proprietary valuation model. Here's what it entails:\n\nIn step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.\nIn step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).\nIn step 3, we normalize valuation for future growth prospects at the end of the 10 years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.\nIn step 4, we account for dividends.\n\nAssumptions:\n\n\n\n\nMicrosoft\nAmazon\n\n\nForward 12-month revenue [A]\n$195 billion\n$515 billion\n\n\nPotential Free Cash Flow Margin [B]\n35%\n20%\n\n\nAverage diluted shares outstanding [C]\n7.5 billion\n525 million\n\n\nFree cash flow per share [ D = (A * B) / C ]\n$9.1\n$196.19\n\n\nFree cash flow per share growth rate\n10%\n12.5%\n\n\nTerminal growth rate\n3%\n3%\n\n\nYears of elevated growth\n10\n10\n\n\nTotal years to stimulate\n100\n100\n\n\nDiscount Rate (Our \"Next Best Alternative\")\n9.8%\n9.8%\n\n\n\nResults:\n1) Microsoft:\n\nSource: L.A. Stevens Valuation Model\n2) Amazon:\n\nSource: L.A. Stevens Valuation Model\nSummary of Results:\n\n\n\nCurrent Price\nFair Value\nUndervalued (-) or Overvalued (+)\n2031 Share Price Target\nTotal Expected CAGR Return\nRating\n\n\nMicrosoft\n$301\n$295\n+2.15%\n$1101\n14.71%\nModest Buy\n\n\nAmazon\n$3478\n$6024\n-42.27%\n$22298\n20.42%\nStrong Buy\n\n\n\nAs you can see, Microsoft is slightly overvalued, and investors buying in at $301 can expect to generate CAGR returns of ~14.71% over the next decade, which is slightly below our investment hurdle rate of 15%. Since Microsoft's business fundamentals are robust, I rate it as a modest buy at this price. On the other hand, Amazon's business is facing near-term volatility, and business momentum looks shaky. However, Amazon's stock is deeply undervalued, and this is an opportunity for long-term investors to generate significant alpha. As Amazon's expected CAGR returns are much greater than my hurdle rate, I rate Amazon a strong buy. If I were to choose between Microsoft and Amazon based on business momentum (cloud and otherwise), I would have to go with Microsoft. However, Amazon's stock is massively undervalued while Microsoft is fairly valued. Considering the risk/reward available, I think Amazon is the better buy here.\nKey Takeaway: I rate Amazon a strong buy at $3,478 and Microsoft a modest buy at $301. Amazon is a better buy than Microsoft at this point in 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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":1634199499,"share":"https://www.laohu8.com/m/news/1156164113?lang=zh_CN&edition=full","pubTime":"2021-10-14 16:18","market":"us","language":"en","title":"Semiconductor stocks rose in premarket trading<blockquote>半导体股在盘前交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156164113","media":"Tiger Newspress","summary":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectro","content":"<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p><p><blockquote>半导体股在盘前交易中上涨。台积电、英伟达、AMD、ASML、美光科技、意法半导体和恩智浦半导体上涨1%至3.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p><p><blockquote>台积电公司的季度利润超出预期，因为面对供应链日益恶化的混乱，芯片需求依然强劲。</blockquote></p><p> ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p><p><blockquote>据两位科技投资者称，生产用于半导体制造的高科技机器的荷兰公司ASML明年的市值将从3020亿美元攀升至5000亿美元以上。</blockquote></p><p> STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</p><p><blockquote>意法半导体与Scuola Superiore Sant’Anna签署框架协议，打造创新生态系统。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta 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{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\">\nSemiconductor stocks rose in premarket trading<blockquote>半导体股在盘前交易中上涨</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\">2021-10-14 16:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics&nbsp;and&nbsp;NXP Semiconductors&nbsp;climbed between 1% and 3.4%.</p><p><blockquote>半导体股在盘前交易中上涨。台积电、英伟达、AMD、ASML、美光科技、意法半导体和恩智浦半导体上涨1%至3.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c868f96b544488be5b9822a833670be5\" tg-width=\"409\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Taiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.</p><p><blockquote>台积电公司的季度利润超出预期，因为面对供应链日益恶化的混乱，芯片需求依然强劲。</blockquote></p><p> ASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.</p><p><blockquote>据两位科技投资者称，生产用于半导体制造的高科技机器的荷兰公司ASML明年的市值将从3020亿美元攀升至5000亿美元以上。</blockquote></p><p> STMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation Ecosystem.</p><p><blockquote>意法半导体与Scuola Superiore Sant’Anna签署框架协议，打造创新生态系统。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STM":"意法半导体","ASML":"阿斯麦","INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达","MU":"美光科技","TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156164113","content_text":"Semiconductor stocks rose in premarket trading.TSMC,Nvidia,AMD,ASML,Micron Technology,STMicroelectronics and NXP Semiconductors climbed between 1% and 3.4%.\n\nTaiwan Semiconductor Manufacturing Co.’s quarterly profit beat expectations as demand for the chips stayed robust in the face of worsening snarls in the supply chain.\nASML, a Dutch firm that makes high-tech machines used in semiconductor manufacturing, will see its market value climb from $302 billion to more than $500 billion next year, according to two tech investors.\nSTMicroelectronics, Scuola Superiore Sant'Anna Sign A Framework Agreement To Create An Innovation 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